The failure of the bears to sink and hold Bitcoin (BTC) below the psychological level of $60,000 appears to have attracted buyers looking to push the price towards range resistance. The current uptrend does not guarantee a range breakout, but it does reduce the likelihood of a sharp correction in the near term.
Bitcoin’s recovery has led to an increase in daily trading volume for U.S. spot Bitcoin exchange-traded funds. Market research firm Santiment announced through
Bitcoin ETFs have been incredibly successful, with 937 professional firms investing as of March 31, according to an The post added that professional investors have acquired $11.06 billion in spot Bitcoin ETFs, representing 18.7% of total assets under management.
The emergence of institutional investors is good news for Bitcoin. This is because investors who are on the sidelines are likely to enter a sharp decline, which can limit the decline in the short term.
Can Bitcoin and some altcoins continue their upward trend? Let’s analyze the top 10 cryptocurrencies chart to find out.
Bitcoin Price Analysis
Bitcoin surged above the moving average on May 15, and bulls successfully defended the level in a retest on May 16.
The 20-day exponential moving average ($63,507) has started to gradually rise and the Relative Strength Index (RSI) has jumped into positive territory, indicating that the bulls have a slight advantage. There is some resistance at $68,000, but a crossover is likely. The BTC/USDT pair could move towards solid overhead resistance at $73,777.
Contrary to this assumption, if the price declines from $68,000 and falls below the moving average, the bears would signal continued selling in the relief rally. This could keep the pair’s range between $68,000 and $56,500 for some time.
Ether Price Analysis
The gains returned to Ether (ETH) as bears failed to drive the price below the strong support level of $2,850.
The ETH/USDT pair may reach the resistance line of a descending channel pattern, where sellers are expected to put up a strong defense. If the price declines sharply from the current level or resistance level, the bears will likely make another attempt to push the price below $2,850.
Instead, if buyers kick the price above the channel, it signals that the downtrend may be ending. The pair could rise to $3,400 and then attempt a bounce to solid resistance at $3,730.
BNB price analysis
BNB (BNB) fell below its May 14 moving average, but bulls held on to support in the symmetrical triangle pattern.
The BNB/USDT pair is preparing to finally break out of the triangle. If the price declines and falls below the triangle, it could fall to $536 and then to $495.
Conversely, if the price continues to rise and cross the triangle, it means that the bulls have the upper hand. The pair could rise to $635, which could act as a small hurdle but is likely to pass. The next stop is expected to be $692.
Solana Price Analysis
Solana (SOL) had a sharp rally on May 15th, surging above its moving average, signaling that the bull market is attempting a rebound.
Buyers continued to buy and the price rose above the $162 resistance level on May 17th. This opened the way for the price to rise to $185 and eventually to the strong resistance level of $205.
Time is running out for the bear. If you want to stop the uptrend, you need to stop the rally and bring the price back below the moving average. The downtrend will become stronger when the price falls below $140.
XRP Price Analysis
XRP (XRP) is attempting to move higher towards its 50-day SMA ($0.54), indicating that selling pressure is easing.
The 50-day SMA could act as a minor hurdle, but if the bulls successfully defend the 20-day EMA, the XRP/USDT pair could reach the overhead resistance of $0.57. This level could again lead to strong selling on the downside.
If the price breaks from current levels or the 50-day SMA and falls below the 20-day EMA, bears are advised to sell on any small rally. The pair could then fall to support and then fall to $0.46.
Toncoin price analysis
Toncoin (TON) rebounded from the 20-day EMA ($6.34) on May 16, but bulls are struggling to sustain the recovery.
The bears will again try to push the price below the 20-day EMA. If that happens, the TON/USDT pair will remain within a large range between $4.72 and $7.67 for several days.
A strong price move higher from the 20-day EMA would be a sign that the bulls are aggressively defending the level. That increases the likelihood of a retest of overhead resistance at $7.67. A break above this level could see the pair rise to $9.
Dogecoin price analysis
Dogecoin (DOGE) has been trading between $0.17 and $0.12 for several days, indicating indecision between bulls and bears.
The flat 20-day EMA ($0.15) and RSI near the midpoint suggest a balance between supply and demand. If the price remains above the 20-day EMA, the bulls will challenge the overhead resistance at $0.17. A break above this level could push the DOGE/USDT pair up to $0.21.
On the other hand, a fall below the 20-day EMA could open the door for a decline to solid support at $0.12. A close below this support line will complete the bearish head-shoulders pattern and begin a break down to $0.08.
Related: Bitcoin finally prepares for a ‘golden cross’ that triggered a 170% rise in BTC price
Cardano Price Analysis
Cardano (ADA)’s tight range trading between the 20-day EMA ($0.46) and support was confirmed as bullish on May 16.
The ADA/USDT pair is likely to initiate an upward move that may face resistance at the 50-day SMA ($0.50) and $0.52. If the price declines due to overhead resistance, it will likely find support at the 20-day EMA. This is a sign of a change in sentiment from selling on the rise to buying on the dip. The pair could then rise to $0.57.
This positive view is invalidated in the short term if the price declines and falls below the support line.
Avalanche Price Analysis
Avalanche (AVAX) has been trading between $29 and $40 over the past few days with no signs of a breakout in either direction.
The bullish trend pushed the price above the 20-day EMA ($35) on May 17, opening the door for a rise to $40. If buyers overcome the $40 barrier, the AVAX/USDT pair could move towards $50.
Conversely, if the price breaks sharply from current levels or overhead resistance and falls below the 20-day EMA, it is a sign that the pair could remain range bound for a few more days.
Shiba Inu price analysis
Shiba Inu (SHIB) broke down from the resistance line of the symmetrical triangle pattern on May 16, indicating that the bears are defending the water level.
The flat 20-day EMA ($0.000024) and the RSI just above the midpoint offer no hints as to the direction of the next breakout. Therefore, it is better to wait for the price to break above or below the triangle before taking a directional view.
If the price continues to decline and falls below the triangle, it is a sign that uncertainty has been released to the downside. The SHIB/USDT pair may plunge towards $0.000017, which is the 78.6% Fibonacci retracement level.
Alternatively, if the price rises and crosses the triangle, it means that the bulls have taken control. The pair could surge to $0.000030 and then to $0.000033.
This article does not contain investment advice or recommendations. All investment and trading activities involve risk and readers should conduct their own research when making any decisions.