BTC, ETH, BNB, SOL, XRP, TON, DOGE, ADA, AVAX, SHIB
The S&P 500 Index (SPX) and Nasdaq Composite Index hit record highs after the U.S. consumer inflation report showed weaker-than-expected results. This triggered a rally in Bitcoin (BTC), pushing the price above $66,000. The further Bitcoin moves away from $60,000, the less likely a collapse becomes. However, this does not guarantee the start of a new upward trend.
Galaxy Digital founder and CEO Mike Novogratz said during the company’s first quarter earnings call that Bitcoin is likely to consolidate between $55,000 and $75,000 before moving higher later this quarter.
The failure of the bears to get Bitcoin below $60,000 appears to have caught the attention of buyers. According to CoinShares’ “Weekly Digital Asset Fund Flows” report, $130 million flowed into digital asset investment products last week, the first such event in five weeks.
The Wisconsin State Investment Board (SWIB) disclosed an investment in a Bitcoin spot exchange-traded fund worth approximately $164 million. More of these investments can be expected because institutions “tend to move in droves,” Bloomberg ETF analyst Eric Balchunas said in an
Can Bitcoin and some altcoins overcome short-term resistance and head higher? Let’s analyze the top 10 cryptocurrencies chart to find out.
Bitcoin Price Analysis
Bitcoin surged above the 20-day exponential moving average ($62,765) on May 15, indicating that bulls were soaking up supply.
If buyers maintain momentum and push the price above the 50-day simple moving average ($65,152), it will open the door to a possible bounce against strong resistance at $73,777. Bears can defend this level with all their might.
If bears want to stop the upside, they need to defend the 50-day SMA and push the price towards the $59,600 support. Bulls are likely to defend this level aggressively, as a break in support could cause the BTC/USDT pair to plummet to $54,298, the 61.8% Fibonacci retracement level.
Ether Price Analysis
Ethereum (ETH)’s strong rebound from the $2,850 support level on May 15 suggests that bulls are fiercely defending that level.
If buyers push the price above the 20-day EMA ($3,026), the ETH/USDT pair may rise towards the resistance line of the descending channel. Bears are likely to put up a strong defense at the resistance level, but if bulls prevail, a bounce to $3,400 is possible.
Conversely, if the price falls from the 20-day EMA, this would be a sign that bears are selling in any small rally. The pair could then retest strong support at $2,850. A break below this support line could initiate a downward movement towards the support line of the descending channel.
BNB price analysis
BNB (BNB) fell below its moving average on May 14, but bounced back significantly from the support line of the symmetrical triangle pattern. This means aggressive buying at low levels.
Buyers will try to gain control by pushing the price above the resistance line of the triangle. If that happens, the BNB/USDT pair could surge to $634 and then to $692. The pattern target for the setup is $726.
Conversely, if the price declines and falls below the triangle, it means that the bears have gained control in the short term. The pair could plunge to $495, followed by a decline to the pattern target of $434.
Solana Price Analysis
Solana (SOL) broke the 20-day EMA ($146) on May 15th, indicating that selling pressure is easing.
If the price remains above $145, the SOL/USDT pair could rise to $162. Within a certain range, traders typically sell near resistance and are likely to sell again near $162. If the price falls due to overhead resistance, it is a sign that the pair may remain range-bound for some time.
A break above $162 or below $126 could initiate the next trend move. A break out of the $162 level could push the pair towards $205. On the other hand, a drop below $126 could lead to a drop to $100.
XRP Price Analysis
Bulls attempted to push XRP (XRP) above the 20-day EMA ($0.51) on May 14, but bears held it there.
The bulls are again trying to push the price above the May 15-20 EMA. If they can pull this off, the XRP/USDT pair could rise to the overhead resistance of $0.57. This level can be a difficult barrier to overcome.
Alternatively, if the price breaks down from the 20-day EMA, the bears will try to strengthen their positions by pushing the price down to the important support at $0.46. Buyers are expected to defend this level aggressively. A strong rebound from $0.46 indicates that range-limiting measures may continue for some time.
Toncoin price analysis
Buyers attempted to push Toncoin (TON) above the $7.67 resistance level on May 13, but the long wick of the candlestick indicates selling at higher levels.
A minor advantage in favor of the bull is that he does not give up much land to the bear. This means that the bulls may make another strike at the overhead resistance line. If buyers push and hold the price above $7.67, it signals a resumption of the uptrend. The TON/USDT pair could rise to $9.
This positive view will be invalidated in the near term if the price declines from current levels and plunges below the moving averages.
Dogecoin price analysis
Buyers are trying to prevent Dogecoin (DOGE) from slipping below the neckline and completing a bearish head-shoulders pattern.
A flat 20-day EMA ($0.15) and RSI near the midpoint suggest range-limiting action in the near term. If the price rises above the 20-day EMA, the DOGE/USDT pair may reach the 50-day SMA ($0.17). This is an essential level for bears to defend, as a break above this level could clear the path for an advance to $0.21.
If the price falls and remains below the neckline of the H&S pattern, the bears will take control. That could lead to a drop to $0.08.
Related: Why did Bitcoin price rise today?
Cardano Price Analysis
Bulls showed solid buying on May 15 after bears failed to keep Cardano (ADA) below support.
The bearish 20-day EMA and the RSI in negative territory indicate that the bears have the upper hand. If the price falls from the 20-day EMA and remains below the support line, it is a sign that the next leg of the downtrend has begun. The ADA/USDT pair may fall to $0.35.
Instead, if the price continues to rise and surpass the 20-day EMA, it means that the downtrend is losing strength. The pair may rise to its 50-day SMA ($0.51) and later rise to $0.57.
Avalanche Price Analysis
Avalanche (AVAX) has been trading below the 20-day EMA ($35) for the past few days, but the bears have failed to push the price towards the support in the $29 range. This means the sale will close at a lower level.
The bulls will try to push the price above the 20-day EMA. If successful, this suggests that the AVAX/USDT pair could remain in the range between $40 and $29 for several days. A break above $40 could start an uptrend towards $50.
Contrary to this assumption, if the price falls from the 20-day EMA, it would be a sign that the bears are trying to take control. The pair could then fall to the strong support level of $29. A breakdown of this level signals the start of the next leg of the downtrend. The pair could then fall to the next support at $25.
Shiba Inu price analysis
The bulls successfully defended the Shiba Inu (SHIB) symmetrical triangle pattern support line on May 13.
A flat 20-day EMA ($0.000023) and RSI near the midpoint offer no clear advantage to either bulls or bears. Since it is difficult to predict with certainty the direction of a breakout, it is recommended to wait for the price to rise above or fall below the triangle before placing large bets.
When the price crosses the triangle, it means that the correction phase is over. The SHIB/USDT pair may rise to $0.000030 and then to $0.000033. Conversely, a break below the triangle could open the door for a decline to $0.000017, the 78.6% Fibonacci retracement level.
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.
