The Bitcoin market inability to surpass the 20-day EMA raises concerns about a potential downward trend for BTC and various alternative cryptocurrencies.
Bitcoin’s trajectory remains uncertain as bullish and bearish forces vie for dominance. Jan Happel and Yana Allemann, co-founders of Glassnode, anticipate a bullish resolution, expressing their belief in a forthcoming significant surge in Bitcoin’s value.
Large investors continue to make significant purchases despite the ambiguity surrounding the market’s direction. According to a recent report from market intelligence firm Santiment, whale wallets containing between 1,000 and 10,000 Bitcoin acquired approximately $941 million worth within 24 hours.
Bitcoin’s long-term investors are not worried about the range-bound price action in the near term. In a recent interview with journalist Mike Solana, Twitter co-founder Jack Dorsey was told that Bitcoin could skyrocket to at least $1 million by 2030 and even surpass the level from that point onward.
Could buyers continue to defend the support levels in Bitcoin and altcoins, or will the bears prevail? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin (BTC) Market Analysis
Bitcoin bulls are trying to keep the price above the psychological support at $60,000 but are facing selling at the 20-day exponential moving average ($62,959).
The downsloping moving averages and the relative strength index (RSI) in the negative territory suggest that the bears have the upper hand. If the $59,650 support cracks, the BTC/USDT pair may plummet to the 61.8% Fibonacci retracement level of $54,298.
This negative view will be invalidated soon if the price turns up and breaks above the 50-day simple moving average ($65,620). The pair could then accelerate toward the critical overhead resistance of $73,777.
Ether (ETH) Market Analysis
Ether has been trading between the 20-day EMA ($3,087) and the horizontal support at $2,850 for several days.
The downsloping moving averages and the RSI in the negative territory indicate an advantage to sellers. A break and close below $2,850 will signal the resumption of the downtrend. The ETH/USDT pair may collapse to the channel’s support line.
The zone between the 20-day EMA and the resistance line will likely act as a critical resistance. Buyers must shove the price above this zone to suggest a potential trend change. The pair may climb to $3,350.
BNB Market Analysis
The BNB Market rebounded off the moving averages on May 8, but the move lacked momentum, indicating hesitation to continue buying at higher levels.
If buyers propel the price above the downtrend line, it will increase the likelihood of a rally to the overhead resistance of $635. This is a significant level to watch out for because a break above it could open the doors for a rally to $692.
Meanwhile, the bears are likely to have other plans. They will try to tug the price below the moving averages. If they do that, the BNB/USDT pair may slump to $536 and then to the solid support at $495.
Solana (SOL) Price Analysis
Solana fell below the 20-day EMA ($146) on May 8, but the bears could not sustain the lower levels.
Solid buying by the bulls pushed the price back above the 20-day EMA on May 9, but the SOL/USDT pair could not reach the $162 resistance. The flattish 20-day EMA and the RSI near the midpoint do not clearly advantage either the bulls or the bears.
If the price turns up from the current level and breaks above $162, it will suggest that the bulls are back in the game. The pair may rise to $185 and later to $205. The critical support zone to watch on the downside is between $126 and $116.
XRP Price Analysis
XRP has been trading between $0.46 and $0.57 for the past few days, indicating a balance between supply and demand.
The price slipped below the 20-day EMA ($0.52) on May 7, indicating that the bears are trying to take charge. Sellers will try to pull the price to the crucial support at $0.46, where buyers are expected to step in and defend the level with all their might. A strong bounce off $0.46 could extend the stay inside the range for longer.
The bulls will have to push and maintain the price above $0.57 to suggest that the correction could be coming to an end.
Toncoin (TON) Price Analysis
Toncoin rebounded off the moving averages on May 8 and cleared the hurdle at the 61.8% Fibonacci retracement level of $6.49 on May 10, signalling that the correction may be over.
The 20-day EMA ($5.81) has started to turn up gradually, and the RSI has risen into positive territory, indicating that bulls have the upper hand. The TON/USDT pair will attempt a rally to $7.67.
Conversely, if the price turns down sharply from the current level or the overhead resistance at $7.67, it will suggest that bears remain active at higher levels. That could result in a range between $4.72 and $7.67.
Dogecoin (DOGE) Price Analysis
The bulls are trying to prevent Dogecoin from retesting the neckline of the large head-and-shoulders pattern.
Buyers will have to push the price above the 20-day EMA ($0.15) to clear the path for a rally to the 50-day SMA ($0.17). The bears must defend this level because a break above it could start a rally to $0.21.
Instead, if the price turns down from the current level or the 50-day SMA, it will suggest that the DOGE/USDT pair may spend some more time inside the range. If the price skids below $0.12, the trend is likely to turn bearish.
Cardano (ADA) Price Analysis
Cardano remains stuck between the 20-day EMA ($0.47) and the support line, indicating uncertainty among the bulls and the bears about the next directional move.
The downsloping 20-day EMA and the RSI in the negative territory indicate an advantage for bears. The ADA/USDT pair could move downward toward $0.35 if the price breaks below the support line.
On the contrary, if the price turns up and breaks above the 20-day EMA, it will signal that the bulls are on a comeback. The pair could rise to the 50-day SMA ($0.53) and later to the overhead resistance of $0.57. This zone is likely to witness strong selling by the bears.
Avalanche (AVAX) Price Analysis
Avalanche has been trading between $29 and $40 for several days, indicating a balance between supply and demand.
In a range, traders usually buy the dips to the support and sell near the resistance. The price action in between could be random and volatile. If the price breaks above the 20-day EMA ($36), the AVAX/USDT pair could reach $40.
On the contrary, if the price turns down from the 20-day EMA, it will suggest that higher levels continue to attract sellers. The pair may slump to the solid support at $29. The next trending move will likely begin above $40 or below $29.
Shiba Inu (SHIB) Price Analysis
Shiba Inu continues to trade between the 20-day EMA ($0.000024) and the support line of the symmetrical triangle pattern.
It is difficult to predict the direction of breakout from a triangle with certainty. Hence, waiting for the price to escape the triangle is better before taking a directional view. If the price plunges below the triangle, it will signal that the bears have overpowered the bulls. The SHIB/USDT pair may descend to the 78.6% Fibonacci retracement level of $0.000017.
On the contrary, if the price rises and breaks above the 20-day EMA, it suggests buying at lower levels. The pair may rally to the triangle’s resistance line.
