The Bitcoin (BTC) Market price aims to surpass its range resistance and reach a new all-time high. Will altcoins follow suit?
The bears’ inability to push and maintain Bitcoin below the significant level of $60,000 appears to have attracted buyers who are now attempting to drive the price towards the range resistance. Although the current upward movement does not ensure a breakout from the range, it does lessen the likelihood of a sharp correction in the short term.
Bitcoin’s rebound has increased the daily volume in United States spot Bitcoin exchange-traded funds. In a post on X, market research firm Santiment reported that the volume of the seven most prominent U.S. spot Bitcoin ETFs soared to $5.65 billion, the highest level since March 24.
Bitcoin ETFs have been a massive success, with 937 professional firms investing in them as of March 31, according to an X post by K33 Research senior analyst Ventle Lunde. The post added that professional investors acquired $11.06 billion of spot Bitcoin ETFs, 18.7% of the total assets under management.
The arrival of institutional investors is good news for Bitcoin as the investors waiting on the sidelines are likely to enter on dips, which could limit the downside in the near term.
Could Bitcoin and select altcoins extend their upmove? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin (BTC) Market Analysis
The Bitcoin market skyrocketed above the moving averages on May 15, and the bulls successfully defended the level during the retest on May 16.
The 20-day exponential moving average ($63,507) has started to turn up gradually, and the relative strength index (RSI) has jumped into positive territory, indicating that the bulls have a slight edge. There is a minor resistance at $68,000, but it is likely to be crossed. The BTC/USDT pair may travel to the stiff overhead resistance at $73,777.
Contrary to this assumption, if the price turns down from $68,000 and breaks below the moving averages, it will signal that the bears continue to sell on relief rallies. That could keep the pair between $68,000 and $56,500.
Ether (ETH) Market Analysis
The bulls are back in Ether as the bears failed to sink the price below the strong support at $2,850.
The ETH/USDT pair could reach the resistance line of the descending channel pattern, where the sellers are expected to mount a strong defence. If the price turns down sharply from the current level or the resistance line, the bears will make another attempt to tug the price below $2,850.
Instead, if buyers kick the price above the channel, it will signal that the downtrend could be ending. The pair may climb to $3,400 and attempt a rally to the solid resistance at $3,730.
BNB Market Analysis
BNB fell below the moving averages on May 14, but the bulls held the support line of the symmetrical triangle pattern.
The BNB/USDT pair is preparing for an eventual breakout from the triangle. If the price turns down and plunges below the triangle, it could move downward to $536 and then to $495.
On the contrary, if the price continues higher and breaks above the triangle, it will suggest that the bulls have the upper hand. The pair could move up to $635, which may be a minor hurdle but is likely to be crossed. The next stop is expected to be $692.
Solana (SOL) Price analysis
Solana turned sharply on May 15 and surged above the moving averages, signalling that the bulls are attempting a comeback.
Buyers continued their purchases on May 17, pushing the price above the $162 resistance. This clears the path for a possible rally to $185 and eventually to the formidable resistance at $205.
Time is running out for the bears. They must halt the rally and pull the price back below the moving average to prevent the upsides. A slide below $140 will strengthen the bears further.
XRP Price Analysis
XRP is attempting to rise toward the 50-day SMA ($0.54), indicating that the selling pressure is reducing.
The 50-day SMA may act as a minor hurdle, but if the bulls successfully defend the 20-day EMA on the way down, the XRP/USDT pair could reach the overhead resistance of $0.57. The bears may again attract strong selling at this level.
If the price turns down from the current level or the 50-day SMA and breaks below the 20-day EMA, it will suggest that bears sell on every minor rally. The pair could then descend to the support line and $0.46.
Toncoin (TON) Price Analysis
Toncoin bounced off the 20-day EMA ($6.34) on May 16, but the bulls are struggling to sustain the recovery.
The bears will again try to sink the price below the 20-day EMA. If they manage to do that, it will suggest that the TON/USDT pair will remain stuck inside the extensive range between $4.72 and $7.67 for several more days.
If the price turns up from the 20-day EMA with force, it will signal that the bulls are aggressively defending the level. That will increase the likelihood of a retest of the overhead resistance of $7.67. If this level is crossed, the pair may rise to $9.
Dogecoin (DOGE) Price Analysis
Dogecoin has been trading between $0.17 and $0.12 for several days, indicating indecision between the bulls and the bears.
The flattish 20-day EMA ($0.15) and the RSI near the midpoint suggest a balance between supply and demand. If the price maintains above the 20-day EMA, the bulls will try to challenge the overhead resistance at $0.17. A break above this level could push the DOGE/USDT pair to $0.21.
On the other hand, a break below the 20-day EMA could open the doors for a fall to the solid support at $0.12. A break and close below this support will complete a bearish head-and-shoulders pattern, starting a collapse to $0.08.
Cardano (ADA) Price Analysis
Cardano’s tight range trading between the 20-day EMA ($0.46) and the support line resolved to the upside on May 16.
The ADA/USDT pair will likely start an up move that may face resistance at the 50-day SMA ($0.50) and then at $0.52. If the price turns down from the overhead resistance, it will likely find support at the 20-day EMA. That will signal a change in sentiment from selling on rallies to buying on dips. The pair could then rally to $0.57.
This optimistic view will be invalidated soon if the price turns down and breaks below the support line.
Avalanche (AVAX) Price Analysis
For the past few days, Avalanche has been trading between $29 and $40, with no signs of a breakout in either direction.
The bulls pushed the price above the 20-day EMA ($35) on May 17, which opens the gates for a rise to $40. If buyers overcome the barrier at $40, the AVAX/USDT pair could move toward $50.
Contrarily, if the price turns down sharply from the current level or the overhead resistance and breaks below the 20-day EMA, it will signal that the pair may remain range-bound for a few more days.
Shiba Inu (SHIB) Price Analysis
Shiba Inu turned down from the resistance line of the symmetrical triangle pattern on May 16, indicating that the bears are defending the level.
The flattish 20-day EMA ($0.000024) and the RSI just above the midpoint do not hint at the direction of the next breakout. Hence, waiting for the price to break above or below the triangle is better before taking a directional view.
If the price continues lower and breaks below the triangle, it will signal that the uncertainty has resolved to the downside. The SHIB/USDT pair could plummet to the 78.6% Fibonacci retracement level of $0.000017.
Alternatively, if the price rises and breaks above the triangle, it will suggest that the bulls have seized control. The pair could surge to $0.000030 and then to $0.000033.
