Key points:
- Bitcoin made a new all-time high, but the bulls will have to sustain the higher levels for the momentum to pick up.
- Several altcoins have bounced off their respective support levels, signaling a positive sentiment.
- Analysts expect Bitcoin to maintain its positive momentum and surge above $200,000 by the end of the year.
Bitcoin (BTC) rose to a new all-time high on May 21 on easing macroeconomic fears and continued inflows into the US-based spot Bitcoin exchange-traded funds. Analysts expect the momentum to continue and Bitcoin to surge to $200,000 by the end of the year.
There are some murmurs among analysts about a bearish divergence, leading to a double-top pattern. However, private wealth manager Swissblock Technologies said in a post on X that its Bitcoin Fundamental Index is not showing any bearish divergence, and the onchain strength remains intact.
Crypto market data daily view. Source: Coin360Bitcoin is on the verge of forming a “golden cross” on the daily chart, which generally is followed by sharp rallies, barring a few instances when the pattern failed. Bitcoin’s strength is expected to improve sentiment in the cryptocurrency sector, pulling several altcoins higher.
What are the possible target levels for Bitcoin? Could altcoins break above their respective overhead resistance levels? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price prediction
Bitcoin rose above the $109,588 overhead resistance, but the bulls are struggling to sustain the higher levels, as seen from the long wick on the candlestick.
BTC/USDT daily chart. Source: Cointelegraph/TradingViewThe upsloping moving averages and the relative strength index (RSI) in the overbought zone indicate that the bulls are in control. If the price closes above $109,588, the BTC/USDT pair could pick up momentum and skyrocket toward $130,000.
The 20-day exponential moving average ($101,958) is the critical support to watch out for on the downside. A break below the 20-day EMA will be the first sign that the bulls are booking profits in a hurry. That increases the risk of a break below the psychological support of $100,000.
Ether price prediction
Buyers are trying to sustain Ether (ETH) above the $2,550 level but are facing significant resistance from the bears.
ETH/USDT daily chart. Source: Cointelegraph/TradingViewThe upsloping 20-day EMA ($2,334) and the RSI near the overbought zone indicate that buyers are in control. The ETH/USDT pair is likely to pick up momentum on a break above $2,739. That clears the path for a rally to $3,000.
Contrary to this assumption, a break and close below the 20-day EMA signals that the bears are back in the game. The pair could tumble to $2,111, which is likely to attract solid buying by the bulls.
XRP price prediction
XRP (XRP) has been witnessing a tough battle between the buyers and sellers at the 20-day EMA ($2.35).
XRP/USDT daily chart. Source: Cointelegraph/TradingViewThe flattish 20-day EMA and the RSI near the midpoint do not give a clear advantage either to the bulls or the bears. If the price skids below the 20-day EMA, the XRP/USDT pair may stay inside the $2 to $2.65 range for a while.
Instead, if the price turns up sharply from the 20-day EMA and breaks above $2.65, the advantage will tilt in favor of the bulls. The pair could rally to $3 and, after that, to $3.40, where the sellers are expected to mount a strong defense.
BNB price prediction
BNB (BNB) bulls have held the 20-day EMA ($639) support during the pullback, indicating buying on dips.
BNB/USDT daily chart. Source: Cointelegraph/TradingView
The bulls will try to push the price above $693 but are expected to face solid selling by the bears. However, if buyers bulldoze their way through, the BNB/USDT pair could skyrocket to the overhead resistance at $745.
This optimistic view will be negated in the near term if the price turns down from the current level or the overhead resistance and breaks below the 20-day EMA. That could sink the pair to the 50-day SMA ($609).
Solana price prediction
Sellers failed to pull Solana (SOL) below the 20-day EMA ($164), indicating demand at lower levels.
SOL/USDT daily chart. Source: Cointelegraph/TradingViewThe bulls will try to propel the price above the $185 overhead resistance. If they can pull it off, the SOL/USDT pair could accelerate toward the target objective of $210 and then $220.
If sellers want to prevent the upside, they will have to quickly tug the price below the 20-day EMA. The pair could slide to $153 and later to the 50-day SMA ($145). That suggests a possible range-bound action between $120 and $180.
Dogecoin price prediction
Dogecoin (DOGE) has bounced off the breakout level of $0.21, indicating that buyers are active at lower levels.
DOGE/USDT daily chart. Source: Cointelegraph/TradingViewThe 20-day EMA ($0.21) is trending up, and the RSI is in the positive zone, signaling that buyers are in command. The DOGE/USDT pair could rally to the $0.26 level, which could attract sellers. If the price turns down sharply from the overhead resistance, the pair could form a narrow range between $0.26 and $0.21 for some time.
Contrarily, a break and close above $0.26 signals the start of the next leg of the up move. The pair could then surge to $0.35.
Cardano price prediction
The bulls have kept Cardano (ADA) above the neckline of the inverse head-and-shoulders (H&S) pattern during the pullback.
ADA/USDT daily chart. Source: Cointelegraph/TradingViewThe flattish 20-day EMA ($0.74) and the RSI in the positive zone indicate the bulls have an edge. Buyers will have to thrust the price above $0.86 to signal the resumption of the uptrend. The ADA/USDT pair could then skyrocket to $1.01.
This positive view will be invalidated in the near term if the price turns down and breaks below the 50-day SMA ($0.69). That suggests the bulls are losing their grip, increasing the risk of a fall to $0.60.
Sui price prediction
Sui’s (SUI) pullback has taken support at the 20-day EMA ($3.73), indicating a positive sentiment.
SUI/USDT daily chart. Source: Cointelegraph/TradingViewThe upsloping 20-day EMA and the RSI in the positive territory indicate an advantage to buyers. The SUI/USDT pair could reach the $4.25 obstacle, where the sellers are expected to step in. If buyers do not cede much ground to the bears, it increases the likelihood of a break above $4.25. The pair may then climb to $5.
The 20-day EMA is the critical support to watch out for on the downside. A break and close below the 20-day EMA could sink the pair to the 50-day SMA ($3.04).
Chainlink price prediction
Buyers successfully defended the neckline of the inverse H&S pattern in Chainlink (LINK), indicating buying on dips.
LINK/USDT daily chart. Source: Cointelegraph/TradingViewThe bulls are trying to strengthen their position by pushing the price above the resistance line. If they manage to do that, the LINK/USDT pair could rally to $18. Sellers will try to halt the up move at $18, but the rally could extend to $19.80 if the bulls prevail.
Time is running out for the bears. If they want to make a comeback, they will have to swiftly yank the price below the 50-day SMA. The pair may then remain inside the channel for a few more days.
Avalanche price prediction
Avalanche (AVAX) took support at the 50-day SMA ($20.88), signaling that the bulls are trying to form a higher low.
AVAX/USDT daily chart. Source: Cointelegraph/TradingViewBuyers will have to drive and maintain the price above the $23.50 resistance to gain the upper hand. The AVAX/USDT pair could then climb to $26.84, which may act as a hurdle. If buyers overcome the $26.84 barrier, the pair could ascend to $31.73 and subsequently to $36.
Contrary to this assumption, if the price turns down from the overhead resistance and breaks below the 50-day SMA, it suggests that the bulls have given up. The pair could then decline to $18.50.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
