Bitcoin (BTC) is currently experiencing a struggle between bears and bulls as they battle for control. However, Glassnode founders Jan Happel and Yana Allemann predict that the price will ultimately rise. In a recent post, they stated that they expect Bitcoin to “surge higher.” Despite the uncertainty, large investors, known as whales, continue to make purchases. Market intelligence firm Santiment reported that whale wallets holding between 1,000 and 10,000 Bitcoin acquired approximately $941 million worth of Bitcoin within a 24-hour period.
Long-term Bitcoin investors do not appear to be concerned about the current range-bound price action. In a recent interview with journalist Mike Solana, Twitter co-founder Jack Dorsey suggested that Bitcoin could reach a value of at least $1 million by 2030 and possibly surpass that level in the future.
Now, let’s analyze the charts of the top 10 cryptocurrencies to determine if buyers can defend support levels or if the bears will dominate.
Bitcoin Price Analysis:
Bitcoin bulls are attempting to keep the price above the psychological support level of $60,000, but they are facing selling pressure at the 20-day exponential moving average ($62,959). The downward sloping moving averages and the negative relative strength index (RSI) indicate that the bears have the upper hand. If the support at $59,650 is breached, the BTC/USDT pair may drop to the 61.8% Fibonacci retracement level of $54,298. However, if the price turns up and breaks above the 50-day simple moving average ($65,620), the negative view will be invalidated, and the pair could rally towards the critical overhead resistance of $73,777.
Ether Price Analysis:
Ether (ETH) has been trading within a range between the 20-day exponential moving average ($3,087) and the horizontal support at $2,850. The downward sloping moving averages and the negative RSI suggest an advantage for sellers. A break below $2,850 would indicate a resumption of the downtrend, potentially leading the ETH/USDT pair to the channel’s support line. To suggest a potential trend change, buyers will need to push the price above the zone between the 20-day exponential moving average and the resistance line. If successful, the pair may climb to $3,350.
BNB Price Analysis:
BNB rebounded off the moving averages on May 8 but lacked momentum, indicating hesitation among buyers at higher levels. If the price surpasses the downtrend line, it would increase the likelihood of a rally to the overhead resistance of $635. Alternatively, if the bears manage to pull the price below the moving averages, the BNB/USDT pair may decline to $536 and then to the solid support at $495.
Solana Price Analysis:
Solana fell below the 20-day exponential moving average on May 8 but quickly recovered due to solid buying pressure from bulls. However, the flattish 20-day exponential moving average and the RSI near the midpoint do not provide a clear advantage to either bulls or bears. If the price breaks above $162, it would suggest that the bulls are back in control, with potential targets at $185 and $205. On the downside, the critical support zone to watch is between $126 and $116.
XRP Price Analysis:
XRP has been trading within a range of $0.46 and $0.57, indicating a balance between supply and demand. The price slipped below the 20-day exponential moving average on May 7, suggesting bearish pressure. However, buyers are expected to defend the crucial support at $0.46. If the price bounces off this level, it could extend the range-bound trading. To signal the end of the correction, the bulls will need to push and maintain the price above $0.57.
Toncoin Price Analysis:
Toncoin rebounded off the moving averages on May 8 and cleared the 61.8% Fibonacci retracement level of $6.49 on May 10, indicating a potential end to the correction. The 20-day exponential moving average has started to turn up gradually, and the RSI has entered positive territory, suggesting that the bulls have the upper hand. The TON/USDT pair will attempt a rally to $7.67. However, a sharp downturn from the current level or the overhead resistance at $7.67 would indicate continued bearish activity, potentially leading to a range between $4.72 and $7.67.
Dogecoin Price Analysis:
The bulls are working to prevent Dogecoin from retesting the neckline of a large head-and-shoulders pattern. To clear the path for a rally, buyers will need to push the price above the 20-day exponential moving average. On the other hand, a downturn from the current level or the 50-day simple moving average could indicate a prolonged period of range-bound trading. The trend would turn bearish if the price falls below $0.12.
Cardano Price Analysis:
Cardano remains undecided between the 20-day exponential moving average and the support line, indicating uncertainty among both bulls and bears. With the downward sloping 20-day exponential moving average and the negative RSI, bears have the advantage. If the price breaks below the support line, the ADA/USDT pair may move toward $0.35. On the other hand, a break above the 20-day exponential moving average would signal a comeback for the bulls, with potential targets at the 50-day simple moving average and the overhead resistance of $0.57, which could attract strong selling by bears.
Avalanche Price Analysis:
Avalanche has been trading within a range of $29 and $40, indicating balance between supply and demand. If the price breaks above the 20-day exponential moving average, the AVAX/USDT pair could reach $40. Conversely, a downturn from the 20-day exponential moving average would suggest continued selling pressure, potentially causing the pair to drop to the solid support at $29. The next trending move is likely to begin above $40 or below $29.
Shiba Inu Price Analysis:
Shiba Inu continues to trade within a symmetrical triangle pattern, with the 20-day exponential moving average and the support line serving as key levels. It is best to wait for a breakout from the triangle before taking a directional view. A plunge below the triangle would indicate bearish control, potentially leading to a drop to the 78.6% Fibonacci retracement level. Conversely, a breakout above the 20-day exponential moving average would suggest buying at lower levels, with a potential rally to the resistance line of the triangle.
Disclaimer: This article does not provide investment advice or recommendations. All investment and trading decisions involve risk, and readers should conduct their own research before making a decision.