Bitcoin’s failure to drop below $60,000 has attracted buyers who are now pushing the price towards resistance levels. While this upward movement doesn’t guarantee a breakout, it does reduce the likelihood of a sharp correction in the near future.
The recovery of Bitcoin has also led to increased daily volume in US spot Bitcoin exchange-traded funds. According to market research firm Santiment, the volume of the seven largest US Bitcoin ETFs reached $5.65 billion, the highest since March 24.
Bitcoin ETFs have been incredibly successful, with 937 professional firms investing in them as of March 31, according to K33 Research senior analyst Ventle Lunde. These professional investors have acquired $11.06 billion worth of spot Bitcoin ETFs, accounting for 18.7% of total assets under management.
The entrance of institutional investors is positive for Bitcoin as it suggests that those waiting on the sidelines may enter the market during price dips, which could limit downside risk in the short term.
Now, let’s analyze the charts of the top 10 cryptocurrencies to see if Bitcoin and select altcoins can continue their upward movement.
Bitcoin’s price analysis:
Bitcoin surged above the moving averages on May 15 and successfully defended the level during a retest on May 16. The 20-day exponential moving average has started to turn up gradually, and the relative strength index has entered positive territory, indicating a slight advantage for the bulls. There is a minor resistance at $68,000, but it is likely to be surpassed. The next significant resistance lies at $73,777. However, if the price turns down from $68,000 and breaks below the moving averages, it will signal that bears are still selling during relief rallies, keeping the pair range-bound between $68,000 and $56,500.
Ether’s price analysis:
Ether has recovered as the bears failed to push the price below the strong support at $2,850. The ETH/USDT pair could reach the resistance line of the descending channel pattern, where sellers are expected to put up a strong defense. If the price turns down sharply from the current level or the resistance line, bears will attempt to push the price below $2,850. However, if buyers manage to push the price above the channel, it could signal the end of the downtrend. The pair may then climb to $3,400 and subsequently attempt a rally to the solid resistance at $3,730.
BNB’s price analysis:
BNB fell below the moving averages on May 14 but found support at the symmetrical triangle pattern’s support line. The BNB/USDT pair is preparing for a potential breakout from the triangle. If the price turns down and breaks below the triangle, it could result in a downward move to $536 and then $495. Conversely, if the price continues to rise and breaks above the triangle, it would indicate that the bulls have the upper hand. The pair could then move up to $635, with the next stop expected to be $692.
Solana’s price analysis:
Solana turned up sharply on May 15 and surged above the moving averages, suggesting a comeback from the bulls. Buyers continued to push the price above the $162 resistance on May 17, clearing the path for a possible rally to $185 and eventually $205. However, if the bears want to prevent the upside, they will need to halt the rally and pull the price back below the moving averages. A slide below $140 would give the bears further strength.
XRP’s price analysis:
XRP is attempting to rise towards the 50-day SMA, indicating a reduction in selling pressure. The 50-day SMA may act as a minor hurdle, but if the bulls successfully defend the 20-day EMA, the XRP/USDT pair could reach the overhead resistance at $0.57. However, 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 are selling during every minor rally. The pair could then descend to the support line and subsequently to $0.46.
Toncoin’s price analysis:
Toncoin bounced off the 20-day EMA on May 16, but the bulls are struggling to sustain the recovery. The bears will try to sink the price below the 20-day EMA, indicating that the TON/USDT pair may remain stuck in a large range between $4.72 and $7.67 for several more days. However, if the price turns up from the 20-day EMA with force, it will signal that the bulls are aggressively defending the level. This increases the likelihood of a retest of the overhead resistance at $7.67, with a potential rise to $9.
Dogecoin’s price analysis:
Dogecoin has been trading within a range between $0.17 and $0.12, indicating indecision between the bulls and bears. The 20-day EMA and the RSI near the midpoint suggest a balance between supply and demand. If the price remains above the 20-day EMA, the bulls will attempt to challenge the overhead resistance at $0.17, with a potential push to $0.21. On the other hand, a break below the 20-day EMA could open the doors for a possible fall to the solid support at $0.12. A break and close below this support will complete a bearish head-and-shoulders pattern, leading to a collapse to $0.08.
Cardano’s price analysis:
Cardano’s tight range trading between the 20-day EMA and the support line resolved to the upside on May 16. The ADA/USDT pair is likely to start an upward movement that may face resistance at the 50-day SMA and then at $0.52. If the price turns down from the overhead resistance, it is likely to find support at the 20-day EMA, indicating a change in sentiment from selling on rallies to buying on dips. The pair could then rally to $0.57. However, this positive view will be invalidated if the price turns down and breaks below the support line.
Avalanche’s price analysis:
Avalanche has been trading within a range between $29 and $40, with no clear breakout in either direction. The bulls managed to push the price above the 20-day EMA on May 17, opening the possibility of a rise to $40. If buyers overcome the barrier at $40, the AVAX/USDT pair could move towards $50. On the other hand, if the price turns down sharply from the current level or the overhead resistance and breaks below the 20-day EMA, it will suggest that the pair may remain range-bound for a few more days.
Shiba Inu’s price analysis:
Shiba Inu turned down from the resistance line of the symmetrical triangle pattern, indicating that the bears are defending the level. The 20-day EMA and the RSI near the midpoint provide no hint about the next breakout direction. It is better to wait for the price to break above or below the triangle before taking a directional view. If the price continues lower and breaks below the triangle, it will signal a downside resolution, potentially leading to a drop to the 78.6% Fibonacci retracement level. On the other hand, if the price breaks above the triangle, it will suggest that the bulls have taken control, with a potential surge to $0.000030 and then $0.000033.
Please note that this article does not offer investment advice or recommendations. It is important to conduct your own research and analysis before making any investment decisions.