Bitcoin (BTC) broke through the $70,000 mark on May 27, indicating that the bulls are still in control. However, some analysts believe that a breakout is unlikely in the near future. Analyst Rekt Capital pointed out that the post-halving reaccumulation phase typically lasts for about 160 days, suggesting that Bitcoin may continue to trade sideways for a few more weeks.
While Bitcoin’s performance has been relatively muted, attention has shifted to Ether (ETH) following the approval of spot Ether exchange-traded funds (ETFs). Many analysts are optimistic about Ether and expect it to rally. DeFiance Capital founder Arthur Cheong predicts that Ether could rally to $4,500 before the launch of the spot ETFs.
Analysts are also bullish on altcoins, believing that after the rallies in Bitcoin and Ether, it’s now time for altcoins to catch up. The question is whether Bitcoin and Ether will lead the cryptocurrency markets higher. Let’s analyze the charts to find out.
S&P 500 Index: The S&P 500 Index has been holding above the breakout level of 5,265, indicating that the bulls are attempting to turn it into support. The 20-day exponential moving average and the relative strength index (RSI) in positive territory suggest that the bulls have the advantage. If the index overcomes the barrier at 5,350, it could start moving towards 5,500. On the other hand, a break below the 50-day simple moving average could sink the index to the 5,000 to 4,950 support zone.
U.S. Dollar Index: The U.S. Dollar Index attempted a recovery last week but stalled at the moving averages, indicating that the bears are still selling on rallies. The bears will try to push the price to the support line of the ascending channel. A break below this support could start a new downtrend, potentially taking the index to 103.17 and later to 102.35. On the other hand, a break above the moving averages would suggest that the index may remain within the channel for some more time, with a potential rise to 105.75 and then to 106.50.
Bitcoin: Bitcoin bounced off the 20-day exponential moving average on May 24 and has now risen above the $70,000 level, indicating that the bulls are trying to strengthen their position. The BTC/USDT pair is likely to rally to the strong overhead resistance at $73,777. If the bulls manage to break this level, the pair could surge to $80,000 and later to $84,000. However, a sharp decline from the overhead resistance and a break below the moving averages could indicate that the pair may remain stuck within the $59,600 to $73,777 range for some time.
Ether: Ether turned up from $3,730, suggesting that the bulls have established support at that level. If they can maintain the price above $3,950, the ETH/USDT pair could rally to the strong overhead resistance at $4,100. A clear break above this level could give the pair momentum to surge towards $4,868. On the other hand, a drop below the breakout level of $3,730 could lead to a decline to the 20-day exponential moving average at $3,455, which is expected to provide strong support.
BNB: BNB has stayed above the moving averages but has failed to challenge the $635 resistance. The gradually rising 20-day exponential moving average and the RSI above 58 suggest that the bulls have a slight advantage. If they can push the BNB/USDT pair above $635, it may start the next leg of the uptrend towards $692. However, if the price turns down from the overhead resistance and breaks below the uptrend line, it could indicate that the pair may remain range-bound, with a potential drop to $536 and subsequently to $495.
Solana: Solana has dropped to the breakout level of $162, indicating a lack of demand at higher levels. The flattening 20-day exponential moving average and the RSI just above the midpoint suggest a minor advantage for the bulls. If the bounce sustains, the bulls will aim to drive the SOL/USDT pair to $189 and then to the overhead resistance at $205. However, a break below $162 could signal that the bulls have given up, potentially leading to a downward move to $140 and later to $126.
XRP: XRP started a bounce off the 20-day exponential moving average on May 24, but the recovery attempts have been sold into. The bears will try to strengthen their position by pulling the price below the moving averages, potentially sliding the XRP/USDT pair to the support line. However, the bulls are likely to defend this level. If the price turns up from the current level or the support line and breaks above $0.57, it could complete an ascending triangle pattern and attempt a rally to the pattern target of $0.68.
Toncoin: Toncoin has been trading near the 20-day exponential moving average for the past few days, indicating a balance between supply and demand. A break above $6.75 could favor the bulls and lead to a rally to $7.67, where the bears are expected to defend. On the downside, a break below $6 would suggest that the bears have the upper hand, potentially leading to a decline to $5.50 and later to $4.72. A strong bounce off the latter level would suggest that the pair may remain range-bound for some more days.
Dogecoin: Dogecoin has been oscillating near the $0.17 level, indicating a battle between the bulls and the bears. The upsloping 20-day exponential moving average and the RSI above 58 suggest that the path of least resistance is to the upside. If the price sustains above $0.17, a break above $0.18 becomes more likely, potentially leading to a surge to $0.21. On the other hand, a drop below the moving averages could signal continued selling pressure from the bears, potentially sliding the pair to $0.14 and keeping it range-bound for some time.
Cardano: Cardano has formed a symmetrical triangle pattern, indicating a balance between supply and demand. The bears will try to sink the price below the support line, potentially starting the next leg of the downtrend. However, if the price turns up from the current level or the support line, it could suggest that the pair may remain within the triangle for some time. A break above the resistance line would tilt the advantage in favor of the bulls and potentially lead to a move towards $0.62.
Disclaimer: This article does not provide investment advice or recommendations. Every investment and trading decision carries risk, and readers should conduct their own research before making a decision.