The SEC’s approval of spot Ethereum ETFs failed to spark a rally in Ether and Bitcoin. However, this is likely to change in a few weeks, according to crypto analyst Rakesh Upadhyay. Can certain altcoins like Bitcoin and AVAX Coin recover from immediate support levels? To find out, the analyst looks at the technical pictures of the top 10 cryptocurrencies.
BTC, ETH, BNB, SOL and XRP Coin analysis
Bitcoin (BTC) price analysis
cryptokoin.comAs you follow from , Bitcoin changed direction from $71,979 on May 21. Thus, the price reached the moving averages. This shows that the bears are trying to keep the price within the range. If the price recovers strongly from the moving averages, the bulls will try to push BTC back towards the overhead resistance at $73,777. A breakout and close above this level could clear the way for an upward rally to $80,000 and then $84,000. On the other hand, if the price falls below the moving averages, it will indicate that the bulls have given up. It is possible that BTC could later decline to the strong support of $59,600.
Ethereum (ETH) price analysis
Ether price declined below $3,730, a key level for bulls to defend. If the price stays below $3,730, there is a chance that ETH could decline further towards the 20-day EMA ($3,313). A strong bounce from this level would indicate that the bulls continue to buy on dips. Buyers will make another attempt to clear the $3,730 hurdle. The bears will make a strong defense in the region between $3,730 and $4,100. Because if it breaks this resistance, ETH is likely to rise up to $4,868.
Binance Coin (BNB) price analysis
BNB turned down from the hard top resistance of $635 on May 21. This suggests that the bears are aggressively defending this level. If the price bounces strongly from the moving averages, it will indicate that the bulls are buying on minor declines. This will increase the chances of a rally above $635. Instead, if the price breaks below the moving averages and the $560 support, it will indicate that BNB will extend its stay inside the range.
Solana (SOL) price analysis
SOL declined from $189 on May 21. Thus, it signaled that the bears were selling in rallies. The bulls bought the dip near the $162 breakout level on May 23. But he couldn’t build on that. Sellers are again trying to push the price below $162. If they achieve this, it is possible for SOL to drop to $140. Conversely, if the price recovers from $162, it would indicate that the bulls are trying to convert the level into support. Buyers will need to break the $189 barrier to start a rally towards $205, where the bears may pose a strong challenge.
Ripple (XRP) price analysis
XRP is witnessing volatile movements near the moving averages. This indicates a tough struggle between bulls and bears. The bears will try to pull the price below the moving averages and the support line. If they manage to do this, it is possible for XRP to drop to the important support at $0.46. Buyers will need to clear the overhead barrier of $0.57 to signal that the bears are losing control. This is likely to start a rally towards $0.67 and eventually the formidable resistance at $0.74.
DOGE, TON, ADA, SHIB and AVAX Coin analysis
Dogecoin (DOGE) price analysis
DOGE has been stuck between the 50-day SMA ($0.16) and the overhead resistance at $0.17 for the past three days. The bears attempted to push the price below the moving averages on May 23. However, the bulls held their ground. The bulls are again trying to push DOGE above $0.17. If they achieve this, a rise of DOGE towards $0.21 is possible. The bears will try to defend the $0.17 level and push the price below the 20-day EMA ($0.16). If this happens, DOGE is likely to fall as low as $0.13. Such a move would see DOGE remain in the $0.12 to $0.17 range for a while longer.
Toncoin (TON) price analysis
TON bulls are struggling to initiate a bounce from the moving averages. This shows that the bears continue their pressure. If the price breaks below the 50-day SMA ($6.12) and maintains this level, TON is likely to drop to $5.57 and then to $4.72. Buyers will strongly protect the $4.72 level. This is likely to keep the price in the $4.72 to $7.67 range for a few more days. The next trend move is expected to start with a break above $7.67 or a decline below $4.72.
Cardano (ADA) price analysis
The ADA price action of the last few days has formed a triangle formation. If the price remains below the 20-day EMA, the bears will try to pull the ADA below the triangle. If they do so, ADA is likely to dive to the next support at $0.35. Alternatively, if the price turns up from the current level, the bulls will try to push ADA above the resistance line. If they are successful, a rally of ADA to $0.57 and then to $0.62 is possible.
Avalanche (AVAX Coin) price analysis
AVAX Coin turned bearish on May 23 and fell below the $40 breakout level. This shows that the bears continue to be active at higher levels. A small advantage for the bulls is that they did not allow the AVAX Coin price to fall below the moving averages. If AVAX Coin price rises from the current level and rises above $42, it will signal a change in sentiment from selling on rallies to buying on dips. It is possible for AVAX Coin price to rise to $50 later. Conversely, if AVAX Coin price breaks below the moving averages, a decline to $34 and then to $29 is possible.
Shiba Inu (SHIB) price analysis
SHIB re-entered its symmetrical triangle formation on May 23. This pointed to a lack of demand at higher levels. The horizontal moving averages and RSI near the midpoint do not give bulls or bears a clear advantage. Sellers will need to push the price below the support line to gain the upper hand. If they do this, it is possible that SHIB could decline as low as $0.000017, which is the 78.6% retracement level. On the upside, the bulls will need to push the price above $0.000027 to clear a rally path to the $0.000030 to $0.000033 resistance zone.
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