Bitcoin is facing a sell-off near the 50-day SMA. This probably indicates that the range-dependent movement will continue for a few more days. What are the important resistance levels to look out for in leading altcoins including Bitcoin and XRP Coin? Crypto analyst Rakesh Upadhyay examines the charts to find out.
BTC, ETH, BNB and SOL Coin analysis
Bitcoin (BTC) price analysis
Bitcoin rose above the 20-day EMA ($63,556) after a minor hesitation. However, the bulls failed to penetrate the 50-day SMA ($65,937). Both moving averages have flattened out and the RSI is near the midpoint. This points to a range-dependent movement in the near term. BTC is likely to remain between $56,500 and $73,777 for a while. A breakout and close above the 50-day SMA could push BTC to the crucial $73,777 level. Bulls will face tough resistance at this level. Because if it breaks, BTC is likely to start the next leg of the uptrend to $80,000.
Ethereum (ETH) price analysis
Ether broke out of the 20-day EMA ($3,143) on May 6. However, the long wick on the candlestick shows that the bears are selling strongly. Sellers will try to increase their strength and push the price towards the vital $2,850 support. This negative view will be invalidated in the near term if the price turns up from the current level and breaks above the resistance line. Such a move would indicate a potential trend change. It is possible for ETH to rise as high as $3,730 later.
Binance Coin (BNB) price analysis
BNB broke above the moving averages on May 3. Thus, it signaled that the bulls were trying to push the price towards the overhead resistance at $635. The bears successfully defended the $635 level four times before. So they will try to do the same thing again. If the price turns down sharply from the overhead resistance, it would indicate that BNB could oscillate between $495 and $635 for a while. A breakout and close above $635 would indicate a resumption of the bull trend. BNB is likely to rise to $692 later. The bears will need to decline and sustain the price below $495 to gain control.
Solana (SOL) price analysis
SOL has been trading between $126 and $162 for several days. This indicates indecision about the next directional move. If the price stays above the 20-day EMA, SOL is likely to rise towards the overhead resistance at $162. Buyers will likely have a hard time getting over this hurdle. However, if the bulls break above $162, SOL is possible to accelerate towards $205. On the downside, a break below the 20-day EMA will likely sink SOL to $126.
TON, DOGE, ADA and XRP Coin analysis
Ripple (XRP Coin) price analysis
The bulls pushed XRP above the 20-day EMA ($0.53) on May 6. Thus, it showed that the corrective phase may be coming to an end. This advantage will favor the bulls if they push the price above the 50-day SMA ($0.56). It is possible that XRP Coin price will later gain momentum and rise to the stiff resistance of $0.67. The bears likely have other plans. They will attempt to maintain the 50-day SMA and push the XRP Coin price below the 20-day EMA. If they do so, XRP Coin price is likely to decline towards the key support zone between $0.46 and $0.41.
Toncoin (TON) price analysis
cryptokoin.comAs you follow from , Toncoin (TON) rose above the moving averages on May 3. Thus, it showed that lower levels attracted strong buying by the bulls. The relief rally is likely to face selling in the zone between the 50% Fibonacci retracement level of $6.13 and the 61.8% retracement level of $6.49. If the price turns down from the overhead zone, the bears will try to strengthen their position by pulling TON below the moving averages. This is likely to push the price towards the important support at $4.72. Conversely, if the price rises above $6.49, it will signal continued buying at higher levels. This is likely to open the doors for a possible rise to $7.24 and then to $7.67.
Dogecoin (DOGE) price analysis
DOGE recovery is facing a sell-off at the 50-day SMA ($0.17). But a small advantage in favor of the bulls is that they did not allow the price to fall below the 20-day EMA ($0.15). If the price remains above the 20-day EMA, the bulls will make another shot at the 50-day SMA. Repeated testing of a resistance level tends to weaken it. If it surpasses this level, a rally of DOGE to $0.21 is possible. If the bears want to prevent an upward move, they will need to quickly push the price below the 20-day EMA. If they do so, it would indicate that the bears remain active at higher levels. DOGE is likely to drop to $0.12 later.
Cardano (ADA) price analysis
ADA turned down once again from the 20-day EMA ($0.47) on May 6. This showed that the bears continued to defend the level aggressively. The bulls are trying to defend the $0.46 support. Because if this level is broken below, it is possible for ADA to retest the important support of $0.40. Contrary to this assumption, if the price turns up from the current level and rises above the 20-day EMA, it will indicate that the selling pressure has decreased. ADA is then likely to attempt a rally towards the overhead resistance at $0.57.
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