Bitcoin’s strong recovery to $60,000 is encouraging. However, crypto analyst Rakesh Upadhyay says there are still clues that BTC’s range-bound movement will continue for a while. Will the bulls defend key support levels in Bitcoin and push altcoins including XRP Coin further? The analyst examines the charts to find out.
BTC, ETH, BNB and SOL Coin analysis
Bitcoin (BTC) price analysis
Bulls are struggling to keep Bitcoin above the 20-day EMA ($62,671). This shows that the bears are keeping the pressure. The flat 20-day EMA and RSI near the midpoint indicate that the range-bound move may extend for a few more days. If buyers hold the price above the 20-day EMA, a rally to the 50-day SMA ($65,426) is possible. This level will act as a hard resistance. However, if the bulls surpass this, BTC is likely to rally to $73,777. Contrary to this assumption, if the price turns down from the 50-day SMA, it will indicate that the bears are active at higher levels. BTC is then likely to drop to the critical support zone between $59,600 and $56,500.
Ethereum (ETH) price analysis
ETH continues to trade within a descending channel formation. This shows that the bears are in control. The price is trying to bounce back from $2,850, which is an important level for the bulls to defend. If this level breaks below, ETH is likely to start the next leg of the downtrend towards the support line of the channel. Time is running out for the bulls. If they want to make a comeback, they will need to initiate a recovery and push the price above the resistance line. It is possible for ETH to rise further to $3,357 and then to $3,730.
Binance Coin (BNB) price analysis
BNB is trading between the downtrend line and the moving averages. This points to indecision between bulls and bears. If the price slides below the moving averages, the short-term advantage will shift in favor of the bears. It is possible for BNB to move towards $536 and then the important support at $495. On the contrary, if the price rises and breaks above the downtrend line, it will indicate that the bulls have the upper hand. Buyers will try to push the price above $635 and resume the uptrend.
Solana (SOL) price analysis
cryptokoin.comAs you follow from , SOL fell below the $140 support on May 13. However, the bears failed to pull the price towards the important support at $126. The flat 20-day EMA ($146) and RSI near the midpoint do not give a clear advantage to bulls or bears. If the price rises and breaks above the 20-day EMA, it will suggest a solid buy at lower levels. Instead, if the price turns down from the 20-day EMA and breaks below $137, it would signal that the bears are trying to take charge. It is possible for SOL to drop as low as $126, where the bulls will start buying.
TON, DOGE, ADA and XRP Coin analysis
Ripple (XRP Coin) price analysis
XRP Coin is trading below the 20-day EMA ($0.52). However, the bears failed to pull the XRP Coin price to the key support at $0.46. The downward sloping 20-day EMA and RSI near 43 indicate that the bears have the advantage. Any recovery attempt is likely to face selling at the 20-day EMA. If the price turns down from the 20-day EMA, XRP Coin price is likely to drop to $0.46. Buyers will fiercely protect this level. If the price recovers strongly from $0.46 and breaks above the 20-day EMA, it will indicate that XRP Coin price may extend its range-bound move for some more time.
Toncoin (TON) price analysis
Toncoin (TON) is gradually rising towards the overhead resistance at $7.67, indicating demand from the bulls. The bears are likely to make a strong challenge at $7.67. However, if the bulls do not give up too much from this resistance, it will increase the possibility of a breakout to the upside. It is possible for TON to rise towards $9 later. On the contrary, if the price falls sharply from the overhead resistance, it will indicate that the bears are not willing to relent. TON is then likely to break down to the moving averages, which are likely to act as strong support.
Dogecoin (DOGE) price analysis
DOGE has been consolidating between the 50-day SMA ($0.16) and the horizontal support at $0.12 for a while now. Buyers are trying to keep the price above the 20-day EMA ($0.15). If they are successful, it is possible for DOGE to rise to the 50-day SMA. This is an important level for the bears’ defense. Because a rally above it is likely to open the doors for a rally to the overhead resistance zone between $0.21 and $0.23. Conversely, a breakout and close below $0.12 would complete a bearish head and shoulders pattern. It is possible for DOGE to dive into the strong support at $0.08 later.
Cardano (ADA) price analysis
ADA bounced off the support line on May 13, which is an important short-term level for bulls to protect. The falling 20-day EMA ($0.46) and the RSI in the negative zone suggest that the path of least resistance is to the downside. If the price breaks the support line and stays below it, $0.40 is likely the next stop. Conversely, if the price continues to rise and breaks above the 20-day EMA, it will indicate that the bulls continue to be buyers on dips. ADA is likely to rise to the 50-day SMA ($0.52) and eventually to $0.57.
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