Bitcoin and altcoins received a boost following yesterday’s US CPI report. Can certain altcoins like Bitcoin and AVAX Coin overcome short-term resistance and start to rise? Crypto analyst Rakesh Upadhyay examines the charts of the top 10 cryptocurrencies to find out.
BTC, ETH, BNB, SOL and XRP Coin analysis
Bitcoin (BTC) price analysis
Bitcoin broke above the 20-day exponential moving average ($62,765) on May 15. Thus, it showed that the bulls were absorbing the supply. If buyers maintain the momentum and push the price above the 50-day simple moving average ($65,152), it will open the doors for a possible rally to the formidable resistance at $73,777. Bears will defend this level with all their might. If the bears want to prevent the upside move, they will need to protect the 50-day SMA and pull the price down to the $59,600 support. The bulls are likely to try to protect this level aggressively because if the support cracks, BTC is likely to drop to $54,298.
Ethereum (ETH) price analysis
ETH rebounded strongly from the $2,850 support on May 15. This shows that the bulls are fiercely protecting this level. If buyers push the price above the 20-day EMA ($3,026), ETH is likely to rise to the resistance line of the descending channel. The bears are likely to make a strong defense at the resistance line. However, if the bulls prevail, it is possible for ETH to start a rally to $3,400. Conversely, if the price turns down from the 20-day EMA, it will indicate that the bears are selling on every minor rally. ETH is likely to retest the strong support at $2,850 later.
Binance Coin (BNB) price analysis
BNB fell below the moving averages on May 14. However, it recovered sharply from the support line of the symmetrical triangle formation. This indicates aggressive buying at lower levels. Buyers will try to gain control by pushing the price above the resistance line of the triangle. If this happens, BNB is possible to rally to $634 and then to $692. The setup’s pattern target is $726. Conversely, if the price drops and breaks below the triangle, it will indicate that the bears have gained control in the near term. BNB is likely to dive towards $495 and then the $434 pattern target.
Solana (SOL) price analysis
cryptokoin.comAs you follow from , SOL broke above the 20-day EMA ($146) on May 15. Thus, it showed that the selling pressure had decreased. If the price remains above $145, SOL is likely to rise to $162. In a range, traders often sell close to resistance. They are likely to do this again near $162. A break above $162 or below $126 could start the next trend move. If it clears the $162 level, SOL is likely to rise as high as $205. On the other hand, a break below $126 is possible to sink SOL towards $100.
Ripple (XRP) price analysis
The bulls attempted to push XRP above the 20-day EMA ($0.51) on May 14. But the bears held their ground. The bulls are trying to push the price back above the 20-day EMA on May 15. If they manage to do this, XRP is likely to rally up to the overhead resistance of $0.57. Alternatively, if the price turns down from the 20-day EMA, the bears will try to strengthen their position by pulling the price to the critical support at $0.46. A strong recovery of the price from $0.46 will signal that the range-bound movement will continue for a while.
TON, DOGE, ADA, SHIB and AVAX Coin analysis
Toncoin (TON) price analysis
Buyers attempted to push Toncoin (TON) above the $7.67 resistance on May 13. However, the long wick on the candlestick indicates selling at higher levels. A slight advantage in favor of the bulls is that they have not given up much ground to the bears. If buyers push and maintain the price above $7.67, it will signal a resumption of the uptrend. It is possible for TON to rise up to $9.
Dogecoin (DOGE) price analysis
The bulls are trying to prevent DOGE from completing the bearish head and shoulders formation. If the price moves above the 20-day EMA, it is possible for DOGE to reach the 50-day SMA ($0.17). This is an important level for the bears to defend. Because a break above it would pave the way for a rally to $0.21. The bears will gain control if they drop and sustain the price below the neckline of the H&S formation. This is also likely to initiate a decline to $0.08.
Cardano (ADA) price analysis
The failure of the bears to keep ADA below the support line on May 15 led to strong buying by the bulls. ADA is likely to drop to $0.35. Instead, if the price continues to rise and breaks above the 20-day EMA, it will indicate that the bears have lost control. In this case, it is possible for ADA to rise to the 50-day SMA ($0.51) and then to $0.57.
Avalanche (AVAX Coin) price analysis
AVAX Coin has been trading below the 20-day EMA ($35) for the past few days. However, the bears failed to push the AVAX Coin price to the range support at $29. This shows that sales are decreasing at lower levels. The bulls will try to push the AVAX Coin price above the 20-day EMA. If they are successful, it will indicate that the AVAX Coin price will remain between $40 and $29 for a few more days. A break above $40 is likely to start a rally towards $50. Contrary to this assumption, if the AVAX Coin price turns down from the 20-day EMA, it will indicate that the bears are trying to take responsibility. AVAX Coin price is likely to decline to the strong support of $29 later. If this level breaks down, it will indicate the beginning of the next leg of the downtrend. AVAX Coin price is then likely to decline to the next support at $25.
Shiba Inu (SHIB) price analysis
The bulls successfully protected the support line of the symmetrical triangle formation on SHIB. It is difficult to predict the direction of the fracture precisely. Therefore, it is better to wait for the price to rise above or fall below the triangle before placing big bets. If the price breaks above the triangle, it will indicate that the corrective phase is over. It is possible for SHIB to rise to $0.000030 and then to $0.000033. Conversely, a break below the triangle would open the doors for a decline to $0.000017, the 78.6% Fibonacci retracement level.
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