Bitcoin (BTC) experienced a significant surge on May 20, but the price is still within a range. Despite nearing overhead resistance, inflows into spot Bitcoin exchange-traded funds indicate continued buying. Data from Farside Investor shows total inflows of $500 million into spot Bitcoin ETFs on May 20 and 21.
However, some analysts are worried about Bitcoin’s short-term price action. John Bollinger, the creator of Bollinger Bands, suggested that Bitcoin’s formation indicates a short-term consolidation or pullback. Material Indicators, a trading resource, warned that one of its proprietary trading tools signaled a “clear” down signal that could invalidate prices above $71,500.
While Bitcoin awaits a breakout, attention is gradually shifting to Ether as the United States considers approving spot Ether ETFs. Approval could boost sentiment in the cryptocurrency market and propel select altcoins higher.
Now, let’s analyze the charts of the top 10 cryptocurrencies to see if Bitcoin and major altcoins could surprise us with an upside move.
Bitcoin Price Analysis
Bitcoin broke through the $68,000 barrier on May 20 but failed to reach the overhead resistance at $73,777.
However, there is a positive sign as bulls are trying to keep the price above the psychological level of $70,000. If they succeed, the BTC/USDT pair could have another chance at $73,777. If the bulls prevail, the pair may rally to $80,000 and then $84,000.
On the other hand, if the price sharply declines from the current level or overhead resistance, it suggests that bears are strongly defending the $73,777 level. This indicates that consolidation may continue for a few more days.
Ether Price Analysis
Ether (ETH) broke above the resistance line of a descending channel pattern on May 20, signaling a potential trend change.
The bulls further strengthened their position by pushing the price above the $3,730 resistance. If buyers can maintain the price above $3,730, it will indicate that bears have given up. The ETH/USDT pair may then rally to $4,100 and potentially even $4,868.
However, if the price sharply declines and falls below $3,730, it suggests that bears are still selling at higher levels. In this case, the pair may slide to the 20-day EMA ($3,224).
BNB Price Analysis
BNB turned up from the support line of a symmetrical triangle pattern on May 20 and broke above the resistance line, indicating a resolution in favor of the bulls.
The BNB/USDT pair reached the pivotal overhead resistance at $635 on May 21. While this level is likely to act as a strong hurdle, a close above $635 could pave the way for a rally to $692.
On the downside, important support levels to watch are the 20-day EMA ($590) and the support line. A break below these levels suggests that the pair may continue trading between $495 and $635 for a while longer.
Solana Price Analysis
Solana rose above the immediate resistance at $185 on May 20, but the bulls couldn’t sustain the higher levels.
The price slipped below $185 on May 21, indicating that bears are not giving up. However, the upsloping 20-day EMA ($161) and positive RSI suggest that the path of least resistance is to the upside.
If buyers can overcome the obstacle at $165, the SOL/USDT pair may retest the critical overhead resistance at $205. This positive view will be invalidated if the price turns down and breaks below the moving averages.
XRP Price Analysis
On May 21, bulls attempted to push XRP to the overhead resistance at $0.57, but the long wick on the candlestick shows that bears are selling on rallies.
If the price rebounds off the moving averages, it will indicate that bulls are trying to flip the level into support. If successful, the XRP/USDT pair could rally above the overhead resistance at $0.57 and surge toward $0.67.
However, if the price continues to decline and breaks below the 20-day EMA, it suggests that bulls have given up. In this case, the pair may drop to the support line, where bulls will attempt to halt the decline.
Toncoin Price Analysis
Toncoin attempted to bounce off the moving averages on May 20, but the bulls couldn’t capitalize on the momentum.
The 20-day EMA has flattened out, and the RSI is near the midpoint, suggesting that the TON/USDT pair may trade between $4.72 and $7.67 for some time. A rise above $6.73 could lead to a test of the overhead resistance at $7.67.
On the other hand, if the price continues to decline and breaks below the 50-day SMA, it indicates that bears have the advantage in the short term. This could open the door for a fall to $5.50 and later to $4.72.
Dogecoin Price Analysis
Dogecoin is currently experiencing a tough battle between bulls and bears near the $0.17 level.
The turning up of the 20-day EMA and positive RSI indicate an advantage for buyers. If bulls can maintain the price above $0.17, the DOGE/USDT pair is likely to accelerate toward $0.21.
The 20-day EMA is a crucial support level to watch on the downside. A break below it suggests that the pair may remain range-bound for a while longer.
Cardano Price Analysis
Cardano skyrocketed above the 50-day SMA on May 20 but couldn’t clear the hurdle at $0.52.
Bears are attempting to pull the price below the moving averages, but bulls are expected to defend this level. If the price turns up from the moving averages, bulls will make another attempt to overcome the obstacle at $0.52. If successful, the ADA/USDT pair may surge to the overhead resistance at $0.57.
However, if the price turns down and breaks below the moving averages, it indicates that bears are still active at higher levels. In this case, the pair may drop to the support line.
Avalanche Price Analysis
Avalanche turned up from the 20-day EMA on May 20 and broke above the $40 overhead resistance on May 21.
With the moving averages on the verge of a bullish crossover and the RSI in positive territory, buyers have an advantage. The AVAX/USDT pair could attempt a rally to the psychological resistance at $50, but this level is likely to attract significant selling pressure from bears.
To prevent an upside breakout, bears will need to pull the price below the 20-day EMA, potentially trapping aggressive bulls and leading to a long liquidation. In this scenario, the pair may slump toward the $29 support.
Shiba Inu Price Analysis
Shiba Inu surged above the resistance line of a symmetrical triangle pattern on May 20, but maintaining momentum has been a struggle for bulls.
Bears are attempting to pull the price back into the triangle, suggesting that the recent breakout may have been a false move. This could keep the price range-bound within the triangle for a while longer.
However, if the price turns up from the current level and breaks above $0.000027, it will indicate buying at lower levels. This could lead the SHIB/USDT pair to rally toward $0.000030.
Please note that this article does not provide investment advice or recommendations. Every investment and trading move carries risk, and readers should conduct their own research before making a decision.