Bitcoin (BTC) surpassed the $70,000 mark on May 27 after a challenging few days, indicating that the bulls are still in control. However, some analysts are skeptical about an immediate breakout. Analyst Rekt Capital pointed out that the post-halving reaccumulation phase typically lasts for 160 days, suggesting that Bitcoin may continue to trade sideways for a few more weeks.
With Bitcoin’s relatively muted performance, attention has shifted to Ether (ETH) following the approval of spot Ether exchange-traded funds (ETFs). Many analysts are optimistic about Ether and expect it to rally. DeFiance Capital founder Arthur Cheong believes that Ether could rally to $4,500 before the launch of the spot ETFs.
Analysts are also bullish on altcoins, as they believe it’s time for altcoins to catch up after the rally in Bitcoin and Ether, following the pattern of previous cycles.
Now, let’s analyze the charts to see if Bitcoin and Ether can lead the cryptocurrency markets higher.
S&P 500 Index: The S&P 500 Index has been holding above the breakout level of 5,265 since May 15, indicating that the bulls are trying to establish support at this level. The 20-day exponential moving average (EMA) and the relative strength index (RSI) in positive territory suggest that the bulls have the upper hand. If the index surpasses the barrier at 5,350, it could start its journey towards 5,500. On the other hand, if the price turns down and falls below the 50-day simple moving average, it could lead to a decline towards the support zone of 5,000 to 4,950.
U.S. Dollar Index: The U.S. Dollar Index attempted a recovery last week but faced resistance at the moving averages, indicating that the bears remain in control. If the price breaks below the crucial support line of the ascending channel, it may trigger a new downtrend. On the other hand, if the price turns up from the current level or the support line and breaks above the moving averages, it could indicate that the index will remain inside the channel for some more time.
Bitcoin: Bitcoin bounced off the 20-day EMA on May 24 and rose above $70,000 on May 27, signaling the bulls’ attempt to strengthen their position. The BTC/USDT pair is likely to rally towards the overhead resistance at $73,777, but the bears are expected to defend this level. If they fail, the pair could surge to $80,000 and later to $84,000. However, if the price turns down sharply from the overhead resistance and falls below the moving averages, it could indicate that the pair may remain range-bound between $59,600 and $73,777 for some time.
Ether: Ether rebounded from $3,730 on May 26, suggesting that the bulls have established support at this level. If the bulls can maintain the price above $3,950, the ETH/USDT pair could rally towards the strong overhead resistance at $4,100. A clear break above this level could generate momentum and push the pair towards $4,868. On the downside, if the price falls below the breakout level of $3,730, it could lead to a decline towards the 20-day EMA, which is expected to act as a strong support.
BNB: BNB has been trading above the moving averages but has struggled to challenge the $635 resistance level. The gradually rising 20-day EMA and the RSI above 58 suggest a slight advantage for the bulls. If they can push the BNB/USDT pair above $635, it may start the next leg of the uptrend towards $692. However, if the price turns down from the overhead resistance and breaks below the uptrend line, it could indicate that the pair may remain range-bound. In that case, it may drop to $536 and subsequently to $495.
Solana: Solana has dropped to the breakout level of $162, suggesting a lack of demand at higher levels. The flattening 20-day EMA and the RSI just above the midpoint indicate a minor advantage for the bulls. If the bounce sustains, the bulls may attempt to drive the SOL/USDT pair to $189 and then to the overhead resistance at $205. However, if the price falls below $162, it could signal a bearish shift and lead to a decline towards $140 and later to $126.
XRP: XRP started a bounce off the 20-day EMA on May 24 but failed to gain momentum. The bears will try to pull the price below the moving averages, which could lead to a slide towards the support line. However, the bulls are likely to buy the dip to this level. If the price turns up and breaks above $0.57, it could complete an ascending triangle pattern and target a rally to $0.68.
Toncoin: Toncoin has been trading near the 20-day EMA for the past few days, indicating a balance between supply and demand. A break above $6.75 could tilt the advantage in favor of the bulls and lead to a rally towards $7.67. On the other hand, a break below $6 would suggest that the bears have the upper hand and may lead to a decline towards $5.50 and $4.72.
Dogecoin: Dogecoin has been oscillating near the $0.17 level, indicating a battle between the bulls and bears. The upsloping 20-day EMA and the RSI above 58 suggest a slight advantage for the bulls. If the price sustains above $0.17, it could break above $0.18 and surge towards $0.21. However, if the price falls below the moving averages, it could indicate that the bears are still selling on every minor rally, leading to a decline towards $0.14.
Cardano: Cardano has formed a symmetrical triangle pattern, suggesting a balance between supply and demand. The bears will attempt to sink the price below the support line, which could trigger a downtrend towards the next support at $0.35. On the other hand, if the price turns up from the current level or the support line, it could indicate that the pair may remain inside the triangle for some time. A break above the resistance line could favor the bulls and lead to a move towards $0.62.
Please note that this article is not investment advice or a recommendation. Readers should conduct their own research before making any investment decisions.