Key points:Bitcoin made a new all-time high, but the bulls will have to sustain the higher levels for the momentum to pick up.Several altcoins have bo
Key points:
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Bitcoin made a new all-time high, but the bulls will have to sustain the higher levels for the momentum to pick up.
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Several altcoins have bounced off their respective support levels, signaling a positive sentiment.
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Analysts expect Bitcoin to maintain its positive momentum and surge above $200,000 by the end of the year.
Bitcoin (BTC) rose to a new all-time high on May 21 on easing macroeconomic fears and continued inflows into the US-based spot Bitcoin exchange-traded funds. Analysts expect the momentum to continue and Bitcoin to surge to $200,000 by the end of the year.
There are some murmurs among analysts about a bearish divergence, leading to a double-top pattern. However, private wealth manager Swissblock Technologies said in a post on X that its Bitcoin Fundamental Index is not showing any bearish divergence, and the onchain strength remains intact.
Bitcoin is on the verge of forming a “golden cross” on the daily chart, which generally is followed by sharp rallies, barring a few instances when the pattern failed. Bitcoin’s strength is expected to improve sentiment in the cryptocurrency sector, pulling several altcoins higher.
What are the possible target levels for Bitcoin? Could altcoins break above their respective overhead resistance levels? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price prediction
Bitcoin rose above the $109,588 overhead resistance, but the bulls are struggling to sustain the higher levels, as seen from the long wick on the candlestick.
The upsloping moving averages and the relative strength index (RSI) in the overbought zone indicate that the bulls are in control. If the price closes above $109,588, the BTC/USDT pair could pick up momentum and skyrocket toward $130,000.
The 20-day exponential moving average ($101,958) is the critical support to watch out for on the downside. A break below the 20-day EMA will be the first sign that the bulls are booking profits in a hurry. That increases the risk of a break below the psychological support of $100,000.
Ether price prediction
Buyers are trying to sustain Ether (ETH) above the $2,550 level but are facing significant resistance from the bears.
The upsloping 20-day EMA ($2,334) and the RSI near the overbought zone indicate that buyers are in control. The ETH/USDT pair is likely to pick up momentum on a break above $2,739. That clears the path for a rally to $3,000.
Contrary to this assumption, a break and close below the 20-day EMA signals that the bears are back in the game. The pair could tumble to $2,111, which is likely to attract solid buying by the bulls.
XRP price prediction
XRP (XRP) has been witnessing a tough battle between the buyers and sellers at the 20-day EMA ($2.35).
The flattish 20-day EMA and the RSI near the midpoint do not give a clear advantage either to the bulls or the bears. If the price skids below the 20-day EMA, the XRP/USDT pair may stay inside the $2 to $2.65 range for a while.
Instead, if the price turns up sharply from the 20-day EMA and breaks above $2.65, the advantage will tilt in favor of the bulls. The pair could rally to $3 and, after that, to $3.40, where the sellers are expected to mount a strong defense.
BNB price prediction
BNB (BNB) bulls have held the 20-day EMA ($639) support during the pullback, indicating buying on dips.
The bulls will try to push the price above $693 but are expected to face solid selling by the bears. However, if buyers bulldoze their way through, the BNB/USDT pair could skyrocket to the overhead resistance at $745.
This optimistic view will be negated in the near term if the price turns down from the current level or the overhead resistance and breaks below the 20-day EMA. That could sink the pair to the 50-day SMA ($609).
Solana price prediction
Sellers failed to pull Solana (SOL) below the 20-day EMA ($164), indicating demand at lower levels.
The bulls will try to propel the price above the $185 overhead resistance. If they can pull it off, the SOL/USDT pair could accelerate toward the target objective of $210 and then $220.
If sellers want to prevent the upside, they will have to quickly tug the price below the 20-day EMA. The pair could slide to $153 and later to the 50-day SMA ($145). That suggests a possible range-bound action between $120 and $180.
Dogecoin price prediction
Dogecoin (DOGE) has bounced off the breakout level of $0.21, indicating that buyers are active at lower levels.
The 20-day EMA ($0.21) is trending up, and the RSI is in the positive zone, signaling that buyers are in command. The DOGE/USDT pair could rally to the $0.26 level, which could…
cointelegraph.com