Key point:
Bitcoin (BTC) remains pinned below the breakout level of $109,588, indicating that the bears are fiercely defending the level. Bitfinex analysts said in a market note that profit-taking generally follows after Bitcoin hits a new all-time high after a sharp rally. The report added that a mild retracement or consolidation would be healthy and lay the foundation for the next leg higher.
Glassnode had a similar view. In its latest report, the market intelligence company said that the relative strength indicator (RSI) has weakened, suggesting easing momentum, which could lead to “a potential pause or reversal in the recent bullish trend.”
Even if a correction happens, dips are likely to be purchased. Material Indicators co-founder Keith Alan remains bullish as Bitcoin continues to trade above $100,000, and the whales are accumulating. He expects Bitcoin to find support near the $94,000 level.
What are the critical levels to watch out for in Bitcoin and altcoins? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price prediction
Bitcoin’s failure to maintain above the $109,588 level may have attracted selling by short-term traders.
The bears will try to pull the price to the 20-day exponential moving average ($105,453), which is a key level to watch out for. If the price rebounds off the 20-day EMA with strength, it suggests that the sentiment remains positive and traders are buying on dips. That improves the prospects of a retest of the $111,980 level. If buyers overcome the $111,980 resistance, the BTC/USDT pair could surge to $130,000.
Contrarily, a break and close below the 20-day EMA could strengthen the bears. The pair could then plummet to the psychologically crucial support of $100,000, which is likely to attract solid buying by the bulls.
Ether price prediction
Buyers could not push Ether (ETH) above the $2,738 resistance on May 27, but they have kept up the pressure.
The ETH/USDT pair has formed a bullish ascending triangle pattern, which will complete on a break and close above $2,738. That clears the path for a rally to $3,000 and later to the pattern target of $3,153.
This optimistic view will be negated in the near term if the price turns down and breaks below the 20-day EMA ($2,467). The failure of a bullish setup may trap the aggressive bulls, sinking the pair to $2,323 and below that to $2,111.
XRP price prediction
XRP (XRP) has been trading between the moving averages, indicating a lack of aggressive buying or selling.
The flattish 20-day EMA ($2.33) and the RSI just below the midpoint do not give a clear advantage either to the bulls or the bears. If the price dips below the 50-day SMA ($2.24), the XRP/USDT pair could dive to the $2 support. Buyers are expected to fiercely defend the $2 level because a break below it may sink the pair to $1.61.
On the upside, a break and close above the 20-day EMA opens the gates for a rally to $2.65. Buyers will have to drive the pair above $2.65 to catapult the price to $3.
BNB price prediction
Buyers pushed BNB (BNB) above the $693 resistance on May 27 but could not sustain the higher levels.
The price action of the past few days has formed a bullish ascending triangle pattern, which will complete on a break and close above $693. If that happens, the BNB/USDT pair could rally toward the pattern target of $752.
The 20-day EMA ($658) is the critical support to watch out for on the downside. A break and close below the 20-day EMA could accelerate selling as the aggressive bulls may cover their positions. That could tug the pair to the 50-day SMA ($622).
Solana price prediction
Solana (SOL) has been consolidating inside a narrow range between the 20-day EMA ($169) and the overhead resistance at $180.
If the price turns down and breaks below the 20-day EMA, it suggests that the bulls are booking profits. The SOL/USDT pair could descend to $159 and later to the 50-day SMA ($153), which is likely to attract buyers. If the price rebounds off the 50-day SMA, the pair could swing between $153 and $180 for some time.
A break and close above $180 signals the resumption of the up move. The pair could pick up momentum and rally to the $210 to $220 resistance zone.
Dogecoin price prediction
Sellers are trying to pull Dogecoin (DOGE) below the immediate support at the 20-day EMA ($0.22).
If they succeed, the DOGE/USDT pair could drop to the horizontal support at $0.21. Buyers are expected to defend the $0.21 level with all their might because a break below it could sink the pair to the 50-day SMA ($0.19). Such a move brings the large $0.14 to $0.26 range into play.
On the contrary, a rebound off $0.21 suggests the bulls are vigorously defending the level. That could keep the pair inside the $0.21 to $0.26 range for a few more days.
Cardano price prediction
Buyers have managed to keep Cardano (ADA) above the neckline of the inverse head-and-shoulders (H&S) pattern, but the bounce lacks strength.
That increases the risk of a break below the 50-day SMA ($0.70). If that happens, the ADA/USDT pair could plunge to the solid support at $0.60. That suggests the markets have rejected the breakout from the bullish setup.
Buyers will have to push the price above the $0.86 resistance to indicate the resumption of the up move. The pair may then rally to $1.01, where the bears may mount a strong defense.
Related: SUI price chart hints at 2x rally amid Nasdaq ETF filing
Sui price prediction
Sui (SUI) turned down from the 20-day EMA ($3.66) on May 28, indicating that the sentiment remains negative and the traders are selling on rallies.
The bears will try to sink the SUI/USDT pair to the 50-day SMA ($3.24), which is a key level to keep an eye on. If the price rebounds off the 50-day SMA, the bulls will try to clear the 20-day EMA hurdle. If they can pull it off, the pair may rally to the $3.90 to $4.25 overhead zone.
On the other hand, a break and close below the 50-day SMA suggests that the bears remain in control. The pair could then plunge to the $2.86 support.
Hyperliquid price prediction
Hyperliquid (HYPE) turned down from $40 on May 26 and broke below the breakout level of $35.73 on May 28.
There is support at $32, but if the level cracks, the HYPE/USDT pair could extend the slide to the 20-day EMA ($30). Buyers will try to start a bounce off the 20-day EMA but may face stiff resistance at $35.73.
The first sign of strength will be a break and close above $35.73. That suggests solid demand at lower levels. The bulls will then make one more attempt to drive the pair to the overhead resistance of $42.25.
Chainlink price prediction
Chainlink (LINK) continues to find support at the neckline of the H&S pattern, but the bulls have failed to start a strong rebound.
The 20-day EMA ($15.66) is flattening out, and the RSI is near the midpoint, indicating a balance between supply and demand. Buyers will have to push the price above $18 to gain the upper hand. If they do that, the LINK/USDT pair could rally to $19.80.
Instead, if the price turns down and breaks below the 50-day SMA ($14.68), it suggests that the markets have rejected the breakout above the resistance line. The pair could then drop to $13.20.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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