Key points:
Bitcoin holding $100,000 as a level of support would confirm the current trend change.
Ether leads among altcoins, and DeFi tokens could follow.
Bitcoin (BTC) broke above the psychologically critical $100,000 level on May 8, and the bulls are trying to hold on to the level on May 9. In an X post, CoinGlass said that Bitcoin’s rally resulted in $837.80 million in short liquidations in a 24-hour period, the largest since 2021.
Bitcoin’s rally also lifted several major altcoins, which soared above their respective overhead resistance levels. The altcoin rally was led by Ether (ETH), which surged roughly 22% on May 8, triggering a $328 million liquidation of Ether short positions.
Although the short-term picture has turned positive, Bitcoin bulls are expected to face significant resistance near the all-time high of $109,588. During pullbacks, traders will have to maintain the price above $100,000 to retain the bullish momentum.
Could Bitcoin continue its upward move and pierce the all-time high? Are altcoins getting ready for a short-term rally? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price prediction
Bitcoin rallied more than 6% and closed above the $100,000 barrier on May 8, indicating that buyers have asserted their supremacy.
The BTC/USDT pair could reach the $107,000 to $109,588 zone, where the bears are expected to mount a strong defense. The overbought level on the relative strength index (RSI) suggests a short-term pullback is possible.
If the price turns down from the overhead resistance but finds support at the 20-day exponential moving average ($94,879), it signals a positive sentiment. The bulls will then make one more attempt to push the price above the all-time high.
The first sign of weakness will be a close below the 20-day EMA. That suggests profit booking at higher levels. The pair may then tumble to the 50-day simple moving average ($88,139).
Ether price prediction
Ether (ETH) skyrocketed above the $2,111 resistance on May 8 and extended its up move to nearly $2,550 on May 9.
The long wick on the candlestick shows solid selling near $2,550. If the price turns down from $2,550 but finds support at $2,111, it indicates that the bulls are trying to flip the level into support. The bulls will then make one more attempt to drive the ETH/USDT pair above $2,550. If they succeed, the pair could climb to $2,850.
Sellers will have to pull the price below the $2,111 level to weaken the bullish momentum. The pair may then slide to the 20-day EMA ($1,867).
XRP price prediction
Buyers have pushed XRP (XRP) to the resistance line, which is a crucial near-term level to watch out for.
Sellers are expected to defend the resistance line aggressively because a break and close above it signals a potential trend change. The XRP/USDT pair could rise to $2.60 and subsequently to $3.
If the price turns down from the resistance line but finds support at the moving averages, it suggests that the bulls are buying the dips. The bulls will then again attempt to propel the price above the resistance line. Sellers will have to tug the price below the $2 support to seize control.
BNB price prediction
BNB (BNB) made a decisive move higher on May 8 and rose above the immediate overhead resistance at $620.
The BNB/USDT pair reached the $644 level on May 9, which is expected to behave as a strong barrier. However, if buyers keep up the pressure and pierce the $644 resistance, the pair could soar to $680.
Time is running out for the bears. If they want to halt the uptrend, they will have to fiercely defend the $644 level and pull the price below the moving averages. The pair could then descend to $580.
Solana price prediction
Solana (SOL) broke and closed above the $153 resistance on May 8, indicating that the bulls are in charge.
The SOL/USDT pair could reach $180, which is expected to behave as a formidable obstacle. If the price turns down from $180 but rebounds off $153, it suggests that buyers are trying to form a higher low. That enhances the prospects of a rally to $200.
This optimistic view will be invalidated in the near term if the price turns down sharply and plummets below the $140 support. That suggests traders are booking profits at higher levels.
Dogecoin price prediction
Buyers successfully defended the moving averages and pushed Dogecoin (DOGE) to the overhead resistance at $0.21.
Sellers will try to halt the up move at $0.21, but if the bulls pierce the resistance, the DOGE/USDT pair could rally toward $0.25. If the price turns down from $0.25 but finds support at $0.21, it signals that the bulls have flipped the level into support. That suggests the downtrend could be over.
Contrarily, if the price turns down sharply from $0.21 and breaks below the moving averages, it indicates that the pair may oscillate inside the range for some more time.
Cardano price prediction
Cardano (ADA) bounced off the 50-day SMA ($0.67) and completed an inverse head-and-shoulders pattern on May 8.
The 20-day EMA ($0.69) has started to turn up, and the RSI is in the positive territory, signaling an advantage to buyers. If the price remains above the neckline, the ADA/USDT pair could surge toward the pattern target of $1.01. There is resistance at $0.83, but it is likely to be crossed.
If bears want to prevent the upside, they will have to yank the price below the 50-day SMA. That could sink the pair to $0.60 and eventually to $0.50.
Related: Chance of Bitcoin price highs above $110K in May increasing — Here’s why
Sui price prediction
Sui (SUI) rallied sharply from the 20-day EMA ($3.29) and climbed above the $3.90 overhead resistance on May 8.
The upsloping 20-day EMA and the RSI near the overbought zone signal that the bulls are in command. If the price maintains above $3.90, the SUI/USDT pair could rally to $4.25 and eventually to $5.
Alternatively, if the price turns down and closes below $3.90, it suggests that the bears are trying to make a comeback. The pair could then slump to the 20-day EMA, which is likely to act as solid support.
Chainlink price prediction
Chainlink (LINK) turned up sharply from the 50-day SMA ($13.72) on May 8 and completed an inverse head-and-shoulders pattern.
Sellers are trying to pull the price back below the neckline, but if the bulls successfully hold the level, the LINK/USDT pair could break above the resistance line and rally toward the pattern target of $21.30.
This optimistic view will be negated if the price turns down sharply and breaks below the moving averages. That opens the doors for a fall to $12, indicating that the pair may remain inside the channel for a while longer.
Avalanche price prediction
Avalanche (AVAX) bounced off the moving averages on May 8 and reached the overhead resistance of $23.50 on May 9.
Sellers are expected to defend the $23.50 level with all their might because a break and close above the resistance could clear the path for a potential rise to $28.78 and, after that, to $31.73.
On the contrary, if the price turns down sharply from $23.50 and breaks below the moving averages, it suggests that the AVAX/USDT pair may extend its stay inside the range for a few more days.
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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