Key points:
Bitcoin’s rejection at $107,000 shows sellers are active at higher levels, but the recovery from the intraday low shows solid buying.
Strategy and Metaplanet continue to accumulate Bitcoin, adding steady buy-side pressure to BTC price.
Select altcoins have pulled back, but they have not yet turned negative.
Bitcoin’s (BTC) attempt to challenge the all-time high faced a strong rejection near $107,100 on May 19, signaling that the bears are unlikely to give up without a fight. However, the long tail on the candlestick shows solid buying at lower levels.
The short-term uncertainty has not deterred the long-term buyers from accumulating more Bitcoin. Strategy, formerly MicroStrategy, announced the purchase of 7,390 Bitcoin for an average price of about $103,500, taking its total holding to 576,230 Bitcoin.
Similarly, Japanese investment firm Metaplanet said on May 19 it acquired 1,004 Bitcoin, boosting its total to 7,800 Bitcoin.
Although Bitcoin’s trend remains bullish, repeated failure to break above the overhead resistance may tempt short-term traders to book profits. That increases the risk of a break below the psychological level of $100,000.
What are the crucial support and resistance levels to watch out for in Bitcoin and altcoins? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
S&P 500 Index price prediction
The S&P 500 Index (SPX) extended its up move last week, indicating continued buying by the bulls.
The upsloping 20-day exponential moving average (5,712) and the relative strength index (RSI) near the overbought zone signal an advantage to buyers, but the up move is expected to face significant resistance in the 6,000 to 6,147 zone.
If the price turns down from the overhead zone, the index could find support at 5,800 and then at the 20-day EMA. If the price rebounds off the 20-day EMA, the bulls will again try to drive the index to the all-time high. Sellers will have to tug the price below the 20-day EMA to break the bullish momentum.
US Dollar Index price prediction
The relief rally in the US Dollar Index (DXY) hit a wall at the 50-day simple moving average (101.67) on May 12, indicating that the bears are selling on rallies.
The index is likely to find support at the 100.27 level. If the price rebounds off 100.27, the bulls will again try to kick the index above the 50-day SMA. If they manage to do that, the index could pick up momentum and surge toward 103.54. Such a move signals that the corrective phase may be over.
Sellers will retain the advantage if the price closes below the 100.27 support. That opens the doors for a retest of the 99 level.
Bitcoin price prediction
Bitcoin broke above the overhead resistance at $105,820 on May 18, but the bulls could not sustain the momentum.
Sellers are expected to fiercely defend the zone between $107,000 and $109,588. The 20-day EMA ($100,787) is the crucial support to watch out for on the downside. A rebound off the 20-day EMA suggests the positive sentiment remains intact. The bulls will again try to clear the overhead zone. If they succeed, the BTC/USDT pair could skyrocket toward $130,000.
This positive view will be invalidated in the near term if the price continues to fall and breaks below the psychologically crucial $100,000 support. The pair could then plummet to the 50-day SMA ($91,916).
Ether price prediction
Ether’s (ETH) bounce off the 20-day EMA ($2,288) on May 18 fizzled out near $2,600, signaling that the bears have kept up the pressure.
Sellers tried to pull the price below the 20-day EMA, but the long tail on the candlestick shows solid buying at lower levels. The bulls will try to kick the price above the $2,738 resistance, opening the gates for a rally to $3,000. There is minor resistance at $2,850, but it is likely to be crossed.
Contrarily, a break and close below the 20-day EMA tilts the advantage in favor of the bears. The ETH/USDT pair could then slump to $2,111.
XRP price prediction
XRP (XRP) remains stuck inside the $2.65 to $2 range, indicating buying near the support and selling close to the resistance.
The XRP/USDT pair bounced off the 20-day EMA ($2.34) on May 17, but the bulls are facing selling at higher levels. If the price sustains below the 20-day EMA, the pair could stay inside the range for some more time. The price action inside the range is expected to be random and volatile.
The next trending move is likely to begin on a break above $2.65 or below $2. If buyers pierce the $2.65 resistance, the pair could travel to $3.
BNB price prediction
BNB (BNB) bounced off the 20-day EMA ($635) on May 18, but the higher levels attracted selling by the bears.
The gradually upsloping 20-day EMA and the RSI in the positive territory indicate a slight edge to the bulls. If the price rises and maintains above $644, the bulls will again try to drive the BNB/USDT pair above $680. If they succeed, the pair may start its northward march toward the overhead resistance of $745.
Contrary to this assumption, a break and close below the 20-day EMA clears the path for a decline to the 50-day SMA ($606) and later to $580.
Solana price prediction
Solana (SOL) turned up from the 20-day EMA ($163) on May 17, but the bulls could not push the price above the $180 resistance.
Sellers are trying to pull and retain the price below the 20-day EMA. If they manage to do that, the SOL/USDT pair could tumble to $153 and, after that, to the 50-day SMA ($143). That points to a possible range-bound action between $180 and $120 in the near term.
The bulls will have to propel the price above the $185 level to regain control. The pair could then pick up momentum and rally to $210 and subsequently to $220.
Related: XRP price risks falling to $2 after classic bearish chart pattern confirms
Dogecoin price prediction
Buyers successfully defended the breakout level of $0.21 on May 17 but are struggling to sustain the bounce in Dogecoin (DOGE).
Sellers will try to make a comeback by pulling the price below $0.21. If they do that, the DOGE/USDT pair could slide to the 50-day SMA ($0.18). That signals a possible range formation between $0.26 and $0.14.
Buyers will have to thrust the price above the $0.26 resistance to signal the resumption of the recovery. There is minor resistance at $0.30, but it is likely to be crossed. The pair may then ascend to $0.35.
Cardano price prediction
Cardano (ADA) has broken below the neckline of the inverted head-and-shoulders pattern, indicating that the bulls are losing their grip.
The next support is at the 50-day SMA ($0.68). If the price turns up from the 50-day SMA, the bulls will try to push the ADA/USDT pair above the neckline. If they can pull it off, the pair could retest the $0.86 level. A break and close above the $0.86 resistance clears the path for a rally to $1.01.
Conversely, a break and close below the 50-day SMA suggests the markets have rejected the breakout above the neckline. That increases the risk of a drop to $0.58.
Sui price prediction
Sui’s (SUI) bounce off the 20-day EMA ($3.67) turned down from the $3.90 to $4.25 zone, indicating that the bears are active at higher levels.
The pullback could deepen if the price breaks and sustains below the 20-day EMA. If that happens, the SUI/USDT pair could skid to $3.12 and then to the 50-day SMA ($2.97).
On the contrary, if the price snaps back from the 20-day EMA and rises above $3.90, it suggests a positive sentiment. That enhances the prospects of a break above the $4.25 level. The pair could then surge to $5. Sellers are expected to fiercely defend the zone between $5 and the all-time high of $5.37.
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.
