Quick Facts
The cryptocurrency market is always abuzz with excitement, and this week is no exception. With multiple assets reaching new highs and others showing signs of a potential reversal, investors are looking for insights into what’s next.
Bitcoin (BTC)
After a brief correction, Bitcoin rebounded off the 20-day exponential moving average (EMA) on May 6, indicating that lower levels are attracting buyers. The bulls are trying to knock down the immediate resistance at $97,895 and challenge the all-important $100,000 level. If they succeed, the price could climb to $107,000. However, if the bears sink the price below $95,000, the pair could fall to the 50-day SMA ($87,441).
Ethereum (ETH)
Ethereum has been stuck between the moving averages, signaling a balance between supply and demand. The bulls will try to push the price above the immediate resistance at $1,873 to clear the path for a rally to $2,111. However, if the bears take control, the price could drop to the 50-day SMA ($1,537).
XRP (XRP)
XRP is finding support at the moving averages, indicating that lower levels are attracting buyers. The bulls will have to overcome the resistance at $2 to suggest a short-term trend change. The pair could then rally to $3. Conversely, if the bears pull the price below $2, the pair could fall to the support of the range at $1.72.
Binance Coin (BNB)
BNB has been clinging to the moving averages, indicating a balance between supply and demand. The bulls will try to overcome the barrier at $620 to clear the path for a rally to $644. If they succeed, the pair could climb to $680. However, if the bears take control, the price could drop to the support of the range at $576.
Solana (SOL)
Solana is witnessing a tough battle between the buyers and sellers near the moving averages. The flattish moving averages and the RSI near the midpoint do not give a clear advantage either to the bulls or the bears. If the price moves up from the current level, it is expected to face selling at $0.75. A break and close above $0.75 could propel the pair to $0.83.
Dogecoin (DOGE)
Dogecoin is finding support at the moving averages, indicating that lower levels are attracting buyers. The bulls will have to overcome the resistance at $0.21 to suggest a short-term trend change. The pair could then rally to $0.25 and subsequently to the pattern target of $0.28. However, if the bears take control, the price could drop to the support of the range at $0.14.
Cardano (ADA)
Cardano is witnessing a tough battle between the buyers and sellers near the moving averages. The flattish moving averages and the RSI near the midpoint do not give a clear advantage either to the bulls or the bears. If the price moves up from the current level, it is expected to face selling at $0.75. A break and close above $0.75 could propel the pair to $0.83. However, if the bears take control, the price could drop to the support of the range at $0.58.
Sui (SUI)
Sui has slipped below the 50-day SMA ($19.90), indicating that the range-bound action could continue for a few more days. If the price skids below $18.50, the SUI/USDT pair could drop to the support of the range at $15.27. Buyers are expected to aggressively defend the $15.27 level, as a break below it may resume the downtrend.
Chainlink (LINK)
Chainlink has slipped below the 50-day SMA ($13.66), indicating that the range-bound action could continue for a few more days. If the price skids below $11.68, the LINK/USDT pair could drop to the support of the range at $10. If the bears take control, the pair could fall to the support line of the descending channel.
Avalanche (AVAX)
Avalanche rebounded off the 50-day SMA ($19.90), indicating that lower levels are attracting buyers. The bulls will have to overcome the resistance at $23.50 to start an up move to $28.78 and then to the pattern target of $31.73. However, if the bears take control, the price could drop to the support of the range at $15.27.
Disclaimer: This article is for informational purposes only and should not be taken as investment advice. Trading and investing in cryptocurrencies carry significant risks, and readers should conduct their own research and consider their own risk tolerance before making a decision.
