| Price Predictions 5/23 |
Quick Facts
Price Predictions 5/23: A Closer Look at the Crypto Market
As the crypto market continues to navigate the ups and downs of the current bull run, investors and traders are eagerly awaiting the next move. With many assets reaching new all-time highs, it’s essential to analyze the charts and technical indicators to get a better sense of what’s in store for the coming days. In this article, we’ll take a closer look at the price predictions for 10 popular cryptocurrencies, including Bitcoin, Ethereum, Ripple, Binance Coin, Solana, Dogecoin, Cardano, Sui, Hyperliquid, and Chainlink.
The Big Picture: Bitcoin
After reaching a new all-time high above $109,588, Bitcoin has pulled back slightly, but the bulls are still in control. The 20-day exponential moving average (EMA) is serving as a solid support level, and a bounce off this level could propel the price back above $111,980. If that happens, the target objective is a rally to $130,000. However, the first sign of weakness will be a break below the 20-day EMA, which could lead to a drop to the psychologically crucial level of $100,000.
Ethereum: A Strong Inverse Head-and-Shoulders Pattern
Ethereum, the second-largest cryptocurrency by market capitalization, is forming a strong inverse head-and-shoulders pattern. After turning down from the $2,738 resistance on May 23, the price dropped to the 20-day EMA ($2,388). If buyers can sustain the price above $2,738, the target objective is a rally to $3,000. However, if the price continues to fall and breaks below the 20-day EMA, it suggests that the bulls are booking profits, and the pair could drop to $2,323 and then to $2,111.
Ripple: A Strong Reversal
Ripple, the third-largest cryptocurrency by market capitalization, has been consolidating in a narrow range between $2.65 and $2 for some time. If buyers can push the price above $2, it could signal a strong reversal and propel the pair to $3.70. On the other hand, if the price turns down and breaks below $2, it suggests that the bears are in control, and the pair could drop to $1.60 and then to $1.27.
Solana: A Bull Run Ahead?
Solana, a fast-rising cryptocurrency, has been trending higher, but the bulls are struggling to break above the overhead resistance at $185. If buyers can sustain the price above $185, the target objective is a rally to $210 and later to $220. However, if the price turns down and breaks below the 20-day EMA ($167), it suggests that the bears are active at higher levels, and the pair could drop to $147.
Dogecoin: A Crucial Resistance Level
Dogecoin, a popular meme coin, has been trending higher, but the bulls are struggling to break above the overhead resistance at $0.26. If buyers can push the price above $0.26, the target objective is a rally to $0.35. However, if the price turns down and breaks below $0.21, it suggests that the bears are in control, and the pair could drop to $0.14 and then to $0.26.
Cardano: A Descent from the Highs
Sui: A Breakout Candidate
Sui, a relatively new cryptocurrency, has been trending higher, and the price has just broken above the resistance level at $28.50. If buyers can sustain the price above $35.73, the target objective is a rally to $42.25. However, if the price turns down and breaks below the 20-day EMA ($26.32), it suggests that the breakout above the resistance level may have been a bull trap, and the pair could drop to $13.20.
Hyperliquid: A Bull Run Ahead?
Hyperliquid, a relatively new cryptocurrency, has been trending higher, and the price has just broken above the resistance level at $28.50. If buyers can sustain the price above $35.73, the target objective is a rally to $42.25. However, if the price turns down and breaks below the 20-day EMA ($26.32), it suggests that the breakout above the resistance level may have been a bull trap, and the pair could drop to $13.20.
Chainlink: A Breakout Candidate
Chainlink, a popular data oracle platform, has been trending lower, but the bulls are forming a strong inverse head-and-shoulders pattern. If buyers can push the price above the resistance level at $13.20, the target objective is a rally to $18 and then to $19.80. However, if the price turns down and breaks below the neckline, it suggests that the breakout above the resistance level may have been a bull trap, and the pair could drop to $10.50.
