Table of Contents |
Quick Facts
Before we dive into the nitty-gritty details, here are the key takeaways from this article:
- Bitcoin’s rejection at $107,000 indicates that 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.
- The S&P 500 Index is expected to face significant resistance in the 6,000 to 6,147 zone.
- The US Dollar Index may find support at 100.27 and, if broken, could slump to 99.
- Ethereum’s bounce off the 20-day EMA ($2,288) fizzled out near $2,600, signaling that the bears have kept up the pressure.
- Binance Coin is struggling to sustain above the 20-day EMA ($635), but the bulls will try to drive the price above $680.
- Solana is expected to range between $180 and $120 in the near term, with a possible upside break above $210.
- Dogecoin is struggling to sustain above the breakout level of $0.21, with a possible downside break to $0.18.
- Cardano has broken below the neckline of the inverted head-and-shoulders pattern, indicating that the bulls are losing their grip.
S&P 500 Index Price Prediction
The S&P 500 Index extended its up move last week, indicating continued buying by the bulls. However, the index faces significant resistance in the 6,000 to 6,147 zone. The upsloping 20-day exponential moving average (5,712) and the relative strength index (RSI) near the overbought zone signal an advantage to buyers. If the price turns down from the overhead zone, the index could find support at 5,800 and then at the 20-day EMA.
US Dollar Index Price Prediction
The US Dollar Index (DXY) is expected to find support at 100.27 and, if broken, could slump to 99. The relief rally in the DXY hit a wall at the 50-day simple moving average (101.67) on May 12, indicating that the bears are selling on rallies. Sellers will retain the advantage if the price closes below the 100.27 support.
Bitcoin Price Prediction
Bitcoin’s rejection at $107,000 indicates that sellers are active at higher levels, but the recovery from the intraday low shows solid buying. The long tail on the candlestick signals that the buyers are accumulating more Bitcoin. Strategy and Metaplanet continue to accumulate Bitcoin, adding steady buy-side pressure to BTC price. If the price sustains below the 20-day EMA ($100,787), the pair could slump to the 50-day SMA ($91,916).
Ethereum Price Prediction
Ethereum’s bounce off the 20-day EMA ($2,288) fizzled out near $2,600, signaling that the bears have kept up the pressure. Sellers will try to pull and retain the price below the 20-day EMA. If they manage to do that, the ETH/USDT pair could tumble to $2. If buyers can prop up the price above $2,000, the pair could retest the $2,638 level.
XRP Price Prediction
XRP is stuck inside the $0.21 to $0.26 range, indicating buying near the support and selling close to the resistance. The XRP/USDT pair bounced off the 20-day EMA ($0.206) on May 17 but the bulls could not push the price above the $0.26 resistance. If the price breaks and sustains below the 20-day EMA, the pair could slump to $0.18.
BNB Price Prediction
BNB is struggling to sustain above the 20-day EMA ($635), but the bulls will try to drive the price above $680. If the price rises and maintains above $644, the BNB/USDT pair could start its northward march toward the overhead resistance of $745.
Solana Price Prediction
Solana is expected to range between $180 and $120 in the near term, with a possible upside break above $210. The SOL/USDT pair bounced off the 20-day EMA ($164) on May 17 but the bulls could not push the price above the $180 resistance. If the price turns up from the 20-day EMA, the pair could surge to $220.
Dogecoin Price Prediction
Dogecoin is struggling to sustain above the breakout level of $0.21, with a possible downside break to $0.18. If the price turns down from the 20-day EMA ($0.23), the DOGE/USDT pair could slide to $0.18.
Cardano Price Prediction
Cardano 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 ADA/USDT 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.
Sui Price Prediction
Sui’s 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 SUI/USDT pair is expected to range between $3.12 and $2.97 in the near term, with a possible upside break above $4.25.
