BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, AVAX, SHIB

0


The United States Securities and Exchange Commission (SEC) greenlighted  several spot Ether exchange-traded funds on May 23, but the decision failed to ignite Ether (ETH) or the crypto markets. Does this mean that the ETF decision was already priced in? It is difficult to judge by the initial reaction because Bitcoin’s (BTC) price had also dipped just after the approval of the spot Bitcoin ETFs. However, the price turned around after a few days and skyrocketed to a new all-time high.

The approved spot Ether ETFs are expected to launch by mid-June, according to Bloomberg ETF analyst Eric Balchunas. He projects the Ether ETFs to garner roughly 10-15% of the inflows seen by the Bitcoin ETFs. Once money starts flowing into Ether ETFs, the spot market is likely to respond favorably.

Crypto market data daily view. Source: Coin360

Although Bitcoin remains stuck in a sideways price action, Fundstrat Global Advisors managing partner and head of research Tom Lee remains uber bullish. In an interview with CNBC, Lee said their base case for Bitcoin by the end of the year is $150,000.

Could Bitcoin and select altcoins rebound off their immediate support levels? Let’s analyze the charts of the top 10 cryptocurrencies to find out.

Bitcoin price analysis

Bitcoin reversed direction from $71,979 on May 21, and the price has reached the moving averages. This suggests that the bears are trying to keep the price inside the range.

BTC/USDT daily chart. Source: TradingView

If the price rebounds off the moving averages with strength, the bulls will again try to push the BTC/USDT pair to the overhead resistance at $73,777. A break and close above this level could clear the path for a rally to $80,000 and then $84,000.

On the other hand, if the price breaks below the moving averages, it will suggest that the bulls have given up. The pair may then collapse to the strong support at $59,600. This level is likely to attract strong buying by the bulls.

Ether price analysis

The long wick and the long tail on Ether’s May 23 candlestick show a tussle between the buyers and sellers.

ETH/USDT daily chart. Source: TradingView

The price has dipped below $3,730, an important level for the bulls to defend. If the price maintains below $3,730, the ETH/USDT pair could decline to the 20-day EMA ($3,313). A strong bounce off this level will suggest that the bulls continue to buy on dips. The buyers will make one more attempt to overcome the obstacle at $3,730.

The bears are expected to mount a strong defense in the zone between $3,730 and $4,100 because if this resistance is cleared, the pair could surge to $4,868.

BNB price analysis

BNB (BNB) turned down from the stiff overhead resistance of $635 on May 21, indicating that the bears are aggressively defending the level.

BNB/USDT daily chart. Source: TradingView

The BNB/USDT pair has reached the moving averages, which is an important support to watch out for. If the price bounces off the moving averages with strength, it will signal that the bulls are buying on minor dips. That will improve the prospects of a break above $635. The pair could then start its march toward $692.

Instead, if the price breaks below the moving averages and the $560 support, it will suggest that the pair may extend its stay inside the range.

Solana price analysis

Solana (SOL) turned down from $189 on May 21, signaling that the bears are selling on rallies.

SOL/USDT daily chart. Source: TradingView

The bulls bought the dip near the breakout level of $162 on May 23 but could not build upon it. Sellers are again trying to sink the price below $162. If they can pull it off, the SOL/USDT pair may drop to $140.

Conversely, if the price rebounds off $162, it will signal that the bulls are attempting to flip the level into support. Buyers will have to overcome the barrier at $189 to start a rally to $205, where the bears may pose a strong challenge.

XRP price analysis

XRP (XRP) has been witnessing volatile moves near the moving averages, indicating a tough tussle between the bulls and the bears.

XRP/USDT daily chart. Source: TradingView

The bears will try to tug the price below the moving averages and the support line. If they manage to do that, the XRP/USDT pair could drop to the crucial support at $0.46. This level is expected to attract strong buying by the bulls. A strong rebound off $0.46 could extend the consolidation for some more time.

Buyers will have to clear the overhead hurdle at $0.57 to signal that the bears are losing their grip. That may start a rally to $0.67 and eventually to the formidable resistance at $0.74.

Dogecoin price analysis

Dogecoin (DOGE) has been stuck between the 50-day SMA ($0.16) and the overhead resistance at $0.17 for the past three days.

DOGE/USDT daily chart. Source: TradingView

The bears tried to pull the price below the moving averages on May 23, but the bulls held their ground. The bulls are again attempting to propel the DOGE/USDT pair above $0.17. If they can pull it off, the pair may start an up move to $0.21.

Meanwhile, the bears are likely to have other plans. They will try to defend the $0.17 level and drag the price below the 20-day EMA ($0.16). If that happens, the pair could slide to $0.13. Such a move will suggest that the pair remains inside the $0.12 to $0.17 range for some more time.

Toncoin price analysis

Toncoin (TON) bulls are struggling to start a bounce off the moving averages, suggesting that the bears have maintained their pressure.

TON/USDT daily chart. Source: TradingView

If the price skids and maintains below the 50-day SMA ($6.12), it will signal that the TON/USDT pair may start a downward journey to $5.57 and later to $4.72. Buyers are expected to fiercely defend the $4.72 level. That could keep the price stuck inside the $4.72 to $7.67 range for a few more days.

The next trending move is expected to begin on a break above $7.67 or a drop below $4.72. Until then, random and volatile price action is likely to continue.

Related: Bitcoin dominance risks breaking 18-month uptrend on Ether ETF launch

Cardano price analysis

Cardano’s (ADA) price action of the past few days has formed a symmetrical triangle pattern, indicating indecision between the bulls and the bears.

ADA/USDT daily chart. Source: TradingView

The flattish 20-day EMA ($0.47) and the RSI just below the midpoint suggest that the ADA/USDT pair may remain inside the triangle for a while. If the price remains below the 20-day EMA, the bears will try to tug the pair below the triangle. If they do that, the pair may dive to the next support at $0.35.

Alternatively, if the price turns up from the current level, the bulls will try to drive the pair above the resistance line. If they succeed, the pair may rally to $0.57 and then to $0.62.

Avalanche price analysis

Avalanche (AVAX) turned down and fell below the breakout level of $40 on May 23, indicating that bears remain active at higher levels.

AVAX/USDT daily chart. Source: TradingView

A minor advantage for the bulls is that they have not allowed the price to slip below the moving averages. If the price turns up from the current level and breaks above $42, it will suggest a change in sentiment from selling on rallies to buying on dips. The AVAX/USDT pair could then surge to $50.

Contrarily, if the price breaks below the moving averages, selling could pick up, and the pair may plummet toward $34 and then $29.

Shiba Inu price analysis

Shiba Inu (SHIB) re-entered the symmetrical triangle pattern on May 23, indicating a lack of demand at higher levels.

SHIB/USDT daily chart. Source: TradingView

The flattish moving averages and the RSI near the midpoint do not give a clear advantage either to the bulls or the bears. The sellers will have to sink the price below the support line to gain the upper hand. If they do that, the SHIB/USDT pair could move down to the 78.6% retracement level of $0.000017.

On the upside, the bulls will have to drive the price above $0.000027 to clear the path for a rally to the $0.000030 to $0.000033 resistance zone.