During a ranging market, many traders tend to step aside and wait for Bitcoin to indicate a directional move. This has been the case over the last couple of days. Research company Santiment says “indecision and fear” are the primary factors causing Bitcoin to trade within a range. However, the firm is optimistic that BTC won’t experience heavy dips, thanks to increasing demand for Bitcoin ETFs.
The current consolidation phase has given some investors the opportunity to purchase more Bitcoin. On Monday, Japanese investment company Metaplanet announced a “strategic shift,” which meant adopting a Bitcoin-only approach as the Japanese yen continues to plummet. The firm spent over $7 million to buy 117 BTC.
Generally, when Bitcoin consolidates near an all-time high, it is usually a positive sign as it indicates that investors are still holding their coins in anticipation of an uptrend continuation. However, when Bitcoin fails to cross above the peak price after many attempts, investors tend to dump their coins, leading to a sharp correction.
Now, let’s explore the charts to know which support levels the bulls must defend to block the bears from pulling Bitcoin and top altcoins to lower prices.
Bitcoin Price Analysis
The bears are still exerting selling pressure near the 20-day Exponential Moving Average of $62,574. Bitcoin is priced at $61,819 as of this writing. The Relative Strength Index (49.04) suggests that BTC could continue trading within a range for an extended period. If the bulls manage to push and maintain Bitcoin above $62,574, the coin is likely to head toward the 50-day Simple Moving Average of $65,412, where the bears could attempt to block a further upward move. However, if the bulls win the battle, BTC may rally to $73,755.
The bears will invalidate this assumption if they drag and sustain Bitcoin below $60,102. That’s because the number one coin based on market capitalization could slump to $56,483, a major support.
Ethereum Price Analysis
ETH is finding it difficult to break above the descending channel, suggesting that the sellers remain in control. The positive thing is that the buyers have successfully defended the $2,849.32 support level, and now Ethereum trades at $2,896.
Nonetheless, the buyers need to do more to regain control. They must push and keep ETH above the 20-day Exponential Moving Average of $3,047.28. Achieving this opens room for a rally to $3,354 and then to $3,724. On the negative side, Ethereum might touch $2,605 if $2,849.32 cracks.
BNB Price Analysis
With BNB now priced at $578, it means that the bears have pulled the coin below the downtrend line again. What’s more, BNB has plunged below the 20-day Exponential Moving Average of $581.24, giving the bears a short-term advantage, which they could capitalize on to tug the coin to the $534.27 support level.
The bulls will be assumed to have defeated the bears if they thrust BNB above the downtrend line. In this case, the Binance Coin could resume its uptrend, reaching $634.80 in the process.
Solana Price Analysis
On May 13th, the bears managed to pull Solana below $140.54, a critical support. However, they failed to build solid bearish momentum to drag the coin toward the $125.63 support level. SOL is trading at $145.20 at press time. If the bulls build up a positive momentum after the coin exceeds the 20-day Exponential Moving Average of $146.74, a rally toward $161.98 would seem likely.
On the other hand, if the sellers sustain SOL below $140.54, the digital asset might break below $138 to hit $125.63.
Dogecoin Price Analysis
DOGE is among the top meme coins that have rallied in the past 24 hours thanks to prominent retail trader Roaring Kitty, who made a comeback to X, formerly Twitter, on Monday. The meme coin is valued at $0.158364. The bulls’ immediate target is the 50-day Simple Moving Average of $0.160722. Crossing this barrier makes a move to $0.218455 achievable.
Meanwhile, if sentiment around DOGE turns bearish, the token might fall to the $0.129048 support.
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