Bitcoin appears to have resumed its uptrend based on the price action over the past 24 hours. The coin has crossed $70,000 after surging 14.5%. The rally comes a day after “Eli5 of TLDR,” a well-known crypto analyst on X, wrote that two out of six on-chain indicators signaled that BTC was nearly topping out.
Meanwhile, 10x Research senior researcher Markus Thielen said on Monday evening that Bitcoin will break above its current all-time high if it exceeds $67,000. Well, we’ll wait to see whether his prediction will come to pass. For now, let’s study the price charts to find key barriers on the upside.
Bitcoin Price Analysis
After trading near $68,000 for two days, Bitcoin crossed above that level on May 20th, reaching $70,767 at press time. The 20-day Exponential Moving average ($64,326) continues to rise, giving the bulls the upper hand. Moreover, the Relative Strength Index (67.54) suggests there’s room for further price appreciation.
That said, BTC may head toward $73,769, where the sellers are likely waiting to exert solid selling pressure. If the sellers overpower the buyers, $64,326 will be a critical level to watch. If it collapses, Bitcoin may dip to $59,672 and even to $56,595.
Ethereum Price Analysis
Ethereum has now crossed above the resistance line after the bulls succeeded in protecting the 20-day Exponential Moving Average of $3,043.66 on May 19th. As of this writing, ETH buyers have defeated the bears at two key resistance levels ($3,439 and $3,723), pushing the coin to $3,897. The next target is $4,035.
On the negative side, a dip to $2,853 is possible if the buyers allow the sellers to drag Ethereum below $3,043.66.
BNB Price Analysis
After a few days of guiding the 50-day Simple Moving Average ($579.21) and the 20-day Exponential Moving Average ($583.45), the bears have finally given up, allowing the bulls to thrust BNB above $600 to $618.40 at press time. Furthermore, the Relative Strength Index (63.82) has shifted the advantage to buyers who now have a chance to push BNB toward the $635.10 resistance level. Meanwhile, if BNB closes below $579.21, we anticipate a massive dump to $493.90.
Solana Price Analysis
SOL crossed above the $185.39 resistance on Tuesday morning, but the buyers couldn’t maintain it above that level, suggesting low demand at high prices. Nonetheless, If the bulls eventually push and sustain Solana above $185.39, a rally to $205.21 is expected. This assumption will become invalid if the bears tug SOL below $162.52. In such a scenario, we may witness a correction to $140.25.
XRP Price Analysis
The bulls were struggling to keep XRP above the 20-day Exponential Moving Average of $0.520084 before today. They have now pushed the Ripple-issued digital currency to $0.559621. With the Relative Strength Index at 64.87, XRP may continue to soar over the coming days. The first barrier to the upside is at $0.570934. If conquered, a move to $0.649243 looks likely.
Conversely, if the sellers tug XRP below $0.520084, the $0.461179 support will be a vital level to monitor. If it cracks, a further fall toward $0.418903 could occur.
Toncoin Price Analysis
The bears have mounted a solid resistance at $6.76. As of this writing, they have dragged Toncoin near the 20-day Exponential Moving Average of $6.34. If TON falls below that critical level, it might dip to $6.03 and later to $4.71, where the buyers are expected to guard the price. Meanwhile, if Toncoin rebounds from $6.34, it could break above $6.76 to rally to $7.62.
Dogecoin Price Analysis
DOGE, the biggest meme coin by market cap, surpassed the 20-day Exponential Moving Average of $0.150833 on May 20th. It’s currently trading at $0.173961. A break above $0.175000 would mean that Dogecoin no longer trades within a range ($0.120129 – $0.17500). As such, a rally to $0.211830 is possible. On the contrary, a break below $0.120129 opens room for a price correction to the $0.085629 support level.
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