Price analysis of top 10 cryptocurrencies

Bitcoin (BTC) rose for four consecutive months, but is now ending May with a loss of about 7%. In addition, Bitcoin’s 30-day volatility dropped to 1.52%, which is much lower than the yearly average of 4%. Glassnode data shows that Bitcoin’s low volatility periods have only lasted for 19.3% of its total price history. Therefore, there is an expectation for volatility to increase in June.

In an exclusive interview with Cointelegraph, Glassnode’s lead on-chain analyst James Check said that Bitcoin could rally to $32,000, which is its “true cost basis.” Glassnode analysts arrived at this level after focusing on active Bitcoin investors and removing coins that are lost forever.

In the near term, the outcome of the vote on the debt ceiling in the United States House of Representatives could provide direction. If the vote succeeds, as is widely expected, it could lead to a knee-jerk reaction to the upside. But if the vote fails, then Bitcoin is likely to break below $25,000.

The short-term charts of Bitcoin and select major altcoins suggest that the bulls may be losing their grip. What are the important support levels that the bulls need to hold to avoid a collapse? Let’s study the charts of the top-10 cryptocurrencies to find out.

Bitcoin price analysis

Bitcoin reversed direction from the downtrend line on May 29, indicating that the bears continue to sell near crucial resistance levels.

The flattish 20-day exponential moving average ($27,273) and the relative strength index just below the midpoint do not give a clear advantage either to the bulls or the bears. If the price sustains below the 20-day EMA, the BTC/USDT pair could drop to the $25,250 support.

Buyers are expected to defend the zone between $24,000 and $25,250 with all their might because if it cracks, the pair may nosedive to $20,000.

On the upside, the bulls will have to surmount the downtrend line to signal the start of a new up-move. The pair may first rise to $30,000 and later to $31,000.

Ether price analysis

The bulls are struggling to maintain Ether (ETH) above the 50-day SMA ($1,883). This suggests a lack of demand at higher levels.

The bears are trying to sink the price back into the falling wedge pattern and trap the aggressive bulls. If that happens, the ETH/USDT pair may fall to $1,762 and then to the support line of the wedge.

Conversely, if the price rebounds off the resistance line of the wedge, it will suggest that the bears have flipped the level into support. The pair may then rise to the psychological resistance at $2,000 and subsequently to $2,142.

BNB price analysis

BNB (BNB) climbed and closed above the 20-day EMA ($311) on May 28, but the bulls could not continue the momentum and challenge the 50-day SMA ($319).

The bears used the opportunity and pulled the price back below the 20-day EMA on May 31. Sellers will try to retest the psychological support at $300. If this level gives way, the BNB/USDT pair may descend to the support line.

Contrarily, if the price rebounds off $300, it will suggest that lower levels are attracting buyers. That may keep the pair inside the upper half of the channel for a few more days. A new up-move could begin after bulls kick the price above the channel.

XRP price analysis

The rally of XRP is currently facing profit-booking near the overhead resistance of $0.54. The first support is located at the 38.2% Fibonacci retracement level of $0.49, followed by the 50% retracement level at $0.48.

If the price rebounds off this support zone, it will suggest that the sentiment has changed from selling on rallies to buying on dips. This will enhance the prospects of a rally above $0.54. The XRP/USDT pair may then rise to $0.58. On the other hand, if the price breaks below $0.48, it will suggest that the bullish momentum has weakened, potentially leading the price to the moving averages and keeping it stuck inside the range for a few more days.

Cardano price analysis

On May 29, Cardano turned down from the 50-day SMA ($0.38), indicating that the bears are aggressively protecting this level.

The sellers will try to pull the price below the uptrend line, a crucial level for the buyers to defend. A break below it will invalidate the bullish ascending triangle pattern, leading to a downswing to $0.30. Alternatively, if the price turns up from the current level or the uptrend line, it will suggest that the bulls are buying on dips. They will then make one more attempt to thrust the price above the 50-day SMA. If they succeed, the ADA/USDT pair may surge toward the $0.42 to $0.44 resistance zone.

Dogecoin price analysis

The recovery of Dogecoin stalled at the 20-day EMA ($0.07), indicating that the sentiment remains negative and relief rallies are being sold into.

The bears will try to strengthen their position by yanking the price below the immediate support at $0.07. If they manage to do so, the DOGE/USDT pair may start its journey toward the next support at $0.06. Time is running out for the bulls, and if they want to start a recovery, they will have to quickly drive the price above the 20-day EMA. The pair could then rally to the overhead resistance of $0.08. A break above this level will suggest that the bulls are making a comeback.

Polygon price analysis

The recovery of Polygon fizzled out near the overhead resistance at $0.94, indicating that the bears are not willing to let go of their advantage.

The bears are trying to sustain the price below the 20-day EMA ($0.90). If they succeed, the MATIC/USDT pair could drop to the vital support at $0.82. This is the key level to watch out for on the downside because if it cracks, selling may intensify, leading the pair to plunge to $0.69. The first sign of strength will be a break and close above the 50-day SMA ($0.96), which will open the doors for a possible rally to the downtrend line.

Related: Bitcoin hodlers exited ‘capitulation’ above $20K, new metric hints

Solana price analysis

Solana has been stuck between the moving averages for the past four days, suggesting that the bulls are buying the dips to the 20-day EMA ($20.50), but the bears are active at higher levels.

The 20-day EMA is not showing any clear trend and the RSI is in the middle, suggesting that the SOL/USDT pair may trade within a range for the time being. If the price falls below the 20-day EMA, the pair could drop to the strong support level at $18.70. A rebound from this level would indicate consolidation between $18.70 and the 50-day SMA.

If the price bounces off the 20-day EMA, the bulls will attempt to break through the resistance at the 50-day SMA. If successful, the pair could rally to $24 and then $27.12.

Polkadot price analysis

The bulls managed to push Polkadot (DOT) above the 20-day EMA ($5.40) on May 28th, but they were unable to maintain this breakout. This indicates that demand is not strong at higher levels.

The bears have since pulled the price back below the 20-day EMA and will now attempt to push it below the critical support level at $5.15. If successful, the DOT/USDT pair could begin a downward trend toward $4.22.

If the price rebounds from $5.15, it would suggest that bulls are aggressively defending this level. The pair could then trade within a range of $5.15 and $5.56 for a few more days. Short-term control would shift to the bulls if they break through the 50-day SMA ($5.74).

Litecoin price analysis

The price movements of Litecoin (LTC) over the past few weeks have formed a symmetrical triangle pattern, indicating that there is indecision among bulls and bears about the next direction.

Price movements within a triangle are usually unpredictable and volatile. If the price remains below the moving averages, the LTC/USDT pair could fall to the uptrend line, which is likely to attract buying from bulls.

Alternatively, the price could turn upward from the moving averages, in which case the pair will try to rise to the resistance line. Breaking and closing above this level would signal the beginning of a new upward trend, with the pattern target set at $142.

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