Category: Crypto News, News
BTC, ETH, XRP, BNB, SOL, DOGE, ADA, SUI, HYPE, LINK
Key points:
-
Bitcoin slipped below $109,588, but technical charts suggest
traders are buying each dip. -
Excessive leverage in Bitcoin futures increases the risk of a
quick correction. -
Select altcoins have turned down from their respective overhead
resistance levels, signaling that the bears remain sellers on
rallies.
Sellers have pulled Bitcoin (BTC)
back below the breakout level of $109,588, but lower levels are
likely to attract buyers. Investor interest remains strong, with
the US spot Bitcoin exchange-traded funds witnessing inflows of $934 million on May 22 and $608 million
on May 21, according to SoSoValue data.
Glassnode noted that the all-time high above $109,588 led to a
total profit-taking volume of roughly $1 billion, far
more muted than the $2 billion when the price rose above $100,000
in December. That shows the investors expect the up move to
continue.
Veteran trader Peter Brandt said in a post on X that Bitcoin was
on target to hit between $125,000 and $150,000 by the end of
August.
Crypto
market data daily view. Source: Coin360
A strong rally attracts speculators who load up on leverage.
CoinGlass data shows that Bitcoin futures open interest rose to just over
$80 billion on May 23. Excessive leverage increases the risk of
forced liquidation when prices witness a sharp pullback. Therefore,
traders should exercise caution.
What are the critical support levels for Bitcoin and altcoins?
Let’s analyze the charts of the top 10 cryptocurrencies to find
out.
Bitcoin price prediction
Sellers are trying to sustain the price below the breakout level
of $109,588, which may trap the aggressive bulls. That could pull
the price to the 20-day exponential moving average ($103,652).
BTC/USDT
daily chart. Source: Cointelegraph/TradingView
A solid bounce off the 20-day EMA suggests that the sentiment
remains positive and traders are buying on dips. The bulls will
then again attempt to resume the uptrend by pushing the price above
$111,980. If they can pull it off, the BTC/USDT pair could dash
toward the target objective of $130,000.
The first sign of weakness will be a break below the 20-day EMA.
That clears the path for a drop to the psychologically crucial
level of $100,000. Buyers are expected to fiercely defend the
$100,000 level because a break below it could sink the pair to the
50-day simple moving average ($94,001).
Ether price prediction
Ether (ETH)
turned down from the $2,738 resistance, indicating that the bears
are vigorously defending the level.
ETH/USDT
daily chart. Source: Cointelegraph/TradingView
The ETH/USDT pair could drop to the 20-day EMA ($2,388), which
is a vital support to keep an eye on. If the price rebounds off the
20-day EMA with strength, the bulls will again try to clear the
$2,738 hurdle. If they do that, the pair could soar to $3,000.
There is resistance at $2,850, but it is likely to be crossed.
This positive view will be invalidated in the near term if the
price continues to fall and breaks below the 20-day EMA. The pair
could plunge to $2,323 and then to $2,111.
XRP price prediction
XRP (XRP)
remains stuck inside the $2.65 to $2 range, indicating a balance
between supply and demand.
XRP/USDT
daily chart. Source: Cointelegraph/TradingView
The 20-day EMA ($2.35) is flattening out, and the RSI is near
the midpoint, suggesting that the XRP/USDT pair may extend its stay
inside the range for a few more days.
A break and close above $2.65 will complete a bullish inverse
head-and-shoulders pattern, which has a target objective of $3.70.
Alternatively, a break below the $2 level suggests that the bears
have overpowered the bulls. That increases the likelihood of a drop
to $1.60 and subsequently to $1.27.
BNB price prediction
BNB (BNB) turned down sharply from the $693 resistance on May
23, signaling aggressive selling by the bears.
BNB/USDT
daily chart. Source: Cointelegraph/TradingView
The BNB/USDT pair bounced off the 20-day EMA ($647), as seen
from the long tail on the candlestick. That shows solid buying at
lower levels. The bulls will again try to thrust the price above
$693. If they manage to do that, the pair could skyrocket to the
$732 to $761 resistance zone.
Instead, if the price turns down and breaks below the 20-day
EMA, it suggests that the bulls are booking profits. The pair may
then plummet to the 50-day SMA ($612).
Solana price prediction
Solana (SOL) climbed above the $180 resistance on May 23, but
the bears are posing a strong challenge at $185.
SOL/USDT
daily chart. Source: Cointelegraph/TradingView
The upsloping 20-day EMA ($167) and the RSI in the positive zone
indicate the path of least resistance is to the upside. If buyers
sustain the price above $185, the SOL/USDT pair could rally to $210
and later to $220.
Contrary to this assumption, if the price turns down and breaks
below the 20-day EMA, it suggests that the bulls are rushing to the
exit. That heightens the risk of a drop to the 50-day SMA
($147).
Dogecoin price prediction
Dogecoin (DOGE)
turned down from the $0.26 overhead resistance on May 23,
indicating that the bears are fiercely defending the level.
DOGE/USDT
daily chart. Source: Cointelegraph/TradingView
The DOGE/USDT pair could descend to the 20-day EMA ($0.21),
which is an important support to watch out for. A solid bounce off
the 20-day EMA signals a positive sentiment, improving the prospect
of a break above $0.26. If that happens, the pair could rally to
$0.35. There is resistance at $0.29, but it is likely to be
crossed.
This optimistic view will be invalidated in the near term if the
price turns down and breaks below $0.21. That suggests a possible
range-bound action between $0.14 and $0.26.
Cardano price prediction
Cardano (ADA)
bounced off the neckline of the inverse H&S pattern, but the
bulls could not clear the overhead obstacle at $0.86.
ADA/USDT
daily chart. Source: Cointelegraph/TradingView
If the price continues lower and breaks below the neckline, it
shows that the bears are active at higher levels. The ADA/USDT pair
could drop to the 50-day SMA ($0.69) and later to the solid support
at $0.60.
Contrarily, a solid bounce off the 20-day EMA ($0.75) shows
demand at lower levels. The bulls will then again attempt to kick
the price above $0.86. If they succeed, the pair could ascend to
$1.01.
Related: Bitcoin’s new all-time high has traders
asking: Is BTC price overheating at $111K?
Sui price prediction
Buyers failed to push Sui (SUI)
above the overhead resistance of $4.25 on May 22, indicating that
the bears are aggressively defending the level.
SUI/USDT
daily chart. Source: Cointelegraph/TradingView
Repeated failure to cross the $4.25 level may have tempted
short-term buyers to book profits. That pulled the price below the
20-day EMA ($3.73). If the price sustains below the 20-day EMA, the
SUI/USDT pair could plummet to the 50-day SMA ($3.09).
On the contrary, if the price turns up from the 20-day EMA and
breaks above $4.25, it indicates the resumption of the up move. The
pair could climb to $5 and eventually to $5.37, where the bears are
expected to step in.
Hyperliquid price prediction
Hyperliquid (HYPE) soared above the stiff overhead resistance of
$28.50 on May 22, indicating the start of the next leg of the
up move.
HYPE/USDT
daily chart. Source: Cointelegraph/TradingView
The bulls pushed the price above the $35.73 resistance on May
23, but the long wick on the candlestick shows the bears are trying
to defend the level. If buyers do not cede much ground to the
bears, the HYPE/USDT pair could surge to $42.25.
Time is running out for the bears. If they want to make a
comeback, they will have to swiftly drag the price back below the
20-day EMA ($26.32). That signals the pair has formed a local top
near $37.59.
Chainlink price prediction
Chainlink (LINK) closed above the resistance line of the descending
channel pattern on May 22, but the bulls are finding it difficult
to maintain the momentum.
LINK/USDT
daily chart. Source: Cointelegraph/TradingView
The bears are trying to pull the price back into the descending
channel. If the price skids below the neckline, it suggests that
the breakout above the resistance line may have been a bull trap.
The LINK/USDT pair could sink to $13.20, keeping the price stuck
inside the channel for some more time.
Conversely, a solid bounce off the resistance line indicates
that the bulls are trying to flip the level into support. The pair
could rise to $18 and thereafter to $19.80.
This article does not contain investment advice
or recommendations. Every investment and trading move involves
risk, and readers should conduct their own research when making a
decision.
…
Continue reading Price predictions 5/23: BTC, ETH,
XRP, BNB, SOL, DOGE, ADA, SUI, HYPE, LINK
The post Price predictions 5/23: BTC, ETH, XRP, BNB, SOL,
DOGE, ADA, SUI, HYPE, LINK appeared first on CoinTelegraph.
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