Bitcoin rises above $82K as Altcoins push through key resistance levels.
Key Points:-
Bitcoin is expected to trade at $84,000, but a shallow retracement increases the chance of a rally higher. Several major altcoins are showing strength at lower levels, but bears are expected to pose significant challenges at resistance levels.
Bitcoin (BTC) raised more than $82,800 on Wednesday, but the Bulls couldn't hold the highs. However, in a positive sign for the bulls, the BTC exchange traded funds. Net income of $1.63 billion in MayAccording to SoSoValue data. This indicates that investors are building positions when they expect the growth to continue.
BTC is about to enter its first supercycle, which began with a bear market low of $16,000 in November 2022, analyst Plancy wrote in a post on X. It raised more than $250,000. Second half of 2027 to first half of 2028.
Daily View of Crypto Market Data. Source: Trading view
Not everyone is convinced that the bear market is over. In a post on X, crypto investment firm Trading Shots said that BTC's rejection of the 200-day simple moving average ($83,313) coincided with the previous low. A goal of $50,000.
Can BTC and major altcoins break above their resistance levels? Let's examine the charts of the top 10 cryptocurrencies to find out.
Bitcoin price prediction
BTC is gradually increasing towards the $84,000 level, which indicates a sustained buying by bulls.
BTC/USDT Daily Chart. Source: Cointelegraph/Trading view
Sellers are expected to aggressively defend the $84,000 level, which could trigger a pullback to the 20-day moving average ($77,477). If the price of BTC rebounds strongly from the 20-day EMA, it shows positive sentiment. That would improve the break above the $84,000 level. If that happens, the BTC/USDT pair could rise to $92,000.
If the price declines and breaks below the $74,937 level, this bearish view will become invalid in the near term. The pair may decline to the 50-day SMA ($73,073) and later to the support line.
Ether price prediction
ether (ETH) has been trading above its moving average, but the bulls failed to break the $2,465 resistance.
ETH/USDT Daily Chart. Source: Cointelegraph/TradingView
This suggests a reluctance to buy aggressively at higher levels. Sellers try to maintain control by pulling the price below the moving averages. If they do that, the ETH/USDT pair may go down to the support line.
Buyers may have other plans. They will try to keep the price of ETH above the 20-day EMA ($2,309) and overcome the resistance at that level. If successful, the pair could raise about $3,050.
XRP price prediction
XRP (XRP) closed above the moving averages on Tuesday, opening the door for a rally to the descending channel pattern.
XRP/USDT Daily Chart. Source: Cointelegraph/TradingView
The downed line has acted as a strong barrier during previous recovery attempts and may do so again. If the price changes from the lower line and breaks below the $1.27 level, it suggests that the XRP/USDT pair may stay in the channel for a few days.
On the other hand, a close above the lower line and resistance at $1.61 is a potential trend reversal signal. XRP price may rise to $2 and then $2.40.
BNB price prediction
BNBBNB) closed above the moving averages on Tuesday, indicating that the bulls are back in the game.
BNB/USDT Daily Chart. Source: Cointelegraph/TradingView
Buyers are trying to overcome the low resistance at $654. If they can pull through, the BNB/USDT pair could reach $687. Sellers are expected to defend the $687 level with all their might, as the close above may clear the rally to $730 and then to $790.
On the other hand, if the price of BNB falls well below the overhead resistance and breaks below the moving average, it suggests that the pair may continue the regional action between $570 and $687 for some time.
Solana price forecast
Solana (SOL) broke above its moving averages on Tuesday and neared resistance at $90.73 on Wednesday.
SOL/USDT Daily Chart. Source: Cointelegraph/TradingView
Flat moving averages and the RSI in positive territory indicate a slight edge to the bulls. If the $90.73 level is weighed, the SOL/USDT pair may rally to a strong upside resistance at $98. Sellers are expected to strongly defend the $98 level, as a close above it could push the SOL price to $117.
Instead, if the price declines and breaks below the moving averages, it suggests that the pair could stay in the $76 to $98 range for a few more days.
Dogecoin price prediction
Dogecoin (Doug) continues its journey towards the $0.12 resistance level, where sellers are expected to move in.
DOGE/USDT Daily Chart. Source: Cointelegraph/TradingView
A shallow retracement from the $0.12 level suggests that the bulls are in no rush to close their positions. That adds to the possibility of a reversed extinction. If the $0.12 resistance level is broken, the DOGE/USDT pair may jump to $0.14 and then to $0.16.
Alternatively, if the price of DOGE declines significantly and breaks below the 20-day EMA ($0.10), this indicates that the bears are actively defending the $0.12 level. That could keep the pair in the $0.09 to $0.12 range for some time.
High Liquidity Price Prediction
high fluid (Hype) traded higher on Tuesday, but the move to the upside is facing resistance in the $43.76 to $45.77 zone.
HYPE/USDT Daily Chart. Source: Cointelegraph/TradingView
The 20-day EMA ($41.55) has started to turn upward, and the RSI is in positive territory, indicating that the path is higher with minimal resistance. If buyers break the $45.77 level, the HYPE/USDT pair could rise to $50.
The 50-day SMA ($40.22) is an important support to watch on the downside. A break and close below the 50-day SMA suggests that the bulls have given up hope. HYPE price may drop to $34.45.
Related: Zcash Price May Reach $800 As $2.7B Hedge Fund Takes ‘Significant Position' In ZEC
Cardano price prediction
Cardano (ADA) cleared the 50-day SMA ($0.25) barrier on Tuesday, indicating that the bulls are trying to make a comeback.
ADA/USDT Daily Chart. Source: Cointelegraph/TradingView
A recovery test at $0.28 is expected, followed by selling pressure at $0.30. If both levels are breached, the next target could be $0.31, which is an important resistance to watch. A break above $0.31 indicates the start of a new uptrend.
If ADA price declines and breaks below the moving average, this positive outlook will be canceled in the near term. That suggests bears will continue to sell in rallies. The ADA/USDT pair may drop to strong support at $0.22.
Bitcoin Cash price prediction
Bitcoin Cash (B.C.H) found support at $443 on Tuesday and broke above the moving averages.
BCH/USDT Daily Chart. Source: Cointelegraph/TradingView
Buyers continued to buy, pushing the price of BCH to $486 on Wednesday. However, the long wick on the candle indicates that the bears are moving at a higher level. That suggests that the BCH/USDT pair may stay in the larger $486 to $419 range for a few more days.
Buyers will return to the driver if they push the price above the $486 resistance. That opens the door to about $520 per rally.
Zcash price prediction
Zcash (ZEC) bounced off the 20-day EMA ($389) on Thursday and rose above $560 resistance on Wednesday.
ZEC/USDT Daily Chart. Source: Cointelegraph/TradingView
The sharp rally over the past few days has pushed the RSI into overbought territory, indicating the possibility of a near-term consolidation or reversal. A shallow retracement from current levels suggests that the bulls are holding their ground as they expect the rally to continue. That increases the possibility of a rally to a formidable resistance at $750.
The danger of continuing the upward movement is that sharp rallies are followed by equally sharp pullbacks. If the price of ZEC falls below $560, the ZEC/USDT pair may drop to the 38.2% Fibonacci retracement level to $496 and then to the 50% retracement level to $462.
