- Bitcoin and altcoins received support following yesterday’s US CPI report. The question arises whether certain altcoins like Bitcoin and AVAX Coin can overcome short-term resistance and enter an uptrend.
- Crypto analyst Rakesh Upadhyay examines the charts of the top 10 cryptocurrencies to find out.
- Analysis includes Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), Solana (SOL), Ripple (XRP), Toncoin (TON), Dogecoin (DOGE), Cardano (ADA), Avalanche (AVAX Coin), and Shiba Inu (SHIB).
This article provides an in-depth analysis of the top 10 cryptocurrencies, highlighting their recent performance and future outlook based on their chart patterns.
Analysis of Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), Solana (SOL), and Ripple (XRP)
Bitcoin managed to rise above the 20-day exponential moving average (EMA) on May 15, indicating that the bulls absorbed the supply. If the buyers maintain the momentum and push the price above the 50-day simple moving average (SMA), it could open the doors for a possible rally to $73,777. On the other hand, if the bears manage to defend this level and pull the price down to the $59,600 support, a potential drop to $54,298 could be on the cards.
Ethereum (ETH), Binance Coin (BNB), Solana (SOL), and Ripple (XRP) Analysis
Ethereum bounced strongly off the $2,850 support on May 15, indicating that the bulls are aggressively defending this level. If the price rises above the 20-day EMA, a rally to the resistance line of the descending channel is possible. Binance Coin fell below the moving averages on May 14 but bounced sharply off the support line of the symmetrical triangle formation, indicating aggressive buying at lower levels. If the price breaks above the triangle’s resistance line, a rally to $634 and then to $692 is possible. Solana managed to rise above the 20-day EMA on May 15, indicating a decrease in selling pressure. If the price stays above $145, a rally to $162 is possible. Ripple tried to rise above the 20-day EMA on May 14, but the bears held their ground. If the bulls manage to push the price above the 20-day EMA, a rally to the overhead resistance at $0.57 is possible.
Analysis of Toncoin (TON), Dogecoin (DOGE), Cardano (ADA), Avalanche (AVAX Coin), and Shiba Inu (SHIB)
Toncoin tried to rise above the $7.67 resistance on May 13, but the long wick on the candlestick indicates selling at higher levels. If the price rises above $7.67 and holds, it will indicate that the uptrend has resumed. Dogecoin is trying to prevent the completion of a bearish head and shoulders formation. If the price rises above the 20-day EMA, a rally to the 50-day SMA is possible. Cardano bounced off the support line on May 15, indicating strong buying by the bulls. If the price continues to rise and breaks above the 20-day EMA, a rally to the 50-day SMA and then to $0.57 is possible. Avalanche has been trading below the 20-day EMA for the past few days. If the bulls manage to push the price above the 20-day EMA, it will indicate that the range-bound action between $40 and $29 will continue for a few more days. Shiba Inu successfully defended the support line of the symmetrical triangle formation. If the price breaks above the triangle, it will indicate that the correction has ended.
Conclusion
The top 10 cryptocurrencies are showing mixed signals with some showing strength and others showing weakness. Traders should watch the key levels mentioned for each cryptocurrency to get a better understanding of the potential future price action. As always, it is important to manage risk effectively when trading in the volatile cryptocurrency market.
