Key points:
Oh dear! Bitcoin has slipped below the rather lofty $109,588, but fear not, the traders are buying every dip like it’s a sale at Harrods! 🛍️
Excessive leverage in Bitcoin futures is like a tightrope walker without a net—one misstep and it’s a quick correction! 🎪
Some altcoins are turning down from their overhead resistance levels, proving that the bears are still very much in the game, selling on rallies like it’s a clearance sale! 🐻
Our dear sellers have pulled Bitcoin (BTC) back below the breakout level of $109,588, but lower levels are likely to attract buyers like moths to a flame. Investor interest remains as strong as a double espresso, with 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 has noted that the all-time high above $109,588 led to a total profit-taking volume of roughly $1 billion—much more muted than the $2 billion when the price rose above $100,000 in December. It seems investors are rather optimistic about the up move continuing! 🎉
Veteran trader Peter Brandt has boldly proclaimed that Bitcoin is on target to hit between $125,000 and $150,000 by the end of August. Well, let’s hope he’s not just blowing smoke! 💨
A strong rally attracts speculators who load up on leverage like it’s a buffet. CoinGlass data shows that Bitcoin futures open interest rose to just over $80 billion on May 23. But beware! Excessive leverage increases the risk of forced liquidation when prices take a nosedive. So, dear traders, exercise caution! ⚠️
Now, what are the critical support levels for Bitcoin and altcoins? Let’s analyze the charts of the top 10 cryptocurrencies to find out, shall we?
Bitcoin price prediction
Sellers are trying to keep the price below the breakout level of $109,588, which may just trap those aggressive bulls. This could pull the price down to the 20-day exponential moving average ($103,652). Oh, the drama! 🎭
A solid bounce off the 20-day EMA suggests that sentiment remains positive, and traders are buying on dips like it’s a hot new trend. The bulls will then 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. Fingers crossed! 🤞
The first sign of weakness will be a break below the 20-day EMA, which clears the path for a drop to the psychologically crucial level of $100,000. Buyers are expected to defend the $100,000 level fiercely, as a break below it could sink the pair to the 50-day simple moving average ($94,001). Oh, the suspense! 😱
Ether price prediction
Ether (ETH) has turned down from the $2,738 resistance, indicating that the bears are vigorously defending the level. How very dramatic! 🎬
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. Resistance at $2,850? Pfft, likely to be crossed! 🚀
This positive view will be invalidated 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. Oh dear, what a fall from grace! 😬
XRP price prediction
XRP (XRP) remains stuck inside the $2.65 to $2 range, indicating a rather tedious balance between supply and demand. How thrilling! 😴
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. How riveting! 🎢
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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. Up, up, and away! 🎈
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). Oh, the horror! 😱
Solana price prediction
Solana (SOL) climbed above the $180 resistance on May 23, but the bears are posing a strong challenge at $185. How very dramatic! 🎭
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. Fingers crossed! 🤞
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). Oh dear, what a predicament! 😬
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. How very dramatic! 🎬
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. Resistance at $0.29? 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. Oh, the suspense! 😱
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. How very dramatic! 🎭
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. Oh dear, what a fall! 😬
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. Fingers crossed! 🤞
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. How very rude! 😤
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). Oh dear, what a predicament! 😱
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. How thrilling! 🎢
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. How very exciting! 🎉
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. Up, up, and away! 🎈
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. Oh, the suspense! 😱
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. How very dramatic! 🎭
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. Oh dear, what a predicament! 😬
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. Fingers crossed! 🤞
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2025-05-24 00:02