Cryptocurrencies

The S&P 500 ( SPX ) and the Nasdaq Composite Index rose to new all-time highs

The S&P 500 ( SPX ) and Nasdaq Composite rose to fresh all-time highs after a U.S. consumer inflation report came in lower than expected. This sparked a rally in Bitcoin (BTC), pushing the price above $66,000. The further Bitcoin moves above the $60,000 level, the less likely it is to collapse. However, this does not guarantee the start of a new uptrend.

Galaxy Digital founder and CEO Mike Novogratz said during the company’s first-quarter earnings call that bitcoin is likely to consolidate between $55,000 and $75,000 before rising at the end of the current quarter.

Bears pushing Bitcoin below $60,000 seems to have attracted buyers. CoinShares’ Weekly Digital Asset Fund Flows report showed that $130 million flowed into digital asset investment products last week, the first such event in five weeks.

Daily view of crypto market data. source. Coin360

The State of Wisconsin Investment Board (SWIB) has revealed nearly $164 million worth of investments in bitcoin exchange-traded funds. More such investments by institutions can be expected because they “tend to move in herds,” Bloomberg ETF analyst Eric Balchunas said in a note.

Can Bitcoin and selected altcoins overcome short-term resistance and move higher? Let’s analyze the top 10 cryptocurrency charts to find out.

Bitcoin price analysis

Bitcoin broke above its 20-day EMA ($62,765) on May 15, suggesting that bulls have absorbed supply.

The S&Amp;P 500 ( Spx ) And The Nasdaq Composite Index Rose To New All-Time Highs
BTC/USDT daily chart. source. TradingView:

If the buyers sustain the momentum and push the price above the 50-day SMA ($65,152), it will open the door for a potential rally to the massive resistance level of $73,777. Bears can defend this level with full force.

If the bears want to prevent a move to the upside, they will have to defend the 50-day SMA and push the price up to the $59,600 support level. Bulls are likely to defend this level aggressively, as if the support is broken, BTC/USDT could fall to the 61.8% Fibonacci retracement level at $54,298.

Ethereum price analysis

Ethereum’s (ETH) strong bounce back from the $2,850 support level on May 15 shows that the bulls are aggressively defending this level.

The S&Amp;P 500 ( Spx ) And The Nasdaq Composite Index Rose To New All-Time Highs
ETH/USDT daily chart. source. TradingView:

If buyers push the price above the 20-day EMA ($3,026), ETH/USDT could rise to the resistance line of the downtrend. The bears are likely to show strong protection at the resistance line, but if the bulls win, the pair could start to rise to $3,400.

Conversely, if the price breaks below the 20-day EMA, it would indicate that bears are selling on every small rise. The pair could then retest strong support at $2,850. A break below this support could trigger a downward move towards the support line of the downtrend.

BNB price analysis

BNB (BNB) price broke below the moving average on May 14, but sharply retraced the support line of the symmetrical triangle pattern. This indicates strong buying at lower levels.

The S&Amp;P 500 ( Spx ) And The Nasdaq Composite Index Rose To New All-Time Highs
BNB/USDT daily chart. source. TradingView:

Buyers will try to take control by pushing the price above the triangle resistance line. If this happens, BNB/USDT could rise to $634 and then $692. The pattern for the setup is $726.

Conversely, if the price breaks down and breaks below the triangle, it would indicate that the bears have gained control in the near term. The pair could drop to the $495 level and then to the $434 target pattern.

Solana price analysis

Solana (SOL) broke above the 20-day EMA ($146) on May 15, indicating that selling pressure is easing.

The S&Amp;P 500 ( Spx ) And The Nasdaq Composite Index Rose To New All-Time Highs
SOL/USDT daily chart. source. TradingView:

If the price stays above $145, SOL/USDT could rise to $162. In a series, traders typically sell near resistance and are likely to do so again near $162. If the price breaks below the upper resistance level, it will indicate that the pair may remain in the range for some time.

A break above $162 or below $126 could initiate the next trend. If the level of $162 is crossed, the pair can rise to $205. On the other hand, a break below $126 could take the pair down to $100.

XRP price analysis

Bulls tried to push XRP (XRP) above the 20-day EMA ($0.51) on May 14, but bears held their ground.

The S&Amp;P 500 ( Spx ) And The Nasdaq Composite Index Rose To New All-Time Highs
XRP/USDT daily chart. source. TradingView:

The bulls are once again trying to push the price above the May 15 20-day EMA. If they can pull it back, the XRP/USDT pair could rise to the $0.57 common resistance. This level can be a difficult obstacle to overcome.

Alternatively, if the price breaks below the 20-day EMA, the bears will try to consolidate their position by pulling the price towards the critical support level of $0.46. Buyers are expected to defend this level. A strong bounce from $0.46 would suggest that the range-bound move could continue for some time.

Toncoin price analysis

Buyers tried to lift Toncoin (TON) above the $7.67 resistance on May 13, but the long cage of the candlestick shows that it is trading at higher levels.

The S&Amp;P 500 ( Spx ) And The Nasdaq Composite Index Rose To New All-Time Highs
TON/USDT daily chart. source. TradingView:

The clear advantage in favor of the bulls is that they have not conceded as much ground to the bears. This suggests that the bulls may make another move towards resistance above. If buyers squeeze and hold the price above $7.67, it would indicate a resumption of the uptrend. The TON/USDT pair could rise to $9.

This positive outlook will be negated in the near term if the price breaks down from the current level and falls below the moving average.

Dogecoin price analysis

The bulls are trying to prevent Dogecoin (DOGE) from sliding below the neckline and completing the bearish head and shoulders pattern.

The S&Amp;P 500 ( Spx ) And The Nasdaq Composite Index Rose To New All-Time Highs
DOGE/USDT daily chart. source. TradingView:

A flat 20-day EMA ($0.15) and an RSI near the midpoint indicate a range-bound move in the near term. If the price breaks above the 20-day SMA, DOGE/USDT could reach the 50-day SMA ($0.17). This is a key level that bears need to protect, as a break above it could pave the way for a rally to $0.21.

Bears will take control if they bear down and hold price below the neck of the H&S model. This may start to drop to $0.08.

Related to: Why did the price of bitcoin go up today?

Cardano price analysis

The failure of the bears to hold Cardano (ADA) below the support line on May 15 attracted aggressive bull buying.

The S&Amp;P 500 ( Spx ) And The Nasdaq Composite Index Rose To New All-Time Highs
ADA/USDT daily chart. source. TradingView:

The 20-day EMA and RSI in negative territory indicate that bears have an advantage. If the price breaks below the 20-day EMA and continues below the support line, it will signal the beginning of the next phase of the downtrend. ADA/USDT may fall to $0.35.

Alternatively, if the price continues to rise and jump above the 20-day EMA, it would indicate that the bears are losing strength. The pair may rise to the 50-day simple moving average ($0.51) and later to $0.57.

Avalanche price analysis

Avalanche (AVAX) has been trading below the 20-day EMA ($35) for the past few days, but the bears were unable to bring the price back to the $29 range support. This indicates that sales are drying up at lower levels.

The S&Amp;P 500 ( Spx ) And The Nasdaq Composite Index Rose To New All-Time Highs
AVAX/USDT daily chart. source. TradingView:

The bulls will try to push the price above the 20-day EMA. If successful, it would indicate that the AVAX/USDT pair could remain in the $40-$29 range for a few more days. A break above $40 could start a rally to $50.

Contrary to this assumption, if the price breaks below the 20-day EMA, it would indicate that the bears are trying to take control. The pair could then fall to a strong support level of $29. If this level is broken, it will mean the beginning of the next phase of decline. The pair may then fall to the next support level at $25.

Shiba Inu price analysis

Bulls successfully defended the support line of the Shiba Inu (SHIB) symmetrical triangle pattern on May 13.

The S&Amp;P 500 ( Spx ) And The Nasdaq Composite Index Rose To New All-Time Highs
SHIB/USDT daily chart. source. TradingView:

The 20-day EMA ($0.000023) and the RSI near the midpoint do not give a clear advantage to either the bulls or the bears. It is difficult to predict with certainty the direction of the breakout, so it is better to wait until the price rises above the triangle or drops below before placing large bets.

If the price breaks above the triangle, it will indicate that the corrective phase may be over. The SHIB/USDT pair could rise to $0.000030 and then to $0.000033. Conversely, a break below the triangle could open the way to the 78.6% Fibonacci retracement level for a decline at $0.000017.

This article does not contain investment advice or recommendations. Every investment and trading move involves risks and readers should do their own research when making a decision.

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