Price analysis 5/20: SPX, DXY, BTC, ETH, BNB, SOL, XRP, TON, DOGE, ADA
Bitcoin ( BTC ) rallied last week, but it remains inside a large range. Has Bitcoin topped out, or will the rally resume? That is the central question in every trader’s mind. Analyst “ELI5 of TLDR” said in a X post that five out of seven on-chain indicators show that the bull market may be just getting started , while two show topping patterns.
Bitcoin’s bounce off the psychological support near $60,000 seems to have triggered buying interest in the spot Bitcoin exchange-traded funds. Farside Investors data shows roughly $950 million in inflows last week, the best weekly performance since March. If the inflows sustain, Bitcoin could surprise to the upside.
Markus Thielen, the head of research at 10x Research, is bullish on Bitcoin. Thielen said in a report that their Bitcoin ETF model predicts a new all-time high if Bitcoin crosses above $67,500.
Will bulls clear the overhead barrier in Bitcoin and retest the lifetime high? Let’s analyze the charts to find out.
S&P 500 Index price analysis
The S&P 500 Index (SPX) broke out to a new all-time high on May 15, indicating that the bulls are firmly in the driver’s seat.
However, the bears are unlikely to give up easily. They will try to pull the price back below the breakout level of 5,265. If they manage to do that, it will suggest that the bullish momentum has weakened. The index may slump to the 20-day exponential moving average (5,202).
If the price rebounds off the moving averages with strength, it will signal that the trend remains bullish. The index will then make another attempt to march ahead toward 5,500. On the contrary, if the price breaks below the moving averages, it will tilt the short-term advantage in favor of the bears. The index could then plunge to 5,000.
U.S. Dollar Index price analysis
The U.S. Dollar Index (DXY) rebounded off the support line of the ascending channel pattern on May 16, but the recovery turned down from the 50-day simple moving average (105).
The downsloping 20-day EMA (105) And the RSI in the negative territory suggest that bears have the upper hand. Sellers will try to tug the price below the channel’s support line. If they do that, the index could descend to 103.17 and then to 102.35.
Alternatively, if the price rebounds off the support line, it will signal that the bulls are fiercely defending the level. Buyers will have to drive the price above the moving averages to suggest that the index may remain inside the channel for some more time.
Bitcoin price analysis
Bitcoin has been trading in a tight range near the $68,000 level for the past three days. Tight ranges near overhead resistance levels generally resolve to the upside.
The rising 20-day EMA ($64,371) and the RSI in the positive territory indicate the path of least resistance is to the upside. If the $68,000 level is conquered, the BTC/USDT pair could start its journey to $73,777. This level may witness strong selling by the bears.
The moving averages are the crucial support to watch for on the downside. A break and close below the moving averages suggest that the bulls have given up. The pair may dump to $59,600 and subsequently to $56,552.
Ether price analysis
Ether ( ETH ) turned down from the resistance line on May 19, but the bulls did not allow the price to dip below the 20-day EMA ($3,048).
The bulls will again attempt to shove the price above the resistance line. If they do that, it will signal a potential trend change in the near term. The ETH/USDT pair could rally to $3,400 and thereafter to the overhead resistance at $3,730.
If bears want to maintain their hold, they will have to pull the price below the 20-day EMA and sink the pair below the critical support at $2,850. The pair could then collapse to the channel’s support line.
BNB price analysis
BNB ( BNB ) has been clinging to the moving averages for the past few days, indicating indecision between the bulls and the bears.
The flattish moving averages and the RSI just below the midpoint do not clearly favor either the bulls or the bears. If the price falls below the support line of the triangle, it will suggest that bears have seized the advantage. The BNB/USDT pair could then decline to $536.
Contrarily, if the price turns up from the support line and rises above the resistance line, it will signal that bulls have the edge. The pair could then retest the overhead resistance at $635.
Solana price analysis
Solana ( SOL ) has been gradually moving toward the immediate resistance at $185, signaling demand from the bulls.
The bears tried to pull the price below the breakout level of $162 on May 19, but the bulls held their ground. The $185 level may act as a minor hurdle, but if bulls overcome this obstacle, the SOL/USDT pair could surge to $205.
Contrary to this assumption, if the price turns down from the current level or $185 and breaks below the moving averages, it will suggest that the bears are active at higher levels. The pair may then drop toward $140.
XRP price analysis
XRP ( XRP ) rose above the 20-day EMA $0.52 on May 17, but the bulls could not sustain the higher levels. This suggests that the bears are selling on relief rallies.
The price is getting squeezed between the support line and the 50-day SMA ($0.53). The flattish 20-day EMA and the RSI just below the midpoint suggest a balance between supply and demand.
A break and close below the support line could sink the XRP/USDT pair to the critical support at $0.46. This level is likely to witness solid buying by the bulls because a break below it may open the doors for a drop to $0.41. On the upside, if bulls pierce the 50-day SMA resistance, the pair could soar to $0.57.
Related: Is Bitcoin price going to crash again?
Toncoin price analysis
Toncoin (TON) has been trading inside a wide range between $4.72 and $7.67 for several days, indicating uncertainty about the next directional move.
The flattening 20-day EMA ($6.35) and the RSI near the midpoint suggest that the TON/USDT pair may remain inside the range for a while longer. If the price rebounds off the moving averages with strength, the pair will again attempt to clear the overhead hurdle at $7.67.
Instead, if the price continues lower and breaks below the 50-day SMA ($6.02), it will suggest that the bears have a slight edge. The pair could then descend to the vital support at $4.72. The bulls are expected to vigorously defend the level.
Dogecoin price analysis
Dogecoin ( DOGE ) has been trading near the 20-day EMA ($0.15) for the past few days, signaling a balance between buyers and sellers.
The flattish 20-day EMA and the RSI near the midpoint suggest that the DOGE/USDT pair may remain inside the $0.12 to $0.17 range for some time. If the price rises and breaks above $0.17, it will signal that the correction may be over. The pair could then surge to $0.21.
On the other hand, if the price breaks below $0.12, it will complete a bearish head-and-shoulders pattern, clearing the path for a drop to $0.08.
Cardano price analysis
The bulls are struggling to push Cardano ( ADA ) above the 50-day SMA ($0.49), signaling that the bears are fiercely defending the level.
The bears will try to tug the price below the 20-day EMA and challenge the support line. If the price rebounds off this level, it will suggest that the ADA/USDT pair may stay inside the triangle for a while.
If the price turns up from the current level, the bulls will again attempt to overcome the obstacle at the resistance line. If they succeed, the pair may start its northward march toward $0.52 and then $0.57.
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.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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