Source: Cointelegraph
Original: “Price Predictions for May 14: BTC, ETH, XRP, BNB, SOL, DOGE, ADA, SUI, LINK, AVAX”
Key Points:
Bitcoin (BTC) is currently trading above $103,000, with buyers attempting to push the price towards the all-time high of $109,588. Research firm Santiment posted on platform X that Bitcoin whales and sharks holding between 10 and 10,000 BTC have accumulated 83,105 BTC in the past 30 days, suggesting that "a breakout above the all-time high for Bitcoin may just be a matter of time."
In addition to Bitcoin, analysts are gradually becoming optimistic about altcoins. A series of factors, including the decline in Bitcoin and USDT dominance and the rise of certain altcoins, indicate that an altcoin season may be approaching.
However, not everyone is bullish on the short-term outlook. Alphractal CEO Joao Wedson posted on platform X that Bitcoin is currently in the "Alpha Price" zone, which may attract long-term holders or whales to take profits.
Can Bitcoin challenge its all-time high? Even if Bitcoin consolidates, can altcoins continue to rise? Let’s analyze the charts of the top ten cryptocurrencies to find out.
Bitcoin rebounded from $100,718 on May 12, indicating that bulls are trying to turn the psychologically significant level of $100,000 into support.
If the price maintains above $100,000, the likelihood of retesting the all-time high increases. There is strong resistance in the $107,000 to $109,588 range, but if broken, the BTC/USDT trading pair could soar to $130,000.
The risk of a downturn is that the price may sharply fall below the 20-day exponential moving average (EMA) of $98,407, which could entice some short-term buyers to take profits. This could lead to a price drop to the 50-day simple moving average (SMA) of $89,952.
Ethereum (ETH) surged above the resistance level of $2,550 on May 13, but higher levels attracted sellers.
The overbought levels on the RSI indicate a potential pullback or consolidation in the short term. If the price falls below $2,550, bears will attempt to strengthen their position by pulling the ETH/USDT trading pair below $2,400. If successful, the price may further retrace to the 20-day EMA of $2,147.
Conversely, if the price rebounds from $2,550, it indicates that bulls are buying on every slight dip. This increases the likelihood of the price rising to $3,000.
Ripple (XRP) faced resistance at $2.65, but the positive sign is that bulls have not given way to bears.
This enhances the prospects of breaking through the $2.65 resistance. Once the resistance is broken, the XRP/USDT trading pair could rise to $3. Buyers are expected to face significant resistance from bears in the $3 to $3.40 range.
The 20-day EMA of $2.32 is a key support level to watch for downside. If the price sharply drops from $2.65 and falls below the 20-day EMA, it indicates that bears are still selling during the rise. This could lead to the price forming a range between $2.65 and $2.
Buyers have managed to keep Binance Coin (BNB) above the breakout level of $644, but it has struggled to push the price up to the $675 level.
The rising 20-day EMA of $627 and the RSI in the positive zone indicate that buyers are in control. A breakout and close above $675 would open the door for a potential rise to the top resistance of $745.
If the price falls and drops below the 20-day EMA, this positive outlook will be negated in the short term. If this happens, the BNB/USDT trading pair could drop to the 50-day SMA of $603.
Solana (SOL) resumed its upward trend after breaking through the $180 resistance on May 13, but bulls struggled to maintain higher levels.
Bears pulled the price back below $180 on May 14. If they maintain lower levels, the SOL/USDT trading pair could slide towards the 20-day EMA of $159. A strong rebound from the 20-day EMA indicates that bullish momentum remains intact. Bulls will then attempt to push the price to $210.
Conversely, if the price falls below and closes under the 20-day EMA, it indicates that the breakout above $180 may be a bull trap. The price could then drop to $153.
Dogecoin (DOGE) rebounded from the breakout level of $0.21 on May 13, indicating that bulls are trying to turn this level into support.
The 20-day EMA of $0.20 is starting to rise, and the RSI is approaching the overbought zone, indicating that buyers are in control. A breakout and close above $0.26 would indicate a resumption of the uptrend. This would open the door for a rise to $0.28, followed by $0.31.
Conversely, if the price falls and drops below $0.21, it indicates a lack of demand at higher levels. The DOGE/USDT trading pair could then drop to the 50-day SMA of $0.17, which may become strong support.
Buyers successfully defended the retest of the neckline for Cardano (ADA), indicating buying on the dip.
Bulls will attempt to restore the uptrend by pushing the price above $0.86. If successful, the ADA/USDT trading pair could gain momentum and rise to the pattern target of $1.01.
If the price falls and drops below the neckline, this optimistic view will be negated in the short term. This indicates that bears have overwhelmed bulls. The price could drop to the 50-day SMA of $0.68.
In recent days, Sui (SUI) has been oscillating between $4.25 and $3.90, indicating that bulls are holding positions with expectations of further upside.
If buyers push the price above $4.25, the SUI/USDT trading pair could gain momentum and soar to $5. Buyers may struggle to break through the resistance area between $5 and the all-time high of $5.37.
Alternatively, if the price falls and closes below $3.90, it indicates that bulls are taking profits. The price could drop to the 20-day EMA of $3.57, which may attract buyers. If the price rebounds from the 20-day EMA, bulls will attempt to break through the $4.25 barrier again.
Chainlink (LINK) faced selling pressure at the resistance line, but a small positive sign is that bulls have not given up too much ground to bears.
The rising 20-day EMA of $15.43 and the RSI approaching the overbought zone indicate that the path of least resistance is upward. If buyers break through the resistance line, it will signal a change in the short-term trend. The LINK/USDT trading pair could then rise to the target of $21.30.
Sellers must pull the price below the neckline to gain strength. This could pull the price down to the 50-day SMA of $13.96. A drop and close below the 50-day SMA would indicate that the price may remain within a descending channel pattern for some time.
Avalanche (AVAX) rebounded from the breakout level of $23.50, indicating that bulls have turned this level into support.
There is slight resistance at $28.78, but it may be broken. If this occurs, the AVAX/USDT trading pair could rise to $31.73, followed by $36.
The 20-day EMA of $22.63 is a key support level to watch for downside. If bears want to make a comeback, they must quickly pull the price below the 20-day EMA. The price could then slide to $19, which may attract buyers.
Related: Three Reasons Ethereum (ETH) Price Could Soar to $5,000 by 2025
This article does not contain investment advice or recommendations. Every investment and trading action involves risk, and readers should conduct their own research before making decisions.
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