Key Points

• Bitcoin has dipped below $109,588, but traders seem to be buying during dips.

• The high levels of leverage in Bitcoin futures raise the risk of a quick correction.

• Some altcoins have retreated from their resistance points, suggesting that sellers remain active during rallies.

Sellers have pushed Bitcoin below the $109,588 breakout level. However, lower price points might attract buyers. Data from SOSOValue indicates that investor profits are still robust, and US spot Bitcoin exchange-traded funds saw significant inflows of $934 million on May 22 and $608 million on May 21.

According to Glassnode, the all-time high surpassing $109,588 resulted in about $1 billion in total profits, notably less than the $2 billion reported when prices crossed the $100,000 mark in December. This suggests that investors are cautiously optimistic about continued upward movement.

Veteran trader Peter Brandt expressed on X that he anticipates Bitcoin could reach between $125,000 and $150,000 by the end of August.

A strong rally tends to draw in speculators who often use leverage. Open interest in Bitcoin futures increased to over $80 billion on May 23, according to Coinglas data, which means traders should proceed with caution.

What are the crucial support levels for Bitcoin and selected altcoins? It’s worth analyzing the charts of the top 10 cryptocurrencies.

Bitcoin Price Forecast

It seems sellers are trying to consolidate prices below the $109,588 breakout point, potentially pushing prices toward the 20-day EMA of $103,652.

A solid rebound from this 20-day EMA suggests that market sentiment is still positive, with traders buying during dips. The bulls are attempting to push prices past $111,980 again, and if they succeed, the target may shift to $130,000.

Conversely, a drop below the 20-day EMA would hint at weakness, allowing prices to drop to the psychologically significant $100,000 level. Many buyers are expected to defend this crucial level; a breach could lead to a decline toward the 50-day moving average at around $94,001.

Ether Price Prediction

Ether (ETH) faced resistance around $2,738, indicating strong seller activity at that level.

If it falls to the 20-day EMA ($2,388), that will be a critical support area to watch. If prices bounce back strongly here, the bulls will likely make another attempt to overcome the $2,738 barrier, potentially paving the way for a rise toward $3,000. Though $2,850 seems a bit challenging, it could still be surpassed.

This optimistic outlook would vanish quickly if prices continue to fall below the 20-day EMA; in that case, a drop to $2,323 and then $2,111 could follow.

XRP Price Forecast

XRP (XRP) remains caught in a range between $2.65 and $2, indicating a balance of supply and demand.

The 20-day EMA ($2.35) has flattened, and the RSI is hovering near the midpoint, suggesting that this range could linger for a few more days.

A successful break and closure above $2.65 would complete a bullish reverse head and shoulder pattern with a target of $3.70. However, if prices dip below $2, it signals that bears are overpowering bulls, pointing to possible declines to $1.60 and then $1.27.

BNB Price Prediction

BNB (BNB) experienced a sharp decline from a resistance level of $693 on May 23, indicating significant selling pressure from bears.

The price is currently bouncing above the 20-day EMA ($647), as seen from the long candlestick tail, which indicates strong buying interest at lower prices. The bulls are attempting another push above $693, and if they succeed, the pair could surge towards the resistance range of $732 to $761.

Conversely, if prices drop and go below the 20-day EMA, it would suggest that bulls are taking profits, leading potentially to a further decline to the 50-day SMA ($612).

Solana Price Forecast

Solana (Sol) managed to climb past $180 resistance on May 23, but bears are putting up a strong fight at $185.

The 20-day EMA shows an upward trend, and the RSI indicates positive momentum, suggesting that the path of least resistance is upward. If buyers maintain prices above $185, the pair could climb to $210 and even to $220.

On the other hand, if prices drop below the 20-day EMA, it could suggest that bulls are exiting, increasing the risk of a decline to the 50-day SMA ($147).

Dogecoin Price Forecast

Dogecoin (Doge) has faced rejection from a $0.26 resistance level on May 23, signaling that bears are actively defending their position.

The price could drop to the 20-day EMA ($0.21), an essential support level. If the price rebounds off this EMA, it indicates positive sentiment, improving the chances of breaking above $0.26. If that happens, the pair might rally to $0.35, with resistance at $0.29.

This optimism could fade if prices slide below $0.21, leading to possible range-bound trading between $0.14 and $0.26.

Cardano Price Forecast

Cardano (ADA) bounced off an inverted head-and-shoulders pattern neckline, but bulls struggled to surpass the $0.86 resistance.

A drop below this neckline would signal strong bear activity at higher price levels. If so, the pair could fall to the 50-day SMA ($0.69) and further down to significant support at $0.60.

Conversely, a robust bounce from the 20-day EMA ($0.75) indicates there is demand at lower levels. If bulls can push prices above $0.86, the pair could rise toward $1.01.

SUI Price Forecast

Buyers failed to push SUI (SUI) above the overhead resistance of $4.25 on May 22, which shows that bears are actively defending that level.

Consistent failures to surpass $4.25 might tempt short-term buyers to lock in profits, resulting in a drop below the 20-day EMA ($3.73). If that happens, prices could tumble to a 50-day SMA ($3.09).

However, if the price bounces from the 20-day EMA and breaks above $4.25, it indicates a continuation of upward moves, possibly reaching $5 and then $5.37, although bears are likely to make their presence felt.

High Lipid Price Forecast

May 22 marked the beginning of a new movement beyond $28.50, facing stiff overhead resistance.

Bulls pushed prices above the $35.73 resistance level on May 23, but the long candlestick wick suggests that bears are trying to reclaim control. If buyers can hold their ground, the hype/USDT pair might ascend to $42.25.

If bears wish to regain control, they need to quickly push prices below the 20-day EMA ($26.32). The pair recently established a local peak near $37.59.

Chain Link Price Prediction

ChainLink faced resistance at the line of a descending channel on May 22, but bulls have struggled to maintain momentum.

Bears are attempting to revert prices back within that downward channel. If prices drop below the neckline, it suggests the breakout may have been a bull trap.

In that case, prices could decline to $13.20 and remain in the channel for longer. Conversely, a solid rebound off the resistance line signifies that bulls are trying to sustain the level, which could lead to a rise to $18 and then $19.80.

This article does not offer investment advice or recommendations. All trading activities involve risk, and readers are encouraged to conduct their own research before making decisions.