Key points:
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Bitcoin risks a deeper correction to $100,000, but a positive sign is that Strategy and Mataplanet continue to accumulate.
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Ether and select altcoins are trying to bounce off their strong support levels, signaling buying on dips.
Bitcoin (BTC) failed to sustain above $105,000, indicating a lack of demand at higher levels. Research firm Santiment said in its market update that whale activity picked up after Bitcoin rallied near $112,000. Sometimes, such an increase in whale activity near market tops signals profit-taking.
Analyst AlphaBTC said in a post on X that Bitcoin may have started a deeper correction, which could last till the second week of June.
Trader Titan of Crypto said in a post on X that Bitcoin could decline to $97,000, and if that level also cracks, the next stop could be at $90,000.
Although the near-term picture remains uncertain, long-term Bitcoin bulls continue to buy. Michael Saylor’s Strategy, the world’s largest corporate holder of Bitcoin, announced the purchase of 705 Bitcoin for an average price of $106,495 per coin between May 26 and 30.
Similarly, Japanese investment company Metaplanet said in a post on X that it acquired 1,008 Bitcoin for an average price of $108,400.
What are the critical support levels to watch out for in Bitcoin and altcoins? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
S&P 500 Index price prediction
The S&P 500 Index (SPX) dropped near the 20-day exponential moving average ($5,817) on May 30, but the long tail on the candlestick shows buying at lower levels.
The bulls will try to resume the up move by pushing the price above 5,970. If they can pull it off, the index could start its northward march toward the all-time high of 6,147. Sellers are expected to fiercely defend the zone between 6,000 and 6,147.
The 20-day EMA is the critical support to watch out for in the near term. A break and close below the 20-day EMA suggests profit-booking by short-term buyers. The index may fall to the 5,700 level and subsequently to the 50-day simple moving average (5,609).
US Dollar Index price prediction
The US Dollar Index (DXY) rose above the 20-day EMA (99.82) on May 29, but the bulls could not sustain the higher levels.
The downsloping moving averages and the relative strength index in the negative zone signal that bears remain in control. If the price closes below 99, the next stop is likely to be 97.92. Buyers will try to halt the downside at 97.92 because if they fail in their endeavor, the index could nosedive to the 95.67 level.
The bulls will have to push and sustain the price above the 50-day SMA to signal strength. The index may then rally to the 102 level.
Bitcoin price prediction
Bitcoin has turned down from the 20-day EMA ($105,232), indicating that the bears are fiercely guarding the level.
The bears will try to strengthen their position by pulling the price below the immediate support at $103,000. If they manage to do that, the BTC/USDT pair could sink to the psychologically crucial $100,000 level. Buyers are expected to fiercely defend the $100,000 support because a break below it may sink the pair to $93,000.
On the other hand, a break and close above $106,000 could push the pair to the $109,588 to $111,980 overhead zone. A break and close above the zone could catapult the pair to $130,000.
Ether price prediction
Sellers are trying to pull Ether (ETH) below the 20-day EMA ($2,502), but the bulls have successfully held the level.
If the price turns up sharply from the current level and breaks above the $2,738 resistance, it signals the resumption of the uptrend. The ETH/USDT pair could rally to $3,000. There is resistance at $2,850, but it is likely to be crossed.
Conversely, a break and close below the 20-day EMA tilts the advantage in favor of the bears. The pair could plunge to $2,323, which is likely to act as solid support. A bounce off $2,323 could face selling at the 20-day EMA.
XRP price prediction
XRP (XRP) continues to trade inside the $2 to $2.65 range, indicating a balance between supply and demand.
A recovery attempt from the current level or $2 is expected to face selling at the 20-day EMA ($2.27). If the price turns down sharply from the 20-day EMA, the bears will try to sink the XRP/USDT pair below $2. If they do that, the pair could collapse to $1.61.
Alternatively, a break and close above the 20-day EMA clears the path for a rally to $2.65. If buyers overcome the barrier at $2.65, the pair will complete an inverse head-and-shoulders pattern. The bullish setup has a target objective of $3.69.
BNB price prediction
BNB’s (BNB) bounce off the $644 support is facing resistance at the 20-day EMA ($659), indicating that the bears are selling on rallies.
The 20-day EMA is flattening out, and the RSI is near the midpoint, suggesting a possible range-bound action in the near term. The BNB/USDT pair could swing between $634 and $693 for a few more days.
A break above $693 or below $634 could start the next trending move. If buyers pierce the overhead resistance at $693, the pair could skyrocket to $732 and, after that, to $761. A downside target of $580 will open up if the pair plunges below the 50-day SMA ($630).
Solana price prediction
Buyers are trying to defend the $153 support in Solana (SOL) but they could not push the price above the 50-day SMA ($157).
The 20-day EMA (165) has started to turn down, and the RSI is below 50, indicating advantage to sellers. If the $153 support gives way, the SOL/USDT pair could tumble to $140.
Instead, if the price rebounds off $153, the bulls will again try to push the pair above the 50-day SMA. If they succeed, the pair may climb to the 20-day EMA. That suggests the pair may consolidate between $185 and $153 for a while longer.
Related: XRP price risks a 20% crash to $1.70 — Here is why
Dogecoin price prediction
Dogecoin (DOGE) has been trading below the 50-day SMA ($0.19) since May 30, indicating that the bears have kept up the pressure.
There is minor support at $0.18, but if the level crumbles, the DOGE/USDT pair could slump to the $0.16 to $0.14 zone. If the price rebounds off the support zone, the pair could extend its stay inside the $0.14 to $0.26 range for some more time. The price action inside a range could be random and volatile.
The next trending move is expected to begin on a break above $0.26 or below $0.14. If the $0.26 level is scaled, the pair could skyrocket to $0.35. On the downside, a break below $0.14 could sink the pair to $0.10.
Cardano price prediction
Cardano (ADA) fell below the 50-day SMA ($0.71) on May 30, signaling advantage to the bears.
The bulls are trying to defend the $0.64 level, but failing to start a solid rebound heightens the risk of a breakdown. If that happens, the ADA/USDT pair could descend to the solid support at $0.60.
Relief rally attempts are expected to face selling at the 20-day EMA ($0.72). Buyers will have to push and maintain the price above the neckline to suggest a comeback. The pair may then climb to $0.86 and later to $1.01.
Hyperliquid price prediction
Hyperliquid (HYPE) bounced off the 20-day EMA ($31.17) on June 1, but the bulls are struggling to sustain the momentum.
Buyers will have to push the price above $35.73 to signal strength. That opens the doors for a rally to $40 and then to $42.25. Sellers will try to halt the up move at $42.25, but if the bulls prevail, the HYPE/USDT pair could soar to $50.
On the contrary, if the price turns down and breaks below the 20-day EMA, it signals that every minor rally is being sold into. The pair could slide to $28.50, where buyers are expected to step in.
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.
