Bitcoin’s (BTC) lack of price fluctuation has declined further this week, and it is projected to form an inside-bar pattern on the weekly chart. Despite the bulls facing difficulty in surpassing the resistance in the range of $30,000 to $31,000, there is a positive indication that they have not yielded to the bears.
The S&P 500 Index has been fluctuating within a certain range in the last few days, not just cryptocurrencies. This suggests that markets are waiting for something to prompt the next shift in direction.
Analysts are becoming more optimistic in the long-term, despite the uncertain immediate price movements. Trader Titan of Crypto pointed out a potential signal on the monthly Bollinger Bands chart, which suggests a surge to $63,500 in roughly one year.
Despite the fact that most major cryptocurrencies declined in value over the past week, there are still some that are doing well. Let’s take a look at the charts of five cryptocurrencies that could potentially increase in the near future.
Bitcoin price analysis
Bitcoin declined significantly from the resistance line of the symmetrical triangle pattern on May 6, demonstrating that the bears are not allowing the bulls to progress. A small consolation is that the bulls have been purchasing the dips to the support line of the triangle, as seen from the extended tail on the day’s candlestick.
The 20-day exponential moving average, which is relatively flat at $28,819, and the RSI near the midpoint do not point to either a bullish or a bearish advantage.
If the price drops below the triangle, it indicates that bears are attempting to gain control. The BTC/USDT pair could first go down to $26,942 and then to $25,250.
On the contrary, if the price breaks and closes above the triangle, it could indicate that the bulls have overpowered the sellers. This could lead to an upward move towards $32,400, where the bears are likely to put up a strong resistance.
Buyers drove the price beyond the triangle, however the extended wick on the candlestick reveals that the breakout was a false signal in the short term. The BTC price then declined drastically and dropped to the support line of the triangle.
The rebound from this level has reached the moving averages, a critical level to keep an eye on in the short-term. If Bitcoin’s price were to decline from its current level, the likelihood of breaching the support line would increase.
Should buyers push the cost beyond the moving averages, the pair could increase to the resistance line. The bulls will need to propel and hold the price above this level to initiate an upward movement.
Ether price analysis
Ether (ETH) encountered a powerful resistance when it attempted to breach the psychological barrier of $2,000 on May 7, signifying that the bearish traders have not yet relinquished their stronghold over the upper resistance levels.
The 20-day EMA ($1,903) has leveled off and the RSI is close to the middle, implying that the ETH/USDT pair could possibly stay range-bound in the short-term. The bounds of the range might be between $2,000 and $1,785.
A consolidation just beneath the local peak is an encouraging sign. This indicates that the buyers are not eager to take their profits, increasing the likelihood of a move beyond $2,200.
If the price drops below $1,785, it will indicate that bears have taken over the market. This could lead to a decrease to $1,619.
The four-hour chart reveals that the bears were unable to capitalize on the breach below the 50-simple moving average. This demonstrates that the selling pressure lessens at lower prices. The bulls are attempting to mount a comeback by keeping the price above the 20-EMA. If they succeed, the pair will likely make another attempt to reach the essential resistance at $2,000.
If ETH price decreases from its current level and falls below the 50-SMA, it will indicate that the bears are in control. This could cause the pair to drop to the support line.
Monero price analysis
Monero (XMR) is making an effort to remain above the moving averages, suggesting that the bulls are attempting a revival.
The 20-day EMA at a fairly flat level of $156 and the RSI just above the midpoint suggest an equilibrium between buyers and sellers. If buyers are able to push the price of XMR above the neckline of the inverse head and shoulders pattern, they will gain the upper hand.
The XMR/USDT pair could potentially begin to rise again. There is a slight obstacle at $181, however, if it is surpassed, the pair could reach $187.
If the price decreases from its current level or from the neckline, it indicates that the bears are still strong even at higher levels. Subsequently, the sellers will attempt to push the price below the $149-support, which could lead to a drop to $130.
The four-hour chart reveals that the price bounced off the 50-SMA, yet the bulls were unable to break through the resistance line. This indicates that the bears are selling when the price rises. If the price reverses away from the 20-EMA, it implies that the sentiment is becoming more optimistic and traders are taking advantage of lower prices.
The bulls will then endeavor to break through the resistance level. If they are successful, the currency pair could reach $162 and then possibly $164.
If the price drops and moves below the 50-SMA, it indicates that bears are prevailing, thus raising the probability of a revisit of the support line.
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OKB price analysis
OKB (OKB) is currently trading within a sizable symmetrical triangle formation. Traders typically purchase close to the support line and sell close to the resistance line in this situation.
The bears are attempting to keep the price of OKB below the 50-day Simple Moving Average ($45.57) while the bulls are hoping to reclaim the same level. If the cost increases from the present position or bounces back from the support line, it will demonstrate demand at lower prices.
Should buyers push the cost above the 20-day EMA ($46.87), it implies the OKB/USDT pair could remain within the triangle for a longer period.
Contrary to this belief, if bears cause the price to dip beneath the triangle, it will indicate that the formation has acted as a reversal pattern. This could initiate a fresh downtrend that is likely to take the pair to $37.
The four-hour chart indicates that the bulls have been attempting to keep the horizontal support near $44.35, but have not been able to push the cost higher than the moving averages. This implies that any minor uptrends are being met with selling. If the rate decreases from its current position and falls below $44.35, the pair could drop to $41.70.
If the price goes above the moving averages, it could be an indication that there has been buying activity at lower levels. The price could potentially reach $49.50 before attempting to climb to $53.
Rocket Pool price analysis
Rocket Pool (RPL) appears to be in a strong position as it is trading above the moving averages, indicating that the buyers are taking advantage of the dips.
The bulls must push the price past the resistance level at $53.45 to indicate that the corrective period may have ended. The RPL/USDT pair could then attempt to climb to $58.
It is possible that the RPL price will increase from the 20-day exponential moving average ($48.36) but retreat from $53.45. This could suggest that the stock will remain in a range between the 50-day simple moving average ($46.13) and $53.45 for some period.
A break and close below the 50-day Simple Moving Average will be the first sign that the bears are in control. This could lead to a potential drop to $37.
The four-hour chart indicates that the bears are attempting to keep the price beneath the 20-EMA while the bulls are striving to raise it above it. If the buyers prevail, the pair could ascend to the downtrend line. This is the essential short-term level to observe. If this obstruction is surmounted, the pair could surge to $53.45.
If the price decreases from its current position and drops below the 50-SMA, there is a risk that it will go down to the support line. The bulls are likely to fight hard to protect this level.
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