Price analysis 5/22: BTC, ETH, BNB, SOL, XRP, TON, DOGE, ADA, AVAX, SHIB

Bitcoin and Ether lead the market higher as bulls show up in force. Which altcoins will follow?

Bitcoin (BTC) jumped up sharply on May 20, but the price remains inside a range. Typically, traders sell when the price nears the overhead resistance, but the inflows into the spot Bitcoin exchange-traded funds show that buying continues. Farside Investor’s data shows total inflows of $500 million into the spot Bitcoin ETFs on May 20 and 21. 

However, several analysts are concerned about Bitcoin’s short-term price action. Bollinger Bands creator John Bollinger told his X followers that Bitcoin’s formation suggests a short-term consolidation or a pullback. Similarly, trading resource Material Indicators cautioned that one of its proprietary trading tools was signaling a “clear” down signal, which would invalidate above $71,500.

While Bitcoin awaits a breakout, the action is gradually shifting to Ether in anticipation of a possible approval for the spot Ether ETFs in the United States. Approval will likely boost sentiment in the cryptocurrency sector, catapulting select altcoins higher.

Could Bitcoin and the major altcoins surprise to the upside? Let’s analyze the charts of the top 10 cryptocurrencies to find out.

Bitcoin price analysis

Bitcoin cleared the $68,000 barrier on May 20, but the bulls could not push the price to the overhead resistance at $73,777.

However, a positive sign is that the bulls are trying to keep the price above the psychological level at $70,000. If they can pull it off, the BTC/USDT pair is expected to have another shot at $73,777. If the bulls prevail, the pair may rally to $80,000 and then to $84,000.

Conversely, if the price turns down sharply from the current level or the overhead resistance, it will suggest that the bears are fiercely defending the $73,777 level. That suggests the consolidation may continue for some more days.

Ether price analysis

Ether (ETH) pole vaulted above the resistance line of the descending channel pattern on May 20, signaling a potential trend change.

The bulls strengthened their position further by pushing the price above the resistance at $3,730. If buyers retain the price above $3,730, it will signal that the bears have given up. The ETH/USDT pair may rally to $4,100. If this level is also cleared, the bulls will try to kick the price to $4,868.

Contrary to this assumption, if the price turns down sharply and plunges below $3,730, it will signal that the bears remain sellers at higher levels. The pair may then slide to the 20-day EMA ($3,224).

BNB price analysis

BNB (BNB) turned up from the support line of the symmetrical triangle pattern on May 20 and rose above the resistance line. This shows that the uncertainty resolved in favor of the bulls.

The BNB/USDT pair reached the pivotal overhead resistance of $635 on May 21. This level is likely to act as a stiff hurdle, but if the bulls do not cede ground to the bears, it will improve the prospects of an upside breakout. A close above $635 could clear the path for a rally to $692.

The important support to watch on the downside is the 20-day EMA ($590) and then the support line. A break below this level suggests that the pair may extend its stay inside the $495 to $635 level for a few more days.

Solana price analysis

Solana (SOL) rose above the immediate resistance of $185 on May 20, but the bulls could not sustain the higher levels.

The price slipped below $185 on May 21, suggesting that the bears have not given up. However, the upsloping 20-day EMA ($161) and the RSI in the positive zone signal that the path of least resistance is to the upside.

If buyers overcome the obstacle at $165, the SOL/USDT pair could retest the critical overhead resistance of $205. This positive view will be invalidated in the near term if the price turns down and breaks below the moving averages.

XRP price analysis

The bulls tried to push XRP (XRP) to the overhead resistance of $0.57 on May 21, but the long wick on the candlestick shows that the bears are selling on rallies.

If the price rebounds off the moving averages, it will signal that the bulls are attempting to flip the level into support. If they manage to do that, the prospects of a rally above the overhead resistance of $0.57 increase. The XRP/USDT pair could then surge toward $0.67.

Contrarily, if the price continues lower and breaks below the 20-day EMA, it will suggest that the bulls have given up. The pair could then drop to the support line, where the bulls will try to arrest the decline.

Toncoin price analysis

Toncoin (TON) attempted to bounce off the moving averages on May 20 but the bulls could not build upon the momentum.

The 20-day EMA ($6.35) has flattened out, and the RSI is near the midpoint, suggesting that the TON/USDT pair could oscillate between $4.72 and $7.67 for some time. If the price rises above $6.73, the pair may reach the overhead resistance of $7.67.

On the contrary, if the price continues lower and breaks below the 50-day SMA, it will signal that the bears have the edge in the short term. That could open the doors for a fall to $5.50 and later to $4.72.

Dogecoin price analysis

Dogecoin (DOGE) is witnessing a tough battle between the bulls and the bears near the $0.17 level.

The 20-day EMA ($0.15) has started to turn up, and the RSI is in the positive territory, indicating advantage to buyers. If the bulls drive and maintain the price above $0.17, the DOGE/USDT pair is likely to accelerate toward $0.21.

The 20-day EMA is the crucial support to watch on the downside. If the price turns down and breaks below the 20-day EMA, it suggests that the pair may remain inside the range for a while longer.

Related: Here’s what happened in crypto today

Cardano price analysis

Cardano (ADA) skyrocketed above the 50-day SMA ($0.49) on May 20, but the bulls could not clear the hurdle at $0.52.

The bears are trying to pull the price below the moving averages, but the bulls are expected to defend the level. If the price turns up from the moving averages, the bulls will again attempt to overcome the obstacle at $0.52. If they succeed, the ADA/USDT pair could soar to the overhead resistance of $0.57.

Instead, if the price turns down and breaks below the moving averages, it will suggest that the bears remain active at higher levels. The pair may then drop to the support line.

Avalanche price analysis

Avalanche (AVAX) turned up from the 20-day EMA ($36.62) on May 20 and rose above the $40 overhead resistance on May 21.

The moving averages are on the verge of a bullish crossover, and the RSI is in the positive territory, indicating advantage to buyers. The AVAX/USDT pair could attempt a rally to the psychological resistance of $50. This level is likely to attract solid selling by the bears.

If bears want to prevent the upside, they will have to yank and maintain the price below the 20-day EMA. That may trap the aggressive bulls, resulting in a long liquidation. The pair may then slump toward the $29 support.

Shiba Inu price analysis

Shiba Inu (SHIB) surged above the resistance line of the symmetrical triangle pattern on May 20, but the bulls are struggling to maintain the momentum.

The bears are trying to pull the price back into the triangle. If they do that, it will suggest that the recent breakout may have been a fake move. That could keep the price stuck inside the triangle for some more time.

Contrary to this assumption, if the price turns up from the current level and breaks above $0.000027, it will signal that lower levels are being bought. The SHIB/USDT pair could then rally to $0.000030.