Bitcoin recently surpassed $100,000, aiming to challenge its all-time high, while altcoins like Ether and XRP show bullish potential. Major price levels are closely watched, with resistance noted in several cryptocurrencies. Eager bears are watching for pullbacks in this volatile market.
In the latest movements from the cryptocurrency market, Bitcoin (BTC) has crossed that all-important psychological level of $100,000. On May 8, it closed above that mark, raising hopes for a sustained uptrend. As of May 9, Bitcoin is trying to hold onto this value, which, if maintained, may put it on track to challenge its all-time high of $109,588.
Notably, Bitcoin’s recent surge has led to a significant ripple effect across altcoins. Ether (ETH) is the frontrunner among them, boasting a hefty 22% increase in value on May 8. This surge not only sent ETH into a new range but also triggered liquidations worth $328 million in short positions, which is quite substantial. In the short term, however, Bitcoin bulls are likely to face stiff resistance close to $109,588, so it will be crucial for them to keep prices above the $100,000 mark.
As we take a moment to dive deeper into Bitcoin’s price predictions, it’s worth noting that it closed 6% higher on May 8, ending above the $100,000 barrier. Analysts suggest that the BTC/USDT pair could potentially climb to between $107,000 and $109,588 where resistance might kick in. Overbought signals could suggest a pullback is on the horizon unless support can be found around the 20-day exponential moving average set at $94,879.
Looking towards Ether, its remarkable performance saw it break through the $2,111 resistance and surge nearly to $2,550. However, there’s a notable long wick on the candlestick indicating selling pressure near this level. Should ETH pull back to $2,111 but find footing, this could signal a bullish momentum capable of pushing it further, possibly towards the $2,850 mark. Conversely, a drop below $2,111 would weaken its current bullish trend.
As for XRP, buyers have pushed it right to a critical resistance line. Watchers of the market are observing closely; if buyers can break above this, XRP could inch towards $2.60, with an even higher lookout for $3. Meanwhile, if it sees a pullback, finding support at moving averages will be vital to maintain any bullish sentiment. Sellers will need to push it below the $2 mark to take back control.
BNB has had a strong showing lately, with May 8 seeing it break above the $620 resistance. The price spiked to around $644 on May 9—a pivotal level that bears must defend vigorously to maintain any downward pressure. If buyers push beyond this point, BNB could reach up towards $680.
Then there’s Solana (SOL), which has closed over the $153 level, indicating bullish momentum. A reach towards $180 seems probable; should it pull back and find support at $153, it indicates buyers are in control and an upward trend may follow. However, if a sharp drop occurs below $140, it would raise alarms about profit taking.
Dogecoin (DOGE) is in an interesting spot too, having reached up to $0.21, where sellers will try to curb the rise. If they fail, there’s potential for Dogecoin to test $0.25. If it falls back from $0.21 but holds above it, that shows a shift to support.
Cardano (ADA) initiated a bounce off the 50-day SMA and has completed an inverse head-and-shoulders pattern, which could hint at upward movement towards $1.01 if the buyers maintain momentum. Major resistance is noted at $0.83, but surpassing this could signify further gains. Falling below the 50-day SMA, however, could spell trouble for ADA.
As for Sui (SUI), it shows bullish strength after climbing above the $3.90 resistance, potentially hitting $4.25, but it must hold above that to sustain the momentum. A decline would indicate buyer exhaustion.
Chainlink (LINK) is catching attention too. After a bounce from the 50-day SMA, sellers are trying to knock it back; however, if it holds, it may reach the target of $21.30. A sharp drop below the moving averages would suggest otherwise.
Lastly, Avalanche (AVAX) reached resistance at $23.50, which will be fiercely defended by sellers. If buyers can break through this, a potential climb to about $28.78 could follow. Conversely, a drop below would indicate continued consolidation.
As always, this analysis does not serve as investment advice, and it’s crucial for investors to conduct their due diligence before making any decisions in these volatile markets.
