The cryptocurrency market is showing signs of profit taking after a sharp rally, with Bitcoin struggling to stay above the breakout level, Open Interest on BTC futures contracts is decreasing, and traders are booking gains.
Despite the setback, the big picture remains bullish, and dips are likely to be purchased, especially if major support levels are threatened.
Here's a glance at the technical outlook for the top 10 cryptocurrencies, highlighting critical levels to watch out for in the upcoming sessions.
Bitcoin price prediction
Bitcoin is facing difficulties in sustaining above the $109,588 mark, which may be encouraging short-term traders to realize some of their gains.
The bears will attempt to pull the price towards the 20-day Exponential Moving Average (EMA) at $105,453, rendering it a pivotal level to monitor.
If Bitcoin rebounds off the 20-day EMA with strength, it signifies that traders' sentiment remains positive, leading them to buy on dips, improving the prospects of a retest of the $111,980 level.
If buyers manage to overcome the $111,980 resistance, the BTC/USDT pair could surge to $130,000.
However, a decisive break and close below the 20-day EMA would strengthen the bearish outlook. In this scenario, the pair could plummet to the psychologically crucial support of $100,000, which is likely to attract significant buying interest from the bulls.
Ether price prediction
Buyers were unable to push Ether above the $2,738 resistance on May 27, but they are continuing to apply pressure.
The ETH/USDT pair has formed a bullish Ascending Triangle pattern, which will be completed by a decisive break and close above $2,738. This move clears the path for a rally to $3,000 and later to the pattern target of $3,153.
This optimistic view will be negated in the near term if the price turns down and breaks below the 20-day EMA at $2,467. The failure of a bullish setup may trap the aggressive bulls, sinking the pair to $2,323 and below that to $2,111.
XRP price prediction
XRP has been trading between the moving averages, indicating a lack of aggressive buying or selling interest.
The flattish 20-day EMA at $2.33 and the Relative Strength Index (RSI) just below the midpoint do not give a clear advantage to either the bulls or the bears.
If the price dips below the 50-day Simple Moving Average (SMA) at $2.24, the XRP/USDT pair could dive to the $2 support.
Buyers are expected to fiercely defend the $2 level because a decisive break below it may sink the pair to $1.61.
On the upside, a break and close above the 20-day EMA opens the gates for a rally to $2.65. Buyers will need to drive the pair above $2.65 to catapult it towards the $3 mark.
BNB price prediction
Buyers managed to push BNB above the $693 resistance on May 27 but were unable to sustain the higher levels.
The price action of the past few days has formed a bullish Ascending Triangle pattern, which will be completed by a decisive break and close above $693. If this happens, the BNB/USDT pair could rally towards the pattern target of $752.
The 20-day EMA at $658 is the critical support to watch out for on the downside. A break and close below the 20-day EMA could accelerate selling as the aggressive bulls may cover their positions, which could tug the pair to the 50-day SMA at $622.
Solana price prediction
Solana has been consolidating inside a narrow range between the 20-day EMA at $169 and the overhead resistance at $180.
If the price turns down and breaks below the 20-day EMA, it suggests that the bulls are booking profits and the SOL/USDT pair could descend to $159 and later to the 50-day SMA at $153, where it is likely to encounter buying interest.
If the price manages to rebound off the 50-day SMA, the pair could swing between $153 and $180 for some time.
A decisive break and close above $180 signals the resumption of the up move and the pair may pick up momentum and rally to the $210 to $220 resistance zone.
Dogecoin price prediction
Sellers are attempting to pull Dogecoin below the immediate support at the 2
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