Price predictions 5/7: BTC, ETH, XRP, BNB, SOL, DOGE, ADA, SUI, LINK, AVAX

Key Points:

• Bitcoin hovers near $97,000, awaiting the FOMC minutes.
• Maintaining $95,000 support is crucial for short-term Bitcoin price growth.
• Several altcoins are holding support levels, suggesting potential short-term rallies.

Bitcoin (BTC) bulls are attempting to break through immediate resistance at $97,895 and reach the significant $100,000 level. Santiment, a crypto analytics platform, reported on X that Bitcoin wallets holding between 10 and 10,000 Bitcoin are optimistic about further price increases, having accumulated 81,338 Bitcoin over the past six weeks. Investor interest in BlackRock's spot Bitcoin ETF has also been strong, with approximately $4.7 billion in new capital inflows over the past 16 days, according to Nate Geraci, President of ETF Store. Bloomberg ETF analyst Eric Balchunas predicts this spot Bitcoin ETF "will have triple gold’s ETF assets under management in 3 to 5 years.”

According to Bitfinex data, Bitcoin needs to stay above $95,000 to signal a bullish trend and potential rally to an all-time high. However, a breach below $95,000 could trigger a more significant correction.

Could Bitcoin reach $100,000? Are select altcoins poised for short-term gains? Let's examine charts of the top 10 cryptocurrencies.

Bitcoin Price Prediction

Bitcoin's rebound from the 20-day exponential moving average ($93,091) on May 6 suggests positive sentiment and buying on dips.

Minor resistance lies at $97,895. Breaking this level could push the BTC/USDT pair towards the $100,000 psychological resistance. A break above $100,000 could lead to a rise to $107,000. However, if bears regain control and push the price below the 20-day EMA, a drop to the 50-day simple moving average ($87,441) is possible.

Ether Price Prediction

The failure of bears to push Ether (ETH) below moving averages indicates weak selling pressure.

Buyers aim to push the price above the $1,873 resistance, potentially leading to a rise towards $2,111 (with minor resistance at $1,957). Conversely, a break below the moving averages could result in a drop to $1,537, and potentially further to $1,368 if support at $1,537 fails.

XRP Price Prediction

XRP (XRP) fell below moving averages on May 4, but the price held above the $2 support.

Flat moving averages and an RSI just below the midpoint suggest XRP/USDT may consolidate between the resistance line and $2 support. A break above the resistance line could lead to a rally towards $3, while a break below $2 could trigger a drop to the $1.72 to $1.61 support zone.

BNB Price Prediction

BNB (BNB) has shown demand at lower levels, as bears failed to sustain the price below moving averages.

Bulls need to overcome the $620 resistance to reach the $644 resistance. A break above $644 could lead to a rise to $680. Conversely, a break below the $576 support could trigger a drop to $520, although buyers are expected to defend the $500 to $520 zone.

Solana Price Prediction

Solana (SOL) is finding support at moving averages, suggesting buying on dips.

Bulls will attempt to push the price above the $153 resistance, targeting $180 and potentially $200. This could lead to consolidation within the $110 to $260 range. A break below the 20-day EMA could result in a drop to the 50-day SMA ($133), potentially leading to consolidation between $110 and $153.

Dogecoin Price Prediction

Dogecoin (DOGE) shows a balance between supply and demand, clinging to moving averages.

A close below the moving averages could lead to a drop to the $0.14 support. Bulls will attempt to maintain the price within the range. Conversely, a sustained break above $0.21 could lead to a rally to $0.25 and potentially $0.28.

Cardano Price Prediction

Cardano (ADA) shows a struggle between buyers and sellers near the moving averages.

Flat moving averages and an RSI near the midpoint offer no clear advantage to either bulls or bears. A move above $0.75 could lead to a rise to $0.83. Solid support exists at $0.58; a break below this level could lead to a drop to the $0.54 to $0.50 support zone.

Sui Price Prediction

Sui (SUI) rebounded from the 20-day EMA ($3.14) on May 6, indicating buying at lower levels.

Minor resistance lies at $3.50. Breaking this could lead to a rise to $3.90, and potentially further to $4.25 and $5. A break below the 20-day EMA, however, suggests weakening bullish momentum, with potential drops to $2.86 and the 50-day SMA ($2.61).

Chainlink Price Prediction

Chainlink (LINK) finds support at the 50-day SMA ($13.66), but a lack of strong rebound suggests continued bear pressure.

A break below the 50-day SMA could lead to a drop to $11.68. A rebound from the moving averages could face selling pressure, potentially leading to a drop to the descending channel's support line. Conversely, a sustained move above the 20-day EMA ($13.99) could lead to a rally towards the resistance line.

Avalanche Price Prediction

Avalanche (AVAX) has fallen below the 50-day SMA ($19.90), suggesting continued range-bound action.

A break below $18.50 could lead to a drop to the $15.27 support. Buyers are expected to defend this level. A bounce from the current level could lead to a move above $23.50, potentially reaching $28.78 and the pattern target of $31.73.

Disclaimer: This article does not provide investment advice. All investment and trading decisions involve risk, and readers should conduct thorough research before making any decisions.