Key Points:
Bitcoin, which holds $100,000 as a level of support, sees the current trend change.
Ether could lead among Altcoins, with Defi Token continuing.
Bitcoin (BTC) broke beyond the psychologically significant $100,000 level on May 8th, and the Bulls are trying to maintain the level on May 9th. In the X-Post, Coinglass said that in the largest 24-hour short period since 2021, the Bitcoin rally brought in $837.8 million in a short liquidation.
The Bitcoin rally also lifted several major altcoins, spiked above their respective overhead resistance levels. Altcoin Rally, led by Ether (ETH), surged about 22% on May 8, sparking the liquidation of a $328 million ether short position.
The short-term photo has become positive, but the Bitcoin bull is expected to face serious resistance near the all-time high of $109,588. During the pullback, traders must maintain prices above $100,000 to maintain bullish momentum.
Can Bitcoin continue to move upwards and penetrate the highest ever? Are Altcoins preparing for a short-term meeting? Analyze and explore the charts of the top 10 cryptocurrencies.
Bitcoin price forecast
Bitcoin raised over 6% and closed it beyond the $100,000 barrier on May 8, indicating buyers are claiming hegemony.
The BTC/USDT pair could reach the $107,000-$109,588 zone, with the bear expected to provide strong defenses. Excessive levels of relative strength index (RSI) suggest that short-term pullbacks are possible.
If the price is reduced from overhead resistance and find support on the 20-day exponential moving average ($94,879), it shows positive sentiment. The Bulls are making another attempt to push prices beyond the highest ever.
The first sign of weakness will be near the 20-day EMA. This suggests a higher level of profit booking. The pair could then fall to a simple 50-day moving average ($88,139).
Ether Price Prediction
Ether (ETH) surged beyond $2,111 resistance on May 8, and extended UP's move to nearly $2,550 on May 9.
The long candlestick wick shows a solid sale of nearly $2,550. If the price is down from $2,550, but the support is at $2,111, it indicates that the Bulls are trying to support the level. The Bulls will try another ETH/USDT pair for over $2,550. If they succeed, the pair could rise to $2,850.
Sellers should subtract prices below the $2,111 level to weaken their bullish momentum. The pair can then slide to a 20-day EMA ($1,867).
XRP Price Forecast
The buyer pushed the XRP (XRP) into the resistance wire. This is an important short-term level to be aware of.
Sellers are expected to actively adhere to the line of resistance. Because breaks and closes on top of that indicate potential trend changes. The XRP/USDT pair rose to $2.60, then $3.
If the price was reduced from the resistance line, but found support on the moving average, it suggests that the Bulls are buying the dip. The Bulls once again try to push for a price above the resistance line. Sellers must pull prices under $2 to seize controls.
BNB Price Prediction
BNB (BNB) made a critical move on May 8th, quickly surpassing overhead resistance at $620.
The BNB/USDT pair reached a $644 level on May 9th. This is expected to act as a powerful barrier. However, if the buyer maintains pressure and penetrates a $644 resistance, the pair could surge to $680.
Bear time is gone. If they want to stop the uptrend, they will need to keep up the $644 level hard and pull out a price below the moving average. The pair could then drop to $580.
Solana price forecast
Solana (Sol) broke $153 in resistance on May 8, closing it down, indicating that the bull is in charge.
The Sol/USDT pair could reach $180, but this is expected to behave as a horrifying obstacle. If the price fell from $180, but is rebounding from $153, it suggests that buyers are trying to form a higher or lower. This brings the rally outlook to $200.
This optimistic view will be void in the short term if prices drop significantly and fall below the $140 support. This suggests that traders are booking profits at a higher level.
Dogecoin price forecast
The buyer successfully defended the moving average, pushing the dogecoin (doge) to overhead resistance at $0.21.
The seller tries to stop the Up Move at $0.21, but if Bulls penetrates the resistance, the Doge/USDT pair could rise to $0.25. If the price is down from $0.25, but the support is at $0.21, it indicates that the Bulls have repeated levels to support. That suggests that the cave may have ended.
Conversely, if the price drops sharply from $0.21 and falls below the moving average, it indicates that the pair could vibrate further in time.
Cardano price forecast
Cardano (ADA) bouncing off a 50-day SMA ($0.67) and completed the reverse head and shoulder pattern on May 8th.
A 20-day EMA ($0.69) begins to appear, with RSI in a positive area and showing benefits to buyers. If prices exceed the neckline, the ADA/USDT pair could surge towards a $1.01 pattern goal. Resistance is $0.83, but it can cross.
If bears want to prevent upside down, they should pull a price below the 50-day SMA. This allows the pair to sink to $0.60 and ultimately sink to $0.50.
Related: Increases the likelihood of Bitcoin price highs above $110,000 in May – this is why
SUI price forecast
SUI (SUI) rallied sharply from the 20-day EMA ($3.29) to surpass the $3.90 overhead resistance on May 8th.
The 20-day EMA and RSI near the excess zone indicate that the Bulls are in command. If the price is maintained above $3.90, the SUI/USDT pair will be $4.25, and ultimately it will be $5.
Or, when prices drop and fall below $3.90, it suggests that the bear is about to make a comeback. The pair can then fall into a 20-day EMA. This could serve as a solid support.
Chain Link Price Prediction
ChainLink rose sharply from the 50-day SMA ($13.72) on May 8th, completing the reverse head and shoulder pattern.
Sellers are trying to pull the price back under the neckline, but if the Bulls hold the level successfully, the Link/USDT pair could surpass the resistance line and gather towards the $21.30 pattern target.
This optimism is void if prices drop sharply and break below the moving average. This opens a falling door up to $12, indicating that the pair can remain in the channel for a while.
Avalanche price forecast
Avalanche (Avax) bounced back from the moving average on May 8th and reached an overhead resistance of $23.50 on May 9th.
Sellers are expected to strongly defend the $23.50 level as potential rises to $28.78 and then to $31.73 if they close over resistance.
On the contrary, it suggests that if the price drops sharply from $23.50 and falls below the moving average, the Avax/USDT pair could extend their stay within the range of more days.
This article does not include investment advice or recommendations. All investment and trading movements include risk and readers must do their own research when making decisions.
