Price analysis 5/30: BTC, ETH, BNB, SOL, XRP, DOGE, TON, SHIB, ADA, AVAX

Bitcoin (BTC) remains in sideways price action, but a positive sign is that the investors have continued to buy the spot Bitcoin exchange-traded funds. Farside Investors data shows net positive inflows into the ETFs for the past 11 days. 

CoinShares data shows that Bitcoin investment products saw more than $1 billion in inflows last week. Along with institutional investors, whales also seem to be accumulating Bitcoin. Glassnode analysts said in The Week On-chain report that long-term investors were “beginning to re-accumulate coins for the first time since Dec 2023.”

According to the Securities and Exchange Commission filings, more than 600 United States investment firms have invested in spot Bitcoin ETFs since January. The ETFs have bought 855,619 Bitcoin since launch, with an average of 6,200 Bitcoin per day.

Could the buying in Bitcoin ETFs boost Bitcoin’s price above the overhead resistance? Will the altcoins also follow? Let’s analyze the charts of the top 10 cryptocurrencies to find out.

Bitcoin price analysis

The failure of the bulls to propel and maintain the price above $70,000 has pulled Bitcoin to the 20-day exponential moving average ($67,169).

The price action of the past few days has formed a symmetrical triangle formation. If the price breaks below the triangle, it will signal that the advantage has tilted in favor of the bears. The pair could drop to $64,600 and eventually to $59,600.

Conversely, if the price turns up from the support line and breaks above the triangle, it will indicate that the bulls remain in command. The pair will then attempt a move to $73,777. If bulls overcome this obstacle, the rally could reach $80,000.

Ether price analysis

Ether (ETH) turned down from $3,977 on May 27, signaling that the bears are fiercely defending the $4,000 to $4,100 resistance zone.

The first support on the downside is the breakout level of $3,730. If bulls flip this level into support, the ETH/USDT pair will make one more attempt to surge above the $4,100 resistance. If this level is cleared, the pair may rally to $4,868.

Conversely, if the price continues lower and plummets below $3,730, it will signal that the bears are trying to make a comeback. The pair may then drop to the 20-day EMA ($3.,537) and subsequently to $3.050.

BNB price analysis

The bulls have kept BNB (BNB) above the moving averages for the past few days but failed to push the price to the overhead resistance of $635.

The first sign of weakness will be a break and close below the uptrend line. If that happens, the ascending triangle pattern will be negated, and the BNB/USDT pair could slide to $536 and then to $495.

Contrary to this assumption, if the price bounces off the moving averages and breaks above $635, it will complete the bullish setup. The pair could then travel to $692 and later to the pattern target of $775.

Solana price analysis

The bulls have successfully held Solana (SOL) above the breakout level of $162 but have been unable to start a strong recovery.

Failure to move higher will encourage the bears to tug the price below $162. If they manage to do that, the SOL/USDT pair could tumble toward $140 and subsequently to critical support near $116.

Alternatively, if the price moves up from the current level, the SOL/USDT pair could reach $189. The bears will try to stall the relief rally at $189, but the level is likely to be crossed. The pair may then reach the formidable barrier at $205.

XRP price analysis

XRP (XRP) has been clinging to the moving averages for the past few days, indicating a lack of aggressive buying or selling by the traders.

If the price dips and maintains below the moving averages, the XRP/USDT pair could slide to the support line. If the price rebounds off the support line with strength, the bulls will make one more attempt to push the pair above $0.57. If they succeed, the ascending triangle pattern will complete.

On the other hand, a break and close below the support line will invalidate the triangle and open the door for a fall to the crucial support at $0.46.

Dogecoin price analysis

The bulls have not allowed Dogecoin (DOGE) to slide below the 20-day EMA ($0.16), indicating that the dips are being purchased.

The 20-day EMA is flattening out and the RSI is near the midpoint, indicating a balance between supply and demand. If buyers overcome the barrier at $0.18, the DOGE/USDT pair is likely to ride up to $0.21.

On the contrary, if the price turns down and breaks below the moving averages, it will suggest that the bulls have given up. That could sink the price to $0.14 and keep the pair inside the $0.12 to $0.17 range for a few more days.

Toncoin price analysis

Toncoin (TON) has been finding support at the moving averages, but the bulls are struggling to start a strong rebound off it.

Buyers will gain the upper hand if they drive and sustain the price above $6.73. If they do that, the TON/USDT pair could start a rally to the overhead resistance of $7.67. This is an important level for the bears to defend because a break above it will signal the resumption of the uptrend.

If bears want to prevent the upside, they will have to quickly drag the price below the $6 support. The pair could slide to $5.50 and thereafter to the strong support at $4.72.

Related: Bitcoin 'diamond hands' cut selling by nearly 50% at $73.8K

Shiba Inu price analysis

Shiba Inu (SHIB) surged above the symmetrical triangle pattern on May 27, indicating that the uncertainty resolved in favor of the bulls.

The 20-day EMA ($0.000025) has started to turn up, and the RSI is in the positive territory, signaling that the bulls have the upper hand. There is a minor resistance at $0.000030, but it is likely to be crossed. The SHIB/USDT pair may then climb to $0.000033.

If the price turns down from the current level, it is likely to find support at the moving averages. The bears will have to pull the price below the support line to start a decline toward the 78.6% retracement level of $0.000017.

Cardano price analysis

Cardano (ADA) remains stuck inside a symmetrical triangle pattern, signaling a balance between supply and demand.

If the price rises above the moving averages, the bulls will try to push the ADA/USDT pair to the resistance line. A break and close above the triangle will signal the start of a strong recovery. The pair may climb to $0.57 and then to $0.63.

Instead, if the price continues lower, the bears will try to pull the pair to the support line. A break and close below the triangle will indicate the resumption of the downtrend. The next level to watch on the downside is $0.35.

Avalanche price analysis

Avalanche (AVAX) is trying to take support at the moving averages, indicating that the bulls are buying on minor dips.

The flattish 20-day EMA ($36.97) and the RSI near the midpoint do not give a clear advantage either to the bulls or the bears. Buyers will have to shove and maintain the price above $41.80 to start the rally toward $50.

Contrarily, if the price breaks below the moving averages, the bears will try to pull the AVAX/USDT pair to $29. A strong bounce off this support will signal that the pair may remain stuck inside the $29 to $40 range for some time.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.