Shiba

Bitcoin

Shiba Inu

The bears' failure to sink and sustain Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) below the psychological level of $60,000 seems to have attracted buyers who are trying to propel the price toward the range resistance. The current upmove does not guarantee a breakout from the range&nbsp;but reduces the possibility of a sharp correction in the near term.
Bitcoin’s recovery has boosted the daily volume in United States spot Bitcoin exchange-traded funds. Market research firm Santiment said in a X post that the volume of the seven largest U.S. <a href="https://cointelegraph.com/news/bitcoin-etf-volumes-7-week-high-btc-price-67k">spot Bitcoin ETFs surged to $5.65 billion</a>, the highest since March 24.
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-05/a529b089-8ba5-439f-8773-9b746fb8392b.png">
 <figcaption style="text-align: center;">
 Crypto market data daily view. Source: <a href="https://coin360.com/" target="_blank" rel="noopener nofollow">Coin360</a>
 </figcaption>
</figure>
Bitcoin ETFs have been a massive success, with 937 professional firms investing in them as of March 31, according to a X post by K33 Research senior analyst Ventle Lunde. The post added that <a href="https://cointelegraph.com/news/bitwise-cio-says-btc-etfs-are-huge-success-and-13f-filings-make-him-incredibly-bullish">professional investors acquired $11.06 billion</a> of spot Bitcoin ETFs, amounting to 18.7% of the total assets under management.
The arrival of institutional investors is good news for Bitcoin as the investors waiting on the sidelines are likely to enter on dips, which could limit the downside in the near term.
Could Bitcoin and select altcoins extend their up move? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
<h2 id="bitcoin-price-analysis">Bitcoin price analysis</h2>
Bitcoin skyrocketed above the moving averages on May 15, and the bulls successfully defended the level during the retest on May 16.
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-05/271f32bd-213f-47d7-8e96-c65e04af20db.png">
 <figcaption style="text-align: center;">
 BTC/USDT daily chart. Source: <a href="https://www.tradingview.com/chart/?symbol=BINANCE%3ABTCUSDT" target="_blank" rel="noopener nofollow">TradingView</a>
 </figcaption>
</figure>
The 20-day exponential moving average ($63,507) has started to turn up gradually, and the relative strength index (RSI) has jumped into the positive territory, indicating that the bulls have a slight edge. There is a minor resistance at $68,000, but it is likely to be crossed. The BTC/USDT pair may then travel to the stiff overhead resistance at $73,777.
Contrary to this assumption, if the price turns down from $68,000 and breaks below the moving averages, it will signal that the bears continue to sell on relief rallies. That could keep the pair range-bound between $68,000 and $56,500 for a while.
<h2 id="ether-price-analysis">Ether price analysis</h2>
The bulls are back in Ether (<a href="https://cointelegraph.com/ethereum-price">ETH</a>) as the bears failed to sink the price below the strong support at $2,850.
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-05/03a09511-7f80-4b22-bddb-0a4946a283d6.png">
 <figcaption style="text-align: center;">
 ETH/USDT daily chart. Source: <a href="https://www.tradingview.com/chart/?symbol=BINANCE%3AETHUSDT" target="_blank" rel="noopener nofollow">TradingView</a>
 </figcaption>
</figure>
The ETH/USDT pair could reach the resistance line of the descending channel pattern, where the sellers are expected to mount a strong defense. If the price turns down sharply from the current level or the resistance line, the bears will make another attempt to tug the price below $2,850.
Instead, if buyers kick the price above the channel, it will signal that the downtrend could be ending. The pair may climb to $3,400 and thereafter attempt a rally to the solid resistance at $3,730.
<h2 id="bnb-price-analysis">BNB price analysis</h2>
BNB (<a href="https://cointelegraph.com/binance-coin-price-index">BNB</a>) fell below the moving averages on May 14, but the bulls held the support line of the symmetrical triangle pattern.
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-05/0f9b4efb-a917-4275-8d57-c998bbeede0e.png">
 <figcaption style="text-align: center;">
 BNB/USDT daily chart. Source: <a href="https://www.tradingview.com/chart/?symbol=BINANCE%3ABNBUSDT" target="_blank" rel="noopener nofollow">TradingView</a>
 </figcaption>
</figure>
The BNB/USDT pair is preparing for an eventual breakout from the triangle. If the price turns down and plunges below the triangle, it could start a downward move to $536 and then to $495.
On the contrary, if the price continues higher and breaks above the triangle, it will suggest that the bulls have the upper hand. The pair could move up to $635, which may act as a minor hurdle but is likely to be crossed. The next stop is expected to be $692.
<h2 id="solana-price-analysis">Solana price analysis</h2>
Solana (<a href="https://cointelegraph.com/solana-price-index">SOL</a>) turned up sharply on May 15 and surged above the moving averages, signaling that the bulls are attempting a comeback.
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-05/540362ba-cd09-4a0f-8c38-e95bece1d895.png">
 <figcaption style="text-align: center;">
 SOL/USDT daily chart. Source: <a href="https://www.tradingview.com/chart/?symbol=BINANCE%3ASOLUSDT" target="_blank" rel="noopener nofollow">TradingView</a>
 </figcaption>
</figure>
Buyers continued their purchases and pushed the price above the $162 resistance on May 17. This clears the path for a possible rally to $185 and eventually to the formidable resistance at $205. 
Time is running out for the bears. If they want to prevent the upside, they will have to halt the rally and pull the price back below the moving averages. The bears will gain further strength on a slide below $140.
<h2 id="xrp-price-analysis">XRP price analysis</h2>
XRP (<a href="https://cointelegraph.com/xrp-price-index">XRP</a>) is attempting to rise toward the 50-day SMA ($0.54), indicating that the selling pressure is reducing.
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-05/03ed80b7-731c-4c1e-8b4f-0e077b2664dc.png">
 <figcaption style="text-align: center;">
 XRP/USDT daily chart. Source: <a href="https://www.tradingview.com/chart/?symbol=BINANCE%3AXRPUSDT" target="_blank" rel="noopener nofollow">TradingView</a>
 </figcaption>
</figure>
The 50-day SMA may act as a minor hurdle, but if the bulls successfully defend the 20-day EMA on the way down, the XRP/USDT pair could reach the overhead resistance of $0.57. This level may again attract strong selling by the bears.
If the price turns down from the current level or the 50-day SMA and breaks below the 20-day EMA, it will suggest that bears sell on every minor rally. The pair could then descend to the support line and subsequently to $0.46.
<h2 id="toncoin-price-analysis">Toncoin price analysis</h2>
Toncoin (TON) bounced off the 20-day EMA ($6.34) on May 16, but the bulls are struggling to sustain the recovery.
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-05/050e14bc-1bdc-44c2-9d23-2a70146e323e.png">
 <figcaption style="text-align: center;">
 TON/USDT daily chart. Source: <a href="https://www.tradingview.com/chart/?symbol=OKX%3AtonUSDT" target="_blank" rel="noopener nofollow">TradingView</a>
 </figcaption>
</figure>
The bears will again try to sink the price below the 20-day EMA. If they manage to do that, it will suggest that the TON/USDT pair will remain stuck inside the large range between $4.72 and $7.67 for several more days.
If the price turns up from the 20-day EMA with force, it will signal that the bulls are aggressively defending the level. That will increase the likelihood of a retest of the overhead resistance of $7.67. If this level is crossed, the pair may rise to $9.
<h2 id="dogecoin-price-analysis">Dogecoin price analysis</h2>
Dogecoin (<a href="https://cointelegraph.com/doge-price-index">DOGE</a>) has been trading between $0.17 and $0.12 for several days, indicating indecision between the bulls and the bears.
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-05/fee4ff91-3933-4a85-965e-89a4f83bb443.png">
 <figcaption style="text-align: center;">
 DOGE/USDT daily chart. Source: <a href="https://www.tradingview.com/chart/?symbol=BINANCE%3ADOGEUSDT" target="_blank" rel="noopener nofollow">TradingView</a>
 </figcaption>
</figure>
The flattish 20-day EMA ($0.15) and the RSI near the midpoint suggest a balance between supply and demand. If the price maintains above the 20-day EMA, the bulls will try to challenge the overhead resistance at $0.17. A break above this level could push the DOGE/USDT pair to $0.21.
On the other hand, a break below the 20-day EMA could open the doors for a possible fall to the solid support at $0.12. A break and close below this support will complete a bearish head-and-shoulders pattern, starting a collapse to $0.08.
Related: <a href="https://cointelegraph.com/news/bitcoin-golden-cross-last-sparked-170-btc-price-gains">Bitcoin preps 'golden cross' which last sparked 170% BTC price gains</a>
<h2 id="cardano-price-analysis">Cardano price analysis</h2>
Cardano’s (<a href="https://cointelegraph.com/ada-price-index">ADA</a>) tight range trading between the 20-day EMA ($0.46) and the support line resolved to the upside on May 16.
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-05/98c76a5d-aa03-4daf-a0bf-81de17c05943.png">
 <figcaption style="text-align: center;">
 ADA/USDT daily chart. Source: <a href="https://www.tradingview.com/chart/?symbol=BINANCE%3AADAUSDT" target="_blank" rel="noopener nofollow">TradingView</a>
 </figcaption>
</figure>
The ADA/USDT pair is likely to start an up move that may face resistance at the 50-day SMA ($0.50) and then at $0.52. If the price turns down from the overhead resistance, it is likely to find support at the 20-day EMA. That will signal a change in sentiment from selling on rallies to buying on dips. The pair could then rally to $0.57.
This positive view will be invalidated in the near term if the price turns down and breaks below the support line.
<h2 id="avalanche-price-analysis">Avalanche price analysis</h2>
Avalanche (<a href="https://cointelegraph.com/avalanche-price-index">AVAX</a>) has been trading between $29 and $40 for the past few days with no signs of a breakout in either direction.
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-05/5415e1d8-d7e7-463a-8722-1184ab7ccd02.png">
 <figcaption style="text-align: center;">
 AVAX/USDT daily chart. Source: <a href="https://www.tradingview.com/chart/?symbol=BINANCE%3AavaxUSDT" target="_blank" rel="noopener nofollow">TradingView</a>
 </figcaption>
</figure>
The bulls pushed the price above the 20-day EMA ($35) on May 17, which opens the gates for a rise to $40. If buyers overcome the barrier at $40, the AVAX/USDT pair could move toward $50.
Contrarily, if the price turns down sharply from the current level or the overhead resistance and breaks below the 20-day EMA, it will signal that the pair may remain range-bound for a few more days.
<h2 id="shiba-inu-price-analysis">Shiba Inu price analysis</h2>
Shiba Inu (<a href="https://cointelegraph.com/shiba-inu-price-index">SHIB</a>) turned down from the resistance line of the symmetrical triangle pattern on May 16, indicating that the bears are defending the level.
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-05/722750d5-ec9d-4832-9114-d71317b471d4.png">
 <figcaption style="text-align: center;">
 SHIB/USDT daily chart. Source: <a href="https://www.tradingview.com/chart/?symbol=BINANCE%3AshibUSDT" target="_blank" rel="noopener nofollow">TradingView</a>
 </figcaption>
</figure>
The flattish 20-day EMA ($0.000024) and the RSI just above the midpoint do not give any hint about the direction of the next breakout. Hence, it is better to wait for the price to break above or below the triangle before taking a directional view.
If the price continues lower and breaks below the triangle, it will signal that the uncertainty has resolved to the downside. The SHIB/USDT pair could plummet to the 78.6% Fibonacci retracement level of $0.000017.
Alternatively, if the price turns up and breaks above the triangle, it will suggest that the bulls have seized control. The pair could surge to $0.000030 and then to $0.000033. 
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.

Price analysis 5/17: BTC, ETH, BNB, SOL, XRP, TON, DOGE, ADA, AVAX, SHIB

Table of Contents

Cointelegraph

Other articles published on May 17, 2024

Enegix Global Unveils New Bitcoin Mining Brand “21pool” Post-Halving

Pink Drainer Shuts Down After Stealing $85 Million in Crypto

Crypto Showdown: Solana (SOL) Defends $140.82, Ethereum (ETH) Battles $2,858 Support, Furrever To...

Ethena Price Plunges 6% As This Green AI Crypto Presale Charges Towards $4 Million – Best Crypto ...

Solana (SOL) Price Skyrockets By 15%: Cryptocurrency Market Surges With SOL Momentum

Community Activists Launch NotWifGary (NWG) Memecoin to Challenge SEC and Support Ethereum

Join our free newsletter for daily crypto updates!