Price analysis 5/27: SPX, DXY, BTC, ETH, BNB, SOL, XRP, TON, DOGE, ADA

Bitcoin (BTC) cleared the $70,000 psychological barrier on May 27 after a three-day struggle. This suggests that the bulls remain in control. However, some analysts do not believe a breakout is likely in the near term. Analyst Rekt Capital highlighted that the post-halving reaccumulation phase typically lasts for 160 days. Hence, Bitcoin may remain sideways for a few more weeks.

Bitcoin’s muted performance and the approval for spot Ether (ETH) exchange-traded funds (ETFs) have shifted focus to Ether. Several analysts are bullish on Ether, and they expect it to rally. DeFiance Capital founder Arthur Cheong said in a post on X that Ether could rally to $4,500 before the launch of the spot ETFs.

It is not only Ether; analysts are also bullish on altcoins. Analysts believe that, similar to previous cycles, after the rally in Bitcoin and Ether, it is time for altcoins to play catch up.

Could Bitcoin and Ether lead the cryptocurrency markets higher? Let’s analyze the charts to find out.

S&P 500 Index price analysis

The S&P 500 Index (SPX) has been holding above the breakout level of 5,265 since May 15, indicating that the bulls are trying to flip the level into support.

The upsloping 20-day exponential moving average (5,233) and the relative strength index (RSI) in the positive territory indicate that the bulls have the edge. If buyers overcome the barrier at 5,350, the index could start its journey to 5,500.

Contrary to this assumption, if the price turns down and breaks below the 50-day simple moving average (5,172), it will suggest that the markets have rejected the breakout. That could sink the index to the 5,000 to 4,950 support zone.

U.S. Dollar Index price analysis

The U.S. Dollar Index (DXY) attempted a recovery last week, which stalled at the moving averages. This suggests that the bears remain sellers on rallies.

The bears will try to sink the price to the support line of the ascending channel. This is a crucial support to watch out for because a break below it may start a new downtrend. The index may drop to 103.17 and later to 102.35.

Contrarily, if the price turns up from the current level or the support line and breaks above the moving averages, it will signal that the index may remain inside the channel for some more time. The index will attempt to rise to 105.75 and then to 106.50.

Bitcoin price analysis

Bitcoin bounced off the 20-day EMA ($66,798) on May 24 and has risen above the $70,000 level on May 27, indicating that the bulls are trying to strengthen their hold.

The BTC/USDT pair is likely to rally to the formidable overhead resistance at $73,777. The bears are expected to defend this level with all their might because if they fail in their endeavor, the pair could surge to $80,000 and later to $84,000.

On the other hand, if the price turns down sharply from the overhead resistance and breaks below the moving averages, it will signal that the pair may remain stuck inside the $59,600 to $73,777 range for a while longer.

Ether price analysis

Ether turned up from $3,730 on May 26, suggesting that the bulls have flipped the level into support.

The bulls are trying to maintain the price above $3,950. If they manage to do that, the ETH/USDT pair could rally to the stiff overhead resistance of $4,100. If bulls clear this barrier, the pair may pick up momentum and surge toward $4,868.

If bears want to prevent the upside, they will have to drag the price back below the breakout level of $3,730. That could start a decline to the 20-day EMA ($3,455), which is likely to act as a strong support. If the price rebounds off this level, the bulls will again try to propel the pair to $4,100.

BNB price analysis

BNB (BNB) has stayed above the moving averages for the past few days, but the bulls have failed to challenge the $635 resistance.

The gradually rising 20-day EMA ($595) and the RSI above 58 suggest that the bulls have a slight edge. The bulls will try to drive the BNB/USDT pair above $635. If they can pull it off, the pair may start the next leg of the uptrend toward $692.

On the contrary, if the price turns down from the overhead resistance and dives below the uptrend line, it will signal that the pair may extend its stay inside the range. The pair may then drop to $536 and subsequently to $495.

Solana price analysis

Solana (SOL) has dropped to the breakout level of $162, indicating a lack of demand at higher levels.

The 20-day EMA ($164) is flattening out, and the RSI is just above the midpoint, signaling a minor advantage to the bulls. If the bounce sustains, the bulls will try to drive the SOL/USDT pair to $189 and, after that, to the overhead resistance at $205.

On the other hand, if the price turns down and breaks below $162, it will signal that the bulls have given up. That could start a downward move to $140 and later to $126. The bulls are expected to defend this level with vigor.

XRP price analysis

XRP (XRP) started a bounce off the 20-day EMA ($0.52) on May 24, but they could not build upon this strength. This shows that the recovery attempts are being sold into.

The bears will try to strengthen their position by pulling the price below the moving averages. If they do that, the XRP/USDT pair could slide to the support line. The bulls are likely to buy the dip to this level.

If the price turns up from the current level or the support line and breaks above $0.57, it will complete an ascending triangle pattern. The pair could then attempt a rally to the pattern target of $0.68.

Related: Pepe memecoin hits record high but risks a brutal 40% crash by June

Toncoin price analysis

Toncoin (TON) has been trading near the 20-day EMA ($6.36) for the past few days, signaling a balance between supply and demand.

If the price rises and breaks above $6.75, it will tilt the short-term advantage in favor of the bulls. The TON/USDT pair will then attempt a rally to $7.67, where the bears are expected to mount a strong defense.

On the downside, a break and close below $6 will suggest that the bears have the upper hand. That could start a decline to $5.50 and thereafter to $4.72. A strong bounce off this level will suggest that the pair may remain inside the range for some more days.

Dogecoin price analysis

Dogecoin (DOGE) has been oscillating near the $0.17 level for the past few days, indicating a tussle between the bulls and the bears.

The upsloping 20-day EMA ($0.16) and the RSI above 58 suggest that the path of least resistance is to the upside. If buyers sustain the price above $0.17, the possibility of a break above $0.18 increases. The DOGE/USDT pair may then surge to $0.21.

Alternatively, if the price turns around and plummets below the moving averages, it will signal that the bears continue to sell on every minor rally. The pair may then slide to $0.14 and remain inside the range for some more time.

Cardano price analysis

The price action of the past few days has formed a symmetrical triangle pattern in Cardano (ADA), signaling a balance between supply and demand.

The bears will try to sink the price below the support line. If they succeed, it will signal the start of the next leg of the downtrend. The ADA/USDT pair may plummet toward the next support at $0.35.

Contrarily, if the price turns up from the current level or the support line, it will suggest that the pair may remain inside the triangle for some time. A break and close above the resistance line will tilt the advantage in favor of the bulls. The pair may then start a move toward $0.62.

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.