Bitcoin leads a new wave in the cryptocurrency market
A new wave of gains led by Bitcoin is attracting attention in the cryptocurrency market. Data from the United States initially led to a rise in exchanges, followed by a rise in Bitcoin prices. What can be expected from popular altcoin projects BNB, SOL, and XRP during this period? We analyze detailed chart patterns and important support and resistance levels
BNB chart analysis
BNB fell below the moving averages on May 14 but rebounded sharply from the symmetrical triangle support line. This shows aggressive buying at lower levels. Buyers will try to take control by pushing the price above the triangle resistance line. In this case, the BNB/USDT pair may rise to $634 and then to $692, forming a target of $726
On the contrary, if the price falls and breaks below the triangle, it may indicate that bears have taken the lead in the short term. The pair may fall to $495 and then to the pattern target of $434.
Solana Chart Analysis
Solana rose above the 20-day EMA at $146 on May 15, which suggests a reduction in selling pressure. If the price stays above $145, the SOL/USDT pair could rise to $162. Investors usually sell near the range resistance and they might sell around $162. A pullback from the overall resistance could indicate that the pair might stay in the range for a longer period.
A breakout above $162 or below $126 could initiate the next trending move. If the $162 level is broken, the pair could rise to $205. Conversely, a break below $126 could sink the pair to $100.
XRP Chart Analysis
On May 14, the bulls attempted to push XRP above the 20-day EMA at $0.51, but the bears held their ground. The bulls are attempting to push the price above the 20-day EMA again on May 15. If successful, the XRP/USDT pair could rise to the overall resistance at $0.57, which might be a difficult hurdle to overcome.
Alternatively, if the price turns down from the 20-day EMA, the bears will try to pull the price down to the critical support at $0.46 to strengthen their positions. Buyers are expected to defend this level aggressively.A strong rebound off $0.46 will suggest that range-bound trading is likely to continue for a while.
