back to top
Monday, June 3, 2024
HomeCryptoBNB, AR, XMR and TIA Set for a Rally — Is Bitcoin's...

BNB, AR, XMR and TIA Set for a Rally — Is Bitcoin’s Rally to $70,000 the Momentum?

Bitcoin (BTC) is facing resistance at psychological resistance at $70,000, but a positive sign is that buyers are not ceding much ground to sellers. Bitcoin fell just under one percent last week.

Bitcoin’s range fluctuations over the past few days have not deterred investments in spot Bitcoin ETFs. Farside Investors data shows more than $2.1 billion in inflows into Bitcoin ETFs since May 14. This shows that investors are accumulating Bitcoin, predicting a breakout to the upside.

Veteran trader Peter Brandt optimistic about Bitcoin compared to gold over the long term. In a post on Bitcoin. Currently, each Bitcoin is worth about 29 ounces of gold.

Could Bitcoin bounce off key support levels, pulling crypto markets higher? Let’s study the charts of the top five cryptocurrencies that could lead the recovery.

BTC technical analysis

Bitcoin fell below the symmetrical triangle support line on May 31, but sellers were unable to sustain the lower levels. This shows that buyers continue to buy when prices fall.

BTC/USDT Daily Chart | Source: TradingView

The bulls will have to push and maintain the price above the triangle to gain the upper hand. If they do that, the BTC/USDT pair could rise to the overhead resistance at $73,777. Buyers may have difficulty overcoming this barrier. But if they do, the pair could skyrocket to $80,000.

Conversely, if the bulls fail to mount a strong recovery from the current levels, this will increase the possibility of a break below the triangle. The pair could then drop to the 50-day simple moving average ($64,956) and then $61,000.

btc-tia-bnb-phan-tich

BTC/USDT 4-hour chart | Source: TradingView

Bitcoin has been trading between the SMA 50 and the support line of the symmetrical triangle pattern. The bears will try to consolidate their position by pulling the price below the support line. If they do, the pair could plunge towards the pattern’s target of $61,500.

Instead, if the price rises above the moving averages, it shows that the bears are losing control. The BTC/USD pair could climb to the resistance line of the triangle, where the bears are expected to build a strong defense. However, if the bulls prevail, the pair could continue its journey to $73,777.

BNB technical analysis

BNB (BNB) has been trading above the moving averages for the past few days, showing that the bulls are actively defending this level.

BNB/USDT Daily Chart | Source: TradingView

The bulls will try to push the price to the overhead resistance at $635. This is the key resistance to watch out for as a break and close above this could start the next leg of the uptrend to the pattern target of $775.

Contrary to this assumption, if the price turns down and breaks below the uptrend line, it will negate the ascending triangle pattern. That could accelerate selling and push the BNB/USDT pair down to $536.

btc-tia-bnb-phan-tich

BNB/USDT 4-hour chart | Source: TradingView

The pair has risen above the moving averages, showing that the bulls are trying to make a comeback. There is a minor resistance at $615, but if this level is surpassed, BNB price could reach $635. The 20 EMA is gradually rising and the relative strength index (RSI) is in the positive zone, giving the bulls a small advantage.

This optimistic view will be invalidated in the near future if the price turns down and breaks below the uptrend line. That could start a deeper correction to $560 and then $536.

AR technical analysis

Arweave (AR) rebounded from the 50-day SMA ($37.58) with strength, suggesting strong buying at lower levels.

AR/USDT Daily Chart | Source: TradingView

Bulls are likely to face stiff resistance in the $47.51 to $50 zone, but the rising 20-day EMA ($41.84) and RSI in the positive zone suggest the path of least resistance is in the right direction. go up. A break above $50 would complete the inverse head and shoulders pattern, opening the door to a new uptrend. The target of this setup is $72.

Conversely, if the price falls from the upper zone, it will signal that the sellers are not giving in. The AR/USDT pair could slide down to the moving averages, which are likely to act as strong support. Sellers will have to drag the price below $36 to gain control.

btc-tia-bnb-phan-tich

AR/USDT 4-hour chart | Source: TradingView

The price turned down from the overhead resistance at $47.51 but found support at the 20 EMA on the 4-hour chart. This shows that the buyers are trying to defend the 20 EMA. They will try to overcome the overhead obstacle again. If successful, the pair is likely to regain momentum and surge to $57.

If the bears want to stop the rally, they will have to drag AR price below the moving averages. If they do, the bullish momentum will weaken and the pair could drop to $37.

XMR technical analysis

Monero (XMR) has been rising steadily over the past few days. XMR price rose above the downtrend line on June 1, suggesting the correction may be over.

btc-tia-bnb-phan-tich

XMR/USDT Daily Chart | Source: TradingView

The rally may face strong selling near $153.44, but bulls are expected to buy a dip to the 20-day EMA ($140.90). If they do, the likelihood of a break above the overhead resistance increases. The XMR/USDT pair could then attempt to rally to $170.

Conversely, if the price declines sharply and breaks below the 20-day EMA, this will signal that the buyers are in a hurry to exit. That could start a deeper correction to the 50-day SMA ($130.80).

btc-tia-bnb-phan-tich

XMR/USDT 4-hour chart | Source: TradingView

The 4-hour chart shows that the pair has been gradually moving higher, but buyers are likely to face stiff resistance at $153.44. If the price turns down from $153.44 but finds support at the moving averages, it will signal that sentiment remains bullish. The buyer will then make one more attempt to overcome the overhead barrier.

On the downside, the moving averages are the key support levels to watch out for. A breakout and close below the 50-SMA could signal the start of a deeper correction. The pair can drop to $137 and then to $130.

TIA technical analysis

Celestia (TIA) has been sustaining above the moving averages for the past few days, showing that bulls are attempting to initiate a new rally.

TIA/USDT Daily Chart | Source: TradingView

The moving averages have completed a bullish cross and the RSI is in positive territory, signaling that buyers have the advantage. Buyers will have to push the price above the $12.02-$12.90 zone to indicate the start of a new rally. The TIA/USDT pair could rise to $15.50 and then $18.50.

If the buyers fail to push the price above the upper zone, this shows that the sellers are operating at higher levels. A break below the moving averages could keep the pair in range for a while longer.

TIA/USDT 4-hour chart | Source: TradingView

The 4-hour chart shows that the pair turned down from resistance near $11.60 and reached the 20 EMA. A strong rebound from the 20 EMA would indicate demand at lower levels. The pair could then rise to the overhead resistance at $12.02.

Instead, if the price continues to fall below the 20 EMA, this will signal that bullish momentum is weakening. The pair could then drop to the 50 SMA, which is likely to act as strong support.

You can see coin prices here.

Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

SN_Nour

According to Cointelegraph

Mark Tyson
Mark Tyson
Freelance News Writer. Always interested in the way in which technology can change people's lives, and that is why I also advise individuals and companies when it comes to adopting all the advances in Apple devices and services.
RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Fresh