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

Bitcoin price aims to break its range resistance and hit a new all-time high. Will altcoins follow？

Crypto market data daily view. Source: Coin360

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 professional investors acquired $11.06 billion 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？ Lets analyze the charts of the top 10 cryptocurrencies to find out.

Bitcoin price analysis

Bitcoin skyrocketed above the moving averages on May 15, and the bulls successfully defended the level during the retest on May 16.

BTC/USDT daily chart. Source: TradingView

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.

Ether price analysis

The bulls are back in Ether (ETH) as the bears failed to sink the price below the strong support at $2,850.

ETH/USDT daily chart. Source: TradingView

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.

BNB price analysis

BNB (BNB) fell below the moving averages on May 14, but the bulls held the support line of the symmetrical triangle pattern.

TON/USDT daily chart. Source: TradingView

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.

Dogecoin price analysis

Dogecoin (DOGE) has been trading between $0.17 and $0.12 for several days, indicating indecision between the bulls and the bears.

DOGE/USDT daily chart. Source: TradingView

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.

Cardano price analysis

Cardanos (ADA) tight range trading between the 20-day EMA ($0.46) and the support line resolved to the upside on May 16.

ADA/USDT daily chart. Source: TradingView

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.

Avalanche price analysis

Avalanche (AVAX) has been trading between $29 and $40 for the past few days with no signs of a breakout in either direction.

AVAX/USDT daily chart. Source: TradingView

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.

Shiba Inu price analysis

Shiba Inu (SHIB) turned down from the resistance line of the symmetrical triangle pattern on May 16, indicating that the bears are defending the level.

SHIB/USDT daily chart. Source: TradingView

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.