On May 9th, Cointelegraph shared its cryptocurrency predictions for BTC, ETH, XRP, BNB, SOL, DOGE, ADA, SUI, LINK, and AVAX. Let’s dive into the essential points and potential market movements.
Bitcoin (BTC), having crossed the significant $100,000 mark on May 8th, remains steady. This rally caused a spike in short liquidations, amounting to $837.80 million, the highest since 2021. The rally also positively impacted several major altcoins.
Ethereum (ETH) led the altcoin rally, with a rise of approximately 22% on May 8th, resulting in a $328 million liquidation of Ether short positions. However, Bitcoin is likely to encounter significant resistance near its all-time high of $109,588. During retractions, it’s crucial for traders to maintain the price above $100,000 to sustain the bullish momentum.
The cryptocurrency market predictions for the top 10 digital assets are as follows:
Bitcoin might continue its upward movement, with the potential to breach its all-time high. The altcoins could be gearing up for a short-term rally.
Bitcoin closed above $100,000 on May 8, indicating a bull market. A short-term pullback is possible due to the relative strength index (RSI) suggesting an overbought level.
Ethereum soared above $2,111 resistance on May 8 and reached nearly $2,550 on May 9. If the price drops from $2,550 but finds support at $2,111, it indicates a positive sentiment.
XRP has reached a crucial near-term resistance level. A break and close above this level could signal a potential trend change.
BNB made an upward move on May 8, breaking the $620 resistance. If pressure remains and the $644 resistance is broken, BNB could rise to $680.
Solana (SOL) closed above $153 resistance on May 8, signaling a bullish trend. If the price drops from $180 but rebounds off $153, it suggests that buyers are forming a higher low.
Dogecoin (DOGE) reached the overhead resistance at $0.21. If the price drops from $0.21 and breaks below the moving averages, the coin may continue to oscillate within the range.
Cardano (ADA) completed an inverse head-and-shoulders pattern on May 8. If the price remains above the neckline, ADA could surge towards $1.01.
Sui (SUI) rose above the $3.90 resistance on May 8. If the price maintains above $3.90, SUI could rally to $5.
Chainlink (LINK) completed an inverse head-and-shoulders pattern on May 8. If the price drops sharply and breaks below the moving averages, the pair may remain within the channel for a while longer.
Avalanche (AVAX) reached the overhead resistance of $23.50 on May 9. If the price drops sharply from $23.50 and breaks below the moving averages, AVAX may continue to oscillate within the range for a few more days.
Disclaimer: This article does not constitute investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
