A surge driven primarily by Bitcoin has caught the attention of players in the cryptocurrency sphere. The market saw a boost following data from the United States that led to increases in Bitcoin's value. Amid this surge, a close analysis is required to predict the future prospects of notable altcoins like BNB, SOL, and XRP. This analysis involves studying intricate chart patterns and key support and resistance levels for these altcoins.
BNB Chart Analysis
The BNB altcoin faced a dip below moving averages on May 14 but quickly bounced back from the support line of a symmetrical triangle formation. This rebound suggests strong purchasing activity at lower levels, with buyers aiming to dominate by driving prices above the resistance line of the triangle. If successful, the BNB/USDT pair could target $634 first, then $692, with a subsequent target at $726, based on the formation.
On the contrary, a decline breaking below the triangle could signal bear control in the short term. Such a scenario may lead the pair down to $495 and potentially further to the pattern target at $434.
Solana Chart Analysis
The SOL altcoin managed to surpass the 20-day EMA of $146 on May 15, indicating a decrease in selling pressure. Should the price sustain above $145, the SOL/USDT pair might see an upswing towards $162. Notably, investors tend to sell near resistance levels within a range, and a pullback from this resistance suggests a prolonged range-bound movement.
Breaking above $162 or below $126 could initiate the next definitive trend. A breach of $162 could push the pair to $205, while slipping below $126 may lead to a drop towards $100.
XRP Chart Analysis
Bulls made efforts to push XRP above the 20-day EMA of $0.51 on May 14, but faced resistance from bears. A renewed attempt to surpass this level was observed on May 15. A successful breach could propel the XRP/USDT pair towards the crucial resistance at $0.57.
Conversely, a downward movement from the 20-day EMA might prompt bears to aim for the critical support at $0.46 to solidify their positions. Investors are anticipated to strongly defend this level, signaling a likelihood of continued range-bound trading in the near future.
