A new surge led by Bitcoin is drawing attention in the cryptocurrency market. Data from the United States initially caused exchanges to rise, followed by an increase in Bitcoin’s price. What can be expected for the 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 sharply rebounded from the support line of the symmetrical triangle formation. This indicates aggressive buying at lower levels. Buyers will try to take control by pushing the price above the triangle’s resistance line. In such a case, the BNB/USDT pair could rise to $634 and then to $692, with a formation target of $726.
Conversely, if the price falls and breaks below the triangle, it could indicate that bears have taken control in the short term. The pair could drop to $495 and then to the pattern target of $434.
Solana Chart Analysis
Solana rose above the 20-day EMA of $146 on May 15, indicating reduced selling pressure. If the price stays above $145, the SOL/USDT pair could rise to $162. Investors typically sell near resistance in a range, and they will likely do so around $162. A pullback from the general resistance could signal that the pair might stay in the range for a while longer.
A breakout above $162 or below $126 could start the next trend move. If the $162 level is breached, the pair could rise to $205. Conversely, a break below $126 could drop the pair to $100.
XRP Chart Analysis
Bulls tried to push XRP above the 20-day EMA of $0.51 on May 14, but bears held their ground. Bulls are attempting once again to push the price above the 20-day EMA on May 15. If they succeed, the XRP/USDT pair could rise to the general resistance of $0.57, which could be a tough barrier to overcome.
Alternatively, if the price falls from the 20-day EMA, bears will try to pull the price down to the critical support of $0.46 to strengthen their positions. Buyers are expected to defend this level aggressively. A strong rebound from $0.46 would signal that range-bound movement might continue for a while longer.
