Price analysis 5/31: BTC, ETH, BNB, SOL, XRP, DOGE, TON, SHIB, ADA, AVAX

Bitcoin Price Analysis

Bitcoin (BTC) has been fluctuating within a range for several days, indicating a stalemate between buyers and sellers. Trading firm Mosaic Asset suggests that loosening financial conditions could trigger a risk-on trade, potentially leading to a Bitcoin breakout. CryptoQuant founder Ki Young Ju observes a similar pattern to 2020, with high on-chain activity preceding a subsequent surge.

Technical Analysis

Despite the lack of a breakout, BTC has rallied nearly 11% in May, marking its first positive monthly close after three years of negative performance. This bullish momentum could extend into June. Analyzing the BTC/USDT chart, buyers must overcome the triangle's resistance level to gain control, potentially triggering a rally to $73,777. Conversely, a break below the support line could lead to a decline to $64,600 and eventually to the crucial support at $59,600.

Altcoin Price Analysis

Ether (ETH): ETH is attempting to rebound from $3,730, indicating buyer support at this level. A rise above $4,100 would open the path for a rally to $4,868.

BNB (BNB): BNB is approaching the uptrend line, which is likely to provide strong support. A breakout may lead to an ascending triangle pattern, with a potential target of $775.

Solana (SOL): The failure of buyers to initiate a strong bounce from $165 suggests a lack of demand. A potential drop to $140 may test the 50-day SMA at $152.

XRP (XRP): XRP is being pulled below the moving averages. If the support line is breached, a decline to $0.46 could occur.

Dogecoin (DOGE): DOGE is struggling to hold above the moving averages, signaling selling pressure. A drop below the 50-day SMA may lead to a decline to $0.14.

Toncoin (TON): TON remains in a range-bound market between $4.72 and $7.67. A breakout above $6.73 could indicate a bullish trend.

Shiba Inu (SHIB): SHIB's inability to surpass $0.000030 has resulted in a pullback. A rebound from the moving averages could lead to a rally, while a break below the support line may signal bearish momentum.

Cardano (ADA): ADA has reached the support line of a symmetrical triangle. A bounce could indicate further consolidation within the triangle, while a break below could result in a downward move to $0.35.

Avalanche (AVAX): AVAX remains range-bound between $29 and $40. A breakout above $42 could lead to a rally, while a break below $29 may trigger a decline to $20.

DISCLAIMER: This article does not provide investment advice. Cryptocurrency markets are highly volatile, and investors should conduct their own research before making any investment decisions.