Source: Cointelegraph
Original: “Bitcoin (BTC) surges towards new highs, igniting HYPE, Ethereum (ETH), Monero (XMR), and AAVE markets”
Key Points:
Bitcoin has risen to $105,980, with traders predicting a breakout above its historical high this week.
Traders have raised their year-end price target for Bitcoin to $200,000 based on technical factors and institutional investor participation.
Bitcoin has been oscillating within a narrow range recently, but the breakout above $105,500 on May 18 has increased the likelihood of an upward breakout. Notable trader Alan posted on platform X that Bitcoin could soar to $116,000 early next week.
Another optimistic voice is Matt Hougan, Chief Investment Officer of Bitwise. In an interview with Cointelegraph, Hougan pointed out that supply shocks due to increased institutional demand could drive Bitcoin to $200,000 by the end of 2025. He expects selling pressure to gradually diminish at the $100,000 mark.
Daily overview of cryptocurrency market data. Source: Coin360
Despite Bitcoin's strong performance, some analysts are turning their attention to the altcoin market, believing that an altcoin season may be approaching. Crypto analyst Javon Marks posted on platform X that altcoins, excluding Ethereum, may "experience the strongest rally since 2017!"
Can Bitcoin and altcoins continue to strengthen? Let’s analyze the cryptocurrencies that are performing strongly on the charts.
Bitcoin is still trapped in a range consolidation, but bulls are trying to break through the resistance at $105,820.
BTC/USDT Daily Chart. Source: Cointelegraph/TradingView
Both moving averages are trending upward, and the Relative Strength Index (RSI) is in the overbought zone, indicating that buying pressure is dominant. If it can break and close above $105,820, the likelihood of retesting the $109,588 level will increase significantly. Sellers will do their best to defend the $109,588 resistance level, but if the bulls gain the upper hand, the BTC/USDT trading pair could soar to $130,000.
On the other hand, if the price clearly falls below $100,000, it indicates that the bears have taken control. This could prompt short-term speculators to take profits, pulling the trading pair down towards the 50-day simple moving average (SMA) at $91,447.
BTC/USDT 4-Hour Chart. Source: Cointelegraph/TradingView
On the 4-hour chart, the trading pair has broken out of a symmetrical triangle pattern, showing that buyers are in control. There is resistance at $105,820, but it is likely to be breached. If this happens, the trading pair may advance towards the historical high of $109,588, followed by reaching the pattern target of $110,922.
Sellers may have other plans. They will attempt to pull the price back inside the triangle. If this occurs, aggressive bulls may get trapped, leading the trading pair to drop to $100,000. If this level is also breached, the downtrend may extend further to the target of $95,616.
Ethereum's price has fallen back below the breakout level of $2,550, but bears are struggling to keep the price low.
ETH/USDT Daily Chart. Source: Cointelegraph/TradingView
The rising 20-day exponential moving average (EMA) at $2,275 and the RSI approaching the overbought zone indicate that the market's least resistance direction is upward. If the price closes above $2,550, bulls will attempt to solidify their position by pushing the ETH/USDT trading pair to break through $2,739. If successful, the trading pair is expected to surge towards the $3,000 mark.
The primary sign of market weakness will be a drop below the $2,400 level. This could lead the trading pair to retrace to the 20-day EMA, which is a key support level to watch closely. A drop below the 20-day EMA would indicate that bulls are losing control of the market.
ETH/USDT 4-Hour Chart. Source: Cointelegraph/TradingView
Bulls have pushed the price above the moving average, indicating active buying at lower levels. If buyers successfully break the descending trend line, the upward trend may continue to $2,739. A breakout and sustained close above $2,739 could potentially restart the upward trend.
In contrast to the previous scenario, if the price retraces near the descending trend line and falls below $2,400, it indicates that bulls are quickly exiting the market. This situation could trigger a deeper correction, first to $2,270, and then possibly to the support level of $2,111.
Hyperliquid (HYPE) faces resistance at $28.50, but a notable positive signal is that despite the resistance, bulls have not significantly retreated.
HYPE/USDT Daily Chart. Source: Cointelegraph/TradingView
The rising moving averages and the RSI in the overbought zone show that buyers are in control. A breakout and close above $28.50 could quickly drive the HYPE/USDT trading pair up to $35.73.
If the price significantly retreats from $28.50, it indicates that bears are actively defending that resistance level. The trading pair may drop back to the 20-day EMA ($23.52), which is expected to attract buying interest. If the price can rebound from the 20-day EMA, bulls will again attempt to break through the upper resistance.
HYPE/USDT 4-Hour Chart. Source: Cointelegraph/TradingView
The trading pair has found support at the 50-day SMA on the 4-hour chart, indicating that there is buying behavior at lower levels. Bulls will attempt to strengthen their market position by pushing the price above the $28.50 resistance level. If the breakout is successful, the trading pair is expected to rise to $31.33.
Conversely, if the price retraces and falls below the 50-day SMA, it means that bulls are quickly taking profits. This could lead to a price drop to $24, followed by a drop to the key support level of $23.
Monero (XMR) surged from $262 on May 4 to $353 on May 12, showing that bullish investors are actively buying.
XMR/USDT Daily Chart. Source: Cointelegraph/TradingView
The recent slight pullback indicates that investors are holding their positions, expecting another wave of upward movement. If the price continues to rise and breaks above the $353 mark, the XMR/USDT trading pair could soar to $391, followed by targeting $422.
The most immediate support below is at $331. If the price breaks and closes below $331, the trading pair may drop back to the 20-day EMA ($308). If the price finds support and rebounds at the 20-day EMA, bulls will again attempt to restore the upward trend.
XMR/USDT 4-Hour Chart. Source: Cointelegraph/TradingView
The trading pair is currently supported at the 50-day SMA, but bulls are struggling to push the price above the $353 resistance level. If the price turns downward and falls below the 50-day SMA, the trading pair may undergo a deeper correction to $317, and then test the $300 mark.
Conversely, if the price breaks and closes above $353, it will signal the restoration of the upward trend. At that point, the trading pair may advance towards $391, with bears expected to actively intervene at that level.
Aave (AAVE) currently faces resistance at the $240 level, but a positive signal is that bulls have not allowed the price to fall to the 20-day EMA ($206) level. This indicates that investors are buying on dips.
AAVE/USDT Daily Chart. Source: Cointelegraph/TradingView
If the price closes above $240, the AAVE/USDT trading pair may initiate the next round of upward movement. The trading pair is expected to rise to $280, which may pose resistance, but if bulls continue to enter, the next target will be the $300 round number.
Sellers need to pull the price below the 20-day EMA to halt the upward momentum. If successful, the trading pair may quickly drop to the key support level of $196. Buyers are expected to mount strong defense at the $196 level.
AAVE/USDT 4-Hour Chart. Source: Cointelegraph/TradingView
The trading pair has been consolidating in the range of $217 to $240 for some time. The 20-day EMA has started to turn upward, and the RSI has risen into the bullish zone, indicating that buyers are in control. If the price breaks and closes above $240, it may push the trading pair towards $267.
On the other hand, if the price retraces from $240, it indicates that bears are actively defending that level. This could lead the trading pair to continue oscillating between $240 and $217. Sellers need to pull the price below $217 to signal a market reversal.
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