Bitcoin has surpassed the $70,000 mark on May 27, indicating that the bulls are still in control. However, some market experts remain skeptical about an immediate breakout. Analyst Rekt Capital suggests that Bitcoin’s post-halving reaccumulation phase usually lasts around 160 days, implying that significant movement may not occur for several weeks. The recent focus has shifted towards Ethereum, partly due to Bitcoin’s subdued performance and the approval of spot Ether exchange-traded funds (ETFs). Many analysts are optimistic about the potential growth of Ethereum and other altcoins. Following the trend of previous cycles, it is now believed that altcoins will start rallying after Bitcoin and Ethereum. Will Bitcoin and altcoins drive the markets to new heights? Let’s analyze the charts of today’s trending coins to find out.
Bitcoin’s price failed to hold its momentum around the $70,000 mark and experienced a sharp decline below its Fib channels. However, it rebounded from the 100-day EMA at $67,291 and climbed above $68.3K, indicating that the bulls are consolidating their position. Currently, Bitcoin trades at $67,902, declining by over 0.9% in the last 24 hours. The BTC/USDT trading pair seems poised for a potential rally towards the significant resistance level of $71,000. However, the bears are expected to vigorously contest this level. If breached, the pair could move towards $74K and possibly reach a new all-time high (ATH). Conversely, a sharp decline from this resistance level and a fall below the moving averages might indicate that the pair will oscillate around the ascending support channel.
GameStop’s price has rebounded from $0.0028, establishing this level as support. It has surged above immediate Fib channels and broken crucial resistance lines. Currently, GameStop’s price trades at $0.005, experiencing a surge of over 57% in the last 24 hours. Bulls are striving to keep the price stable above $0.005, which could propel the GSTOP/USDT pair towards the major resistance at $0.0065. Overcoming this hurdle might trigger a rally towards a new ATH. On the other hand, bears aiming to halt the upward movement must push the price below the recent breakout point of $0.0028. Such a move could lead to a drop towards the 61.8% Fib channel at $0.0024, which is expected to provide strong support. A bounce from this level could lead to another attempt by bulls to reach $0.0065.
NOT coin’s price has remained above the moving averages but has not approached the immediate resistance level of $0.013. Bears are looking to defend the ongoing surge above Fib channels. Currently, NOT price trades at $0.012, surging over 28% in the last 24 hours. The 20-day EMA ($0.01) is trending upward, and an RSI over 70 gives a slight advantage to the bulls. They aim to push the NOT/USDT pair past the $0.013 mark, which could initiate a new upward movement towards $0.015. Conversely, a decline from the resistance level and a fall below the $0.01 support line would suggest that the pair might continue to fluctuate within its current range. This scenario could lead to a drop to $0.0075 and possibly further to $0.006.
Jupiter’s price has fallen below a critical support level at $1.09, indicating reduced buying interest at higher prices. JUP price is declining below EMA trend lines, strengthening the selling pressure at each support line. Currently, JUP price trades at $1.08, declining by over 6.6% in the last 24 hours. The 20-day EMA, currently at $1.13, is also declining, while the RSI hovers around the oversold region, signaling a bearish sentiment. If this bearish momentum continues, a decline below the $1 mark would suggest a decline in bullish momentum, potentially leading to a descent to $0.87. Bulls are likely to strongly defend this level. To halt this downward momentum, buyers need to strongly defend the $1 level. If the price rebounds from this level, we might see JUP price heading towards the crucial $1.2 resistance level.
Gorilla’s price skyrocketed to $0.0074 after experiencing strong buying pressure around $0.0056. However, bears rejected the recent high, causing the price to fall below Fib channels. Currently, Gorilla price trades at $0.0065, surging over 21% in the last 24 hours. Bears may attempt to maintain their dominance by pushing the price below the moving averages, potentially leading the GORILLA/USDT pair to drop to the support level of $0.0058. Bulls are expected to step in at this point and purchase at the lower price. If the price rebounds from its current position or the support line and surpasses $0.0075, it would indicate the completion of an ascending triangle pattern. In that case, the pair might aim for the targeted high of $0.01. Alternatively, the price might drop towards the low of $0.0044.
