Source: Cointelegraph
Original: (Bitcoin (BTC) strongly rallies towards new highs, igniting HYPE, Ethereum (ETH), Monero (XMR), and AAVE trends)
Key Points:
Bitcoin climbs to $105,980, with traders predicting a breakthrough of the 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 recently been oscillating in a narrow range, but the breakout above $105,500 on May 18 has increased the likelihood of an upward breakout. Well-known trader Alan stated on the X platform that Bitcoin could surge to $116,000 early next week.
Another optimistic figure is Bitwise CIO Matt Hougan. In an interview with Cointelegraph, Hougan pointed out that supply shocks due to increasing institutional demand could drive Bitcoin to $200,000 by the end of 2025. He expects selling pressure to gradually wane at the $100,000 mark.
Daily overview of cryptocurrency market data. Source: Coin360
Despite Bitcoin's strong performance, some analysts are shifting their attention to the altcoin market, believing that an altcoin season may be approaching. Crypto analyst Javon Marks stated on the X platform that altcoins, excluding Ethereum, could 'witness 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 currently still trapped in a range consolidation, but the bulls are trying to break through the upper resistance at $105,820.
BTC/USDT daily chart. Source: Cointelegraph/TradingView
Both moving averages are on an upward trend, 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 may 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 may prompt short-term speculators to take profits, pulling the trading pair towards the 50-day simple moving average ($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 formation, showing that buyers are in control. There is resistance at $105,820, but it is likely to be broken. If this happens, the trading pair may advance towards the historical high of $109,588, then reach the pattern target of $110,922.
Sellers may have other plans. They will try to pull the price back inside the triangle. If this occurs, aggressive bulls may be trapped, causing the trading pair to drop to $100,000. If this level is also breached, the downward trend may extend further to the target of $95,616.
Ethereum's price has fallen back below the breakout level of $2550, but the bears are struggling to keep the price low.
ETH/USDT daily chart. Source: Cointelegraph/TradingView
The rising 20-day exponential moving average ($2275) and the RSI indicator nearing the overbought zone indicate that the market's least resistant direction is upward. If the price closes above $2550, the bulls will attempt to consolidate their position by pushing the ETH/USDT trading pair above $2739. If the breakout is successful, the trading pair is expected to surge towards the $3000 level.
The primary indicator of a softening market will be a drop below the $2400 level. This may lead to a pullback of the trading pair to the 20-day exponential moving average, which is a key support level to watch closely. A drop below the 20-day EMA indicates that the bulls are losing market control.
ETH/USDT 4-hour chart. Source: Cointelegraph/TradingView
The bulls have pushed the price above the moving average, indicating that buying activity at lower levels is active. If buyers successfully break the descending trend line, the upward trend may continue to $2739. A break and solid close above $2739 may restart the upward trend.
In contrast to the previous outlook, if the price falls back near the descending trend line and breaks below $2400, it indicates that the bulls are quickly fleeing the market. This situation could trigger a deeper correction, first down to $2270, and then possibly testing the $2111 support level.
Hyperliquid (HYPE) faces resistance at $28.50, but the noteworthy positive signal is that despite the resistance, the bulls have not significantly retreated.
HYPE/USDT daily chart. Source: Cointelegraph/TradingView
The rising moving average and the RSI indicator in the overbought zone show that buyers are in control. A break and close above $28.50 may drive the HYPE/USDT trading pair quickly up to $35.73.
If the price significantly retreats from $28.50, it indicates that the bears are actively defending that resistance level. The trading pair may pull back to the 20-day exponential moving average ($23.52), which is expected to attract buying interest. If the price rebounds from the 20-day EMA, the bulls will once again attempt to break through the upper resistance.
HYPE/USDT 4-hour chart. Source: Cointelegraph/TradingView
The trading pair finds support at the 50-day simple moving average on the 4-hour chart, indicating that there is buying activity on dips. The bulls will attempt to reinforce 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 retreats and falls below the 50-day simple moving average, it means the bulls are quickly taking profits. This may lead to a drop to $24, followed by a fall 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
Recent slight pullbacks indicate that investors are holding their positions, anticipating another upward trend. If the price continues to rise and breaks through the $353 level, the XMR/USDT trading pair may soar to $391, followed by a target of $422.
The most direct support level below is at $331. If the price breaks and closes below $331, the trading pair may pull back to the 20-day exponential moving average ($308). If the price finds support and rebounds at the 20-day EMA, the 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 simple moving average, but the bulls are struggling to push the price above the $353 resistance level. If the price turns downward and breaks below the 50-day SMA, the trading pair may undergo a deeper pullback to $317, subsequently testing the $300 level.
Conversely, if the price breaks above and closes above $353, it will signal the resumption of the upward trend. At that time, the trading pair may advance towards $391, and shorts are expected to actively intervene at that position.
Aave (AAVE) is currently facing resistance at the $240 level, but the positive signal is that the bulls have not allowed the price to retreat to the 20-day EMA ($206). 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 constitute resistance, but if the bulls persist, the next target will be the $300 integer mark.
The seller needs to pull the price below the 20-day EMA to stop the upward momentum. If successful, the trading pair may quickly drop to the key support level of $196. Buyers are expected to mount a 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 is starting to turn upward, and the Relative Strength Index (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 retreats from $240, it indicates that the bears are actively defending that level. This may lead to the trading pair oscillating between $240 and $217. Sellers need to pull the price down below $217 to signal a market reversal.
