Price predictions 5/9: BTC, ETH, XRP, BNB, SOL, DOGE, ADA, SUI, LINK, AVAX

Key points:

• Bitcoin holding $100,000 as support would solidify the current bullish trend.
• Ether leads altcoin gains, with potential for DeFi tokens to follow.

Bitcoin (BTC) surpassed the crucial $100,000 mark on May 8th, and buying pressure is attempting to maintain this level on May 9th. CoinGlass reported on X that Bitcoin's rally triggered $837.80 million in short liquidations within 24 hours – the largest since 2021.

This Bitcoin rally also boosted many major altcoins, pushing them past overhead resistance. Ether (ETH) led this surge, rising approximately 22% on May 8th and causing $328 million in Ether short liquidations.

While the short-term outlook is positive, Bitcoin bulls will likely face strong resistance near the all-time high of $109,588. Maintaining the price above $100,000 during pullbacks is crucial for sustaining bullish momentum.

Could Bitcoin continue its upward trajectory and break its all-time high? Are altcoins poised for a short-term rally? Let's examine the charts of the top 10 cryptocurrencies.

Bitcoin Price Prediction

Bitcoin rallied over 6% and closed above $100,000 on May 8th, indicating buyer dominance.

The BTC/USDT pair could reach the $107,000 to $109,588 zone, where significant bear resistance is anticipated. The overbought relative strength index (RSI) suggests a potential short-term pullback.

A price decline from overhead resistance, finding support at the 20-day exponential moving average ($94,879), would signal positive sentiment, leading to another attempt to surpass the all-time high. A close below the 20-day EMA, however, would indicate profit-taking, potentially causing a drop to the 50-day simple moving average ($88,139).

Ether Price Prediction

Ether (ETH) surged past the $2,111 resistance on May 8th, reaching nearly $2,550 on May 9th.

The long candlestick wick shows strong selling pressure near $2,550. A price decline from $2,550 finding support at $2,111 would suggest buyers are attempting to establish support at that level, potentially leading to another push above $2,550 and a subsequent rise to $2,850. Conversely, a break below $2,111 would weaken bullish momentum, potentially leading to a decline to the 20-day EMA ($1,867).

XRP Price Prediction

Buyers have pushed XRP (XRP) to a key resistance line.

A break and close above this resistance line signals a potential trend change, with the XRP/USDT pair potentially rising to $2.60 and then $3. If the price declines from the resistance line but finds support at the moving averages, it indicates buyer support, setting the stage for another attempt to break above the resistance. A drop below the $2 support would cede control to sellers.

BNB Price Prediction

BNB (BNB) made a decisive upward move on May 8th, breaking above immediate resistance at $620.

The BNB/USDT pair reached $644 on May 9th, a level expected to provide strong resistance. However, if buyers maintain pressure and break through $644, the pair could rise to $680. Bears would need to defend $644 aggressively and push the price below the moving averages to halt the uptrend, potentially leading to a decline to $580.

Solana Price Prediction

Solana (SOL) broke and closed above the $153 resistance on May 8th, suggesting bullish control.

The SOL/USDT pair could reach $180, a significant resistance level. A decline from $180 rebounding off $153 would suggest buyers are forming a higher low, increasing the likelihood of a rally to $200. A sharp decline below $140, however, would invalidate this optimistic outlook, suggesting profit-taking.

Dogecoin Price Prediction

Buyers defended the moving averages and pushed Dogecoin (DOGE) to resistance at $0.21.

Sellers will likely attempt to halt the upward movement at $0.21. A break above this resistance could propel the DOGE/USDT pair towards $0.25. A subsequent decline from $0.25 finding support at $0.21 would signal a potential end to the downtrend. Conversely, a sharp decline below $0.21 and the moving averages suggests continued range-bound trading.

Cardano Price Prediction

Cardano (ADA) bounced off the 50-day SMA ($0.67) and completed an inverse head-and-shoulders pattern on May 8th.

The upward-trending 20-day EMA ($0.69) and positive RSI indicate buyer advantage. If the price remains above the neckline, the ADA/USDT pair could surge towards the pattern target of $1.01, potentially overcoming resistance at $0.83. Bears would need to push the price below the 50-day SMA to prevent this, potentially leading to a decline to $0.60 and then $0.50.

Sui Price Prediction

Sui (SUI) rallied sharply from the 20-day EMA ($3.29), surpassing the $3.90 resistance on May 8th.

The upward-sloping 20-day EMA and RSI near overbought levels suggest bullish dominance. Maintaining a price above $3.90 could propel the SUI/USDT pair to $4.25 and potentially $5. A decline below $3.90, however, indicates a potential bearish comeback, potentially leading to a drop to the 20-day EMA.

Chainlink Price Prediction

Chainlink (LINK) rebounded sharply from the 50-day SMA ($13.72) on May 8th, completing an inverse head-and-shoulders pattern.

Sellers are attempting to push the price below the neckline. If buyers hold this level, the LINK/USDT pair could break above the resistance line and rally towards the pattern target of $21.30. A sharp decline below the moving averages would negate this positive outlook, potentially leading to a drop to $12 and continued range-bound trading.

Avalanche Price Prediction

Avalanche (AVAX) bounced off moving averages on May 8th, reaching overhead resistance at $23.50 on May 9th.

Sellers are expected to fiercely defend $23.50. A break and close above this resistance could lead to a rise to $28.78 and then $31.73. Conversely, a sharp decline below $23.50 and the moving averages suggests continued range-bound trading.

Disclaimer: This article does not provide investment advice. All investment and trading decisions involve risk, and readers should conduct their own thorough research.