Bitcoin soared past the $70,000 threshold on May 27 after a period of intense competition, signaling that the bulls remain in control. However, some market experts are cautious about an immediate breakout. Analyst Rekt Capital notes that the post-halving reaccumulation phase typically lasts around 160 days, indicating that Bitcoin may not experience significant movement for several weeks. Recent hours have seen increasing selling pressure on the price of Bitcoin, causing it to lose its $70,000 milestone.
In the meantime, attention has shifted to Ethereum, partly due to Bitcoin’s lackluster performance and the recent approval of spot Ether exchange-traded funds (ETFs). Many analysts are optimistic about the potential growth of Ethereum. It’s not just Ethereum though—analysts are also positive about altcoins. They suggest that following the pattern of past cycles, after Bitcoin and Ethereum have surged, it is now time for altcoins to follow suit.
Could Bitcoin and altcoins be the driving force behind the markets reaching new heights? Let’s delve into the charts of today’s trending coins to find out.
Bitcoin (BTC) Price Analysis
Bitcoin struggled to maintain its momentum above the $70,000 mark, resulting in a sharp decline below its Fibonacci channels. However, BTC bounced back from the 100-day EMA, priced at $67,291, and surpassed the $68,300 level, indicating that the bulls are consolidating their position. Currently, the price of BTC stands at $67,902, showing a decrease of over 0.9% in the last 24 hours.
The BTC/USDT trading pair seems poised for a potential rally towards the significant resistance level at $71,000. It is expected that bears will fiercely contest this level. A breakthrough here could propel the pair towards $74,000 and potentially extend gains to a new all-time high (ATH).
On the flip side, if the price sharply declines from this resistance level and falls below the moving averages, it could suggest that the trading pair might trade within the ascending support channel.
GameStop Price Analysis
The price of GSTOP recently bounced back from $0.0028, indicating that bulls have established this level as support. The price continued to surge above immediate Fibonacci channels and broke crucial resistance lines. Currently, the price of GSTOP is at $0.005, showing a surge of over 57% in the last 24 hours.
Bulls are currently striving to maintain the price above $0.005. If successful, this could propel the GSTOP/USDT pair towards the major resistance at $0.0065. Overcoming this hurdle could trigger a rally towards a new ATH.
Conversely, if bears aim to halt the upward movement, they must push the price below the recent breakout point of $0.0028. Such a move could lead to a drop towards the 61.8% Fibonacci channel at $0.0024, which is expected to provide strong support. A bounce from this level might see bulls attempting another push towards $0.0065.
Notcoin (NOT) Price Analysis
The price of NOT has maintained its position above the moving averages recently, although it has not yet reached the immediate resistance level of $0.013. Bears are looking to defend the ongoing surge above Fibonacci channels. Currently, the price of NOT is $0.012, showing a surge of over 28% in the last 24 hours.
The 20-day EMA ($0.01) is trending upwards and an RSI over 70 signals a slight advantage for the bulls. Their aim is to push the NOT/USDT pair past the $0.013 mark, which could spark a new upward movement towards $0.015.
If the price declines from the resistance level and falls below the $0.01 support line, it could indicate that the pair might continue to fluctuate within its current range. In this scenario, the pair could drop to $0.0075 and possibly further to $0.006.
Jupiter (JUP) Price Analysis
Jupiter’s price has fallen below a critical support level at $1.09, suggesting a reduced interest in buying at higher prices. The price of JUP is currently declining below EMA trend lines, indicating increased selling pressure around each support line. Currently, the price of JUP is $1.08, showing a decline of over 6.6% in the last 24 hours.
The 20-day EMA, currently at $1.13, is declining, while the RSI hovers around the oversold region, offering a bearish outlook. If this bearish momentum continues, a drop below the $1 mark could indicate a decline in bullish momentum, potentially leading to a descent to $0.87. Bulls are likely to strongly defend this level.
To reverse this downward momentum, buyers need to strongly defend the $1 level. If the price bounces back from this level, we might see JUP heading towards the crucial $1.2 resistance level.
Gorilla Price Analysis
The price of Gorilla surged towards a high of $0.0074 after experiencing strong buying pressure around $0.0056. However, bears rejected the recent high, causing the price to fall below Fibonacci channels. Currently, the price of Gorilla is $0.0065, showing a surge of over 21% in the last 24 hours.
Bears may try to maintain their dominance by pushing the price below the moving averages, potentially leading the GORILLA/USDT pair towards 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 could indicate the completion of an ascending triangle pattern. Subsequently, the pair might aim to reach the targeted high of $0.01. Otherwise, the price might drop towards the low of $0.0044.