Bitcoin has exceeded the $70,000 mark on May 27 after a period of uncertainty, 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 typically lasts about 160 days, implying that significant movement may not occur for several weeks. In recent hours, the price has faced increasing selling pressure and lost its $70K milestone.
Meanwhile, attention has shifted to Ethereum, largely due to Bitcoin’s subdued performance and the recent approval of spot Ether exchange-traded funds (ETFs). Many analysts are optimistic about the potential growth of Ether.
It’s not just Ethereum that analysts are bullish on. They believe that, following the trend of previous cycles, altcoins will rally after Bitcoin and Ethereum have had their run.
Could Bitcoin and altcoins drive the markets to new heights? Let’s analyze the charts of today’s trending coins to find out.
Bitcoin (BTC) Price Analysis
Bitcoin’s price failed to maintain its momentum around the $70K mark, resulting in a sharp decline below its Fibonacci channels. However, BTC rebounded from the 100-day EMA at $67,291 and climbed above the $68.3K mark, indicating that the bulls are consolidating their position. Currently, BTC price is trading 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 at $71,000. It is expected that the bears will strongly contest this level. If breached, the pair could reach $74K and potentially extend gains to a new all-time high (ATH). On the other hand, if the price sharply declines from this resistance and falls below the moving averages, it would suggest that the pair might trade within the ascending support channel.
GameStop Price Analysis
The GSTOP price has recently rebounded from $0.0028, indicating that bulls have established this level as support. The price has continued to surge above immediate Fibonacci channels and break crucial resistance lines. Currently, the GSTOP price is trading at $0.005, surging by over 57% in the last 24 hours.
Bulls are currently striving to keep the price stable above $0.005. Achieving this could propel the GSTOP/USDT pair towards the major resistance at $0.0065, potentially triggering 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 substantial support. A bounce from this level could see bulls making another attempt to reach $0.0065.
Notcoin (NOT) Price Analysis
The NOT price has maintained its position above the moving averages recently, although it hasn’t approached the immediate resistance level of $0.013. Bears are aiming to defend the ongoing surge above Fibonacci channels. As of writing, the NOT price is trading at $0.012, surging by over 28% in the last 24 hours.
The 20-day EMA ($0.01) is trending upward, and an RSI over 70 indicates a slight advantage for 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 see the pair 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, indicating reduced buying interest at higher prices. The JUP price is currently declining below EMA trend lines, strengthening the selling demand around each support line. As of writing, the JUP price is trading at $1.08, declining by 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 persists, a decline below the $1 mark would suggest that bullish momentum has waned, potentially triggering a descent to $0.87. Bulls are likely to strongly defend this level. However, to halt this downward momentum, buyers need to robustly defend the $1 level. If the price rebounds from this level, we might see the JUP price heading towards the crucial $1.2 resistance level.
Gorilla Price Analysis
Gorilla’s price skyrocketed towards the high of $0.0074 after gaining strong buying pressure around $0.0056. However, bears strongly rejected the recent high, plunging the price below Fibonacci channels. Currently, the Gorilla price is trading at $0.0065, surging by over 21% in the last 24 hours.
Bears may attempt to maintain their dominance by dragging the price below the moving averages, potentially causing the GORILLA/USDT pair to drop to the support level of $0.0058. At this point, bulls are expected to step in and buy at the lower price. Should the price rebound from its current position or the support line and surpass $0.0075, it would indicate the completion of an ascending triangle pattern. Following this, the pair might then aim to reach the targeted high of $0.01. Otherwise, the price might drop towards the low of $0.0044.
