Price predictions 5/12: SPX, DXY, BTC, ETH, XRP, BNB, SOL, DOGE, ADA, SUI
Key points:Bitcoin price saw profit booking near $105,819, signaling that bears remain active at higher levels.Select altcoins have continued to move higher, indicating increased investor interest. The SPX and the DXY are playing catch-up to Bitcoin following the US-China trade deal.Bitcoin (BTC) has started the new week on a cautious note, falling below $103,000, but the S&P 500 Index (SPX) and the US Dollar Index (DXY) have risen sharply following the announcement of the US-China trade agreement. One of the reasons could be that other assets are trying to play catch up with Bitcoin, and the sharp rally in the US dollar may be acting as headwinds for Bitcoin in the near term.Bitwise European Head of Research André Dragosch said in a post on X that the firm’s proprietary indicator has reached its highest level since 2024. Historically, high levels of the indicator have resulted in a short-term correction or sideways price action.Crypto market data daily view. Source: Coin360The short-term uncertainty has not stopped the long-term bulls from adding more Bitcoin to their portfolio. Michael Saylor’s Strategy acquired 13,390 Bitcoin at an average price of $99,856 between May 5 and May 11. The latest purchase has boosted the firm’s haul to 568,840 Bitcoin.What are the crucial support levels to watch out for in Bitcoin and altcoins? Let’s analyze the charts of the top 10 cryptocurrencies to find out.S&P 500 Index price predictionThe S&P 500 Index gapped up sharply on May 12 and rose above the stiff overhead resistance at 5,800.SPX daily chart. Source: Cointelegraph/TradingViewTime is running out for the bears. If they want to prevent the upside, they will have to fiercely defend the 5,800 level and quickly drag the price below the 20-day exponential moving average (5,570). If they manage to do that, the index could start a deeper correction toward 5,400.Instead, if the price closes above 5,800, the up move may continue toward the 6,000 level. There could be a minor halt at 6,000, but if the bulls prevail, the index could retest the all-time high at 6,147.US Dollar Index price predictionThe US Dollar Index pierced the 20-day EMA (100.42) on May 8, indicating that the bears are losing their grip.DXY daily chart. Source: Cointelegraph/TradingViewSellers tried to pull the price back below the 20-day EMA on May 9, but the bulls held their ground. The index has reached the 50-day simple moving average (102.08), which is expected to behave as a resistance. If the price turns down from the 50-day SMA but finds support at the 20-day EMA, it suggests a positive sentiment. That increases the likelihood of a rally to 103.54 and thereafter to 104.68.Bitcoin price predictionBitcoin has turned down from $105,819, indicating that the bears are defending the $107,000 to $109,588 zone.BTC/USDT daily chart. Source: Cointelegraph/TradingViewThe first support on the downside is the $100,000 level, and below that, the 20-day EMA ($97,238). If the price rebounds off the support zone, the bulls will again try to kick the BTC/USDT pair above $109,588. If they can pull it off, the pair could ascend to $130,000.Conversely, if the price turns down and breaks below the 20-day EMA, it signals that buyers are booking profits at higher levels. That opens the doors for a fall to $93,000 and then to the 50-day SMA ($89,302).Ether price predictionEther (ETH) bulls are trying to sustain the price above $2,550, but the bears have kept up the selling pressure.ETH/USDT daily chart. Source: Cointelegraph/TradingViewIf the price skids below $2,435, the ETH/USDT pair may fall to $2,320. If the price rebounds off $2,320, the bulls will try to resume the up move. There is resistance at $2,850, but if it is crossed, the pair could reach $3,000.Contrary to this assumption, if the price turns down and breaks below $2,320, it suggests that the bulls are booking profits. The pair may drop to the breakout level of $2,111, which is likely to act as support.XRP price predictionXRP (XRP) broke above the resistance line on May 10, and the bulls successfully held the retest of the breakout level on May 11.XRP/USDT daily chart. Source: Cointelegraph/TradingViewThe bulls have strengthened their position by pushing the price above the $2.50 resistance. There is minor resistance at $2.65, but if the level is scaled, the rally could reach $3. Such a move signals a potential trend change.Alternatively, if the price turns down sharply from $2.65 and breaks below the 20-day EMA ($2.27), it signals a possible range formation in the near term. The XRP/USDT pair could swing between $2 and $2.65 for some time.BNB price predictionBNB (BNB) turned down from $679 on May 10 but rebounded off the breakout level of $644 on May 12.BNB/USDT daily chart. Source: Cointelegraph/TradingViewBuyers tried to resume the up move, but the long wick on the candlestick shows selling near the $700 level. If the price stays above $644, the bulls will make another attempt to propel the BNB/USDT pair to $745.Sellers will have to pull the price below $644 to weaken the bulls. The pair could then fall to the 20-day EMA ($621). Buyers are expected to defend the 20-day EMA because a break below it could tilt the advantage in favor of the bears.Solana price predictionSolana’s (SOL) up move has stalled near the $180 resistance, but a positive sign is that the bulls have not given up much ground to the bears. SOL/USDT daily chart. Source: Cointelegraph/TradingViewA shallow pullback increases the possibility of the continuation of the rally. If buyers drive the price above $180, the SOL/USDT pair could rally to $210.The immediate support on the downside is at $168. If the price slides below $168, the pair could descend to the 20-day EMA ($155). A solid rebound off the 20-day EMA suggests the bulls remain in control. That increases the likelihood of a break above $180. Sellers will gain the upper hand on a break below $153.Related: Bitcoin set for $150K BTC price rally as US, China agree to slash tariffsDogecoin price predictionDogecoin (DOGE) turned down from $0.26 on May 11, indicating profit booking by short-term buyers.DOGE/USDT daily chart. Source: Cointelegraph/TradingViewThe bulls are expected to aggressively defend the breakout level of $0.21. If the price rebounds off $0.21 with strength, it signals that the bulls have flipped the level into support. The DOGE/USDT pair could then climb to $0.31.On the contrary, a break and close below the $0.21 level suggests that bears remain active at higher levels. The pair could then drop to the moving averages, pointing to a possible range formation between $0.14 and $0.26 in the near term.Cardano price predictionCardano (ADA) is facing resistance near $0.86, but a positive sign is that the bulls have not ceded much ground to the bears.ADA/USDT daily chart. Source: Cointelegraph/TradingViewThe 20-day EMA ($0.72) has started to turn up, and the RSI is near the overbought area, indicating an advantage to buyers. If the price rebounds off the neckline, the bulls will try to propel the ADA/USDT pair above $0.856. If they can pull it off, the pair could travel to the target objective of $1.01.If sellers want to prevent the upside, they will have to swiftly yank the price below the moving averages. If they do that, the pair could descend to the solid support at $0.58.Sui price predictionSui (SUI) is facing selling at $4.25, but a positive sign is that the bulls have maintained the price above the breakout level of $3.90.SUI/USDT daily chart. Source: Cointelegraph/TradingViewBoth moving averages are sloping up, and the RSI is near the overbought zone, indicating that the path of least resistance is to the upside. If buyers clear the $4.25 level, the SUI/USDT pair could soar to $5.The first sign of weakness will be a break and close below the $3.90 level. That opens the doors for a fall to the 20-day EMA ($3.48). A bounce off the 20-day EMA signals that the positive momentum remains intact. The bulls will then again try to clear the overhead hurdle at $4.25. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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