Bitcoin price chart signals a bullish move that could lead to a breakout in ADA, QNT, RNDR and RPL

United States equity markets welcomed the June 2 debt ceiling deal and May non-farm payrolls data with strong rallies. The S&P 500 rose 1.8% during the week, while the tech-heavy Nasdaq was up 2%. it was the sixth consecutive week of Gaines For Nasdaq, the first such occasion since January 2020.

Apart from the above, the expectation of the Federal Reserve to be in pause mode during the next meeting may have acted as a catalyst for the rally. CME’s Fedwatch tool Showing a 75% chance of a pause, with the remaining 25% expecting a hike of 25 basis points at the June 14 meeting.

The rallies in equity markets failed to trigger a similar performance in bitcoin (BTC) and altcoins. However, a minor positive is that many major cryptocurrencies have stopped falling and are trying to start a recovery.

Can the bulls sustain the momentum and overcome the respective overhead resistance levels? If they do, which are the top five cryptocurrencies that could lead the rally?

bitcoin price analysis

Bitcoin has been trading close to the 20-day exponential moving average ($27,233) for the past three days. This suggests that the bulls are buying dips near the $26,500 level.

The 20-day EMA has flattened out and the Relative Strength Index (RSI) is just below the midpoint, indicating a balance between supply and demand. The balance will tilt in favor of the buyers if they drive the price above the resistance line of the descending channel pattern. It could start a northward march towards $31,000.

If the price breaks below the resistance line, it would suggest that the BTC/USDT pair could spend some more time inside the channel. The important level to watch for downside is $25,250. A break and close below this support could trigger selling and drag the price towards $20,000.

The 4-hours chart shows that the bears are protecting the immediate resistance at $27,350. On the downside, the pair is forming higher higher lows in the near term, indicating demand at lower levels. This increases the chances of a rally above the upper resistance. If this happens, the pair could climb up to the resistance line of the descending channel.

If the bears want to gain the upper hand, there will be a need to quickly lower the price below the $26,505 nearest support. On the downside, the next level could be $26,360 and then $25,800.

cardano price analysis

Cardano (ADA) is repeatedly taking support at the uptrend line, but the bulls have failed to kick the price above the 50-day simple moving average ($0.38).

A breakout from this tight range trading is likely in the next few days. If the bulls push and sustain the price above the 50-day SMA, it will clear the way for a possible rally to $0.42 and then to $0.44.

Alternatively, if the price breaks below the 50-day SMA and breaks below the uptrend line, it will suggest the start of a deeper correction. The ADA/USDT pair could then decline to a strong support at $0.30.

The 4-hours chart shows that the $0.38 level is behaving as a strong resistance. However, the rising moving averages and the RSI in the positive zone indicate that the bulls have the upper hand. If the buyers hold on above $0.38, the pair could continue to climb towards $0.40 and then $0.42.

If the price turns sharply below the current levels and breaks below the 50-SMA, it will suggest that the bears have regained control in the near term. The pair could then decline further to $0.36 and later to $0.35.

quantitative price analysis

After staying below the downtrend line for several days, Quant (QNT) rebounded and began a recovery on May 26. The bulls continued their buying and pushed the price above the moving averages on May 29, indicating a possible trend reversal.

The moving averages have completed a bullish crossover and the RSI is in positive territory, indicating that the path of least resistance is to the upside. There is a resistance at $120 but if the bulls overcome it, the QNT/USDT pair could continue higher towards $128 and later $135.

Contrary to this assumption, if there is a sharp downside break below $120, the bears will attempt to drag the price towards the 20-day EMA ($110). This remains an important level to watch as a break below it would indicate that the bears are back in control.

The 4-hours chart shows that the price is stuck inside a trading range between $114.50 and $120. The 20-EMA is flattening but the RSI is in the positive zone, indicating that the momentum remains bullish. If the bulls overcome the $120 hurdle, the pair could start the next leg of the upward move.

Conversely, if the price declines and breaks below $114.50, it would suggest that the bears have a slight advantage. The pair could then decline further towards $110 and later $102. The deeper the fall, the longer it will take to heal.

Connected: Low Volatility of the Cryptocurrency Market: A Curse or an Opportunity?

render token value analysis

While most of the major cryptocurrencies are struggling to start a recovery in downtrends, Rendar Token (RNDR) has started a fresh upward move.

The RNDR/USDT pair fell to the 20-day EMA ($2.48) on May 31, but the bulls successfully defended the level. This shows a positive sentiment where traders are buying the dips at strong support levels. The pair could retest the 52-week high of $2.95. If this resistance is overcome, the pair could climb up to $3.75.

The first sign of weakness would be a break and close below the 20-day EMA. Such a move would indicate aggressive profit-booking by short-term bulls. This could open the door for a possible decline to the 50-day SMA ($2.20).

The moving averages have completed a bullish crossover and the RSI is in the positive zone to show that the bulls have the upper hand. The buyers will attempt to push the price above the overhead resistance area between $2.90 and $2.95. If they succeed, the pair could start a new uptrend.

Conversely, if the price breaks below the current level or overhead resistance and breaks below the moving average, it will suggest that the bears are back. A break and close below $2.42 would signal a downside move towards $2.25.

Rocket Pool Price Analysis

Rocket Pool (RPL) has been trading within an ascending channel pattern for the past several days. A positive sign in the short term is that the bulls have kept the price above the moving averages. This indicates a change in sentiment from selling on rallies to buying on dips.

The RPL/USDT pair has been trading in a narrow range for the past few days. This suggests that range expansion may be around the corner. If the price breaks out and closes above $50.50, it will suggest the beginning of an upward move to the resistance line of the channel. The bears are expected to defend this level with all their might.

This positive view will be invalidated in the near term if the price turns down from the current levels and breaks below the moving averages. The pair could then drop to the support line of the channel.

The 4-hours chart shows that the bulls are holding the price above the moving averages, but they failed to overcome the overhead hurdle at $50.37. This suggests that the bears continue to sell on minor rallies.

If the price declines and breaks below the 50-SMA, it will signal that the bulls have given up. The pair could then decline towards the support line near $46.

Conversely, if the buyers push the price above $50.50 and sustain, the bullish momentum could accelerate and the pair could recover to $53.50.