Bitcoin came under renewed pressure after a period of controlled recovery, slipping back below the $80,000 mark. The 200-day moving average near $81,900 stands as a significant resistance, with sellers remaining active and preventing a decisive upward move despite multiple breakout attempts.
Key Supports: 50-Day and 100-Day MAs
The pullback has led Bitcoin to retest lower moving averages. The 50-day MA around $74,700 and the 100-day MA near $76,700 are seen as crucial supports. Holding above these zones could indicate a cooling-off phase after the spring rally rather than a full reversal. However, if these supports fail, the risk of a drop toward $72,500 or even $70,000 increases. The Relative Strength Index (RSI) has retreated from overbought territory, signaling fading bullish momentum, though no concrete indicator confirms a complete trend reversal. Market observers note that Bitcoin's inability to sustain above $80,000 reflects a defensive trader stance; sustained selling pressure could strengthen the downward trend.
Dogecoin Leads Altcoins: Rally Nears 50%
Dogecoin has distinguished itself among major altcoins, gaining nearly 50% since spring lows and trading around $0.115. DOGE has broken above both short- and mid-term moving averages, reinforcing its technical outlook. After forming a prolonged base between $0.09 and $0.10, the breakout has notably eased selling pressure. The primary resistance is the 200-day MA at $0.124. Analysts believe sustained gains above this level are critical for a lasting shift. A daily close above $0.124 could bring previous resistance at $0.135 and $0.15 back into play. While RSI hovers near overbought levels, the rally has not reached extreme territory. A significant development is the renewed surge in trading volume, replacing the flat, weak activity seen in March and April. As long as DOGE stays above the $0.100-$0.106 zone, upward momentum is likely to persist; a break below would signal a failed breakout.
Toncoin Volatility: $2.00 Level as Bull-Bear Divide
Earlier in May, Toncoin surged swiftly above $2.50 but then lost steam, dropping to around $2.10. The critical $2.00 support level is now in focus. TON started its rally with strong volume, but buying power has since faded. The price remains above major moving averages, suggesting the broader recovery is not over. Technically, the sharp pullback reflects profit-taking. The $2.00 mark is both a psychological and technical support. If Toncoin can hold above this level, a move toward the $2.30-$2.50 band may be possible. Otherwise, a decline toward the 200-day MA at $1.75 looms, with next key supports at $1.55-$1.60. RSI has exited overbought territory. For now, TON clings to primary supports, but a decisive dip below $2.00 could escalate the correction into a sharper drop. Market participants are watching closely whether Toncoin can defend the $2.00 level; a break below may open the door to accelerated selling.