Bitcoin Price Dips Before Fed Announcement, HYPE, AAVE, RNDR, FET Still Bullish

Main Takeaways:-

Bitcoin’s positive outlook will likely stay strong if the price stays above the 20-day average of around $92,000. Other altcoins indicate bullish chart patterns in the 4-hour and 1-day duration. Bitcoin has lost some of the gains from the weekend and has dropped back to the $95,000 level. Buyers need to keep the price above $95,000 to maintain the positive trend.

Bitcoin expert Timothy Peterson shared on X that Bitcoin could reach a new all-time high of $135,000 in the next 100 days if certain conditions happen. He believes that if the CBOE Volatility Index drops below 18, it could create a favourable “risk-on environment” for Bitcoin. Additionally, a decrease in interest rates and strong performance in June and July are also key factors needed for the Bitcoin rally.

The cryptocurrency markets may still be unstable in the short term as traders wait for the Federal Reserve’s upcoming interest rate decision next week. Although the CME Group’s FedWatch Tool shows a low chance of a rate cut on May 7, the markets could make a significant move after the event.

Can Bitcoin maintain the $95,000 level if it drops back to it? If it does, let’s look at the charts of other cryptocurrencies that might rise soon.

Bitcoin Price Prediction

Bitcoin went above the $95,000 resistance level on May 1, but buyers could not keep the price up. The price dropped from $97,895 on May 2 and has now returned to the $95,000 level.

The rising 20-day average price ($92,106) and the RSI in a positive range show that buyers are in control. If the price bounces back from the area between $95,000 and the 20-day average, buyers will likely try again to push Bitcoin (BTC) to $100,000.

On the other hand, if the price falls below the 20-day average and stays there, it could mean the rise above $95,000 was a fake out. This increases the chance of the price dropping to the 50-day average ($86,682).

The moving averages have levelled off, and the RSI is near the middle on the 4-hour chart, showing that momentum is weakening. If the price drops below $95,000, it could fall to $92,800 and then to $91,660. If it goes below $91,660, the price could drop further to $86,000.

Buyers will have to push and significantly increase the price above $97,895 to reestablish dominance. The pair could surge to $100,000 and eventually to $107,000.

Hyperliquid (HYPE) Price Prediction

Hyperliquid is experiencing resistance at $21.50, but a positive signal is that the buyers have not lost significant control over the bears.

The rising 20-day average price ($18.48) and the RSI close to the overbought zone suggest that the price is more likely to go up. If the price closes above $21.50, it could lead to further gains, reaching $25 and then $27.50.

The first sign that the price might weaken would be if it falls below the 20-day average and stays there. This would suggest that short-term buyers are taking profits. If that happens, the price could drop to $17.35, where strong support is expected.

AAVE Price Prediction

Aave went up from the average price levels on April 30, showing that the mood has turned positive and traders are buying when the price drops.

Buyers will try to push the price up to $196, where sellers are expected to start selling heavily. If the price falls from $196 but gets support at the 20-day average, it increases the chance of breaking through that resistance. After that, the price could rise to $220 and eventually to $240.

If sellers want to stop the price from going up, they will need to quickly push it below the average price levels. If they succeed, the price could drop all the way down to $130.

The price is facing selling pressure at around $180, but a good sign is that buyers have kept the price above the average levels. If the price rises from here and goes above $180, it could quickly move towards $196. There is a small resistance at $190, but it is likely to be broken.

Render (RNDR) Price Prediction

Buyers tried to raise Render (RNDR) above the $4.87 level on May 2, but sellers stopped them and kept the price down.

The price has dropped to around $4.31, which is the average of the past 20 days. Buyers will likely try hard to stop it from falling further. If the price bounces back from this level, there is a good chance it could break above $4.87. If that happens, the price might rise quickly to $6.20.

This positive outlook will be invalid if the price keeps falling and drops below the $4.22 support level. If that happens, the price could go down further to $3.80, and possibly even to $3.55.

Sellers have pushed the price down to $4.22, which is an important level to observe. If the price bounces back strongly from $4.22, it could mean the price will move back and forth between $4.22 and $4.87 for a while. If the price goes above $4.87 and stays there, it could start rising again toward $5.52.

On the other hand, if the price keeps falling and drops below $4.22, it means sellers are gaining control again. The price could then fall further to around $3.88.

Fetch.ai Price Prediction

Fetch.ai price could not go above $0.84 and has now dropped to around $0.65, which is its average price over the past 20 days.

Buyers will try to stop the price from falling further to around $0.65. If the price bounces back strongly from this level, it could go up to $0.84. If it manages to go above $0.84 and stay there, it might even rise to $1.09.

Sellers may try to push the price below $0.65. If they succeed, the price could drop to around $0.54, where buyers might step in to stop it from falling further.

The price has reached an important support level at $0.67. If it bounces back from there, sellers will try to stop the recovery around the average price levels. But if the price falls again from there and goes below $0.67, it means the buyers have likely given up. This could cause the price to drop further to $0.60.

On the other hand, if the price rises above the average levels, it shows that buyers are active at lower prices. This could mean the price will move between $0.67 and $0.80 for a while. If the price goes above $0.80 and stays there, the upward trend might continue.

Read also:- Bullish Setup for Ethereum as Price Holds $1,770

Disclaimer: We at Bitcoinik.com present you with the latest information in the crypto market. However, this information should not be regarded as financial advice, and viewers should consult their financial advisors before investing.