Important Updates:
Bitcoin may dip into the $105,000 to $100,000 range this weekend.
Ether has experienced a temporary decline but remains above the essential support level of $4,094.
Bitcoin (BTC) fell to around $108,100 on Friday, marking its lowest price since July 8, indicating that bullish momentum is waning. Veteran trader Peter Brandt noted in a post on X that BTC must rise above $117,570 to dismiss the previous seven weeks as a possible double top.
Despite recent weaknesses, network economist Timothy Peterson expressed optimism about BTC’s future for the remainder of the year. On X, Peterson highlighted that BTC has historically increased 70% of the time over the last four months leading up to Christmas, with an average gain of 44% during this period.
The uncertainty around BTC appears to be shifting investor attention towards Ether (ETH). Since August 21, BTC exchange-traded funds have observed approximately $350 million in inflows, while ETH ETFs have attracted $1.87 billion, according to CoinGlass.
Nansen research analyst Nicolai Sondergaard commented to Cointelegraph that investors are taking profits following BTC’s recent rise and are “shifting into other tokens to capitalize on potential gains.”
What key support levels should investors monitor for BTC and other major altcoins? Let’s analyze the charts for the top 10 cryptocurrencies to uncover insights.
Bitcoin Price Outlook
BTC began recovering from a low of $108,666 on Tuesday, but the momentum waned near the 20-day exponential moving average ($113,977) by Thursday.
However, the price sharply declined on Friday, dropping below the support level of $108,666. If Bitcoin remains beneath this price, the BTC/USDT pair may fall to $105,000, and potentially to the psychological support of $100,000.
Bulls need to push the price above the moving averages to indicate a reduction in selling pressure. Should this occur, Bitcoin may then aim for the all-time high of $124,474.
Ether Price Outlook
ETH rebounded from the 20-day EMA ($4,378) on Tuesday, but bearish sentiment halted the recovery at $4,663.
The price declined and fell below the 20-day EMA on Friday. If the ETH/USDT pair closes beneath the 20-day EMA, the next support could be the breakout level of $4,094. Buyers are likely to protect the area between $4,094 and the 50-day SMA ($3,939) vigorously, as a drop below this zone could deepen the pullback to $3,354.
Conversely, if the price bounces from the current level of $4,094, it indicates strong buying interest during dips. The bulls will then seek to push Ether’s price above the $4,788 to $4,868 range. Success in this effort could propel the pair to $5,000 and subsequently to $5,662.
XRP Price Outlook
The inability of bulls to drive XRP (XRP) above the 20-day EMA ($3) in recent days suggests that bears are successfully defending this level.
Bears aim to enhance their position by moving the XRP price toward solid support at $2.73. Buyers are expected to defend the $2.73 level vigorously since a close below this mark could lead to a decline to $2.20.
The first sign of strength will be a break and close above the 20-day EMA, suggesting reduced selling pressure. The XRP/USDT pair may then rise to the downtrend line, which is anticipated to serve as a formidable barrier. A breakthrough of this downtrend line would indicate that the correction has likely concluded.
BNB Price Outlook
BNB (BNB) is currently experiencing a fierce contest between buyers and sellers at the breakout level of $861.
The upward-sloping moving averages show a slight advantage for buyers, but the negative divergence in the RSI indicates that bullish momentum may be diminishing. Sellers must push the price below the 20-day EMA ($844) to take control, potentially dragging the BNB/USDT pair down to the 50-day SMA ($794).
Alternatively, if the price rebounds from the 20-day EMA and surpasses $900, it signals that buyers are still in control. This could result in a rally towards the psychological threshold of $1,000.
Solana Price Outlook
Solana (SOL) bounced back from the 20-day EMA ($193) on Tuesday and surged past the $210 resistance on Thursday.
However, the bears took advantage at elevated levels, pulling the price back below $210. If this level remains unbroken, some aggressive buyers may find themselves trapped, potentially triggering long liquidations and pushing the price toward the uptrend line.
Should the price breach the uptrend line, the SOL/USDT pair might stay within a range of $155 to $210 for an extended period.
Conversely, a solid rebound off the 20-day EMA ($193) suggests demand at lower price levels. The bulls may make another attempt to push Solana’s price toward $240 and ultimately $260.
Dogecoin Price Outlook
Dogecoin (DOGE) rebounded from the support at $0.21 on Tuesday, but the bulls were unable to elevate the price above the moving averages.
The price sharply declined from the moving averages, indicating that bears are selling during minor rallies. This situation raises the risk of a breakdown below the $0.21 level. If it occurs, Dogecoin’s price may plummet to $0.19 and subsequently to $0.16.
Bulls need to elevate and maintain the price above the moving averages to indicate that the DOGE/USDT pair can stay within the $0.21 to $0.26 range longer.
Cardano Price Outlook
Cardano (ADA) declined from the 20-day EMA ($0.85) and has reached critical support at the 50-day SMA ($0.82).
If the 50-day SMA fails, the short-term advantage will tilt toward the bears. The ADA/USDT pair risks dropping to $0.76 and potentially to $0.68, where buyers are expected to defend strongly.
On the upside, a rise above the 20-day EMA indicates that bulls are attempting a comeback, which could lead Cardano’s price to challenge the downtrend line where bears are likely to re-emerge. A close above this downtrend line could signify the end of the correction.
Related: Is XRP set to crash in September?
Chainlink Price Outlook
Chainlink (LINK) bounced off the 20-day EMA ($23.56) on Thursday, but bulls struggled to hold onto higher prices.
The bears are attempting to consolidate their control by pulling prices below the 20-day EMA. If they succeed, the LINK/USDT pair may descend further toward the 50-day SMA ($20.23).
Buyers need to defend the 20-day EMA vigorously and quickly push the price above $27 to maintain control. If successful, the Chainlink price could enter the next phase of an upward move toward $31 and then $36.
Hyperliquid Price Outlook
Hyperliquid (HYPE) broke through the $49.88 resistance on Wednesday, but bulls were unable to maintain those higher levels.
The price has reverted to the moving averages, an essential support level to observe. If the price rebounds strongly from the moving averages, the bulls will attempt to push the HYPE/USDT pair above $51.19. If successful, the Hyperliquid price could rally towards a target of $64.25.
This optimistic outlook could be reversed in the near future if the price continues to decline and breaks below the uptrend line, potentially causing the pair to drop to $40 and later to $36.
Sui Price Outlook
Sui (SUI) has been fluctuating within a large range between $3.26 and $4.44 for several days.
The price bounced off the $3.26 support on Tuesday, but bulls were unsuccessful in overcoming the challenge at the 20-day EMA ($3.57). This led to renewed bearish pressure, pulling the SUI/USDT pair back down to $3.26. Continued tests of a support level typically weaken it further. If the $3.26 level gives way, SUI price could drop toward $3.
To keep the price within the current range a bit longer, buyers must push and sustain the price above the moving averages.
This article does not provide investment advice or recommendations. Each investment and trading decision carries risk, and readers should perform their own thorough research before making any decisions.
