Key points:
Bitcoin is expected to experience significant fluctuations following the Fed’s rate decision, but its price may remain within the substantial $107,000 to $124,474 range for a while longer.
Most altcoins, apart from BNB, have retraced, suggesting that traders are reducing their exposure ahead of today’s FOMC meeting.
Bitcoin (BTC) is encountering selling pressure near $117,500, yet a positive indicator is that bulls are attempting to sustain the price above $115,500. Enhanced volatility in the cryptocurrency markets could occur after the Federal Open Market Committee announces its interest rate decision on Wednesday.
The CME FedWatch tool indicates a 94% chance of a 25-basis point rate cut, while 6% predict a 50-basis point reduction. Analysts hold divided opinions on BTC’s short-term price trajectory. Crypto analyst Jelle mentioned on X that BTC could gradually move higher towards its all-time high. Conversely, crypto analyst Ted posted on X that BTC might drop to $104,000 or even $92,000 before rallying to a new all-time high.
Tom Lee, co-founder of Fundstrat and chairman of BitMine, stated on CNBC that BTC and Ether (ETH) could “make a monster move in the next three months…huge.” He noted that the Fed’s first rate cut after an extended pause, coupled with strong seasonal trends, may fuel a crypto rally in BTC and ETH.
What are the key support and resistance levels to monitor in BTC and the major altcoins? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price prediction
BTC has been fluctuating between the 50-day simple moving average ($114,320) and the overhead resistance at $117,500 over the past few days.
The rising 20-day exponential moving average ($113,919) and the relative strength index (RSI) positioned positively raise the probability of a breakout above $117,500. If that occurs, the BTC/USDT pair could rise to $120,000 and subsequently to $124,474.
This positive outlook could be invalidated in the short term if the price drops below the 20-day EMA, suggesting that Bitcoin may remain trapped in the $107,000 to $117,500 range a bit longer. A close below $107,000 would place the bears back in control.
Ether price prediction
Ether has retraced to the 20-day EMA ($4,450), which is likely to serve as strong support.
If the price sharply rebounds from the 20-day EMA, it indicates strong buying on dips. The bulls will then attempt to push the ETH/USDT pair above the $4,770 to $4,957 overhead resistance zone. If successful, the Ether price could soar to $5,500. Although there is a psychological resistance level at $5,000, it may likely be surpassed.
Conversely, if the price falls below the 20-day EMA, it could next test the 50-day SMA ($4,288) and then $4,060. Bears will take charge on a close below the $4,060 support.
XRP price prediction
Buyers are striving to keep XRP (XRP) above the moving averages but are struggling to initiate a solid bounce.
Sellers will seek to solidify their position by pulling the price below the 20-day EMA ($2.97). A successful move could lead the XRP/USDT pair to decline to solid support at $2.73. Buyers are expected to defend the $2.73 level vigorously, as a close below it would complete a descending triangle pattern, potentially triggering a drop to $2.20.
Alternatively, if the price rebounds from the current point and exceeds $3.20, it signals that bulls are regaining control, possibly driving the pair towards $3.40.
BNB price prediction
BNB (BNB) continues to ascend toward the psychological barrier of $1,000, indicating strong bull control.
Sellers will attempt to impede the upward trend as the price approaches $1,000. To do so, they must pull the BNB price below the 20-day EMA ($897) to diminish the bullish momentum. If achieved, the BNB/USDT pair could plummet to the 50-day SMA ($847).
However, if buyers do not allow the price to dip below the 20-day EMA, it suggests considerable demand at lower levels, enhancing the chances for the trend to resume towards $1,090.
Solana price prediction
Solana’s (SOL) slight pullback indicates that the bulls are not rushing towards exits, anticipating another upward move.
The 20-day EMA ($220) is a critical support level to monitor on the downside. If the price rises from the current level or the uptrend line, it signifies a positive sentiment, increasing the likelihood of a rally to $260, where bears are expected to enter.
On the other hand, a drop and close below the 20-day EMA indicates that bulls are exiting their positions. The SOL/USDT pair may then decline to the 50-day SMA ($197). Buyers will try to defend the 50-day SMA because a break below it could send the Solana price to $173.
Dogecoin price prediction
Dogecoin’s (DOGE) pullback is attempting to find support at the $0.26 level, but the inability to initiate a strong rebound indicates a lack of aggressive buying among bulls.
The 20-day EMA ($0.24) is a crucial downside level to monitor. If the price rebounds robustly from the 20-day EMA, bulls will again attempt to push the DOGE/USDT pair above $0.31. If successful, the Dogecoin price could rise to $0.35 and then to $0.44.
Conversely, if the price falls below the 20-day EMA, the pair could drop to the 50-day SMA ($0.22) and afterward to solid support at $0.21.
Cardano price prediction
Cardano (ADA) remains within a symmetrical triangle pattern, indicating uncertainty about its next directional movement.
The flat 20-day EMA ($0.86) and RSI close to the midpoint do not provide a dominant advantage to either buyers or sellers. If the price continues to decline and breaks below the support line, it indicates that bulls have surrendered, potentially dragging the ADA/USDT pair down to $0.68.
Bulls will have the upper hand if they push the Cardano price above the resistance line. The pair could then ascend to $1.02 and subsequently to $1.17, with sellers likely to defend the $1.17 to $1.25 zone vigorously.
Related: Ethereum unstaking queue goes ‘parabolic’: What does it mean for price?
Hyperliquid price prediction
Hyperliquid’s (HYPE) pullback appears to be finding support near the 20-day EMA ($51.05), suggesting buying on dips.
The bulls will try to propel the HYPE/USDT pair above the $57.44 resistance to resume the uptrend. If they succeed, the Hyperliquid price could shoot towards the pattern target of $64.25.
In contrast, if the price declines and breaks below the $49.88 support, it indicates that bulls are fleeing, potentially causing a drop to the 50-day SMA ($45.74).
Chainlink price prediction
Chainlink’s (LINK) recovery lost steam at $25.64 on Saturday, suggesting aggressive selling at higher levels.
Sellers are attempting to push the price below the crucial support at the 50-day SMA ($22.40). Buyers are expected to defend the area between the 50-day SMA and the uptrend line vigorously.
If the price rebounds off this support zone, bulls will aim to push the Chainlink price above the downtrend line. If they can manage it, the pair could rise to $25.64 and eventually to $27. Significant selling pressure may occur in the range between $27 and $27.84.
Sui price prediction
Sui (SUI) broke through the downtrend line on Saturday, but bears retracted the price below the breakout level on Sunday.
The bulls are attempting to stem the pullback at the moving averages, but bears maintain selling pressure. If the price falls below $3.45, the SUI/USDT pair could decrease to solid support at $3.26. Selling could intensify below $3.11, paving the way for a drop to $2.80.
Buyers will need to push the Sui price above $3.89 to indicate that bears are losing strength. The pair could then rally to $4.18.
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.
