Key points:
Bitcoin is approaching the key support zone, suggesting a potential relief rally in the near future.
Several prominent altcoins are attempting to initiate a relief rally, but they are likely to encounter considerable resistance from bearish traders at higher levels.
Bitcoin (BTC) has reclaimed the $110,000 threshold, but it’s uncertain whether this rebound will hold. Analysts from Glassnode noted in a post on X that long-term holders realized profits from 3.4 million BTC, and the inflows to exchanges slowed after the Federal Reserve’s rate cut on Sept. 17, indicating exhaustion and downside risks.
Per Farside Investors data, the US spot BTC ETFs experienced net outflows amounting to $479 million this week, implying that institutional demand is waning. BTC’s decline on Thursday pushed the Crypto Fear & Greed Index into the “fear” category by Friday.
The weakness in BTC has dragged down several major altcoins, indicating a negative sentiment as traders hurriedly exit their positions. A small glimmer of hope for bulls is that BTC still hasn’t broken below the support range of $107,000 to $124,474.
Will BTC bounce off the $107,000 support strongly enough to pull altcoins higher? Let’s delve into the charts of the top 10 cryptocurrencies to find out.
Bitcoin price prediction
BTC declined from the 20-day exponential moving average ($113,217) on Thursday, signaling a shift toward negative sentiment.
Sellers need to push the price below the $107,000 support to accomplish a double-top formation. If successful, selling pressure could escalate, potentially driving the BTC/USDT pair down to $100,000. Buyers are anticipated to protect the $100,000 level vigorously, as a breakdown below this threshold could lead to a drop to the pattern target of $89,526.
Conversely, if the Bitcoin price rises and surpasses the moving averages, it suggests the pair could remain within the $107,000 to $124,474 range for a while longer.
Ether price prediction
Ether (ETH) continued its descent below the $4,060 support on Thursday, reflecting ongoing bearish pressure.
The moving averages have executed a bearish crossover, and the relative strength index (RSI) is in negative territory, suggesting the path of least resistance is downward. If the $3,745 support fails, the ETH/USDT pair could plummet to the pattern target of $3,426 and subsequently to $3,350.
Bulls are likely to encounter significant selling pressure at the moving averages and resistance line.
XRP price prediction
XRP (XRP) retraced from the 50-day simple moving average ($2.98) on Wednesday, landing on the solid support at $2.69 on Thursday.
The repeated testing of a support level typically weakens it. If the price breaks and closes below $2.69, the XRP/USDT pair will complete a bearish descending triangle pattern, increasing the likelihood of a drop toward $2.20.
Any relief rally is likely to face selling at the moving averages followed by the downtrend line. Bulls will need to push and sustain the price above the downtrend line to signify a comeback.
BNB price prediction
BNB (BNB) rebounded from the 20-day EMA ($955) on Tuesday, but the recovery stalled at $1,034 on Wednesday.
Bears resumed selling on Thursday, dragging the BNB price below the 20-day EMA. Support is found at the 61.8% Fibonacci retracement level of $934; however, if this level falters, the BNB/USDT pair could decline to the 50-day SMA ($889).
To stave off a downturn, buyers must act swiftly to push and hold the price above the 20-day EMA. The bulls could regain momentum if they lift the pair above $1,034.
Solana price prediction
Buyers attempted to halt Solana’s (SOL) decline at the 50-day SMA ($207) on Wednesday, but persistent selling from bears forced the price lower on Thursday.
The downward-trending 20-day EMA ($219) and an RSI below 40 indicate the bears hold the advantage. Attempts to initiate a recovery are likely to encounter strong resistance at the 20-day EMA. If the price sharply declines from this average, the SOL/USDT pair could plummet to $175.
Buyers face a tough challenge ahead. They must push the Solana price above the 20-day EMA to indicate strength, possibly paving the way towards $260.
Dogecoin price prediction
The inability of bulls to elevate Dogecoin (DOGE) above the 20-day EMA ($0.24) on Wednesday suggests that bears are actively selling on rallies.
The DOGE/USDT pair might decline to the solid support at $0.21. Buyers will strive to vigorously defend this level, as a break and close below it could lower the Dogecoin price to $0.18. This suggests the pair may linger within the $0.14 to $0.29 range a while longer.
The initial sign of strength will be a breach above the 20-day EMA, opening the path for a rally towards the formidable overhead resistance of $0.29.
Cardano price prediction
Cardano (ADA) continued its downward trend and fell below the $0.78 support on Thursday, indicating ongoing bearish pressure.
Buyers are attempting to push the price back over $0.78 but may encounter significant selling resistance at the current level and on any rise towards the 20-day EMA ($0.84). A sharp decline from the 20-day EMA could see the ADA/USDT pair tumble to the stronger support at $0.68.
In contrast, if buyers push the Cardano price above the moving averages, it indicates solid demand at lower levels, potentially allowing the pair to rise to the resistance line, where substantial challenges from bears are anticipated.
Related: Bitcoin price disregards PCE inflation as bears penetrate $109K support
Hyperliquid price prediction
Hyperliquid (HYPE) continued its corrective phase and reached the $40 support on Thursday, where bulls are putting up a strong defense.
A relief rally is anticipated to face selling at the moving averages. If the price sharply drops from these averages, bears will try to push the HYPE/USDT pair below $40. If successful, the Hyperliquid price could plummet to $35.50.
Conversely, if the price climbs and breaks above $49.88, it would suggest the end of the corrective phase. The pair could then make a significant move towards $59.
Chainlink price prediction
Chainlink (LINK) has dipped to the support line of the descending channel pattern, where buyers are expected to intervene.
Any recovery attempt from this support line will likely meet selling pressure at the 20-day EMA ($22.60). A sharp decline from the 20-day EMA could lead bears to make another attempt to push the LINK/USDT pair below the descending channel, which could result in a drop to $18 and later to $16.
Buyers need to act swiftly to push the price above the 20-day EMA to avert further declines, potentially allowing the pair to climb towards the channel’s resistance line.
Avalanche price prediction
Avalanche (AVAX) experienced a sharp decline on Thursday, dropping below the 20-day EMA ($30.09), indicating a rush from bears to exit.
The AVAX/USDT pair has fallen to the 50-day SMA ($26.62), which is likely to draw buyers in. If the price rebounces from the 50-day SMA and rises above the 20-day EMA, it indicates buying interest at lower levels. The Avalanche price could then consolidate between $26.50 and $36.17 for a while.
Alternatively, if sellers push the price beneath the 50-day SMA, the pair could drop to $22.50, suggesting a potential plunge within the $15.27 to $36.17 range.
This article does not provide investment advice or recommendations. Every investment and trading decision involves risk, and readers should conduct their own research before making decisions.
