Main Highlights:
Bitcoin has dipped below $116,000; however, some analysts believe that buyers will step in at these lower levels to halt the decline.
Certain altcoins have hit crucial support points where buyers are anticipated to mount a strong defense.
Bitcoin (BTC) attempted a rebound on Friday, but increased selling pressure at higher levels has pushed the price down to under $116,000, causing short-term traders to exit quickly.
Analyst Stockmoney Lizards noted on X that BTC is undergoing a shakeout phase in both directions. Despite the ongoing correction, the analyst remains optimistic, expecting BTC to find support in the range of $118,000 to $119,000.
Veteran trader Peter Brandt shared with Cointelegraph that “BTC could reach a bull market peak any day now” if it follows its historical cycle. However, he cautioned that cycle patterns can change, and there exists a 50/50 chance of that occurring. If counter-cyclicality takes place, Brandt forecasts BTC could soar as high as $185,000.
What critical support and resistance levels should we monitor for BTC and key altcoins? Let’s dive into the charts for the top 10 cryptocurrencies.
Bitcoin Price Forecast
BTC has retraced below the 20-day exponential moving average ($118,807), which stands as an essential short-term support for bulls to maintain.
If the price rebounds forcefully off the 20-day EMA, bulls will aim to drive the BTC/USDT pair back to its all-time high of $126,199. Surpassing this resistance could set the stage for a rally toward $141,948.
Conversely, if the price closes below the 20-day EMA, it suggests a loss of control for the bulls. This could result in a drop to the 50-day simple moving average ($114,571), indicating that Bitcoin might stay within the $107,000 to $126,199 range for a bit longer. Sellers are expected to take charge on a close under $107,000.
Ether Price Forecast
Ether (ETH) failed to overcome the resistance line on Wednesday, triggering significant selling from bears.
The price of Ether has retraced to solid support at $4,060. Buyers are expected to defend the $4,060 to $3,745 support zone vigorously, as a drop below this level indicates a potential short-term peak. If this were to occur, the ETH/USDT pair might initiate a new downtrend toward $3,350.
For buyers to gain strength, they need to push prices above the resistance line. An upward momentum should materialize upon closing above the $4,750 resistance.
BNB Price Forecast
BNB (BNB) has pulled back after a strong rally, but it’s finding support near the 61.8% Fibonacci retracement level at $1,217.
If the price rises from its current position, bulls will try to push prices above the overhead resistance level of $1,350. If successful, the BNB/USDT pair could resume its upward trend toward the next targets of $1,440 and $1,642.
However, bears might have alternative strategies. They will likely sell rallies and attempt to push the price below $1,217. Should this happen, the BNB price could slide to the 20-day EMA ($1,123), where bulls are expected to step in again to make purchases.
XRP Price Forecast
XRP (XRP) has dropped close to the critical $2.69 support level, which is crucial for bulls to defend.
A breach and close below $2.69 would allow the XRP/USDT pair to complete a descending channel pattern, potentially accelerating selling and lowering the XRP price to $2.33, followed by $2.20.
To prevent a drop, buyers need to push and sustain prices above the downtrend line. Failing this bearish pattern can signal bullish sentiment as it traps aggressive bears, leading to a short squeeze.
Solana Price Forecast
Solana (SOL) rebounded from the 50-day SMA ($217) on Wednesday; however, this recovery was short-lived as bears pushed the price below the moving averages on Friday.
The Solana price might drop to the support line, which is a vital level for bulls to defend. If the price rebounds from this support and breaks above the moving averages, it will signal that the SOL/USDT pair could remain within the ascending channel pattern for a more extended period.
On the other hand, a drop below the support line indicates that bulls have lost their edge, opening the way for a decline to $175.
Dogecoin Price Forecast
Dogecoin (DOGE) has been maintaining support at the 50-day SMA ($0.24); however, the inability to initiate a solid bounce indicates weak demand at higher levels.
Bears will attempt to push the price to the uptrend line, which is a critical support level to monitor. If the price rebounds from the uptrend line and breaks above the moving averages, it indicates that the ascending triangle pattern is intact. The DOGE/USDT pair may then rise to $0.27 and later to $0.29.
Alternatively, a break and close below the uptrend line would invalidate the bullish thesis, implying that the Dogecoin price might continue to fluctuate between $0.14 and $0.29 for several more days.
Cardano Price Forecast
Buyers attempted to push Cardano (ADA) above the moving averages on Wednesday, but bears maintained their position.
Sellers will likely attempt to push the price to the support line of the descending channel, which is where buyers are anticipated to step in.
Alternatively, if the Cardano price bounces from its current level and breaks above the moving averages, it suggests a buying opportunity. This would increase the likelihood of a rally above the resistance line. If successful, the ADA/USDT pair could initiate an upward movement to $0.95 and eventually to $1.02.
Related: XRP Whales Offload $50M Daily: Will This Impact Prices?
Hyperliquid Price Forecast
Hyperliquid (HYPE) turned downward from the 20-day EMA ($47.26) on Thursday and fell below the $43 support level, indicating negative sentiment.
If the price continues to hold below $43, the HYPE/USDT pair might decline to the $39.68 mark. This is a key level because closing below $39.68 will complete a bearish head-and-shoulders pattern, potentially initiating a downtrend to $35.50 and subsequently $32.
Buyers will need to drive Hyperliquid prices above the moving averages to signal a recovery. Upside momentum could accelerate once buyers manage to push the price above the $51.87 resistance.
Chainlink Price Forecast
Chainlink (LINK) is finding it challenging to break above the resistance line, but a positive aspect is that bulls haven’t given up much ground to bears.
Bulls will attempt to breach this overhead barrier once more. Should they succeed, it would imply an end to the corrective phase. The Chainlink price may then rally to $25.64 and later to $27.
This optimistic outlook would be negated if the price declines and breaks below $21, keeping the LINK/USDT pair within a descending channel for an extended period.
Sui Price Forecast
Sui (SUI) is currently trading within a falling wedge pattern, which is generally perceived as a bullish indicator if a breakout occurs to the upside.
Bulls and bears are locked in a fierce contest around the moving averages. If buyers successfully push and maintain prices above these moving averages, the SUI/USDT pair could reach the downtrend line. Sellers are anticipated to defend this downtrend line aggressively, as breaching it would provide a pathway for a rally to $4, and then possibly to $4.44.
Conversely, a downward movement below $3.30 would indicate that bears are regaining control, causing the Sui price to potentially drop to the support line.
This article does not provide investment advice or recommendations. Every investment and trading action carries risk; readers should perform their own due diligence before making any decisions.
