Highlights:
Bitcoin bulls are striving to keep the price above $107,000, while sellers are still applying pressure.
The recovery in leading altcoins has stalled, indicating ongoing selling during minor price increases.
Buyers have succeeded in maintaining Bitcoin (BTC) above the crucial $107,000 support level, but the absence of a strong rebound hints at continued bearish pressure. Short-term uncertainty has left analysts divided regarding BTC’s next move.
Geoff Kendrick, Standard Chartered’s global head of digital assets research, informed Cointelegraph that BTC is positioned to reach $200,000 by the end of 2025. He believes investors will view the recent drop as a buying opportunity, which could drive BTC prices higher.
Conversely, veteran trader Peter Brandt compares BTC’s chart pattern to that of the 1970s soybean market, which saw a 50% drop after supply outstripped demand. Brandt mentioned to Cointelegraph that BTC appears to be forming a broadening top chart pattern, known for indicating market tops, which could lead the price down to approximately $60,000.
What critical support levels should be monitored for BTC and major altcoins? Let’s dive into the charts of the top 10 cryptocurrencies to find out.
Bitcoin Price Forecast
BTC experienced a sharp rally on Tuesday, but bears curtailed the recovery at the 50-day simple moving average ($114,137).
Sellers will attempt to strengthen their position by driving the Bitcoin price below the $107,000 support. If they succeed, the risk of a decline to the psychological support level of $100,000 increases. Buyers are likely to defend the $100,000 level vigorously since a failure to do so could initiate a new downtrend.
The initial sign of strength will occur with a break and close above the $116,000 level, suggesting that the BTC/USDT pair might fluctuate within the range of $107,000 to $126,199 for a while longer.
Ether Price Forecast
Ether (ETH) declined from the 20-day exponential moving average ($4,062) on Tuesday, indicating that bears are selling during minor rallies.
Bears will aim to lower the Ether price beneath the support line of the descending channel pattern. Should they succeed, selling could intensify, and the ETH/USDT pair risks dropping to $3,350.
Buyers must push the price above the moving averages to suggest that the pair could remain within the channel longer. The bulls will gain an advantage with a close above the resistance line.
BNB Price Forecast
BNB (BNB) has been moving between the moving averages since Friday, indicating a fierce battle between bulls and bears.
The declining 20-day EMA ($1,122) and the RSI in negative territory suggest a slight advantage for the bears. A close below the 50-day SMA ($1,041) indicates the start of a new downtrend to $932.
Conversely, a close above the 20-day EMA signals that bulls have overpowered bears, opening doors for a relief rally to the 50% Fibonacci retracement level of $1,198.
XRP Price Forecast
XRP’s (XRP) rebound from the $2.30 support faded at the 20-day EMA ($2.55) on Tuesday, indicating a negative sentiment.
Bears will seek to capitalize on their advantage by pulling the XRP price below the $2.19 support level. If successful, the XRP/USDT pair may drop to $2.06 and then to $1.90.
Buyers must swiftly push the price above the 20-day EMA to indicate a recovery. The pair could then rise to the 50-day SMA ($2.79) and later to the downtrend line. A close above the downtrend line would indicate the end of the corrective phase, potentially allowing the price to rise towards $3.38.
Solana Price Forecast
Solana (SOL) declined from the 20-day EMA ($198) on Tuesday, indicating that bears are striving to keep control.
The SOL/USDT pair could drop to the support line of the descending channel pattern, where buyers are expected to step in. Bulls will need to push the Solana price above the 20-day EMA to maintain the pair’s position within the channel longer. A new upward movement may begin with a close above the resistance line.
Sellers, however, could have other plans. They may attempt to push the price below the support line. If they succeed, the pair could fall to $155 and subsequently to $145.
Dogecoin Price Forecast
Dogecoin (DOGE) couldn’t surpass the 20-day EMA ($0.21), suggesting bears are selling during minor rallies.
The Dogecoin price could fall to $0.18, which is a crucial support level to monitor. Should bears successfully push the DOGE/USDT pair below $0.18, the next target could be $0.16 and eventually $0.14.
On the contrary, if the price sharply rises and breaks above the 20-day EMA, it would imply that selling pressure is diminishing. The pair could then climb to the 50-day SMA ($0.23) and later to the strong overhead resistance at $0.29.
Cardano Price Forecast
Cardano’s (ADA) recovery attempt fell short of even reaching the 20-day EMA ($0.70), reflecting a lack of demand at higher levels.
Bears will aim to enhance their advantage by pushing the Cardano price below the $0.59 support. If they succeed, the ADA/USDT pair may plummet to the critical support at $0.50. Buyers are expected to defend the $0.50 level vigorously, as a close below it could pave the way for a decline to $0.40.
This bearish outlook will be invalidated short-term if the price rebounds and rises above the breakdown level of $0.75. The pair could then rise to the downtrend line.
Related: BNB price analysis: Here’s why bulls must hold $1K
Hyperliquid Price Forecast
Hyperliquid (HYPE) retreated from the neckline of the head-and-shoulders pattern, indicating that bears remain dominant.
The declining 20-day EMA ($40.09) and the RSI in the negative zone suggest potential for further decline. Support exists at $33.28, but if this level fails, the HYPE/USDT pair might decrease to $30.50 and subsequently to $28.
Bulls must push and maintain the Hyperliquid price above the neckline to indicate that selling pressure is receding. The pair could then rally to the 50-day SMA ($46.42) and subsequently to $51.
Chainlink Price Forecast
Chainlink (LINK) neared the support line of the descending channel pattern after buyers could not drive the price above the 20-day EMA ($19.02).
Sellers will aim to drive the price below the support line and retest the $15.43 level. Repeated testing of a support level can weaken it. If $15.43 is breached, the Chainlink price may drop to $12.73.
Bulls must sustain the price above the 20-day EMA to indicate strength. The LINK/USDT pair could then rise to the resistance line, where bears are likely to sell aggressively.
Stellar Price Forecast
Bears halted Stellar’s (XLM) relief rally near the 20-day EMA ($0.34) on Tuesday, signaling negative sentiment.
The XLM/USDT pair is at risk of falling to $0.29, a critical support level to monitor. If $0.29 breaks down, the selling may accelerate, potentially bringing Stellar’s price down to $0.25.
Buyers must push and sustain the price above the breakdown level of $0.34 to signal strength. The pair could then rise to the downtrend line, where bears are likely to exert significant pressure. A close above the downtrend line suggests a potential trend shift.
This article does not constitute investment advice or recommendations. All investments and trading actions carry risk, and readers should conduct their own research before making any decisions.
