Key points:
Bitcoin’s inability to exceed $118,000 may have led to profit-taking by short-term traders, causing a decline towards $107,000.
Many prominent altcoins faced resistance at their overhead levels, suggesting that bears remain active sellers on price increases.
Bitcoin (BTC) bulls are trying to keep the price above $111,000, yet selling pressure from bears persists. Glassnode indicated in its latest Weekly Market Impulse report that BTC’s recent bounce lacked broader participation, hinting at a “potential consolidation phase.”
A cautious perspective came from 10x Research, which noted that BTC’s current bull market cycle may not extend beyond the typical four-year cycle, as BTC has become too pricey for sustained retail investments. Their analysis forecasts a cycle peak of $125,000.
BTC remains locked within a broad range, but a positive note for bulls is that investors are still purchasing spot BTC exchange-traded funds. According to data from Farside Investors, the BTC ETFs have seen net inflows of $462.6 million over the last four days.
What critical support and resistance levels should we monitor in BTC and the major altcoins? Let’s assess the charts of the top 10 cryptocurrencies to uncover the insights.
Bitcoin price prediction
BTC’s inability to remain above the 50-day simple moving average ($114,278) led to selling, pulling the price below the 20-day exponential moving average ($112,347).
If the price closes below the 20-day EMA, bears will aim to drag the BTC/USDT pair down to the crucial support level at $107,000. Buyers are anticipated to defend the $107,000 mark vigorously, as a drop below would complete a double-top pattern, potentially leading Bitcoin to fall to $100,000.
The $118,000 level remains a significant resistance to monitor on the upside. A breakthrough and close above this could elevate the pair towards its all-time high of $126,199.
Ether price prediction
Ether (ETH) faced rejection at the 50-day SMA ($4,220) on Monday, indicating active selling at higher levels.
Sellers are trying to push the price down to the support line of the descending triangle pattern, a critical level to monitor. A break and close below this support line may lead to Ether pricing dropping to $3,350.
Bulls must elevate the price above the 50-day SMA to indicate strength, potentially allowing the ETH/USDT pair to rise toward the resistance line where sellers will likely challenge them strongly. Overcoming the barrier at this resistance line is necessary to denote the onset of the next bullish phase.
BNB price prediction
BNB (BNB) faced rejection at the 38.2% Fibonacci retracement level of $1,156 on Monday, but bears were unable to push below the 50-day SMA ($1,076) on Tuesday.
The flat 20-day EMA ($1,119) and the RSI near the midpoint indicate no clear advantage for either bulls or bears. If the price declines and breaks below the 50-day SMA, it would suggest the onset of a deeper correction to $1,021 and eventually to $932, implying that the BNB/USDT pair may have hit a short-term peak.
Conversely, a breakthrough and close above $1,156 would signify strong buying interest at lower prices, possibly sending the BNB price up to the 61.8% retracement level of $1,239.
XRP price prediction
XRP (XRP) has been fluctuating between the breakdown level of $2.69 and the 20-day EMA ($2.56) for several days.
This tight trading range is likely to be followed by an expansion. If the price declines and breaks below the 20-day EMA, it would indicate that bears have overpowered bulls, and the XRP price might fall to $2.20.
Conversely, a breakthrough and close above $2.69 could push the XRP/USDT pair to the downtrend line. Sellers are expected to fend off the downtrend line vigorously, as a break above may lead to a surge to $3.20 and then $3.38.
Solana price prediction
Buyers managed to elevate Solana (SOL) above the 20-day EMA ($196) on Sunday but face challenges in maintaining these higher levels.
The flat 20-day EMA and the RSI near the midpoint signify a balance between supply and demand. A close above the 20-day EMA could see the SOL/USDT pair rise to the resistance line, where buyers must push the price above to gain traction.
If the price declines and breaks below $190, it suggests bears are in control, potentially leading the pair down to $177 and eventually to the support line of the channel.
Dogecoin price prediction
Dogecoin (DOGE) faced rejection at the $0.21 overhead resistance on Monday, indicating that bears are aggressively defending that level.
Bears will aim to gain an advantage by pulling the Dogecoin price below the $0.17 mark. If successful, the DOGE/USDT pair could decline to critical support at $0.14. Buyers are expected to defend this level forcefully, as a break below would clear the way for a retest of $0.10.
The first sign of strength would be a close above $0.21. If achieved, the pair could climb to the 50-day SMA ($0.23) and potentially to $0.27.
Cardano price prediction
Cardano (ADA) declined from the 20-day EMA ($0.68) on Monday, signaling persistent negative sentiment.
Bears will attempt to push the Cardano price below the $0.59 support; if successful, the ADA/USDT pair could plummet toward the vital support at $0.50. Buyers are anticipated to fiercely defend this level.
On the upside, a breakthrough and close above the 20-day EMA would suggest bulls are trying to reclaim momentum. The pair could then rally to the breakdown level of $0.75 and subsequently to the downtrend line.
Related: Bitcoin slips at $113K as S&P 500 hits new all-time high into Fed rate move
Hyperliquid price prediction
Buyers have sustained Hyperliquid (HYPE) above the 50-day SMA ($45.95), indicating bullish momentum.
Buyers will seek to bolster their position by pushing the Hyperliquid price above the $51.50 overhead resistance; if accomplished, the HYPE/USDT pair could retest the all-time high at $59.41.
However, sellers are likely to mount a defense. They will try to hold the price below the 20-day EMA ($42.64) and, if successful, the pair could plunge to crucial support at $35.50.
Chainlink price prediction
Chainlink (LINK) faced resistance at the 20-day EMA ($18.52), indicating active selling on rallies by bears.
Bears will try to drag the Chainlink price down to $16.71 and subsequently to strong support at $15.43, where buyers are expected to step in.
On the other hand, if the price bounces back from the current level and breaks above the 20-day EMA, it would indicate reduced selling pressure. The LINK/USDT pair could then rally towards the resistance line, requiring buyers to maintain prices above it to signal the end of the correction.
Bitcoin Cash price prediction
Bitcoin Cash (BCH) has approached the resistance line of the falling wedge pattern, where sellers are mounting a strong challenge.
The rising 20-day EMA ($527) and the RSI in positive territory suggest the path of least resistance is upward. A close above the resistance line would open doors for a rally to $615 and then $651.
However, sellers will need to quickly pull the Bitcoin Cash price back below the 20-day EMA to reclaim control, potentially driving the BCH/USDT pair down toward strong support at $450.
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.
