Key points:
The inability of bulls to keep Bitcoin above $94,050 has reignited selling pressure, allowing for a potential decline to $87,700 and subsequently to $84,000.
Most leading altcoins continue to struggle, posing a threat to their recent lows.
Bitcoin (BTC) is currently trapped in a narrow range between $94,588 and $89,260, suggesting uncertainty between bulls and bears. Prediction markets indicate only a 30% chance of BTC reaching $100,000 before January 1.
Crypto analyst Darkfost notes that BTC is finding it hard to recover due to a lack of new liquidity, particularly from stablecoins. The crypto market must attract new liquidity for BTC to initiate a “real bullish trend.”
Select analysts are forecasting BTC to dip below the recent low of $80,600. Trader Roman expressed on X that BTC might decline to $76,000, suggesting that decreasing interest rates won’t avert this.
What are the pivotal support and resistance levels for BTC and major altcoins? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price prediction
BTC’s recovery faces resistance at the 50% Fibonacci retracement level of $94,050, implying active selling from bears at higher levels.
Support is at $87,700, followed by $84,000. A decline below $84,000 could lead to a retest of the November 21 low at $80,600.
Buyers must propel Bitcoin above the $94,050 resistance to confirm strength. The BTC/USDT pair could then rise towards the 50-day simple moving average ($97,411).
However, any upward movement may encounter substantial selling in the range between the 50-day SMA and the psychological $100,000 mark. A close above $100,000 would signal a resurgence of bullish momentum.
Ether price prediction
Ether (ETH) retreated from the $3,350 mark on Thursday, with bears aiming to keep prices below the 20-day exponential moving average ($3,125).
If they succeed, this may suggest ongoing bearish sentiment on rallies. The Ether price could descend to $2,907 and subsequently to $2,716. The ETH/USDT pair might continue its downtrend if it closes below $2,623.
Conversely, if the price bounces from the current level and surpasses the $3,350 resistance, it could indicate the beginning of a new upward trend. The pair might then rise to $3,918 and further to $4,250.
BNB price prediction
BNB (BNB) has been hovering near the 20-day EMA ($892) in recent days, reflecting a balance between buyers and sellers.
The flat 20-day EMA and the RSI just below the midpoint indicate a range-bound movement between $791 and $1,020 in the coming days.
Sellers will need to push the BNB price below $791 to initiate another downtrend. The BNB/USDT pair may then drop to $730. Conversely, a close above $1,020 would signal the end of the correction, potentially leading to a rally towards $1,182, which may pose resistance.
XRP price prediction
XRP (XRP) remains trapped in a descending channel, indicating that bearish control persists.
For bulls to regain strength, they must drive the XRP price above the 50-day SMA ($2.25). The XRP/USDT pair could then rise to the downtrend line, a crucial level to monitor. A closure above this line would indicate bullish resurgence.
To clear the path for a decline to the support line and subsequently to the critical level at $1.61, bearish players need to push the price below $1.98.
Solana price prediction
The long tail on Solana’s (SOL) candlestick from Thursday shows that bulls are fiercely protecting the $126 level.
Bulls need to push the Solana price above the 50-day SMA ($152) to indicate a possible trend reversal soon. The SOL/USDT pair might then climb to $172 and later $190.
Conversely, a break and close below the $126 level could signal the resumption of the downtrend, with the potential for a drop to $100 and then to strong support at $95.
Dogecoin price prediction
Dogecoin (DOGE) declined from the 20-day EMA ($0.14) on Wednesday, showing that bears are selling at minor rallies.
If the price continues its decline and closes below $0.13 support, this would indicate the initiation of a new downward move. The DOGE/USDT pair could subsequently plunge to the October 10 low of $0.10, a level likely to attract buyers.
The first sign of bullish strength will be a break and close above the 20-day EMA, indicating that bulls are vigorously defending the $0.14 level. The Dogecoin price may then rise to the 50-day SMA ($0.16) and potentially to $0.19.
Cardano price prediction
Cardano (ADA) declined from the breakdown level of $0.50 on Wednesday, showing that bears are attempting to convert that level into resistance.
The flat 20-day EMA ($0.44) and RSI in negative territory provide a slight advantage to bears. Support exists at $0.40 and then at $0.37. If sellers manage to push Cardano below $0.37, the ADA/USDT pair could fall to $0.31 and potentially to the intraday low of $0.27 on October 10.
Buyers must maintain the price above the $0.50 level for a potential recovery, which might lead to a rally to $0.60 and later to $0.70.
Related: Ether price rallied 260% last time this happened: Can ETH reach $5K?
Bitcoin Cash price prediction
Bitcoin Cash (BCH) rebounded from the 20-day EMA ($560) on Thursday, signaling a positive outlook.
Bulls will attempt to push the Bitcoin Cash price above the $607 level to target the overhead resistance at $651. Sellers are expected to fiercely defend the $651 level, as a breakout could pave the way for a rally to $720.
Bears will need to drive prices below the moving averages to regain control. If successful, it indicates that the BCH/USDT pair could trade within the range of $607 to $443 for a while.
Hyperliquid price prediction
Sellers tried to lower Hyperliquid (HYPE) on Thursday, but the long tail on the candlestick indicates buyers stepping in.
The HYPE/USDT pair may reach the 20-day EMA ($31.91), which is a critical level to monitor. If the price declines sharply from the 20-day EMA, bears may attempt to push the downtrend further.
Conversely, breaking above the 20-day EMA would indicate diminishing selling pressure. The Hyperliquid price could then climb to the 50-day SMA ($37.23). Closing above the 50-day SMA would suggest the end of the corrective phase.
Chainlink price prediction
Chainlink (LINK) has been oscillating between moving averages for several days, signaling a balance of supply and demand.
This narrow trading range could soon be followed by a wider range expansion. A break and close above the 50-day SMA ($14.71) would signal bullish dominance over bears. The LINK/USDT pair could then rise to $19.06.
Alternatively, a significant dip below the 20-day EMA ($13.84) would suggest bearish control, with potential declines to solid support at $10.94, where buyers are expected to enter.
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. While we strive to provide accurate and timely information, Cointelegraph does not guarantee the accuracy, completeness, or reliability of any information in this article. This article may contain forward-looking statements that are subject to risks and uncertainties. Cointelegraph will not be liable for any loss or damage arising from your reliance on this information.
