Important Highlights:
The inability of Bitcoin to surpass $118,000 could have incited profit-taking from short-term traders, leading to a decline toward $107,000.
Multiple major altcoins have retraced from their resistance levels, indicating ongoing selling pressure from bears during price rallies.
Bitcoin (BTC) bulls are striving to maintain the price above $111,000, but bearish pressure persists. Glassnode highlighted in its recent Weekly Market Impulse report that BTC’s recent rebound lacked increased participation, suggesting a “possible consolidation phase.”
A cautious outlook was shared by 10x Research, a crypto market intelligence firm, which indicated that the current BTC bull market cycle may not extend beyond the typical four-year cycle, as the price has become too high for sustained retail investment. The firm estimated a cycle top at $125,000 based on its research methodology.
BTC is currently trapped within a broad range, but a slight advantage lies with bulls as investors continue to purchase spot BTC exchange-traded funds (ETFs). According to data from Farside Investors, BTC ETFs have seen net inflows of $462.6 million over the last four days.
What are the essential support and resistance levels to monitor for BTC and the main altcoins? Let’s analyze the charts of the top 10 cryptocurrencies to gain insights.
Bitcoin Price Forecast
BTC’s inability to remain above the 50-day simple moving average ($114,278) has drawn sellers, driving the price below the 20-day exponential moving average ($112,347).
If the price closes below the 20-day EMA, bears will attempt to drag the BTC/USDT pair down to the critical support at $107,000. Buyers are anticipated to defend the $107,000 mark vigorously, as a drop below it would complete a double-top pattern, potentially plunging Bitcoin’s price to $100,000.
The $118,000 level stands as a crucial resistance point on the upside. A breakthrough and closure above this level could drive the pair towards the all-time high of $126,199.
Ether Price Forecast
Ether (ETH) retreated from the 50-day SMA ($4,220) on Monday, indicating active bearish pressure at higher levels.
Sellers are working to pull the price down to the support line of the descending triangle pattern, a crucial level to monitor. A break and closure below this support line could decrease the Ether price to $3,350.
Bulls will need to drive the price above the 50-day SMA to indicate strength. If successful, the ETH/USDT pair could climb towards the resistance line, where sellers are likely to offer robust resistance. Buyers must surpass the barrier at the resistance line to signal the potential for the next upward move.
BNB Price Forecast
BNB (BNB) retraced from the 38.2% Fibonacci retracement level of $1,156 on Monday, but a minor positive is that bulls defended 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 bulls or bears. If the price declines and breaks below the 50-day SMA, it would signal the beginning of a deeper correction to $1,021 and later to $932, suggesting that the BNB/USDT pair may have peaked in the short term.
Conversely, a break and closure above $1,156 would indicate strong buying interest at lower levels, potentially leading the BNB price to surge towards the 61.8% retracement level of $1,239.
XRP Price Forecast
XRP (XRP) has been fluctuating between the breakdown level of $2.69 and the 20-day EMA ($2.56) in recent days.
This tight range trading is likely to precede a range expansion. If the price declines and breaks below the 20-day EMA, it implies that bears have taken control over bulls, potentially leading the XRP price down to $2.20.
On the other hand, a breakthrough and closure above $2.69 would propel the XRP/USDT pair toward the downtrend line. Sellers are expected to defend this downtrend line stringently, as a breakthrough would open the path for a rally to $3.20 and then $3.38.
Solana Price Forecast
Buyers succeeded in pushing Solana (SOL) above the 20-day EMA ($196) on Sunday but are struggling to maintain those elevated levels.
The flat 20-day EMA and the RSI near the midpoint suggest a balance between supply and demand. If the price closes above the 20-day EMA, the SOL/USDT pair could rally to the resistance line. Buyers will need to push the price above this resistance line to gain momentum.
Alternatively, if the price declines and breaks below $190, it would indicate that bears are in command. The pair might then drop to $177 and ultimately to the support line of the channel.
Dogecoin Price Forecast
Dogecoin (DOGE) faced resistance at the $0.21 mark on Monday, indicating aggressive selling by bears at this level.
Bears will aim to press their advantage by driving the Dogecoin price below the $0.17 level. Should they succeed, the DOGE/USDT pair could fall to the crucial support at $0.14. Buyers are expected to defend the $0.14 support level vigorously, as a breach could set the stage for a retracement to $0.10.
The initial sign of strength would be a close above $0.21. If that occurs, the pair could rise to the 50-day SMA ($0.23) and eventually reach $0.27.
Cardano Price Forecast
Cardano (ADA) pulled back from the 20-day EMA ($0.68) on Monday, suggesting negative sentiment persists.
Bears will attempt to lower the Cardano price below the $0.59 support. If they manage to execute this, the ADA/USDT pair could plunge toward the vital support level at $0.50. Buyers are anticipated to mount a fierce defense at the $0.50 mark.
On the upside, a break and close above the 20-day EMA would indicate a bullish comeback attempt. The pair could then rally to the breakdown level of $0.75 and subsequently towards the downtrend line.
Related: Bitcoin dips at $113K as S&P 500 reaches new all-time high ahead of Fed rate move
Hyperliquid Price Forecast
Buyers have successfully kept Hyperliquid (HYPE) above the 50-day SMA ($45.95), demonstrating strength.
Buyers will aim to strengthen their position by pushing the Hyperliquid price above the $51.50 overhead resistance. If successful, the HYPE/USDT pair may retest the all-time high at $59.41.
Sellers are likely to have alternative strategies in mind, attempting to defend the $51.50 level and drive the price below the 20-day EMA ($42.64). If they succeed, the pair could plummet towards crucial support at $35.50.
Chainlink Price Forecast
Chainlink (LINK) declined from the 20-day EMA ($18.52), suggesting that bears are actively selling on rallies.
Bears will try to bring the Chainlink price down to $16.71, followed by the strong support at $15.43, where buyers are expected to intervene.
If the price turns around from the current level and surpasses the 20-day EMA, it would indicate diminishing selling pressure. The LINK/USDT pair could then rally to the resistance line, where buyers will need to maintain the price above it to signal that the correction phase may be concluding.
Bitcoin Cash Price Forecast
Bitcoin Cash (BCH) has reached the resistance line of the falling wedge pattern, where bears are putting up a significant challenge.
The upsloping 20-day EMA ($527) and the RSI in positive territory indicate that the path of least resistance leans upward. A closure above the resistance line could lead to a rally towards $615 and then $651.
Sellers need to quickly pull the Bitcoin Cash price back below the 20-day EMA to regain control. If they succeed, the BCH/USDT pair could drop towards the strong support level at $450.
This article does not offer investment advice or recommendations. Each investment and trading decision involves risk, and readers should carry out their own research before making any decisions.
