Key points:
Bitcoin’s recovery is encountering selling pressure at higher levels, indicating continued bear control.
Many altcoins have declined from their resistance levels, suggesting selling during rallies.
Bitcoin’s (BTC) recovery is facing selling pressure during rallies; however, bulls are trying to establish a higher low near $109,500. Lower levels are attracting buyers, evident from the net inflows into US spot BTC and Ether exchange-traded funds (ETFs) on Tuesday after net outflows on Monday. According to SoSoValue data, BTC ETFs recorded $102.58 million in inflows, while ETH ETFs saw $236.22 million in net inflows.
Despite the recent market fluctuations, analysts predict BTC will perform well in October. Economist Timothy Peterson mentioned in an X post that historically, a significant portion of BTC’s gains in October occurs in the latter half of the month.
In addition to seasonal factors, another bullish indicator is the potential end of quantitative tightening as indicated by US Federal Reserve Chair Jerome Powell. BitMEX co-founder Arthur Hayes stated in an X post that with quantitative tightening concluding, it’s time to engage in aggressive buying.
Trader Peter Brandt issued a warning, suggesting that BTC might experience a significant shakeout before reaching new all-time highs.
What key support and resistance levels should we monitor for BTC and major altcoins? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price prediction
BTC declined from the 20-day exponential moving average (EMA) ($115,945) on Tuesday, signaling negative sentiment as rallies are being sold off.
The bears will attempt to strengthen their position by pushing the price down to the $107,000 support. Buyers are anticipated to defend the $107,000 level vigorously, as closing below it would form a double-top pattern. The BTC/USDT pair could drop to $100,000 and eventually reach the target of $89,526.
This negative outlook will be invalidated if Bitcoin’s price turns upward and closes above the moving averages, indicating a potential consolidation within the $107,000 to $126,199 range for a while.
Ether price prediction
Ether’s (ETH) recovery is facing significant resistance at the 20-day EMA ($4,227), suggesting bears are in control.
Sellers are striving to lower the Ether price to the support line. If the price rebounds from this line and surpasses the 20-day EMA, it indicates that the ETH/USDT pair may remain within the descending channel pattern for some time.
On the upside, a break and close above the resistance line suggests that the corrective phase may be concluding. The pair could then test the all-time high at $4,957 before starting the subsequent leg of the uptrend toward $5,665.
BNB price prediction
BNB’s (BNB) inability to hold above $1,350 on Monday likely attracted profit-taking from short-term traders, resulting in a drop to the 20-day EMA ($1,155) on Tuesday.
The bulls are attempting to defend the 20-day EMA, but the bearish divergence pattern on the relative strength index (RSI) suggests that bullish momentum is waning. If the BNB price declines and closes below the 20-day EMA, it indicates a deeper correction toward the 50-day simple moving average ($1,008).
Conversely, if the price rebounds from the 20-day EMA or $1,073, it indicates demand at lower levels. This may lead to a range formation soon. The BNB/USDT pair could fluctuate between $1,073 and $1,375 for several days.
XRP price prediction
XRP’s (XRP) recovery stalled near the breakdown level of $2.69 on Monday, indicating bears are selling during rallies.
The bears will try to bring the price down to the $2.30 support, a crucial near-term level. If the price falls below $2.30, the XRP/USDT pair could decrease to $2.
The first sign of strength would be a close above $2.69, suggesting reduced selling pressure. The XRP price could then rise to the downtrend line, where bears are expected to engage again.
Solana price prediction
Solana (SOL) re-entered the descending channel pattern on Monday, but bears halted the relief rally at the 20-day EMA ($210) on Tuesday.
The $190 level is a key near-term support to watch. If the price declines further and breaks below $190, it signals that bears are in control. The Solana price could then drop to $168.
In contrast, if the price rebounds and crosses above the moving averages, it would signify that bulls are regaining control. The SOL/USDT pair could then rise to $238 and eventually $260.
Dogecoin price prediction
Dogecoin (DOGE) continues within the extensive $0.14 to $0.29 range, indicating buying near support and selling near resistance.
The price action within the range is likely to be erratic and volatile. The downward-sloping 20-day EMA ($0.23) and the RSI near 40 suggest a slight advantage for bears. If the price declines and breaks below $0.18, the DOGE/USDT pair could drop to $0.16. Buyers are expected to defend the $0.14 to $0.16 zone vigorously.
The short-term advantage will shift to the bulls if they push Dogecoin’s price above the moving averages, allowing the pair to climb to $0.29.
Cardano price prediction
Cardano’s (ADA) recovery is encountering selling at the breakdown level of $0.75, indicating that bears are active at higher levels.
Sellers will attempt to lower the price to the $0.60 support level, which is likely to attract buyers. If the price rebounds from the $0.60 level, it indicates that bulls are still active and buying on dips. The ADA/USDT pair might then trade within a range between $0.60 and $0.75 for a while.
Bulls must push the price above the 20-day EMA ($0.77) to weaken bearish momentum. A new upward move could be signaled once buyers drive the pair above the downtrend line.
Related: Bitcoin to $74K? Hyperliquid whale opens new 1,240 BTC short
Hyperliquid price prediction
Hyperliquid (HYPE) declined from the 20-day EMA ($43.88) on Tuesday, indicating that rallies are being sold off.
The $35.50 level is critical near-term support to monitor. If the price holds above $35.50, it suggests that selling pressure is easing. The bulls will then likely make another attempt to breach the overhead resistance at the 20-day EMA. If successful, the Hyperliquid price could surge toward $52.
Alternatively, a break and close below $35.50 signals negative sentiment, potentially causing the HYPE/USDT pair to drop to $30.50.
Chainlink price prediction
Chainlink (LINK) re-entered the descending channel pattern on Sunday, but the recovery is facing resistance around the 20-day EMA ($20.64).
Sellers are attempting to push the Chainlink price below the support line. If successful, selling could intensify, and the LINK/USDT pair may drop to $15.43, setting the stage for a significant range between $10.94 and $27.
Buyers need to drive the price above the resistance line to suggest the corrective phase is ending. The pair could then rise toward the strong overhead resistance at $27.
Stellar price prediction
Stellar (XLM) is experiencing a tough contest between the bulls and bears at the breakdown level of $0.34.
The XLM/USDT pair has formed an inside-day candlestick pattern, indicating uncertainty among bulls and bears. Sellers will take control if the price declines and falls below $0.31, leading to a potential downturn to $0.25.
Conversely, if the price breaks and closes above the moving averages, it suggests that bulls are re-entering the market. The upward move may gain momentum once the Stellar price exceeds the downtrend line.
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.
