Key points:
Bitcoin is expected to experience significant fluctuations following the Fed’s rate decision, yet the price may stay within the broad $107,000 to $124,474 range for an extended period.
Most altcoins, with the exception of BNB, have retraced, indicating that traders are reducing their risks ahead of today’s FOMC meeting.
Bitcoin (BTC) is encountering selling pressure near $117,500, though a positive indication is that bulls are attempting to keep the price above $115,500. The cryptocurrency markets may see increased volatility after the Federal Open Market Committee’s interest rate decision on Wednesday.
The CME FedWatch tool reveals a 94% chance of a 25-bps rate cut, while the remaining 6% expect a 50-bps reduction. Analysts have differing views on BTC’s short-term price movements. Crypto analyst Jelle suggested on X that BTC might gradually rise towards the all-time high. Conversely, analyst Ted stated on X that BTC could drop to $104,000 or even $92,000 before climbing to a new all-time high.
Fundstrat co-founder and BitMine Chairman Tom Lee mentioned on CNBC that BTC and Ether (ETH) could “make a monster move in the next three months…huge.” He noted that the Fed’s rate reduction after a prolonged pause, coupled with strong seasonality, could fuel a rally in BTC and ETH.
What key support and resistance levels should be monitored for BTC and major altcoins? Let’s review the charts of the top 10 cryptocurrencies to explore.
Bitcoin price prediction
BTC has been fluctuating between the 50-day simple moving average (SMA) ($114,320) and resistance at $117,500 over the last few days.
The rising 20-day exponential moving average (EMA) ($113,919) and the relative strength index (RSI) in positive territory increase the chances of a breakout above $117,500. If successful, the BTC/USDT pair might climb to $120,000 and subsequently to $124,474.
This optimistic perspective could be undermined if the price drops below the 20-day EMA, suggesting Bitcoin could remain within the $107,000 to $117,500 range a bit longer. Bears will regain control with a close below $107,000.
Ether price prediction
Ether has retraced to the 20-day EMA ($4,450), which is expected to serve as robust support.
If the price rallies sharply from the 20-day EMA, it signals strong buying on dips. Bulls will then aim to push the ETH/USDT pair above the $4,770 to $4,957 resistance zone. If successful, Ether could soar to $5,500. Psychological resistance at $5,000 is expected to be overcome.
Conversely, if the price falls below the 20-day EMA, the next target could be the 50-day SMA ($4,288) and then $4,060. Bears will dominate with a close below the $4,060 support.
XRP price prediction
Buyers are working to keep XRP (XRP) above the moving averages but are struggling to initiate a solid rebound.
Sellers will attempt to assert their position by pulling the price below the 20-day EMA ($2.97). If they succeed, the XRP/USDT pair might decline to solid support at $2.73. Buyers are likely to defend the $2.73 level vigorously, as a close below it will complete a descending triangle pattern, potentially driving the XRP price down to $2.20.
Alternatively, if the price rebounds from current levels and rises above $3.20, it indicates that bulls are regaining control, allowing the pair to move towards $3.40.
BNB price prediction
BNB (BNB) has continued its ascent towards the psychological level of $1,000, suggesting strong bullish sentiment.
Sellers will attempt to halt the advance as the price approaches the $1,000 mark. To weaken bullish momentum, bears will need to pull the BNB price below the 20-day EMA ($897). If they do, the BNB/USDT pair could drop to the 50-day SMA ($847).
On the other hand, if buyers prevent the price from breaking below the 20-day EMA, it signifies solid demand at lower levels, enhancing the prospects of resuming the uptrend towards $1,090.
Solana price prediction
Solana’s (SOL) modest pullback indicates that bulls are not rushing to exit, anticipating another upward leg.
The 20-day EMA ($220) is a critical support level to note on the downside. If the price rebounds from the current level or the uptrend line, it indicates positive sentiment, raising the likelihood of a rally to $260, where bears are expected to enter.
Conversely, a break and close below the 20-day EMA indicates that bulls are exiting their positions. The SOL/USDT pair may then decline to the 50-day SMA ($197). Buyers are likely to defend the 50-day SMA, as a drop below could lead the Solana price to $173.
Dogecoin price prediction
Dogecoin’s (DOGE) retracement is attempting to find support at the $0.26 level, but the inability to initiate a strong bounce suggests weak buying from bulls.
The 20-day EMA ($0.24) is a vital support level to watch. If the price rebounds strongly off the 20-day EMA, bulls will once again aim to push the DOGE/USDT pair above $0.31. If successful, Dogecoin could rise to $0.35 and subsequently to $0.44.
On the flip side, if the price falls below the 20-day EMA, it may decline to the 50-day SMA ($0.22) and later to the solid support at $0.21.
Cardano price prediction
Cardano (ADA) continues to trade within a symmetrical triangle pattern, indicating uncertainty regarding the next move.
The flat 20-day EMA ($0.86) and the RSI around the midpoint show no clear advantage for either bulls or bears. If the price declines further and breaks below the support line, it would indicate a loss of momentum for bulls, potentially dragging the ADA/USDT pair down to $0.68.
Bulls will gain an advantage if they manage to lift the Cardano price above the resistance line, potentially leading the pair to $1.02 and then to $1.17. Sellers are expected to defend the $1.17 to $1.25 zone vigorously.
Related: Ethereum unstaking queue goes ‘parabolic’: What does it mean for price?
Hyperliquid price prediction
Hyperliquid’s (HYPE) pullback is finding support near the 20-day EMA ($51.05), indicating dip buying.
Bulls will aim to push the HYPE/USDT pair above the $57.44 resistance to resume the uptrend. If successful, the Hyperliquid price could surge towards the pattern target of $64.25.
If the price declines and breaks below the $49.88 support, it suggests that bulls are exiting positions, which could lead to a drop to the 50-day SMA ($45.74).
Chainlink price prediction
Chainlink’s (LINK) recovery was halted at $25.64 on Saturday, indicating active sellers at higher levels.
Sellers are attempting to push the price below the key support at the 50-day SMA ($22.40). Buyers are expected to strongly defend the area between the 50-day SMA and the uptrend line.
If the price rebounds from this support zone, bulls will strive to push Chainlink’s price above the downtrend line. If they succeed, the pair may rally to $25.64 and then to $27, where selling pressure is anticipated between $27 and $27.84.
Sui price prediction
Sui (SUI) broke through the downtrend line on Saturday, but bears pushed the price back below the breakout level on Sunday.
Bulls are trying to contain the pullback around the moving averages, but bears are maintaining their selling pressure. If the price falls below $3.45, the SUI/USDT pair could slide to strong support at $3.26. Selling could intensify below $3.11, leading to a decline to $2.80.
Buyers must push the Sui price above $3.89 to demonstrate the bears are losing control, potentially leading the pair to rally towards $4.18.
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.
