Main Highlights:
Bitcoin’s inability to climb past $118,000 likely triggered profit-taking from short-term traders, leading to a decline towards $107,000.
Many significant altcoins have faced resistance at their upper limits, indicating that sellers remain active during price rallies.
Bitcoin (BTC) bulls are striving to keep the price above $111,000, although selling pressure from bears persists. Glassnode’s latest Weekly Market Impulse report noted that the recent BTC recovery lacks increased participation, suggesting a potential “consolidation phase.”
A cautious perspective was shared by crypto market intelligence firm 10x Research, which indicated that BTC’s current bull cycle might not extend beyond the usual four-year timeline, as BTC has become too costly for regular retail purchases. Their research suggests a predicted cycle peak of $125,000.
Bitcoin remains within a broad trading range, though a slight positive trend for bulls is that investors persist in acquiring spot BTC exchange-traded funds. Data from Farside Investors indicates that BTC ETFs have seen net inflows of $462.6 million in the past four days.
What essential support and resistance levels should be monitored for BTC and key altcoins? Let’s analyze the charts of the top 10 cryptocurrencies to uncover this information.
Bitcoin Price Forecast
Bitcoin’s failure to maintain above the 50-day simple moving average ($114,278) led to selling pressure, dragging the price below the 20-day exponential moving average ($112,347).
If the price closes below the 20-day EMA, bears will aim to pull the BTC/USDT pair down to the significant support at $107,000. Buyers are anticipated to defend this level vigorously, as a break below it would confirm a double-top pattern. This could result in a potential drop to $100,000.
The $118,000 mark is a significant resistance level to observe on the upside. A breakout and close above it could advance the pair to the all-time high of $126,199.
Ether Price Forecast
Ether (ETH) declined from the 50-day SMA ($4,220) on Monday, indicating bear activity at elevated price levels.
Sellers aim to pull the price toward the support line of the descending triangle pattern, a crucial level to monitor. A break below this support could bring Ether down to $3,350.
Bulls must push the price above the 50-day SMA to indicate strength, potentially allowing the ETH/USDT pair to rise to the resistance line, where sellers are likely to pose a robust challenge. Buyers will need to surpass this resistance to signal the onset of the next upward movement.
BNB Price Forecast
BNB (BNB) reversed from the 38.2% Fibonacci retracement level of $1,156 on Monday, but a minor positive sign is that bulls supported the 50-day SMA ($1,076) on Tuesday.
The flat 20-day EMA ($1,119) and the RSI near the midpoint provide no clear advantage to either bulls or bears. If the price dips and breaks below the 50-day SMA, it may indicate the start of a deeper correction to $1,021 and subsequently to $932. Such a move would suggest that the BNB/USDT pair might have peaked in the near term.
Conversely, a breakout and close above $1,156 would indicate robust buying at lower levels. The BNB price may then surge to the 61.8% retracement level of $1,239.
XRP Price Forecast
XRP (XRP) has been trading between the breakdown level of $2.69 and the 20-day EMA ($2.56) for several days.
The tight range trading may lead to range expansion. If the price declines and breaches the 20-day EMA, this would suggest bears dominating the bulls. In that case, the XRP price could fall to $2.20.
Conversely, if a breakout and close above $2.69 occur, it could push the XRP/USDT pair toward the downtrend line. Sellers are expected to react strongly to defend this line, as a break above it would open the way for a rally to $3.20 and then $3.38.
Solana Price Forecast
Buyers managed to push Solana (SOL) above the 20-day EMA ($196) on Sunday, but they struggle to hold those elevated levels.
The flat 20-day EMA and an RSI near the midpoint signify an equilibrium between supply and demand. If the price closes above the 20-day EMA, the SOL/USDT pair could rise towards the resistance line. Buyers must break above this resistance to gain momentum.
Alternatively, a decline breaking below $190 would suggest that bears are in control. In such a case, the pair could drop to $177 and ultimately to the channel’s support line.
Dogecoin Price Forecast
Dogecoin (DOGE) reversed from the $0.21 overhead resistance on Monday, indicating that bears are vigorously defending this level.
Bears will attempt to leverage their advantage by driving the Dogecoin price below the $0.17 level. If successful, the DOGE/USDT pair could decline to the crucial support at $0.14. Buyers are expected to protect the $0.14 level fiercely; a break below this would pave the way for a retest of the $0.10 level.
The initial indication of strength will be a close above $0.21. If this occurs, the pair may rise to the 50-day SMA ($0.23) and subsequently to $0.27.
Cardano Price Forecast
Cardano (ADA) declined from the 20-day EMA ($0.68) on Monday, signaling negative sentiment remains.
Bears will attempt to push the Cardano price below the $0.59 support. If they succeed, the ADA/USDT pair could drop towards the vital support at $0.50. Buyers are likely to defend the $0.50 level vigorously.
On the flip side, a breakout and close above the 20-day EMA would suggest bulls are trying to make a comeback, with the pair possibly rallying to the breakdown level of $0.75 and subsequently to the downtrend line.
Related: Bitcoin slips at $113K as S&P 500 reaches new all-time high amid Fed rate adjustments
Hyperliquid Price Forecast
Buyers have kept Hyperliquid (HYPE) above the 50-day SMA ($45.95), indicating strength.
Buyers will strive to strengthen their position by pushing the Hyperliquid price above the $51.50 overhead resistance. If achieved, the HYPE/USDT pair may retest the all-time high at $59.41.
Sellers are likely to oppose this. They will aim to defend the $51.50 level and drag the price below the 20-day EMA ($42.64). If they succeed, the pair could plummet toward the crucial support at $35.50.
Chainlink Price Forecast
Chainlink (LINK) declined from the 20-day EMA ($18.52), indicating bears are selling on upswings.
Bears may try to pull the Chainlink price down to $16.71 and then to the strong support at $15.43, where buyers are likely to step in.
On the other hand, if the price rebounds from the current levels and breaks above the 20-day EMA, it suggests that selling pressure is easing. The LINK/USDT pair could then rally to the resistance line. Buyers will need to maintain the price above this resistance to signal the end of the correction.
Bitcoin Cash Price Forecast
Bitcoin Cash (BCH) has reached the resistance line of the falling wedge pattern, where bears are presenting a strong challenge.
The ascending 20-day EMA ($527) and the RSI in positive territory indicate the path of least resistance is upward. A close above the resistance line could unleash a rally to $615 and then $651.
Sellers will need to quickly bring the Bitcoin Cash price below the 20-day EMA to regain control. The BCH/USDT pair could then descend towards the 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.
