Essential Highlights:
Bitcoin’s inability to surpass $118,000 likely led to profit-taking by short-term traders, triggering a decline to around $107,000.
Many significant altcoins reversed from their upper resistance levels, indicating persistent bearish activity during rallies.
Bitcoin (BTC) bulls are striving to maintain the price above $111,000, but bearish pressure continues to prevail. In its latest Weekly Market Impulse report, Glassnode noted that BTC’s recent rebound lacked strong participation, hinting at a “possible consolidation phase.”
A more cautious perspective was shared by crypto market intelligence firm 10x Research, which suggested BTC’s current bullish cycle may not extend beyond the typical four-year timeline, as it has become too costly for prolonged retail buying. They forecast a cycle peak at $125,000 based on their analytical model.
BTC remains confined within a large range, but a slight advantage for the bulls is that investors continue to acquire spot BTC exchange-traded funds. Per Farside Investors’ data, BTC ETFs have witnessed net inflows totaling $462.6 million over the last four days.
What critical support and resistance levels should be monitored for BTC and major altcoins? Let’s evaluate the charts of the top 10 cryptocurrencies to discover.
Bitcoin Price Forecast
BTC’s failure to hold above the 50-day simple moving average ($114,278) attracted sellers, causing a drop below the 20-day exponential moving average ($112,347).
If the price closes below the 20-day EMA, bears will aim to drag the BTC/USDT pair to the vital support at $107,000. Buyers are anticipated to fiercely defend the $107,000 level, as a breach below it would complete a double-top pattern, potentially leading the Bitcoin price to slump to $100,000.
The $118,000 level stands as a crucial resistance point on the upside. A break and close above it could propel 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, signifying that bears are active at higher price points.
Sellers are attempting to drag the price to the support line of the descending triangle pattern, a key level to monitor. A break and close below this support could send the Ether price down to $3,350.
Bulls must push the price above the 50-day SMA to indicate strength. The ETH/USDT pair could then ascend to the resistance line, where sellers are likely to mount a strong challenge. Buyers will need to overcome this resistance line to trigger the next leg of the uptrend.
BNB Price Forecast
BNB (BNB) faced a downturn from the 38.2% Fibonacci retracement level of $1,156 on Monday; however, a silver lining was that bulls defended the 50-day SMA ($1,076) on Tuesday.
The relatively flat 20-day EMA ($1,119) and RSI near the midpoint indicate no definitive advantage for either bulls or bears. If the price turns down and breaches the 50-day SMA, it would signal the beginning of a deeper correction to $1,021, followed by $932. This movement suggests that the BNB/USDT pair may have peaked recently.
In contrast, a break and close above $1,156 would signify robust buying at lower levels, potentially allowing the BNB price to surge to 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) for several days.
The tight trading range likely indicates an impending expansion. If the price declines and breaks below the 20-day EMA, it implies that bears have overtaken bulls, potentially causing the XRP price to plummet to $2.20.
Conversely, a break and close above $2.69 could push the XRP/USDT pair towards the downtrend line. Sellers are anticipated to vigorously defend this downtrend line, as a break above it may lead to a rally towards $3.20 and subsequently $3.38.
Solana Price Forecast
Buyers successfully elevated Solana (SOL) above the 20-day EMA ($196) on Sunday but are struggling to maintain these higher positions.
The flat 20-day EMA and midpoint RSI indicate a balance between supply and demand. If the price closes above the 20-day EMA, the SOL/USDT pair could advance towards the resistance line. Buyers must push the price above this resistance line to gain momentum.
Alternatively, if the price declines and breaks below $190, it would signify bearish control, potentially leading to a decline to $177 and eventually to the channel’s support line.
Dogecoin Price Forecast
Dogecoin (DOGE) dropped from the overhead resistance of $0.21 on Monday, indicating aggressive bear defense of this level.
The bears will likely attempt to capitalize by pushing the Dogecoin price below $0.17. If they succeed, the DOGE/USDT pair could decline to the crucial support at $0.14. Buyers are expected to stronghold the $0.14 level since a breach below this would pave the way for a retest of $0.10.
A preliminary sign of strength would be closing above $0.21, which could push the pair toward the 50-day SMA ($0.23) and later to $0.27.
Cardano Price Forecast
Cardano (ADA) dipped from the 20-day EMA ($0.68) on Monday, indicating negative sentiment persists.
Bears aim to sink the Cardano price below the $0.59 support; a successful breach might lead the ADA/USDT pair to plunge towards the essential support at $0.50. Buyers are expected to defend this level fiercely.
Alternatively, a break and close above the 20-day EMA would indicate that bulls are staging a comeback. The pair could then rally towards the breakdown level of $0.75 and subsequently to the downtrend line.
Related: Bitcoin dips at $113K as S&P 500 reaches new all-time high amid Fed rate movement
Hyperliquid Price Forecast
Buyers have sustained Hyperliquid (HYPE) above the 50-day SMA ($45.95), indicating strength.
Buyers will aim to strengthen their position by pushing the Hyperliquid price past the overhead resistance at $51.50. Should they achieve that, the HYPE/USDT pair could retest the all-time high at $59.41.
Conversely, sellers are likely to have different plans. They will attempt to defend the $51.50 level and pull the price below the 20-day EMA ($42.64). A successful breach could lead to a drop towards the crucial support at $35.50.
Chainlink Price Forecast
Chainlink (LINK) faced a downturn from the 20-day EMA ($18.52), indicating that bears are selling off during rallies.
Bears will seek to drag the Chainlink price to $16.71, followed by strong support at $15.43, where buyers are expected to intervene.
Alternatively, if the price rebounds from the current level and breaks above the 20-day EMA, it would suggest that selling pressure is waning. The LINK/USDT pair could then rise towards the resistance line. Buyers will need to maintain the price above this resistance line to indicate that the correction phase may be over.
Bitcoin Cash Price Forecast
Bitcoin Cash (BCH) has approached the resistance line of the falling wedge pattern, where bears are providing strong resistance.
The ascending 20-day EMA ($527) and RSI within positive territory signify that the path of least resistance leans upwards. A close above this resistance line would open pathways for a rally to $615 and then $651.
Quick action will be needed from sellers to pull the Bitcoin Cash price back below the 20-day EMA to regain control. If successful, the BCH/USDT pair could decline towards vital support at $450.
This article does not provide investment advice or recommendations. All investment and trading moves entail risk, and readers are encouraged to conduct their own research before making decisions.
