Key points:
Bitcoin’s inability to breach $118,000 may have led to profit-taking by short-term traders, causing a decline towards $107,000.
Many prominent altcoins reversed at their overhead resistance levels, suggesting that sellers remain active during recoveries.
Bitcoin (BTC) bulls are striving to keep the price above $111,000, yet selling pressure from bears persists. Glassnode mentioned in its latest Weekly Market Impulse report that BTC’s recent upturn lacks significant participation, hinting at a “possible consolidation phase.”
A mildly cautious assessment from 10x Research stated that BTC’s current bull cycle might not extend beyond the usual four-year cycle, as BTC prices have escalated beyond sustainable retail demand. The company estimated a cycle peak of $125,000 based on their analysis.
BTC remains trapped within a broad range, but a small positive for bulls is that investors are still purchasing spot BTC exchange-traded funds. According to Farside Investors’ data, the BTC ETFs have seen net inflows of $462.6 million over the past four days.
What are the key support and resistance levels to monitor for BTC and major altcoins? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price prediction
BTC’s struggle to maintain levels above the 50-day simple moving average ($114,278) attracted sellers, pushing the price below the 20-day exponential moving average ($112,347).
If the price drops below the 20-day EMA, bears will attempt to pull the BTC/USDT pair to a crucial support at $107,000. Buyers are anticipated to fiercely defend the $107,000 level; a break below may confirm a double-top pattern, possibly leading to a decline to $100,000.
The $118,000 resistance level is critical to observe on the upside. A breakout and close above it could propel the pair to the all-time high of $126,199.
Ether price prediction
Ether (ETH) declined from the 50-day SMA ($4,220) on Monday, indicating bearish activity at elevated levels.
Sellers are attempting to drive the price to the support line of the descending triangle pattern, marking a crucial level to monitor. A break and close below the support line could sink Ether to $3,350.
Bulls must push the price above the 50-day SMA to indicate strength. The ETH/USDT pair could then rise towards the resistance line, where sellers are likely to present a strong challenge. Buyers must overcome this barrier at the resistance line to signal the start of the next upward leg.
BNB price prediction
BNB (BNB) reversed from the 38.2% Fibonacci retracement level of $1,156 on Monday. However, a positive aspect is that bulls defended the 50-day SMA ($1,076) on Tuesday.
The stable 20-day EMA ($1,119) and the RSI near the midpoint provide little advantage to either the bulls or bears. If the price declines and breaks below the 50-day SMA, it will indicate the onset of a deeper correction to $1,021 and eventually to $932. This scenario suggests the BNB/USDT pair may have peaked in the short term.
Conversely, a breakout and close above $1,156 would indicate considerable buying interest at lower levels. The BNB price may then surge to the 61.8% retracement level of $1,239.
XRP price prediction
XRP (XRP) has been fluctuating between the breakdown level of $2.69 and the 20-day EMA ($2.56) for several days.
The narrow range trading is likely to precede a range expansion. If the price drops and breaks below the 20-day EMA, it indicates that the bears have gained control over the bulls. XRP’s price could then decline to $2.20.
Conversely, a breakout and close above $2.69 could drive the XRP/USDT pair to the downtrend line. Sellers are expected to strongly defend this downtrend line; a breakthrough would open the path for a rally to $3.20, followed by $3.38.
Solana price prediction
Buyers pushed Solana (SOL) above the 20-day EMA ($196) on Sunday but are struggling to maintain those higher levels.
The stable 20-day EMA and the RSI near the midpoint indicate a balance between supply and demand. If the price closes above the 20-day EMA, the SOL/USDT pair may rise to the resistance line. Buyers need to push the price beyond this line to gain momentum.
Alternatively, if the price drops and breaks below $190, it indicates that bears are in control. The pair might then decline to $177 and eventually to the support line of the channel.
Dogecoin price prediction
Dogecoin (DOGE) reversed from the $0.21 overhead resistance on Monday, signaling aggressive defense from bears at this level.
The bears will aim to strengthen their position by pushing Dogecoin below the $0.17 level. If they succeed, the DOGE/USDT pair could fall to the vital support at $0.14. Buyers are expected to fiercely defend this level; a breach below it could clear the way for a retest of the $0.10 level.
A close above $0.21 will mark the first sign of strength. If achieved, the pair may rise to the 50-day SMA ($0.23) and eventually to $0.27.
Cardano price prediction
Cardano (ADA) turned down from the 20-day EMA ($0.68) on Monday, reflecting negative sentiment.
Bears will seek to drop the Cardano price below the $0.59 support. If successful, the ADA/USDT pair may plummet toward the significant support level at $0.50. Buyers are expected to staunchly defend this level.
On the upside, a breakout and close above the 20-day EMA would indicate that bulls are showing signs of recovery. The pair could then ascend to the breakdown level of $0.75 and eventually to the downtrend line.
Related: Bitcoin slips at $113K as S&P 500 hits new all-time high into Fed rate move
Hyperliquid price prediction
Buyers have kept Hyperliquid (HYPE) above the 50-day SMA ($45.95), showcasing their strength.
Buyers will aim to consolidate their position by pushing the Hyperliquid price above the $51.50 resistance. If they succeed, the HYPE/USDT pair may retest the all-time high of $59.41.
However, sellers are likely to have different plans. They will attempt to defend the $51.50 level and bring the price down below the 20-day EMA ($42.64). If they are successful, the pair could plunge toward crucial support at $35.50.
Chainlink price prediction
Chainlink (LINK) reversed from the 20-day EMA ($18.52), indicating bearish pressure during recoveries.
Bears will attempt to push the Chainlink price down to $16.71 and then to the robust support at $15.43, where buyers are expected to step in.
Conversely, if the price rebounds from the current levels and breaks above the 20-day EMA, it would suggest diminishing selling pressure. The LINK/USDT pair could then rally to the resistance line. Buyers would need to push and maintain the price above this line to indicate that the correction may be over.
Bitcoin Cash price prediction
Bitcoin Cash (BCH) has approached the resistance line of the falling wedge pattern, where bears present a strong challenge.
The rising 20-day EMA ($527) and the RSI in positive territory suggest that the path of least resistance is upward. A close above the resistance line would open the way for a rally to $615 and then $651.
Sellers must act quickly to pull the Bitcoin Cash price back below the 20-day EMA to regain control. The BCH/USDT pair could then drop towards 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.
