Key points:
Bitcoin is encountering significant resistance at $117,500, but the bulls remain in control as long as the price holds above $113,400.
Numerous altcoins are showing tendencies for profit taking in the short term, though lower levels are likely to attract buyers.
Bitcoin’s (BTC) inability to surpass the $117,500 resistance on Monday triggered profit booking by short-term traders, causing the price to drop below $115,000. Material Indicators co-founder Keith Alan mentioned in a post on X that BTC has not peaked at $124,500 due to increasing institutional demand.
Spot BTC exchange-traded funds recorded inflows of $642.35 million on Friday, according to SoSoValue data, bringing weekly inflows to $2.34 billion. The inflows extended beyond BTC ETFs, as Ether (ETH) ETFs attracted $637.68 million last week.
However, not all market participants are buying BTC. Lookonchain reported on X that a long-term BTC whale, who previously swapped $4 billion in BTC for ETH two weeks back, has moved 1,176 BTC worth over $136 million to the Hyperliquid trading platform (HYPE) on Sunday and has begun selling.
Will BTC break through its overhead resistance? Are select altcoins poised for a new bullish move? Let’s analyze the charts of the top 10 cryptocurrencies to uncover the insights.
S&P 500 Index price prediction
The S&P 500 Index (SPX) has continued its upward trajectory, indicating that bulls are firmly in control.
Buyers will aim to extend the rally to 6,700, where bears are likely to represent a considerable challenge. If the bulls can prevent the price from falling below the 20-day exponential moving average (6,491), an ascent to the 7,000 level is possible.
Bears will need to drive the index below the 50-day simple moving average (6,391) to gain momentum, which may lead to a drop to the breakout level of 6,147—likely attracting buyers.
US Dollar Index price prediction
Bears have consistently impeded attempts by bulls to push the US Dollar Index (DXY) above the moving averages.
Sellers will attempt to strengthen their position by pulling the price below the 97.10 support level. A successful move could bring a solid support at 96.37 into focus. Buyers are expected to vigorously defend the 96.37 level, as a breach below it may cause the index to drop to the 95 level.
The first indication of strength will surface with a break and close above the moving averages, hinting a reduction in selling pressure. This may lead the index to rally to 99 and potentially to 100.50.
Bitcoin price prediction
BTC has been trading above the 20-day EMA ($113,365), but bulls are facing challenges in pushing the price above the $117,500 resistance.
Bears will attempt to pull the price below the 20-day EMA. If successful, it would suggest that the BTC/USDT pair may remain within the $107,000 to $124,474 range for a longer duration.
Conversely, if buyers manage to push the price beyond $117,500, the pair could ascend to the $124,474 mark. Sellers are expected to mount a robust defense of this level, but if buyers prevail, the next leg of the uptrend may reach $141,948.
Ether price prediction
ETH declined from the $4,788 to $4,956 resistance zone, signaling bear activity at higher levels.
The ETH/USDT pair has reached the 20-day EMA ($4,438), a critical level to monitor. A strong bounce off this level would indicate bulls attempting to push above the resistance zone. If successful, Ether could initiate the next bullish leg towards $5,500.
Conversely, if the price falls below the 20-day EMA, it indicates a loss of bullish momentum, with bears aiming to drive the price down to the key support at $4,060.
XRP price prediction
XRP (XRP) declined from $3.18 on Saturday and is currently retesting the breakout level from the descending triangle pattern.
If the price rebounds from the downtrend line, it signifies that bulls are attempting to convert the level into support. Buyers will subsequently try to push the XRP/USDT pair above $3.20. If successful, the XRP price could extend to $3.40 and then to $3.66.
Alternatively, a drop below the downtrend line would suggest that the earlier breakout above the triangle may have been a bull trap. This could lead the price to plummet to solid support at $2.69.
Solana price prediction
Solana (SOL) turned down from $250 on Sunday, indicating bearish activity as the price approaches the $260 overhead resistance.
The SOL/USDT pair may dip to the 20-day EMA ($217), where buyers are likely to emerge. A rebound from this level would signal demand at lower levels, and bulls will aim to push the Solana price above $260, targeting the all-time high of $295.
If the price continues to decline and breaches the 20-day EMA, it indicates a rush of profit-taking by bulls, potentially leading to a drop to the 50-day SMA ($195).
BNB price prediction
BNB (BNB) has exhibited a robust uptrend in recent days, indicating sustained demand from bullish traders.
Both moving averages are trending upward, and the RSI indicates positive momentum, signaling control by buyers. The bulls will aim for a price target of $1,000, where bears are expected to mount significant resistance.
The first line of support is at the 20-day EMA ($884). If the price rebounds strongly from this level, it suggests the uptrend is maintained. The bulls will then strive to push the BNB price towards $1,100. A short-term reversal may be signaled if the BNB/USDT pair declines below the 50-day SMA ($841).
Related: Solana confirms bullish signal that last time led to 1,300% SOL price gains
Dogecoin price prediction
Dogecoin (DOGE) broke through the $0.29 resistance on Saturday, but bulls were unable to hold the gains.
The bears are attempting to draw the price to the 20-day EMA ($0.24), a critical level to monitor. A vigorous rebound from this level would indicate demand at lower prices. Bulls will attempt to drive the DOGE/USDT pair above $0.31. If successful, Dogecoin could rise to $0.35 and possibly to $0.44.
To weaken the bullish momentum, sellers must pull the price below the 20-day EMA, which could result in a decline to the 50-day SMA ($0.22).
Cardano price prediction
Cardano (ADA) has crafted a symmetrical triangle pattern, reflecting uncertainty about the next direction to take.
Bulls will need to drive the Cardano price over the resistance line to gain an advantage. If achieved, the ADA/USDT pair may surge to $1.02. Sellers will try to halt the advance at this level, but if bulls dominate, the pair could soar to $1.17 and eventually to $1.25.
This optimistic outlook would be invalidated should the price reverse and drop below the support line, potentially leading to a decline to $0.78 and eventually to $0.68.
Hyperliquid price prediction
HYPE experienced a pullback after reaching $57.44 on Friday, but the shallow correction indicates that the bulls are not eager to exit.
The rising 20-day EMA ($50.11) and the RSI in positive territory suggest that buyers are still in control. The bulls will seek to resume the uptrend by pushing the Hyperliquid price past $57.44. If successful, the HYPE/USDT pair could rally towards the pattern target of $64.25.
The initial support level is at $49.88, followed by the 50-day SMA at $45.28. A close below the 50-day SMA would indicate that a short-term top may have formed.
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.
