Key points:
Bitcoin is approaching the support of a significant range, suggesting a potential relief rally soon.
Many major altcoins are attempting to initiate a relief rally, but significant resistance from bears is anticipated at higher levels.
Bitcoin (BTC) has reclaimed the $110,000 level, but its sustainability remains uncertain. Analysts from Glassnode noted in a post on X that long-term holders realized profits of 3.4 million BTC, while inflows into exchange funds decreased following the Federal Reserve’s rate cut on Sept. 17, indicating exhaustion and potential downside risk.
Data from Farside Investors suggests that US spot BTC ETFs experienced net outflows of $479 million this week, indicating a slowdown in institutional demand. BTC’s decline on Thursday pushed the Crypto Fear & Greed Index into the “fear” category as of Friday.
BTC’s weakness has dragged several significant altcoins down, indicating negative sentiment, as traders quickly sell positions. A glimmer of hope for bulls is that BTC has yet to dip below the support range of $107,000 to $124,474.
Could BTC bounce off the $107,000 support with strength and lift altcoins? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price prediction
BTC declined from the 20-day exponential moving average ($113,217) on Thursday, suggesting sentiment is turning negative.
Sellers need to push the price below the $107,000 support to complete a double-top pattern. If achieved, the selling could accelerate, causing the BTC/USDT pair to drop to $100,000. Buyers are expected to defend the $100,000 level vigorously, since a breach would pave the way for a collapse to the pattern target of $89,526.
Conversely, if Bitcoin rises and breaks above the moving averages, it suggests that the pair may fluctuate within the $107,000 to $124,474 range for some additional days.
Ether price prediction
Ether (ETH) fell further below the $4,060 support on Thursday, signaling that bears are maintaining pressure.
A bearish crossover has occurred with the moving averages, and the relative strength index (RSI) is in negative territory, indicating that the path of least resistance is downward. If the $3,745 support fails, the ETH/USDT pair could drop to the pattern target of $3,426 and subsequently to $3,350.
Strong selling from bears at the moving averages and the resistance line is expected to challenge bulls.
XRP price prediction
XRP (XRP) declined from the 50-day simple moving average ($2.98) on Wednesday, reaching solid support at $2.69 on Thursday.
Repeated testing of a support level can weaken it. If the price closes below $2.69, the XRP/USDT pair will form a bearish descending triangle pattern, increasing the risk of a drop toward $2.20.
Any relief rally is likely to face selling pressure at the moving averages and the downtrend line. The bulls must push and maintain the price above the downtrend line to indicate a potential comeback.
BNB price prediction
BNB (BNB) bounced off the 20-day EMA ($955) on Tuesday, but the recovery stalled at $1,034 on Wednesday.
Bears resumed selling on Thursday, pushing BNB below the 20-day EMA. Support exists at the 61.8% Fibonacci retracement level of $934, but a breach could see the BNB/USDT pair drop to the 50-day SMA ($889).
To prevent further downside, buyers need to quickly push and maintain the price above the 20-day EMA. The bulls will regain momentum after pushing the pair above $1,034.
Solana price prediction
Buyers attempted to stop Solana’s (SOL) decline at the 50-day SMA ($207) on Wednesday, but ongoing selling from bears pushed the price lower on Thursday.
The decreasing 20-day EMA ($219) and RSI below 40 indicate that bears hold the advantage. Recovery attempts are likely to face significant selling pressure at the 20-day EMA. A sharp downturn from the 20-day EMA could see the SOL/USDT pair nosedive to $175.
Buyers face a tough challenge ahead. They need to drive Solana’s price above the 20-day EMA to signal strength. The pair could then rise toward $260.
Dogecoin price prediction
The inability of bulls to push Dogecoin (DOGE) above the 20-day EMA ($0.24) on Wednesday indicates that bears are selling during rallies.
The DOGE/USDT pair may decline to solid support at $0.21. Buyers will attempt to protect the $0.21 level, as breaking and closing below it could drive Dogecoin’s price down to $0.18. This suggests the pair may remain within the $0.14 to $0.29 range for an extended period.
A break above the 20-day EMA would signal the first sign of strength, opening the pathway for a rally to the significant overhead resistance at $0.29.
Cardano price prediction
Cardano (ADA) continued its downward trend, slipping below the $0.78 support on Thursday, indicating sustained pressure from bears.
While buyers are attempting to lift the price back above $0.78, they will encounter significant selling from bears at the current level and any rise toward the 20-day EMA ($0.84). A sharp downturn from the 20-day EMA could lead the ADA/USDT pair to the next strong support at $0.68.
In contrast, if buyers manage to push the Cardano price above the moving averages, it suggests robust demand at lower levels, potentially allowing the pair to ascend to the resistance line, where bears are anticipated to pose a substantial challenge.
Related: Bitcoin price ignores PCE inflation as bears eat through $109K support
Hyperliquid price prediction
Hyperliquid (HYPE) continued its correction and reached the $40 support on Thursday, where bulls are launching a strong defense.
Any relief rally is expected to encounter selling at the moving averages. A sharp downturn from the moving averages may motivate bears to attempt to push the HYPE/USDT pair below $40. If successful, the Hyperliquid price could plunge to $35.50.
Conversely, if the price rises above $49.88, it may indicate the end of the corrective phase, leading to a rally toward $59.
Chainlink price prediction
Chainlink (LINK) dropped to the support line of the descending channel pattern, where buyers are expected to intervene.
Any recovery efforts from the support line are likely to face selling at the 20-day EMA ($22.60). A sharp downturn from the 20-day EMA could prompt bears to attempt to push the LINK/USDT pair below the descending channel, potentially leading to a decline to $18 and then $16.
Buyers must act quickly to drive the price above the 20-day EMA to prevent further losses. The pair may then ascend toward the resistance line of the channel.
Avalanche price prediction
Avalanche (AVAX) saw a sharp decline on Thursday, dropping below the 20-day EMA ($30.09), indicating that bears are rushing for the exit.
The AVAX/USDT pair has fallen to the 50-day SMA ($26.62), likely attracting buyers. A rebound from the 50-day SMA and a rise above the 20-day EMA would indicate purchasing at lower levels. The Avalanche price could then consolidate between $26.50 and $36.17 for some time.
If sellers push the price below the 50-day SMA, the pair could drop to $22.50, activating the broader range of $15.27 to $36.17.
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.
