Highlights:
Bitcoin has dipped below $116,000, yet some analysts anticipate buyers will emerge at lower prices to halt the downward trend.
Certain altcoins are at crucial support levels where buyers are predicted to defend strongly.
Bitcoin (BTC) attempted to recover on Friday but encountered selling pressure at higher levels, leading to a drop below $116,000 as short-term traders exit positions.
Analyst Stockmoney Lizards noted in an X post that BTC is undergoing a shakeout in both directions. Despite this correction, the analyst remains optimistic, expecting BTC to find support in the $118,000 to $119,000 range.
Veteran trader Peter Brandt shared with Cointelegraph that “BTC could reach a bull market high at any moment,” if it adheres to its historical cycle. However, he cautioned that cycles can change, giving a 50/50 chance of that occurring. In the event of counter-cyclicality, Brandt forecasts BTC could surge to $185,000.
Which support and resistance levels should one monitor in BTC and the major altcoins? Let’s evaluate the charts of the top 10 cryptocurrencies.
Bitcoin price forecast
BTC has retraced below the 20-day exponential moving average ($118,807), which serves as a critical near-term support for bulls.
If the price bounces off the 20-day EMA robustly, the bulls will strive to propel the BTC/USDT pair towards the all-time high of $126,199. A breakout above this resistance may pave the way for a surge towards $141,948.
Conversely, a close below the 20-day EMA indicates a loss of control by the bulls. The pair could then decline to the 50-day simple moving average ($114,571), suggesting Bitcoin may linger in the $107,000 to $126,199 range for a while longer. Sellers are likely to take charge on a close below $107,000.
Ether price forecast
The inability of bulls to push Ether (ETH) past the resistance line on Wednesday prompted significant selling from bears.
The Ether price has declined to solid support at $4,060. Buyers are anticipated to fiercely defend the $4,060 to $3,745 support zone; a drop below it signals a potential short-term peak. The ETH/USDT pair could then initiate a new downtrend towards $3,350.
Buyers will need to elevate the price above the resistance line to gain momentum. Upside momentum is likely to strengthen on a close above the $4,750 resistance.
BNB price forecast
BNB (BNB) has retraced after a strong rally, but the dip is finding support near the 61.8% Fibonacci retracement level of $1,217.
If the price rebounds from the current level, bulls will attempt to push it above the overhead resistance of $1,350. If successful, the BNB/USDT pair could resume its uptrend towards a target of $1,440 and then $1,642.
The bears, however, may have different plans. They will likely sell the rallies, pulling the price below $1,217. If they succeed, the BNB price could slide to the 20-day EMA ($1,123), where bulls are expected to return to the market.
XRP price forecast
XRP (XRP) has fallen close to the $2.69 support line, a critical level for bulls to defend.
If the price breaks and closes below $2.69, the XRP/USDT pair will complete a descending channel pattern, potentially accelerating selling and dragging the XRP price to $2.33 and eventually to $2.20.
Buyers must push the price above the downtrend line to avoid further declines. The failure of this bearish pattern would signal a bullish reversal, trapping aggressive bears and resulting in a short squeeze.
Solana price forecast
Solana (SOL) rebounded from the 50-day SMA ($217) on Wednesday, but the recovery was short-lived as bears pushed the price below the moving averages on Friday.
The Solana price could descend to the support line, a crucial level for bulls to defend. If the price rallies from the support line and breaks above the moving averages, it indicates the SOL/USDT pair may sustain its position within an ascending channel pattern for a while longer.
Alternatively, a break below the support line suggests a loss of bullish momentum, opening the door for a drop to $175.
Dogecoin price forecast
Dogecoin (DOGE) has been using support at the 50-day SMA ($0.24), but the inability to establish a solid bounce indicates weak demand at higher levels.
Bears will aim to push the price down to the uptrend line, a critical support level to monitor. If the price bounces off the uptrend line and surpasses the moving averages, it suggests the ascending triangle pattern is still in play. The DOGE/USDT pair may then rise to $0.27 and subsequently to $0.29.
Cardano price forecast
Buyers attempted to lift Cardano (ADA) above the moving averages on Wednesday, but bears held firm.
Sellers are likely to attempt to draw the price down to the support line of the descending channel pattern, where buyers are expected to re-enter.
Conversely, if the Cardano price rebounds from the current level and breaches the moving averages, it indicates buying on dips. This could enhance prospects for a rally above the resistance line. If that occurs, the ADA/USDT pair may initiate an upward movement towards $0.95 and later to $1.02.
Related: XRP whales offload $50M daily: Will this crash the price?
Hyperliquid price forecast
Hyperliquid (HYPE) declined from the 20-day EMA ($47.26) on Thursday, falling below the $43 support, indicating bearish sentiment.
If the price stays below $43, the HYPE/USDT pair could descend to the $39.68 level. This is a critical threshold, as a close beneath $39.68 will finalize a bearish head-and-shoulders pattern, potentially initiating a decline to $35.50 and then to $32.
Buyers must push the Hyperliquid price above the moving averages to indicate a potential recovery. The bullish momentum could accelerate if buyers drive the price above the $51.87 resistance.
Chainlink price forecast
Chainlink (LINK) is facing difficulty rising above the resistance line, but a positive note is that the bulls haven’t lost significant ground to the bears.
The bulls will again strive to break the overhead barrier. A successful breach would indicate the corrective phase may be concluding, allowing Chainlink’s price to potentially rise to $25.64 and then to $27.
This positive outlook would be negated in the short term if the price declines and breaks below $21, which may keep the LINK/USDT pair within the descending channel for an extended period.
Sui price forecast
Sui (SUI) has been trading within a falling wedge pattern, which is generally considered bullish if the breakout occurs to the upside.
Bulls and bears are locked in a tough battle near the moving averages. If buyers manage to sustain the price above the moving averages, the SUI/USDT pair may reach the downtrend line. Sellers are expected to firmly defend this downtrend line; a breakout above could trigger a rally to $4 and then to $4.44.
If the price declines and breaks below $3.30, it would indicate that bears are gaining control, potentially leading to a drop to the support line.
This article does not constitute investment advice or recommendations. All investment and trading activities involve risk, and readers should conduct their own research before making any decisions.
