Highlights:
Bitcoin is encountering strong resistance at $117,500, yet bulls maintain control as long as the price remains above $113,400.
Many altcoins are indicating profit-taking in the short term, but lower price points are expected to attract buyers.
Bitcoin’s (BTC) inability to surpass the $117,500 resistance on Monday led to profit-taking by short-term traders, driving the price below $115,000. According to Material Indicators co-founder Keith Alan, BTC has not peaked at $124,500 due to increasing institutional demand.
According to SoSoValue data, spot BTC exchange-traded funds saw inflows of $642.35 million on Friday, bringing weekly inflows to $2.34 billion. These inflows were not exclusive to BTC ETFs; Ether (ETH) ETFs also attracted $637.68 million last week.
However, not all investors are buying BTC at this juncture. Lookonchain highlighted in a post on X that a long-term BTC whale, who exchanged $4 billion in BTC for ETH two weeks prior, transferred 1,176 BTC valued over $136 million to the trading platform Hyperliquid (HYPE) on Sunday, initiating a sell-off.
Can BTC manage to break through its overhead resistance? Will certain altcoins initiate a new rally? Let’s analyze the charts of the top 10 cryptocurrencies to assess the situation.
S&P 500 Index Forecast
The S&P 500 Index (SPX) continues its upward trajectory, indicating strong bullish momentum.
Buyers will aim to extend the uptrend to 6,700, where significant resistance from the bears is anticipated. Should the bulls maintain the price above the 20-day exponential moving average (6,491), the uptrend may advance towards the 7,000 mark.
The bears will need to push the index below the 50-day simple moving average (6,391) to regain momentum, potentially dropping the index to the breakout level of 6,147, where buying interest could emerge.
US Dollar Index Forecast
The bears have consistently thwarted attempts by the bulls to elevate the US Dollar Index (DXY) past the moving averages.
Sellers are likely to strengthen their position by dragging the price below the 97.10 support level; if achieved, the next target may be the robust support at 96.37. Buyers are expected to defend the 96.37 level fiercely, as a breach could push the index down to 95.
A breach and closure above the moving averages will signify initial strength, suggesting a decline in selling pressure. The index could then rise to 99, and further to 100.50.
Bitcoin Price Forecast
BTC has been trading above the 20-day EMA ($113,365), yet the bulls are having difficulty pushing beyond the $117,500 resistance level.
Should the bears succeed in pulling the price below the 20-day EMA, it implies that the BTC/USDT pair might remain within the $107,000 to $124,474 range for several more days.
Conversely, if buyers drive the price above $117,500, the pair could hit the $124,474 target. While sellers will try to defend this level, if buyers succeed, the next upward movement could target $141,948.
Ether Price Forecast
ETH reversed from the resistance zone of $4,788 to $4,956, signifying active bearish behavior at elevated levels.
The ETH/USDT pair has arrived at the 20-day EMA ($4,438), which is a crucial level. If the price bounces off the 20-day EMA with strength, the bulls may attempt to push above the resistance zone, potentially igniting an upward movement towards $5,500.
If the price falls below the 20-day EMA, it signals that bullish momentum may be waning. Bears will then target the essential support level at $4,060.
XRP Price Forecast
XRP (XRP) dipped from $3.18 on Saturday and is currently retesting the breakout level of the descending triangle pattern.
If the price rebounds from the downtrend line, it indicates that bulls are attempting to convert this level into support. Buyers will then aim to resume the upward trend by pushing the XRP/USDT pair above $3.20. If successful, the XRP price might rise to $3.40 and then to $3.66.
If the price breaks below the downtrend line, it may indicate that the breakout from the triangle was a bull trap, with the pair potentially falling to solid support at $2.69.
Solana Price Forecast
Solana (SOL) turned down from $250 on Sunday, demonstrating bearish activity as the price approaches the $260 overhead resistance.
The SOL/USDT pair may retreat to the 20-day EMA ($217), which is likely to entice buyers. A rebound from the 20-day EMA indicates demand at lower prices. The bulls will seek to push the Solana price above $260, eyeing the all-time high at $295.
If the price continues its downward trajectory and breaches the 20-day EMA, it would indicate quick profit-taking by the bulls, possibly leading to a drop to the 50-day SMA ($195).
BNB Price Forecast
BNB (BNB) has been in a robust uptrend for several days, reflecting persistent buyer interest.
Both moving averages are trending upward, with the RSI in positive territory, suggesting that buyers are in control. The bulls will aim to push the price to $1,000, where strong resistance from bears is anticipated.
The initial support on the downside is at the 20-day EMA ($884). A strong rebound from the 20-day EMA indicates that the uptrend remains intact, enabling bulls to target $1,100. A short-term top will be indicated if the BNB/USDT pair declines below the 50-day SMA ($841).
Related: Solana confirms bullish signal that previously led to 1,300% SOL price increases
Dogecoin Price Forecast
Dogecoin (DOGE) broke through the $0.29 resistance on Saturday, but bulls were unable to maintain momentum at higher levels.
Bears are attempting to pull the price down to the 20-day EMA ($0.24), a critical support level. A strong rebound off the 20-day EMA would demonstrate buying interest at lower levels. Bulls would then look to drive the DOGE/USDT pair above $0.31, and if successful, Dogecoin could rise to $0.35 and subsequently $0.44.
Sellers need to lower the price below the 20-day EMA to dampen bullish momentum. The pair could then potentially fall to the 50-day SMA ($0.22).
Cardano Price Forecast
Cardano (ADA) has developed a symmetrical triangle pattern, indicating uncertainty regarding the next directional move.
The bulls will need to push the Cardano price above the resistance line to seize control. Success could propel the ADA/USDT pair to $1.02. Bears will try to halt any upward movement at $1.02, but should the bulls prevail, the pair could rise to $1.17 and then $1.25.
This positive outlook will be invalidated if the price declines and breaches the support line, which could lead to a drop to $0.78 and eventually to $0.68.
Hyperliquid Price Forecast
HYPE retraced after reaching $57.44 on Friday, but the minor correction suggests bulls are not eager to exit just yet.
The rising 20-day EMA ($50.11) and a positive RSI suggest that buying interest remains strong. The bulls will strive to continue the uptrend by pushing the Hyperliquid price above $57.44. If they succeed, the HYPE/USDT pair may climb towards the target of $64.25.
The first downside support is at $49.88, followed by the 50-day SMA (45.28). A close below the 50-day SMA would indicate a short-term top is established.
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.
