Key points:
Bitcoin has dropped below $116,000, though some analysts anticipate buyers will emerge at lower levels to halt the decline.
Several altcoins have reached important support levels where buyers are forecasted to mount a strong defense.
Bitcoin (BTC) attempted a bounce on Friday, but selling pressure at higher levels pulled the price under $116,000 as short-term traders sought to exit.
Analyst Stockmoney Lizards noted in an X post that BTC is undergoing a shakeout in both directions. Despite the decline, the analyst remains optimistic, forecasting support for BTC around $118,000 to $119,000.
Trader Peter Brandt informed Cointelegraph that “BTC could hit a bull market high at any time now,” if it adheres to its historical cycle pattern. However, he cautioned that cycles may change, suggesting a 50/50 chance of that occurring. Should counter-cyclicality manifest, Brandt expects BTC to surge as high as $185,000.
What are the pivotal support and resistance levels to monitor in BTC and the major altcoins? Let’s analyze the charts of the top 10 cryptocurrencies to uncover this.
Bitcoin price prediction
BTC has retreated below the 20-day exponential moving average (EMA) ($118,807), a crucial near-term support for the bulls to protect.
If the price recovers strongly from the 20-day EMA, the bulls will seek to advance the BTC/USDT pair to the all-time high of $126,199. Surpassing this resistance could pave the way for a rally towards $141,948.
Conversely, a close below the 20-day EMA indicates that the bulls are losing strength. The pair might then decline to the 50-day simple moving average (SMA) ($114,571), suggesting Bitcoin could linger within the $107,000 to $126,199 range a while longer. Sellers would gain control with a close below $107,000.
Ether price prediction
The bulls failed to push Ether (ETH) above the resistance line on Wednesday, which triggered significant selling from bears.
The Ether price has declined and reached vital support at $4,060. Buyers are expected to robustly defend the $4,060 to $3,745 support zone, as a breach below it signals a potential short-term peak. The ETH/USDT pair might then initiate a new downtrend toward $3,350.
For buyers to gain strength, they need to drive the price above the resistance line. Upside momentum is likely to build on a close above the $4,750 resistance.
BNB price prediction
BNB (BNB) has retracted 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, the bulls will try to push it above the overhead resistance of $1,350. If successful, the BNB/USDT pair could resume its uptrend toward the upcoming target of $1,440 and then $1,642.
Bears, however, may have different plans. They will look to sell rallies and pull the price below $1,217. If that occurs, the BNB price may slide to the 20-day EMA ($1,123), where bulls are expected to resume their buying activity.
XRP price prediction
XRP (XRP) has plunged close to the $2.69 support line, a critical level for the bulls to defend.
If the price breaks and closes below $2.69, the XRP/USDT pair will form a descending channel pattern, accelerating selling and potentially pulling the XRP price to $2.33 and ultimately to $2.20.
Buyers must push and maintain the price above the downtrend line to avert the decline. The failure of a bearish pattern signals bullish potential as it traps aggressive bears, leading to a short squeeze.
Solana price prediction
Solana (SOL) bounced off the 50-day SMA ($217) on Wednesday, but the recovery was short-lived as the bears drove the price below the moving averages on Friday.
The Solana price could fall to the support line, a crucial level for bulls to defend. If the price turns upward from the support line and breaks above the moving averages, it indicates that the SOL/USDT pair may remain within the ascending channel pattern for a bit longer.
Conversely, a break below the support line indicates the bulls have given up, allowing a potential decline to $175.
Dogecoin price prediction
Dogecoin (DOGE) has been finding support at the 50-day SMA ($0.24), but the inability to initiate a strong bounce indicates a lack of demand at higher levels.
The bears will aim to push the price to the uptrend line, a crucial support level to monitor. If the price rebounds from the uptrend line and breaks above the moving averages, it suggests the ascending triangle pattern remains valid. The DOGE/USDT pair may then rise to $0.27 and later to $0.29.
Conversely, a break and close below the uptrend line invalidates the bullish setup, indicating that the Dogecoin price may continue to fluctuate between $0.14 and $0.29 for several more days.
Cardano price prediction
Buyers attempted to push Cardano (ADA) above the moving averages on Wednesday, but the bears held firm.
Sellers will try to drag the price to the support line of the descending channel pattern, where buyers are expected to re-enter.
Alternatively, if the Cardano price turns upward from the current level and breaks above the moving averages, it indicates buying during dips. This increases the likelihood of a rally above the resistance line. If so, the ADA/USDT pair could initiate an upward move to $0.95 and then to $1.02.
Related: XRP whales dump $50M per day: Will it crash the price?
Hyperliquid price prediction
Hyperliquid (HYPE) declined from the 20-day EMA ($47.26) on Thursday and fell beneath the $43 support, indicating negative sentiment.
If the price remains below $43, the HYPE/USDT pair could decrease to the $39.68 level, a critical threshold. A close below $39.68 would complete a bearish head-and-shoulders pattern, leading to a drop to $35.50 and then to $32.
Buyers need to push Hyperliquid’s price above the moving averages to signal a recovery. The upward momentum could strengthen after buyers elevate the price beyond the $51.87 resistance.
Chainlink price prediction
Chainlink (LINK) is facing challenges in rising above the resistance line, but a positive sign is that the bulls have retained most of their ground against the bears.
The bulls will make another attempt to break through the overhead barrier. Success would indicate the corrective phase may be concluding, allowing the Chainlink price to climb to $25.64 and then to $27.
This optimistic outlook will be nullified if the price turns down and breaks below $21, which could keep the LINK/USDT pair within the descending channel for longer.
Sui price prediction
Sui (SUI) has been moving within a falling wedge pattern, which is generally viewed as a bullish configuration if a breakout occurs to the upside.
Both bulls and bears are engaged in a fierce battle near the moving averages. If buyers manage to push the price above the moving averages, the SUI/USDT pair could reach the downtrend line. Sellers are expected to strongly defend this line since a breakout above it would clear the way for a rally to $4 and then to $4.44.
On the flip side, if the price declines and breaks below $3.30, it would signify that the bears are gaining control, possibly leading to a decline toward the support line.
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.
