Highlights:
Bitcoin has dipped below $116,000, but some analysts anticipate that buyers will step in at lower levels to halt the decline.
Certain altcoins have hit essential support levels where buyers are expected to mount a robust defense.
Bitcoin (BTC) made an attempt to recover on Friday, but selling pressure at higher levels has brought the price down to below $116,000, causing short-term traders to exit.
Analyst Stockmoney Lizards stated in an X post that BTC is experiencing a shakeout in both directions. Despite the correction, the analyst remains optimistic, forecasting support for BTC around $118,000 to $119,000.
Veteran trader Peter Brandt mentioned to Cointelegraph that “BTC could reach a bull market high any day now,” should it adhere to its historical cycle pattern. However, he noted that cycles can change, presenting a 50/50 chance of occurrence. In case of a counter-cyclicality, Brandt expects BTC to soar as high as $185,000.
Which critical support and resistance levels should be observed for BTC and major altcoins? Let’s analyze the charts of the top 10 cryptocurrencies to determine.
Bitcoin Price Forecast
BTC has dropped below the 20-day exponential moving average ($118,807), which serves as a significant near-term support for bulls to protect.
If the price rebounds from the 20-day EMA with strength, the bulls will attempt to elevate the BTC/USDT pair towards the all-time high of $126,199. A breakthrough above this resistance could pave the way for a surge towards $141,948.
Conversely, closing below the 20-day EMA suggests diminishing bullish control. The pair might then decline to the 50-day simple moving average ($114,571), indicating that Bitcoin may linger within the $107,000 to $126,199 range for an extended period. Sellers will take charge if it closes below $107,000.
Ether Price Forecast
The bulls’ inability to drive Ether (ETH) above the resistance line on Wednesday led to aggressive selling from bears.
The Ether price has declined and reached significant support at $4,060. Buyers are expected to defend the $4,060 to $3,745 support zone fiercely, as a drop below it could indicate a potential short-term peak. The ETH/USDT pair could then begin a new downtrend towards $3,350.
Buyers will need to push the price above the resistance line to gain momentum. The upside momentum is likely to gain traction on a close above the $4,750 resistance.
BNB Price Forecast
BNB (BNB) has retraced following 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 strive to push the price above the overhead resistance of $1,350. If they succeed, the BNB/USDT pair could resume the uptrend towards the target levels of $1,440 and subsequently $1,642.
However, the bears are likely to have different plans, seeking to sell the rallies and pull the price below $1,217. If that occurs, the BNB price could drop to the 20-day EMA ($1,123), where bulls are expected to resume their buying activity.
XRP Price Forecast
XRP (XRP) has plunged close to the $2.69 support level, a crucial position for the bulls to defend.
If the price breaks and closes below $2.69, the XRP/USDT pair will form a descending channel pattern. This could amplify selling pressure, driving the XRP price to $2.33 and eventually to $2.20.
Buyers must push and maintain the price above the downtrend line to avert a decline. The failure of a bearish pattern can serve as a bullish indicator as it catches aggressive sellers in a short squeeze.
Solana Price Forecast
Solana (SOL) rebounded from the 50-day SMA ($217) on Wednesday, but the recovery was fleeting as bears pushed the price below the moving averages on Friday.
The Solana price may drop to the support line, which is a key level for bulls to defend. Should the price bounce from the support line and breach the moving averages, it signals that the SOL/USDT pair may adhere to the ascending channel pattern for a while longer.
In contrast, a drop below the support line would indicate that bulls are losing momentum. This may lead to a decline toward $175.
Dogecoin Price Forecast
Dogecoin (DOGE) has been supported at the 50-day SMA ($0.24), but the inability to initiate a significant bounce indicates weak demand at higher levels.
The bears will aim to push the price down to the uptrend line, which is an essential support point to watch. If the price rebounds from this uptrend line and breaks above the moving averages, it suggests that the ascending triangle pattern remains valid. The DOGE/USDT pair could subsequently rise to $0.27 and then to $0.29.
Conversely, a break and close below the uptrend line invalidates the bullish scenario. This could mean the Dogecoin price continues to fluctuate between $0.14 and $0.29 for a few more days.
Cardano Price Forecast
Buyers attempted to push Cardano (ADA) above the moving averages on Wednesday, but the bears maintained their position.
Sellers will try to pull the price down to the support line of the descending channel pattern, where buyers are expected to step in.
If the Cardano price rebounds from the current level and breaks above the moving averages, it signals buying on dips. This enhances the likelihood of a rally above the resistance line. Should this occur, the ADA/USDT pair may begin a move upwards to $0.95 and later to $1.02.
Related: XRP whales dump $50M per day: Will it crash the price?
Hyperliquid Price Forecast
Hyperliquid (HYPE) declined from the 20-day EMA ($47.26) on Thursday and fell below the $43 support, indicating negative sentiment.
If the price remains below $43, the HYPE/USDT pair could fall to the $39.68 level. This is a vital level to monitor because a close below $39.68 would complete a bearish head-and-shoulders pattern, potentially triggering a decline to $35.50 and then to $32.
Buyers must drive the Hyperliquid price above the moving averages to signal a recovery. Upside momentum could increase once buyers push the price above the $51.87 resistance.
Chainlink Price Forecast
Chainlink (LINK) is struggling to break above the resistance line, but a positive sign is that bulls have not yielded significant ground to bears.
The bulls will make another attempt to surpass the overhead barrier. If successful, it indicates that the corrective phase could be ending. The Chainlink price might rise to $25.64 and subsequently to $27.
This optimistic outlook will be invalidated if the price turns down and breaks below $21, which could confine the LINK/USDT pair within the descending channel for a longer duration.
Sui Price Forecast
Sui (SUI) has been trading within a falling wedge pattern, which is typically viewed as a bullish setup if a breakout occurs to the upside.
The bulls and bears are in a fierce contest near the moving averages. If buyers can push and maintain the price above the moving averages, the SUI/USDT pair may reach the downtrend line. Sellers are expected to defend the downtrend line aggressively because a breakthrough above it could lead to a rally to $4 and then to $4.44.
If the price declines and breaks below $3.30, it indicates that bears are attempting to take control. The Sui price may subsequently drop to the support line.
This article does not confer investment advice or recommendations. Each investment and trading decision involves risk, and readers should conduct their own research before making any decisions.
