Highlights:
The inability of bulls to keep Bitcoin above $94,050 has triggered renewed selling pressure, potentially leading to a decline to $87,700 and subsequently to $84,000.
Many leading altcoins are still facing downward pressure, risking a dip to their recent lows.
Bitcoin (BTC) is currently trapped in a tight range between $94,588 and $89,260, reflecting a stalemate between bullish and bearish sentiments. Prediction markets suggest low confidence from bulls, estimating only a 30% likelihood for BTC to reach $100,000 before January 1.
Crypto analyst Darkfost notes that BTC’s recovery is hampered by insufficient incoming liquidity, particularly from stablecoins. For a “genuine bullish trend” to initiate, the crypto markets must attract new capital.
Some analysts predict BTC might fall below the recent low of $80,600. Trader Roman stated on X that BTC could decline to $76,000, asserting that a decrease in interest rates won’t provide sufficient support.
What are the significant support and resistance levels for BTC and leading altcoins? Let’s delve into the charts of the top 10 cryptocurrencies for insights.
Bitcoin Price Forecast
BTC faces resistance at the 50% Fibonacci retracement level around $94,050, indicating continued bearish activity at these higher price points.
Key support levels are at $87,700 followed by $84,000. If the price drops below $84,000, it may revisit the November 21 low of $80,600.
For a bullish signal, buyers need to elevate Bitcoin’s price above the $94,050 resistance level. If achieved, the BTC/USDT pair could rise toward the 50-day simple moving average (SMA) at $97,411.
However, upward movement is likely to face substantial selling pressure between the 50-day SMA and the critical threshold of $100,000. A close above $100,000 would confirm renewed bullish momentum.
Ether Price Forecast
Ether (ETH) declined from the $3,350 mark on Thursday, while bears are making efforts to keep the price below the 20-day exponential moving average (EMA) of $3,125.
A successful hold below this level would suggest continued bearish sentiment during rallies. The price may fall to $2,907 and potentially to $2,716. A close below $2,623 could trigger a resumption of the downtrend for the ETH/USDT pair.
Conversely, a rebound from the current levels breaking above the $3,350 resistance would mark the beginning of a potential upward movement, pushing the price to $3,918 and possibly $4,250.
BNB Price Forecast
BNB (BNB) is hovering around the 20-day EMA ($892) for the past few days, which indicates a balance between supply and demand.
The stable 20-day EMA and the RSI just under the midpoint suggest a range-bound behavior between $791 and $1,020 in the coming days.
For sellers to initiate the next phase of the downtrend, they need to drive the BNB price below the $791 mark, potentially leading to a drop to $730. On the flip side, a close above $1,020 would suggest the correction might be over, with the pair possibly rallying to $1,182, which could serve as resistance.
XRP Price Forecast
XRP (XRP) remains entrenched within a descending channel pattern, indicating bearish control.
For the bulls, they must push XRP’s price above the 50-day SMA ($2.25) to demonstrate strength, which could allow the XRP/USDT pair to rally toward the downtrend line; a crucial level to watch. A close above this line would signal a shift in power back to bulls.
Conversely, a drop below the $1.98 price point would open the pathway for a decline toward the support line and the critical level at $1.61.
Solana Price Forecast
The long tail on Solana’s (SOL) Thursday candlestick indicates that bulls are actively defending the $126 level.
For a bullish trend change, bulls need to push the price above the 50-day SMA ($152). If successful, the SOL/USDT pair could surge to $172 and later to $190.
Conversely, a drop below and closure under $126 would indicate a continuation of the downward trend. The price may plunge to $100 and potentially reach the strong support at $95.
Dogecoin Price Forecast
Dogecoin (DOGE) faced resistance at the 20-day EMA ($0.14) on Wednesday, suggesting that bears are selling into every minor rally.
If the price continues downward and closes below the $0.13 support level, it would signal the onset of a new bearish phase. The DOGE/USDT pair could potentially drop to the October 10 low of $0.10, a level that is likely to attract buyers.
The initial sign of strength would be a break and close above the 20-day EMA, indicating that bulls are determined to defend the $0.14 level. Should this occur, the Dogecoin price may increase to the 50-day SMA ($0.16) and later to $0.19.
Cardano Price Forecast
Cardano (ADA) declined from the breakdown level of $0.50 on Wednesday, suggesting that bears are actively trying to convert the level into resistance.
The stable 20-day EMA ($0.44) alongside the relative strength index (RSI) showing negative momentum suggests a slight bearish advantage. Support is found at $0.40 and then $0.37. If sellers push the Cardano price under $0.37, the ADA/USDT pair might drop to $0.31 and even potentially to the October 10 intraday low of $0.27.
To signal a recovery, buyers must maintain the price above the $0.50 threshold, which could lead to a rally to $0.60 and thereafter to $0.70.
Related: Ether price surged 260% the last time this occurred: Is ETH on track to hit $5K?
Bitcoin Cash Price Forecast
Bitcoin Cash (BCH) bounced back from the 20-day EMA ($560) on Thursday, reflecting a positive market sentiment.
Bulls aim to push the Bitcoin Cash price above $607, aiming to confront overhead resistance at $651. Sellers will likely put up significant resistance at the $651 level; a breach could initiate a rally toward $720.
To regain control, bears must drive prices below the moving averages. If they succeed, the BCH/USDT pair could trade between $607 and $443 for a while.
Hyperliquid Price Forecast
Sellers attempted to push Hyperliquid (HYPE) lower on Thursday, but the extended tail on the candlestick indicates buying pressure from bulls.
The HYPE/USDT pair may reach the 20-day EMA ($31.91), which is a significant level to monitor. Should the price sharply decline from this EMA, the bears may seek to continue the downtrend.
Conversely, if the price breaks above the 20-day EMA, it would suggest diminishing selling pressure. Hyperliquid price could then climb to the 50-day SMA ($37.23), and a close above this SMA would indicate the end of the corrective phase.
Chainlink Price Forecast
Chainlink (LINK) has been fluctuating between moving averages in recent days, showing a balance of supply and demand.
This tight range is expected to precede a range expansion. A break and close above the 50-day SMA ($14.71) would signal bullish dominance over bears. The LINK/USDT pair could then rise to $19.06.
Alternatively, a sharp drop beneath the 20-day EMA ($13.84) would indicate continued bearish control. Chainlink price could fall to robust support at $10.94, where buying interest is likely to emerge.
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