Key points:
Bitcoin’s recent decline has led to net outflows from BTC ETFs on Tuesday, but buyers are expected to intervene and stabilize prices around $110,530.
Ether bulls are attempting to convert the $4,094 level into support, reflecting a positive outlook.
Bitcoin (BTC) is trying to recover from immediate support near $112,000, but higher price points may trigger selling. BTC’s decline caused net outflows of $523.3 million from US spot BTC exchange-traded funds on Tuesday, according to Farside Investors data, indicating that institutional investors are becoming cautious in the short term.
Blockchain analytics firm Santiment noted in a post on X that BTC’s drop below $113,000 coincided with the most bearish sentiment on social media since June 22. The firm observed that retail cryptocurrency traders have turned bearish, which could signal a positive opportunity for patient traders, as markets often move “against the crowd’s expectations.”
BTC’s decline has negatively impacted several altcoins, diminishing investor sentiment. Google Trends data indicates that global interest in the term “alt season” dropped to 45 on Tuesday, down from a peak of 100 on Aug. 13.
What key resistance and support levels should we monitor in BTC and major altcoins? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price prediction
BTC fell below the neckline of the inverse head-and-shoulders pattern on Tuesday, reaching a strong support level at $112,000.
Bulls will strive to defend the $110,530 to $112,000 zone. If the price rebounds off this support area, the BTC/USDT pair may reach the 20-day exponential moving average ($116,687). A close above this EMA would indicate a range-bound action between $110,530 and $124,474.
Conversely, if the price declines from the 20-day EMA and breaches $110,530, it suggests that bears are selling during rallies. The Bitcoin price could plummet to $105,000 and potentially reach psychological support at $100,000.
Ether price prediction
Ether (ETH) has rebounded from the breakout level of $4,094, indicating that bulls are attempting to establish it as support.
The ETH/USDT pair could rise to $4,576 and then to $4,788. Sellers are expected to mount a strong defense in the $4,788 to $4,868 zone, but if buyers prevail, Ether’s price may soar to $5,000 and subsequently to $5,662.
If Ether’s price sharply declines and drops below $4,094, it indicates bulls are exiting quickly. This could drive the pair down to the 50-day simple moving average ($3,593).
XRP price prediction
XRP (XRP) declined from the 20-day EMA ($3.07) and fell below the 50-day SMA ($2.97) on Tuesday.
Bears will try to solidify their position by reducing the price toward the strong support at $2.73. Buyers are anticipated to defend this level vigorously, as a close below it could lead to a drop to $2.20.
The first indication of strength will be a break and close above the 20-day EMA, suggesting diminished selling pressure. The XRP/USDT pair may then rise toward the downtrend line, which may present a significant barrier. Buyers will need to breach the downtrend line to suggest that the correction may be ending.
BNB price prediction
BNB (BNB) retreated from the $861 resistance but is finding support at the 20-day EMA ($813).
Bulls will aim to push the price above the $861 to $869 resistance zone. If successful, the BNB/USDT pair could rally to the psychological level of $1,000.
This optimistic view will be invalidated if the price declines and breaks below the 20-day EMA, potentially sinking to $794 and subsequently to the 50-day SMA ($757). This could lead the pair to consolidate within the large range between $732 and $861 for a while.
Solana price prediction
Solana (SOL) fell beneath the 20-day EMA ($181) and reached the 50-day SMA ($173) on Tuesday.
Bulls are attempting to keep the price above the 20-day EMA. If successful, the SOL/USDT pair may attempt a rally to the overhead resistance at $210. Sellers will likely defend this level; however, if bulls prevail, the Solana price could surge toward $240.
On the contrary, a break and close below the 50-day SMA could push the pair down to solid support at $155.
Dogecoin price prediction
Dogecoin (DOGE) has declined to solid support at $0.21, where buyers are expected to intervene.
If the price rebounds from the $0.21 level strongly and breaks above the 20-day EMA ($0.22), it suggests a range formation in the near term. The DOGE/USDT pair could fluctuate between $0.21 and $0.26 for a while.
Alternatively, if the price drops and breaks below $0.21, it indicates that bears are taking control. The Dogecoin price could decline to $0.19 and then to $0.16, activating the broader $0.14 to $0.29 range.
Cardano price prediction
Cardano (ADA) experienced a sharp decline on Tuesday, falling to the 20-day EMA ($0.84), indicating a loss of bullish momentum.
The 20-day EMA is crucial near-term support as a close below it could drop the ADA/USDT pair to the 50-day SMA ($0.77). A deeper correction may delay the next uptrend period.
Conversely, a strong rebound from the 20-day EMA signals positive sentiment. Bulls will then aim to push Cardano’s price toward the $1.02 overhead resistance. A close above $1.02 would pave the way for a rally to $1.17.
Related: Bitcoin analysts point to ‘manipulation’ as BTC price falls to 17-day low
Chainlink price prediction
Chainlink (LINK) retracted from the overhead resistance of $27, but bulls remain resilient.
Bulls are again pushing to overcome the $27 resistance. If they succeed, the LINK/USDT pair could initiate the next uptrend toward $31 and subsequently $36.
If Chainlink’s price sharply declines from $27 and falls below $23.36, it indicates that bulls are hastily taking profits. The pair could then descend to the 20-day EMA ($21.86), likely attracting solid buying from bulls.
Hyperliquid price prediction
Hyperliquid (HYPE) dropped below the moving averages on Tuesday, showing that bears continue to press the market.
Bulls will attempt to push the price back above the moving averages but can expect strong resistance from bears. If the price declines from the moving averages, the HYPE/USDT pair could drop to $36.
Buyers must push and maintain the price above the moving averages to indicate strength, potentially allowing the Hyperliquid price to rise toward overhead resistance at $50.
Stellar price prediction
Stellar (XLM) is in a fierce struggle between bulls and bears at the 50-day SMA ($0.39).
The 20-day EMA ($0.41) is gradually declining, and the relative strength index (RSI) is in negative territory, indicating a slight edge for bears. If the price remains below the 50-day SMA, the XLM/USDT pair may tumble to $0.36, a critical level for bulls to defend, since a drop below that could see Stellar’s price fall to $0.29.
The first sign of strength will be a break and close above the 20-day EMA. If successful, the pair could rise to $0.47 and later to $0.52.
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.
