Key points:
Bitcoin approaches a significant support level in its broad range, suggesting a potential short-term relief rally.
Major altcoins are attempting to initiate a relief rally, yet they may encounter substantial resistance from bearish traders as they rise.
Bitcoin (BTC) has recaptured the $110,000 mark, though its sustainability is uncertain. Analysts at Glassnode noted in a post on X that long-term holders realized gains of 3.4 million BTC, with inflows into exchange funds tapering off following the Federal Reserve’s rate cuts on Sept. 17, indicating exhaustion and downside risks.
Farside Investors reported that US spot BTC ETFs have experienced net outflows of $479 million this week, indicating a decline in institutional demand. BTC’s dip on Thursday pushed the Crypto Fear & Greed Index into the “fear” category on Friday.
The downturn in BTC has similarly affected several leading altcoins, suggesting negative investor sentiment as traders hastily sell their positions. A slight glimmer of optimism for bulls exists, as BTC remains above the support range of $107,000 to $124,474.
Is a rebound possible from the $107,000 support, bringing altcoins up with it? Let’s analyze the charts of the top 10 cryptocurrencies for insights.
Bitcoin price prediction
BTC faced a downturn from the 20-day exponential moving average ($113,217) on Thursday, indicating a shift in sentiment towards negativity.
If sellers manage to push the price below the $107,000 support, it would confirm a double-top pattern, potentially accelerating selling and dropping the BTC/USDT pair towards $100,000. Buyers are anticipated to defend the $100,000 level aggressively, as a breach below it would pave the way for a drop to the pattern target of $89,526.
Conversely, should Bitcoin’s price recover and break above the moving averages, it would indicate that the pair might trade within the $107,000 to $124,474 range for several more days.
Ether price prediction
Ether (ETH) continued its decline below the $4,060 support on Thursday, highlighting persistent bearish pressure.
A bearish crossover in the moving averages and a relative strength index (RSI) in the negative zone suggest downward momentum. If the $3,745 support fails, the ETH/USDT pair may plummet to the pattern target of $3,426 and then to $3,350.
Bulls can expect significant resistance at the moving averages and resistance line.
XRP price prediction
XRP (XRP) fell from the 50-day simple moving average ($2.98) on Wednesday, reaching solid support at $2.69 on Thursday.
Repeated tests of a support level can weaken it. If the price closes below $2.69, the XRP/USDT pair could complete a bearish descending triangle pattern, heightening the risk of a drop to $2.20.
Any potential relief rally may encounter selling at the moving averages and downtrend line. Bulls will need to decisively push the price above the downtrend line to indicate a potential recovery.
BNB price prediction
BNB (BNB) rebounded from the 20-day EMA ($955) on Tuesday but faced resistance at $1,034 on Wednesday.
The bears resumed their selling on Thursday, pushing BNB below the 20-day EMA. Support exists at the 61.8% Fibonacci retracement level of $934; however, if broken, the BNB/USDT pair could fall to the 50-day SMA ($889).
To avoid further downside, buyers must quickly push and maintain the price above the 20-day EMA, while strength will return if they can lift the price above $1,034.
Solana price prediction
Solana’s (SOL) buyers attempted to halt the decline at the 50-day SMA ($207) on Wednesday, but sustained bearish pressure led to further drops on Thursday.
The declining 20-day EMA ($219) and RSI below 40 indicate bearish dominance. Any recovery attempts are likely to meet strong selling at the 20-day EMA, and a sharp decline from there could lead the SOL/USDT pair to $175.
For buyers, driving Solana’s price above the 20-day EMA is crucial to signal strength, potentially allowing the pair to rise towards $260.
Dogecoin price prediction
The bulls’ inability to push Dogecoin (DOGE) above the 20-day EMA ($0.24) on Wednesday suggests ongoing bearish selling pressure.
The DOGE/USDT pair may drop to robust support at $0.21. Buyers will aim to defend this level vigorously, as a breach could see Dogecoin’s price tumbling to $0.18. This could mean a prolonged stay within the $0.14 to $0.29 range.
The initial sign of strength will be a break above the 20-day EMA, opening possibilities for a rally towards the solid resistance level of $0.29.
Cardano price prediction
Cardano (ADA) continued its downward trend, dipping below the $0.78 support on Thursday, indicating persistent bearish activity.
Buyers are attempting to reclaim the price above $0.78 but will likely face significant resistance from bears at this level and any upward move towards the 20-day EMA ($0.84). A sharp downturn from the 20-day EMA could result in the ADA/USDT pair dropping to the next strong support at $0.68.
On the other hand, if buyers manage to push Cardano’s price above the moving averages, it indicates solid demand at lower prices, potentially leading to an ascent towards the resistance line where substantial bearish opposition is expected.
Related: Bitcoin price ignores PCE inflation as bears eat through $109K support
Hyperliquid price prediction
Hyperliquid (HYPE) has been correcting and hit the $40 support on Thursday, where bulls are actively defending.
A relief rally is anticipated to encounter selling at the moving averages. If the price sharply declines from the moving averages, bears may attempt to drag the HYPE/USDT pair below $40 again, which could result in a drop to $35.50.
Conversely, if the price continues to rise and breaks above $49.88, it indicates that the corrective phase might be finished, with potential gains towards $59.
Chainlink price prediction
Chainlink (LINK) has tested the support line of the descending channel pattern, where buyers are expected to step in.
Any recovery from the support line may face resistance at the 20-day EMA ($22.60). A sharp decline from the 20-day EMA could prompt bears to seek to push the LINK/USDT pair below the descending channel, risking a drop to $18 and subsequently to $16.
Buyers need to quickly lift the price above the 20-day EMA to avert further declines, and then the pair may ascend to the channel’s resistance line.
Avalanche price prediction
Avalanche (AVAX) sharply fell on Thursday, dropping below the 20-day EMA ($30.09), signaling that bears are eager to exit.
The AVAX/USDT pair has declined to the 50-day SMA ($26.62), a level likely to attract buyers. A rebound from the 50-day SMA that subsequently rises above the 20-day EMA indicates buying interest at lower prices. The Avalanche price could stabilize within the range of $26.50 to $36.17 for a period.
Alternatively, if sellers push the price below the 50-day SMA, it could drop to $22.50, bringing the larger range of $15.27 to $36.17 into play.
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.
