Highlights:
Bitcoin is approaching the support of its significant range, suggesting a potential relief rally in the short term.
Many major altcoins are attempting to initiate a relief rally, but they may face considerable resistance from bearish traders at higher price levels.
Bitcoin (BTC) has regained the $110,000 mark, but the sustainability of this bounce remains uncertain. Analysts from Glassnode mentioned in a post on X that long-term holders booked profits totaling 3.4 million BTC, and the inflow of funds to exchanges slowed following the Federal Reserve’s rate cut on Sept. 17, indicating exhaustion and potential downside risk.
Per Farside Investors data, the US spot BTC ETFs experienced net outflows of $479 million this week, signaling a decline in institutional demand. BTC’s drop on Thursday pushed the Crypto Fear & Greed Index into the “fear” zone on Friday.
The weakness in BTC has dragged several significant altcoins lower, indicating negative sentiment as traders are quickly offloading their positions. A glimmer of hope for bulls is that BTC hasn’t broken below the support range of $107,000 to $124,474.
Could BTC bounce off the $107,000 support with momentum, lifting altcoins alongside it? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin Price Forecast
BTC declined from the 20-day exponential moving average ($113,217) on Thursday, suggesting a shift in sentiment towards negativity.
Sellers need to pull the price below the $107,000 support to complete a double-top formation. If successful, selling pressure could intensify, leading the BTC/USDT pair to drop to $100,000. Buyers are anticipated to staunchly defend the $100,000 mark, as falling below it clears the route for a decline to the pattern target of $89,526.
Conversely, if the Bitcoin price rises and breaks above the moving averages, it indicates that the pair may fluctuate within the $107,000 to $124,474 range for a few additional days.
Ether Price Forecast
Ether (ETH) continued its downward movement, falling below the $4,060 support on Thursday, showing that bears have sustained their pressure.
The moving averages have completed a bearish crossover, and the relative strength index (RSI) is in negative territory, indicating that the path of least resistance is downward. If the $3,745 support fails, the ETH/USDT pair could fall to the pattern target of $3,426 and then to $3,350.
Bulls are likely to encounter substantial selling from bears at the moving averages and the resistance line.
XRP Price Forecast
XRP (XRP) declined from the 50-day simple moving average ($2.98) on Wednesday, hitting strong support at $2.69 on Thursday.
The repeated testing of a support level tends to weaken it. A break and close below $2.69 will complete a bearish descending triangle pattern, increasing the risk of a fall toward $2.20.
Any recovery attempt is expected to encounter selling at the moving averages and the downtrend line. Bulls must raise and maintain the price above the downtrend line to signal a comeback.
BNB Price Forecast
BNB (BNB) bounced off the 20-day EMA ($955) on Tuesday, but the recovery struggled at $1,034 on Wednesday.
Bears resumed selling on Thursday, pulling the BNB price below the 20-day EMA. Support is at the 61.8% Fibonacci retracement level of $934, but if this level fails, the BNB/USDT pair may plummet to the 50-day SMA ($889).
To prevent further decline, buyers must swiftly elevate and maintain the price above the 20-day EMA. The bulls will be back in contention if they manage to push the pair above $1,034.
Solana Price Forecast
Buyers attempted to halt Solana’s (SOL) decline at the 50-day SMA ($207) on Wednesday, but consistent selling pressure from bears pushed the price lower on Thursday.
The downward sloping 20-day EMA ($219) and the RSI below 40 indicate that bears have gained the upper hand. Attempts to start a recovery are likely to face significant selling at the 20-day EMA. A sharp downturn from this point could see the SOL/USDT pair plummet to $175.
Buyers face a substantial challenge ahead. They must push Solana’s price above the 20-day EMA to indicate strength. The pair may then rise towards $260.
Dogecoin Price Forecast
The inability of bulls to elevate Dogecoin (DOGE) above the 20-day EMA ($0.24) on Wednesday signifies that bears are selling during rallies.
The DOGE/USDT pair may droop to solid support at $0.21. Buyers will likely defend the $0.21 level vigorously since a break and close below it could drag the Dogecoin price down to $0.18. This may suggest the pair could linger within the $0.14 to $0.29 range for a while longer.
The first sign of strength will be breaking above the 20-day EMA, opening the door for a rally to the robust overhead resistance at $0.29.
Cardano Price Forecast
Cardano (ADA) continued its decline, slipping beneath the $0.78 support on Thursday, indicating persistent bearish pressure.
Buyers are trying to rally the price above $0.78 but may encounter significant selling pressure at this level and any upward push towards the 20-day EMA ($0.84). A sharp downturn from the 20-day EMA could lead the ADA/USDT pair to nosedive to the next strong support at $0.68.
However, if buyers push Cardano’s price above the moving averages, it would signal solid demand at lower levels. The pair may then ascend towards the resistance line, where a substantial challenge from bears is anticipated.
Related: Bitcoin price disregards PCE inflation as bears pierce through $109K support
Hyperliquid Price Forecast
Hyperliquid (HYPE) continued its downward correction, reaching $40 support on Thursday, where bulls are mounting a robust defense.
The anticipated relief rally may encounter selling at the moving averages. A sharp downturn from these levels could entice bears to attempt to push the HYPE/USDT pair below $40. If successful, Hyperliquid’s price could plummet to $35.50.
On the other hand, if the price continues to rise and breaks above $49.88, it would indicate that the corrective phase may have ended. The pair could then rally towards $59.
Chainlink Price Forecast
Chainlink (LINK) dipped to the support line of the descending channel pattern, where buyers are expected to intervene.
Any attempt to recover from the support line may encounter selling at the 20-day EMA ($22.60). A sharp decline from the 20-day EMA could lead bears to try again to push the LINK/USDT pair below the descending channel. Should they succeed, the Chainlink price may drop to $18 and subsequently to $16.
Bulls need to swiftly elevate the price above the 20-day EMA to avert further downside. The pair could then rise towards the channel’s resistance line.
Avalanche Price Forecast
Avalanche (AVAX) sharply declined on Thursday, falling below the 20-day EMA ($30.09), indicating that bears are rushing out.
The AVAX/USDT pair has dropped to the 50-day SMA ($26.62), which is likely to draw in buyers. If the price rebounds from the 50-day SMA and climbs above the 20-day EMA, it suggests buying at lower levels. Avalanche’s price could then consolidate between $26.50 and $36.17 for a while.
However, if sellers push the price below the 50-day SMA, the pair could descend 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.
