Main Highlights:
On Tuesday, Bitcoin saw profit-taking, yet the minor retreat indicates that bullish investors remain confident of an ongoing uptrend.
Numerous altcoins bounced back from their support levels, suggesting buying interest at lower prices.
Bitcoin (BTC) sharply declined on Tuesday, but prices remained above $120,000, indicating solid demand. The bulls have driven prices beyond $123,000 and aim to overcome the resistance at $124,474 next.
Experts are optimistic about BTC’s potential this October, historically the second-best month since 2013, with a typical gain of 20.75%, according to CoinGlass data. Economist Timothy Peterson noted on X there’s a 50% chance BTC will close the month above $140,000.
Despite the upward trend, traders must exercise caution as failure to maintain above $126,000 may instigate renewed selling. A drop could put $120,000 support in jeopardy, with anticipated support between $118,000 and $114,000.
Will BTC initiate the next upward phase, lifting altcoins along with it? Let’s examine the charts for the top ten cryptocurrencies.
Bitcoin Price Forecast
BTC reached a new peak of $126,199 on Monday, but the bulls failed to uphold those levels.
The BTC/USDT pair declined below the breakout point of $124,474 on Tuesday. The upward sloping 20-day exponential moving average ($118,110) and the positive relative strength index (RSI) suggest that bulls still hold an advantage.
Buyers will make another attempt to extend the uptrend by pushing Bitcoin price past $126,199. Success could lead the BTC/USDT pair up to $138,154.
However, if prices decline further and drop below the 20-day EMA, it would indicate a rejection of the breakout above $124,474. The pair could then slide to the 50-day simple moving average ($114,276).
Ether Price Forecast
Ether (ETH) closed above the resistance line on Monday, but bears brought the price back below on Tuesday.
The ETH/USDT pair is trying to find support at the moving averages, indicating bulls are seeking to maintain control. Buyers will make another push to breach the resistance line and confront the all-time high at $4,957.
If prices fall below the moving averages, it suggests that bears are gaining control. The Ether price may then drop to the $4,060 support, where buyers are likely to step in.
BNB Price Forecast
BNB (BNB) has shown strong upward momentum recently, indicating sustained buying from bulls.
Bears are trying to cap the uptrend at $1,350, but the modest pullback indicates that bulls are holding their positions, expecting the rally to continue. If buyers push the price above $1,350, the BNB/USDT pair may rise to $1,394 and then to $1,479.
Bears will need to pull BNB below the 61.8% Fibonacci retracement level of $1,217 to initiate a substantial correction toward the 20-day EMA ($1,097). Buyers are expected to fiercely defend the 20-day EMA, as a drop below it signals weakening momentum.
XRP Price Forecast
The repeated inability of bulls to keep XRP (XRP) above the downtrend line over recent days indicates that bears are effectively defending the level.
The XRP price fell, dropping below the moving averages on Tuesday. This signals that the XRP/USDT pair may remain in a bearish descending triangle pattern for some time. Sellers will aim to consolidate their position by pushing the price under $2.69 support. Success could initiate a downturn toward $2.33.
This negative outlook will be invalidated if prices rebound and close above the downtrend line, potentially sending the pair to $3.20 and later to $3.38.
Solana Price Forecast
Solana (SOL) has been steadily climbing within an ascending channel for several days.
If prices drop below the 50-day SMA ($216), the SOL/USDT pair may fall to the support line. Buyers are expected to protect this support line, as a breakdown could start a slide to $191 and then to $175.
Conversely, if the price rallies from the current level and surpasses the 20-day EMA ($222), it indicates buying on dips. The bulls would then aim to push Solana’s price to the resistance line.
Dogecoin Price Forecast
Dogecoin (DOGE) dropped from $0.27 on Tuesday but is finding support at the 50-day SMA ($0.24).
Bulls will attempt to push Dogecoin price over $0.27 to challenge strong resistance at $0.29. If they succeed, the DOGE/USDT pair could initiate a new uptrend toward the target of $0.39.
Sellers are likely to have alternative plans, trying to drag the price to the uptrend line, a critical level for bulls to defend. If bears prevail and push prices below the uptrend line, it could trap the pair in the $0.14 to $0.29 range for an extended period.
Cardano Price Forecast
Cardano (ADA) ended above the 50-day SMA ($0.85) on Monday, but the bulls weren’t able to maintain those levels.
The ADA/USDT pair declined below the 20-day EMA ($0.83) on Tuesday, suggesting Cardano may stay within a descending triangle for a bit longer. Selling could intensify if bears push prices below $0.75 support, opening the path to $0.68 and then to $0.60.
Buyers need to drive prices above the resistance line to counteract the bearish setup. The pair could then rally to $0.95 and subsequently to $1.02.
Related: DOGE price surged 445% the last time this indicator was triggered
Hyperliquid Price Forecast
Hyperliquid (HYPE) declined from the 61.8% Fibonacci retracement level of $51.87 on Sunday, indicating bears are selling during rallies.
The next support lies at $43. A sharp rebound from $43 implies demand at lower levels. The HYPE/USDT pair may consolidate between $43 and $52 for a period.
The advantage will shift to bulls if they rally Hyperliquid past $52. This could bring the pair back to the all-time high of $59.41. Conversely, a drop below $43 could see the pair sink to $39.68.
Chainlink Price Forecast
Chainlink (LINK) retraced from the resistance line on Tuesday, falling below the 20-day EMA ($22.31).
Bulls are expected to push back, trying once again to drive Chainlink above the resistance line. Their success may indicate the end of the corrective phase. The LINK/USDT pair could then initiate an upward trend towards $25.64 and eventually to $27.
On the flip side, if prices retract from the resistance and drop below $21.47, it signifies that bears remain dominant. The pair could linger in the descending channel for an extended timeframe.
Sui Price Forecast
Buyers were unable to push Sui (SUI) to the downtrend line recently, showcasing bearish selling pressure.
The flat 20-day EMA ($3.48) and RSI hovering around the midpoint indicate no clear advantage for either bulls or bears. If Sui’s price declines and holds below the moving averages, it may approach the support line.
However, a sharp rise from the current level and a break above the downtrend line would indicate a bullish comeback. The SUI/USDT pair could rise to $4 and potentially reach $4.44 as well.
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.
