Key points:
The decline in Bitcoin has led to net outflows from BTC ETFs on Tuesday, but buyers are expected to intervene and halt the drop around $110,530.
Ether bulls are attempting to establish the $4,094 level as support, suggesting a positive outlook.
Bitcoin (BTC) is trying to recover from immediate support around $112,000, but higher levels may attract sellers. BTC’s weakness caused net outflows of $523.3 million from US spot BTC exchange-traded funds on Tuesday, according to Farside Investors data, indicating a cautious approach from institutional investors in the near term.
Blockchain analytics firm Santiment noted on X that BTC’s dip below $113,000 has generated the most bearish sentiment on social media since June 22. Retail cryptocurrency traders have turned bearish, which is often a favorable indicator for patient investors as markets tend to move counter to the crowd’s expectations.
Crypto market data daily view. Source: Coin360
BTC’s decline has weighed down several altcoins, impacting investor sentiment. Google Trends data reveals that global search interest for the term “alt season” dropped to 45 on Tuesday, down from the peak of 100 on August 13.
What are the key resistance and support levels to monitor in BTC and major altcoins? Let’s analyze the top 10 cryptocurrencies’ charts for insights.
Bitcoin price prediction
BTC fell below the neckline of the inverse head-and-shoulders pattern on Tuesday, approaching solid support at $112,000.
BTC/USDT daily chart. Source: Cointelegraph/TradingView
The bulls will likely defend the $110,530 to $112,000 range fiercely. If the price rebounds off this support, the BTC/USDT pair could reach the 20-day exponential moving average ($116,687). A close above the 20-day EMA would indicate a range-bound action between $110,530 and $124,474.
If the price instead declines from the 20-day EMA and breaks below $110,530, it signals that bears are capitalizing on rallies. This could lead to a drop to $105,000, eventually targeting the psychological support at $100,000.
Ether price prediction
Ether (ETH) has bounced off the breakout level of $4,094, indicating that bulls are striving to turn this level into support.
ETH/USDT daily chart. Source: Cointelegraph/TradingView
The ETH/USDT pair may rise to $4,576 and then to $4,788. Sellers will likely defend the $4,788 to $4,868 area vigorously, but if buyers succeed, Ether’s price could soar to $5,000 and subsequently to $5,662.
If Ether’s price sharply declines and breaks below $4,094, it suggests that bulls are quickly exiting positions. This could drive the pair down to the 50-day simple moving average ($3,593).
XRP price prediction
XRP (XRP) retreated from the 20-day EMA ($3.07) and fell below the 50-day SMA ($2.97) on Tuesday.
XRP/USDT daily chart. Source: Cointelegraph/TradingView
The bears are aiming to solidify their position by pushing the price down to strong support at $2.73. Buyers are anticipated to defend the $2.73 level fiercely because a close below it could pave the way for a decline to $2.20.
The initial signal of strength would be a break and close above the 20-day EMA, indicating a potential reduction in selling pressure. The XRP/USDT pair may then rise to the downtrend line, which is expected to act as a significant barrier. Buyers need to surpass this downtrend line to suggest a potential end to the correction.
BNB price prediction
BNB (BNB) has turned down from the $861 resistance but is receiving support at the 20-day EMA ($813).
BNB/USDT daily chart. Source: Cointelegraph/TradingView
Bulls will attempt to push the price above the $861 to $869 resistance zone. If successful, the BNB/USDT pair could surge to the psychological level of $1,000.
This positive outlook could be invalidated in the short term if the price declines and breaks below the 20-day EMA. In that case, BNB price might fall to $794 and potentially to the 50-day SMA ($757), suggesting consolidation within the broad range from $732 to $861 for a while.
Solana price prediction
Solana (SOL) dropped below the 20-day EMA ($181) and hit the 50-day SMA ($173) on Tuesday.
SOL/USDT daily chart. Source: Cointelegraph/TradingView
Bulls are trying to keep the price above the 20-day EMA. If achieved, the SOL/USDT pair could make another attempt at rallying toward the overhead resistance at $210. Although sellers are likely to resist at $210, if bulls overcome this, Solana’s price could surge toward $240.
Conversely, a break and close below the 50-day SMA could lead to a decline to the solid support at $155.
Dogecoin price prediction
Dogecoin (DOGE) has declined to solid support at $0.21, where buyers are expected to enter.
DOGE/USDT daily chart. Source: Cointelegraph/TradingView
If the price rallies from the $0.21 level with strength and breaks above the 20-day EMA ($0.22), it indicates a range formation in the near term. The DOGE/USDT pair could oscillate between $0.21 and $0.26 for a while.
In contrast, if the price drops and breaks below $0.21, it indicates bearish control. The Dogecoin price could then decline to $0.19 and subsequently to $0.16, which puts the larger range of $0.14 to $0.29 into play.
Cardano price prediction
Cardano (ADA) sharply declined on Tuesday and reached the 20-day EMA ($0.84), signaling that bulls are losing grip.
ADA/USDT daily chart. Source: Cointelegraph/TradingView
The 20-day EMA represents a critical near-term support. A close below it could lead the ADA/USDT pair down to the 50-day SMA ($0.77), delaying the start of a new uptrend.
In contrast, a strong rebound from the 20-day EMA would signal positive sentiment, with bulls aiming to drive Cardano’s price toward the overhead resistance at $1.02. A close above $1.02 would open up potential 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) pulled back from the overhead resistance at $27, but bulls are holding their ground against bears.
LINK/USDT daily chart. Source: Cointelegraph/TradingView
Bulls are once more attempting to drive the price above the $27 resistance. If successful, the LINK/USDT pair could begin its next upward movement to $31 and later to $36.
Conversely, if Chainlink price sharply declines from $27 and drops below $23.36, it suggests bulls are hastily booking profits. The pair could then reach the 20-day EMA ($21.86), where robust buying from bulls is anticipated.
Hyperliquid price prediction
Hyperliquid (HYPE) fell below moving averages on Tuesday, signifying sustained bear pressure.
HYPE/USDT daily chart. Source: Cointelegraph/TradingView
Bulls will attempt to push the price back above the moving averages but are likely to encounter strong resistance from bears. If the price declines from the moving averages, the HYPE/USDT pair could drop to $36.
Bulls must push and maintain the price above the moving averages to indicate strength. Once achieved, Hyperliquid’s price might climb to overhead resistance at $50.
Stellar price prediction
Stellar (XLM) is experiencing a tough contest between bulls and bears at the 50-day SMA ($0.39).
XLM/USDT daily chart. Source: Cointelegraph/TradingView
The 20-day EMA ($0.41) has begun to decline slightly, and the relative strength index (RSI) is in negative territory, indicating a slight advantage for bears. Maintaining the price below the 50-day SMA could lead the XLM/USDT pair to drop to $0.36, a crucial level for bulls to protect; a break below it could cause Stellar price to plummet to $0.29.
The first signal of strength would be a break and close above the 20-day EMA. If this happens, 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.
