Key points:
Bitcoin’s decline has led to net outflows from BTC ETFs on Tuesday, but it is anticipated that buyers will enter to halt the drop near $110,530.
Ether bulls are attempting to convert the $4,094 level into support, revealing a bullish sentiment.
Bitcoin (BTC) is trying to recover from the immediate support around $112,000; however, higher prices may draw sellers. BTC’s downturn has resulted in net outflows of $523.3 million from US spot BTC exchange-traded funds on Tuesday, according to data from Farside Investors. This indicates that institutional investors are becoming cautious in the short term.
Blockchain analytics firm Santiment mentioned in a post on X that BTC’s drop below $113,000 has led to the most negative sentiment on social media since June 22. The firm noted that retail cryptocurrency traders have adopted a bearish stance, which may be a beneficial sign for patient traders, as markets often move contrary to the crowd’s expectations.
BTC’s decline has dragged down several altcoins, negatively impacting investor sentiment. Google Trends data indicates that global search interest for the term “alt season” dropped to 45 on Tuesday, down from a peak of 100 on August 13.
What key resistance and support levels should be monitored for 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, nearing the strong support at $112,000.
The bulls will likely strive to defend the $110,530 to $112,000 zone. Should the price rebound from this support, the BTC/USDT pair could reach the 20-day exponential moving average ($116,687). A close above the 20-day EMA indicates a range-bound scenario between $110,530 and $124,474.
Conversely, if the price retraces from the 20-day EMA and breaches below $110,530, it signals that sellers are capitalizing on rallies. This could lead Bitcoin’s price to plummet to $105,000 and ultimately to the psychological support at $100,000.
Ether price prediction
Ether (ETH) has rebounded from the breakout level of $4,094, indicating that bulls are striving to establish this level as support.
The ETH/USDT pair could ascend to $4,576 and potentially $4,788. Sellers are expected to fiercely defend the $4,788 to $4,868 zone, but if buyers prevail, Ether’s price might surge to $5,000 and subsequently to $5,662.
Conversely, if Ether’s price sharply declines and falls below $4,094, it implies that 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.
The bears will attempt to strengthen their position by driving the price down to solid support at $2.73. Buyers are anticipated to defend the $2.73 level vigorously, as a close below it may open the door for a drop to $2.20.
The initial sign of strength would be a break and close above the 20-day EMA, suggesting reduced selling pressure. The XRP/USDT pair could then climb to the downtrend line, which is likely to present a strong barrier. Buyers must breach this downtrend line for early signs that a correction may have ended.
BNB price prediction
BNB (BNB) has retreated from resistance at $861 but is finding support at the 20-day EMA ($813).
Bulls will aim to push the price above the $861 to $869 resistance area. If successful, the BNB/USDT pair may rally to the psychological level of $1,000.
This optimistic view would be nullified in the near term if the price declines and breaks below the 20-day EMA. In that case, the BNB price could slide to $794 and later to the 50-day SMA ($757), suggesting the pair might consolidate within a broader range of $732 to $861 for a while.
Solana price prediction
Solana (SOL) fell beneath the 20-day EMA ($181) and approached the 50-day SMA ($173) on Tuesday.
Bulls are attempting to maintain the price above the 20-day EMA. If they succeed, the SOL/USDT pair may once again try to rally up to overhead resistance at $210. Sellers are likely to defend the $210 level, but if bulls win, Solana’s price may soar toward $240.
On the other hand, a close below the 50-day SMA could pull the pair down to solid support at $155.
Dogecoin price prediction
Dogecoin (DOGE) has fallen to solid support at $0.21, where buyers are expected to intervene.
Should the price bounce back from the $0.21 level robustly and break above the 20-day EMA ($0.22), it points to a range formation in the near term. The DOGE/USDT pair could fluctuate between $0.21 and $0.26 for a while.
Conversely, if the price declines and breaks below $0.21, it suggests that bears are regaining control. Dogecoin’s price may drop to $0.19 and potentially to $0.16, which would reintroduce the larger $0.14 to $0.29 range.
Cardano price prediction
Cardano (ADA) sharply declined on Tuesday, reaching the 20-day EMA ($0.84), indicating that bulls are losing momentum.
The 20-day EMA is a critical near-term support level to monitor, as a close below it may plunge the ADA/USDT pair to the 50-day SMA ($0.77). A deeper correction could delay the next upward leg.
In contrast, a strong rebound from the 20-day EMA would indicate positive sentiment. Bulls would then strive to push Cardano’s price toward the overhead resistance at $1.02. A close above $1.02 opens 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 have maintained their footing.
Bulls are again attempting to push the price above the $27 resistance. Should they succeed, the LINK/USDT pair could initiate the next leg of the uptrend, reaching $31 and subsequently $36.
Conversely, if Chainlink’s price sharply declines from $27 and breaks below $23.36, it suggests that bulls are hastily booking profits. The pair could then fall to the 20-day EMA ($21.86), which may attract strong buying interest from bulls.
Hyperliquid price prediction
Hyperliquid (HYPE) dropped below the moving averages on Tuesday, signifying that bearish pressure remains strong.
Bulls will attempt to push the price back above the moving averages, but are likely to face significant resistance from bears. If the price declines from the moving averages, the HYPE/USDT pair could drop to $36.
Buyers need to push and maintain the price above the moving averages to indicate strength. The Hyperliquid price could then rise toward the overhead resistance at $50.
Stellar price prediction
Stellar (XLM) is experiencing a challenging confrontation between bulls and bears at the 50-day SMA ($0.39).
The 20-day EMA ($0.41) has begun to decline gradually, and the relative strength index (RSI) is in negative territory, indicating a slight advantage for the bears. If the price remains below the 50-day SMA, the XLM/USDT pair could plummet to $0.36. This is a crucial level for bulls to defend, as a break below $0.36 could plunge Stellar’s price to $0.29.
The first indication of strength would be a break and close above the 20-day EMA. Should they accomplish this, the pair could rise to $0.47 and eventually 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.
