Key points:
The inability of bulls to keep Bitcoin above $94,050 has triggered renewed selling, allowing a potential decline to $87,700 and then $84,000.
Many major altcoins continue to face pressure, threatening to revisit their recent lows.
Bitcoin (BTC) is currently caught in a narrow range between $94,588 and $89,260, which suggests a stalemate between buyers and sellers. Prediction markets only assign a 30% chance of BTC reaching $100,000 before January 1st.
Crypto analyst Darkfost notes that BTC’s recovery is hindered by a shortage of incoming liquidity, especially from stablecoins. For Bitcoin to initiate a “genuine bullish trend,” new liquidity must enter the market.
Select analysts foresee BTC potentially dropping below its recent low of $80,600. Trader Roman posted on X that BTC might decline to $76,000, asserting that decreasing interest rates won’t help prevent this.
What essential support and resistance levels should be monitored for BTC and major altcoins? Let’s analyze the charts of the top 10 cryptocurrencies for insights.
Bitcoin price prediction
BTC’s recovery faces resistance at the 50% Fibonacci retracement level of $94,050, demonstrating bearish activity at elevated levels.
Support lies at $87,700 followed by $84,000. A drop below $84,000 may lead to a retest of the November 21 low of $80,600.
For buyers to assert strength, they must push Bitcoin above the $94,050 resistance level. The BTC/USDT pair could then rise to the 50-day simple moving average ($97,411).
However, this upward movement is likely to encounter significant selling pressure between the 50-day SMA and the psychological barrier of $100,000. A close above $100,000 would indicate a bullish return.
Ether price prediction
Ether (ETH) faced a downturn from the $3,350 level on Thursday, and bears are attempting to keep prices beneath the 20-day exponential moving average ($3,125).
If they succeed, it would indicate bears are selling during rallies. The Ether price could fall to $2,907 and eventually to $2,716. A close below $2,623 may further the downtrend.
Conversely, if the price rebounds from its current level and breaks above the $3,350 resistance, it would signify the start of a new upward trend. The pair could rise to $3,918 and then to $4,250.
BNB price prediction
BNB (BNB) has been trading near the 20-day EMA ($892) recently, indicating equilibrium between buyers and sellers.
The flat 20-day EMA and the RSI just below the midpoint suggest a range-bound movement between $791 and $1,020 in the coming days.
Sellers must push BNB price below $791 to initiate the next downtrend, potentially collapsing to $730. Conversely, a close above $1,020 would indicate the end of the correction, allowing the pair to rally to $1,182, which could serve as resistance.
XRP price prediction
XRP (XRP) remains trapped in a descending channel pattern, highlighting bearish control.
The bulls need to elevate XRP price above the 50-day SMA ($2.25) to show strength. The XRP/USDT pair may then ascend to the downtrend line, a crucial level to monitor. A close above this line would indicate bulls taking control.
Conversely, bears must push the price below $1.98 to clear the way for a fall to the support line and possibly down to the critical level at $1.61.
Solana price prediction
The long tail on Solana’s (SOL) Thursday candlestick indicates that bulls are actively defending the $126 level.
The bulls must push Solana price above the 50-day SMA ($152) to signal a potential trend change. The SOL/USDT pair could then rise to $172 and subsequently $190.
In contrast, a drop and close below $126 signals a continuation of the downward trend, potentially leading to a plunge to $100 and then a robust support level at $95.
Dogecoin price prediction
Dogecoin (DOGE) declined from the 20-day EMA ($0.14) on Wednesday, indicating that bears are selling on every small rally.
If the price continues lower and closes below the $0.13 support, it would signify the start of a new downward trend. The DOGE/USDT pair could then drop to the Oct. 10 low of $0.10, which is likely to attract buyers.
A break and close above the 20-day EMA will be the first sign of strength, indicating that bulls are firmly defending the $0.14 level. This could propel Dogecoin to the 50-day SMA ($0.16) and then to $0.19.
Cardano price prediction
Cardano (ADA) faced a downturn from the breakdown level of $0.50 on Wednesday, indicating bears aim to convert this level into resistance.
The flat 20-day EMA ($0.44) and an RSI in negative territory suggest a slight advantage for the bears. Support can be found at $0.40 and $0.37. If sellers manage to pull Cardano price below $0.37, the ADA/USDT pair may plunge to $0.31 and possibly down to the Oct. 10 intraday low of $0.27.
For buyers to signal a resurgence, they need to push the price above $0.50. The pair could then rally to $0.60 and further to $0.70.
Related: Ether price rallied 260% last time this happened: Can ETH reach $5K?
Bitcoin Cash price prediction
Bitcoin Cash (BCH) rose from the 20-day EMA ($560) on Thursday, indicating positive sentiment.
Bulls will aim to push Bitcoin Cash price above the $607 level to challenge the resistance at $651. Sellers are expected to defend the $651 level fiercely, as breaking above this could pave the way for a rally to $720.
Bears will need to drive the price below the moving averages to take control. If they succeed, it indicates that the BCH/USDT pair could oscillate between $607 and $443 for a while.
Hyperliquid price prediction
Sellers tried to push Hyperliquid (HYPE) lower on Thursday, but the long tail on the candlestick indicates buying interest from bulls.
The HYPE/USDT pair might approach the 20-day EMA ($31.91), a critical level to monitor. A sharp downturn from the 20-day EMA could prompt bears to attempt to resume the downtrend.
On the flip side, breaching above the 20-day EMA indicates diminishing selling pressure. Hyperliquid price could then rise to the 50-day SMA ($37.23). A close above this level suggests that the corrective phase may be coming to an end.
Chainlink price prediction
Chainlink (LINK) has traded between the moving averages lately, indicating a balance between supply and demand.
Such tight range trading may precede a range expansion. If the price breaks and closes above the 50-day SMA ($14.71), it would indicate that bulls have gained the upper hand over bears. The LINK/USDT pair could rise to $19.06.
Conversely, a sharp decline below the 20-day EMA ($13.84) would signal that bears are still in charge. Chainlink price could then drop to the firm support at $10.94, where buyers are expected to step in.
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