Key points:
Bitcoin experienced its largest long liquidation this year, suggesting a loss of bullish momentum in the market.
Many altcoins are attempting to maintain their support levels but may encounter significant selling on any upward moves.
Bitcoin (BTC) plunged to $111,800 on Monday but has since rebounded above $112,700. This sharp decline was attributed to the liquidation of leveraged positions. CoinGlass reported on X that traders faced $1.62 billion in long liquidations within 24 hours, marking the largest long liquidation of this year.
Some analysts remain unfazed by the dip, forecasting a potential rebound for BTC in October. Historically, BTC has risen 10 out of 12 times in October since 2013, with its last decrease occurring in 2018, according to CoinGlass. If history holds true, BTC could approach a new all-time high this October.
A positive factor for the markets is the US Federal Reserve’s policy shift. Economist Timothy Peterson stated to Cointelegraph that markets may be underestimating the likelihood of rapid interest rate cuts, indicating that once the surprise effect manifests, it could significantly boost Bitcoin and altcoins in the next 3-9 months.
Will BTC and altcoins maintain their respective support levels? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
S&P 500 Index price prediction
The S&P 500 Index (SPX) achieved another all-time high on Monday, reflecting sustained bullish activity.
The rally might reach 6,700, where a strong defense from the bears could be expected. Dips are likely to find support at the 20-day exponential moving average (6,550). If the price rebounds off the 20-day EMA and surpasses 6,700, the next target could be 7,000.
Sellers need to drive the price below the 50-day simple moving average (6,430) to weaken the bullish trend. Achieving this could initiate a deeper correction down to 6,343 and subsequently to 6,200.
US Dollar Index price prediction
The US Dollar Index (DXY) bounced off the 96.37 support on Wednesday, indicating aggressive defense from the bulls at this level.
The recovery is likely to face resistance at the moving averages. If the price sharply declines from these levels, the bears will attempt to push the index below the 96.37 support. Success could lead to an extended downtrend towards the 95 level.
Conversely, if the price breaks and remains above the moving averages, it could suggest that buyers are trying to establish a double bottom at 96.37. The index may then recover to 99 and subsequently to 100.50.
Bitcoin price prediction
BTC’s inability to surpass the $117,500 resistance may have prompted selling from short-term investors, which intensified after the price fell below the moving averages.
The flat moving averages and a relative strength index (RSI) just under the midpoint indicate a range-bound movement in the near term. Buyers are expected to defend the range support at $107,000 since a drop below that might plunge the BTC/USDT pair down to $100,000.
If the price breaks and closes above $117,500, it signals that the bulls are making a comeback. This may lead to an ascent towards the $124,474 resistance level. Successfully surmounting this could initiate a rally to $141,948.
Ether price prediction
Ether (ETH) fell below the support line of the symmetrical triangle pattern on Monday, suggesting that bears have gained control.
The ETH/USDT pair is at the $4,060 level, likely drawing considerable buying interest from the bulls. Any recovery attempt might encounter selling at the 20-day EMA ($4,442). If Ether price declines from the 20-day EMA, the risk of dropping below $4,060 increases. This could lead the pair down to $3,745 and eventually to the target of $3,426.
This pessimistic outlook will be negated if the price rebounds and breaks above the resistance line, indicating a potential range-bound scenario between $4,060 and $4,957 in the coming days.
XRP price prediction
XRP (XRP) fell to the support level of $2.69 on Monday, indicating an attempt by bears to take control.
The long tail on the candlestick suggests strong buying at $2.69. For a rebound, buyers need to quickly push the XRP price above the downtrend line. If successful, the XRP/USDT pair may rise to $3.40.
On the other hand, closing below $2.69 would finalize a bearish descending triangle pattern, shifting the advantage to the bears and increasing the risk of a dip to $2.20.
BNB price prediction
BNB (BNB) declined from the all-time high of $1,083 on Sunday, indicating profit-taking by short-term buyers.
The BNB/USDT pair could retrace to the 20-day EMA ($945) if the support at the 38.2% Fibonacci retracement level of $991 fails.
A rebound off the 20-day EMA would suggest a positive sentiment and indicate traders are buying on dips. The bulls would then try to continue the uptrend above $1,083. If they succeed, BNB prices could surge to $1,187.
This optimistic view will be dashed if the pair declines further and breaks below the 61.8% retracement level of $934, which may then lead to a drop to the 50-day SMA ($872).
Solana price prediction
Solana (SOL) dipped below the 20-day EMA ($227) and is approaching the uptrend line, a critical support level to monitor.
If the price rebounds off the uptrend line and moves above the 20-day EMA, it would indicate strong buying on dips. The bulls would then aim to drive the SOL/USDT pair toward the significant resistance at $260.
Conversely, if the price falls below the uptrend line, it suggests diminishing buying pressure. The Solana price could then decline to $185 and potentially to $155, bringing the extensive $110 to $260 range into play.
Related: Will XRP price drop below $3 again?
Dogecoin price prediction
Dogecoin (DOGE) sank below the 20-day EMA ($0.25) on Monday, signifying a pullback from bulls.
There is support at the 50-day SMA ($0.23), but this level may be breached. The DOGE/USDT pair could then fall to the strong support at $0.21, indicating that Dogecoin may continue to trade within the broad $0.14 to $0.29 range for a while.
Bulls need to push and hold the price above the $0.29 resistance to gain an advantage. A successful push could initiate a new uptrend towards $0.35 and eventually to $0.44.
Cardano price prediction
Cardano’s (ADA) symmetrical triangle pattern broke to the downside on Monday, showing a bearish advantage.
The bulls will attempt to push Cardano’s price back into the triangle but may encounter significant selling at the breakdown level. If the ADA/USDT pair sharply declines from the moving averages and breaks below $0.78, it signals the onset of a deeper correction to $0.68.
A break and close above the moving averages would be the first sign of strength. This indicates robust buying at lower prices and could lead to a new uptrend toward $1.02 if buyers push the price above the resistance line.
Hyperliquid price prediction
HYPE fell below the 20-day EMA ($52.11) on Sunday, signaling that bulls are exiting the market.
The HYPE/USDT pair reached the uptrend line, attracting significant buying interest as indicated by the long tail on the day’s candlestick. Buyers need to push the price above the 20-day EMA to signal an end to the correction.
If the price declines from the 20-day EMA and breaches the uptrend line, it would indicate that bulls are losing their footing. Bears may then attempt to pull the Hyperliquid price down to $40, suggesting a potential short-term peak.
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.
