Highlights:
Bitcoin experienced its largest long liquidation this year, suggesting that bullish momentum is waning.
Numerous altcoins are attempting to maintain their support levels but may endure significant selling pressure during rallies.
Bitcoin (BTC) dropped to $111,800 on Monday but has since regained ground above $112,700. This sharp decline was attributed to the liquidation of leveraged positions. According to CoinGlass, traders faced $1.62 billion in long liquidations in just 24 hours, marking the largest long liquidation of the year.
Some analysts remain optimistic despite the drop, forecasting that BTC may rebound and strengthen in October. Historically, BTC has increased in October 10 out of 12 times since 2013, with the last decline occurring in 2018, as noted by CoinGlass. If history is any guide, BTC could reach a new all-time high this October.
A positive element for the markets is the U.S. Federal Reserve’s policy shift. Economist Timothy Peterson shared with Cointelegraph that markets are underestimating the likelihood of swift rate cuts, which could substantially elevate Bitcoin and altcoins over the next three to nine months.
Will BTC and altcoins be able to uphold their support levels? Let’s delve into the charts of the top 10 cryptocurrencies to discover.
Price Prediction for the S&P 500 Index
The S&P 500 Index (SPX) reached another all-time high on Monday, indicating ongoing bullish sentiment.
The rally may reach 6,700, where bears could offer significant resistance. Any dip is likely to find support at the 20-day exponential moving average (EMA) (6,550). If the price bounces off the 20-day EMA and surpasses 6,700, the next target could be 7,000.
Sellers would need to push the price below the 50-day simple moving average (SMA) (6,430) to weaken bullish momentum. If successful, the index may initiate a deeper correction to 6,343, and potentially down to 6,200.
Price Prediction for the US Dollar Index
The US Dollar Index (DXY) rebounded off the 96.37 support on Wednesday, suggesting that bulls are firmly defending this level.
The recovery may encounter resistance at the moving averages. A sharp downturn from these levels would allow bears another attempt to push the index below 96.37. If this is achieved, the index could continue to decline to 95.
Conversely, a break and close above the moving averages suggests buyers are trying to establish a double bottom at 96.37. The index could then recover to 99 and eventually to 100.50.
Price Prediction for Bitcoin
BTC’s inability to breach the $117,500 resistance may have triggered selling by short-term investors, which intensified after the price fell below the moving averages.
The flat moving averages and the relative strength index (RSI) just below the midpoint suggest a likely range-bound movement in the short term. Buyers are expected to defend the support level at $107,000 since a break below may drive the BTC/USDT pair to $100,000.
A break and close above $117,500 would indicate that bulls are staging a comeback. The Bitcoin price might then rise to the $124,474 resistance. A successful breach of the $124,474 level could pave the way for a rally to $141,948.
Price Prediction for Ether
Ether (ETH) fell below the support line of the symmetrical triangle pattern on Monday, demonstrating that bears have gained the upper hand.
The ETH/USDT pair has touched the $4,060 level, which is likely to draw significant buying interest from bulls. Any recovery attempt may face selling at the 20-day EMA ($4,442). Should the Ether price retreat from the 20-day EMA, the chance of breaking below $4,060 increases. The pair could fall to $3,745 and then to the pattern target of $3,426.
This negative outlook will be invalidated in the near term if the price rises and breaks above the resistance line, suggesting range-bound activity between $4,060 and $4,957 for several days.
Price Prediction for XRP
XRP (XRP) dropped to the $2.69 support on Monday, indicating that bears are trying to take control.
The long tail on the candlestick indicates strong buying at $2.69. For buyers to regain momentum, they must rapidly push XRP price above the downtrend line. If they succeed, the XRP/USDT pair might rise to $3.40.
Conversely, a close below $2.69 would complete a bearish descending triangle pattern, favoring bears and heightening the risk of a decline to $2.20.
Price Prediction for BNB
BNB (BNB) pulled back from the all-time high of $1,083 on Sunday, indicating that short-term buyers are booking profits.
The BNB/USDT pair could retreat to the 20-day EMA ($945) if the support at the 38.2% Fibonacci retracement level of $991 is breached.
If the price rebounds from the 20-day EMA, it signals bullish sentiment, indicating traders are buying on dips. Bulls would again aim to continue the uptrend above $1,083. If successful, the price could increase to $1,187.
This positive outlook will be disrupted if the pair continues downward, breaking below the 61.8% retracement level of $934, as the pair may then drop to the 50-day SMA ($872).
Price Prediction for Solana
Solana (SOL) retraced below the 20-day EMA ($227) and approached the uptrend line, a critical support level to monitor.
If the price bounces off the uptrend line and surpasses the 20-day EMA, it signals solid buying interest. Bulls will then aim to push the SOL/USDT pair toward the tough overhead resistance at $260.
Conversely, a break below the uptrend line indicates diminished buying pressure. Solana’s price may then decrease to $185 and ultimately to $155, activating the large range of $110 to $260.
Related: Is XRP price going to crash after falling below $3 again?
Price Prediction for Dogecoin
Dogecoin (DOGE) fell below the 20-day EMA ($0.25) on Monday, indicating bulls have lost momentum.
Support exists at the 50-day SMA (0.23), but this level may soon be breached. The DOGE/USDT pair could then decline to solid support at $0.21, suggesting that Dogecoin’s price may remain in the broader range of $0.14 to $0.29 for some time.
Bulls must push and sustain the price above the $0.29 resistance to regain control. If successful, the pair could initiate a new upward trend toward $0.35, followed by $0.44.
Price Prediction for Cardano
Cardano’s (ADA) symmetrical triangle pattern broke to the downside on Monday, indicating bearish dominance.
The bulls will attempt to push Cardano’s price back into the triangle, but may encounter significant selling at the breakout point. If the ADA/USDT pair sharply declines from the moving averages and breaks below $0.78, this could signify the beginning of a deeper correction to $0.68.
A break and close above the moving averages would indicate strong buying at lower levels, potentially leading to a new uptrend to $1.02 if buyers can shift the price above the resistance line.
Price Prediction for Hyperliquid
HYPE dropped beneath the 20-day EMA ($52.11) on Sunday, signaling that bulls are exiting rapidly.
The HYPE/USDT pair has reached the uptrend line, attracting solid buying by bulls as evidenced by the long tail on the day’s candlestick. Buyers must elevate the price above the 20-day EMA to imply that the correction may be ending.
However, if the price retracts from the 20-day EMA and dips below the uptrend line, it suggests a loss of momentum among bulls. Bears could aim to drive the Hyperliquid price down to $40, indicating 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.
