Notable Highlights:
Bitcoin encountered strong resistance at $117,500, suggesting that bears are not backing down easily.
Multiple major altcoins attempted to surpass their overhead resistance levels, yet the bears maintained control, indicating selling on rallies.
Bitcoin (BTC) continues to struggle with significant resistance around $117,500, but a positive sign is that the bulls are maintaining their pressure. This indicates that buyers are not hasty to exit, anticipating a potential move toward the all-time high of $124,474.
BTC analyst Axel Adler Jr. mentioned in a post on X that the “market is neither overheated nor oversold” at this level. This could result in a consolidation period of one to two weeks before BTC approaches a new all-time high.
Several analysts predict BTC will reach a new all-time high. Benjamin Cowen, founder of Into The Cryptoverse, stated in a recent interview that the rally might peak swiftly after a new high is established. Once the peak is reached, Cowen suggests a potential 70% drop in the next bear market.
Could BTC break through its overhead resistance and lift altcoins higher? Let’s analyze the top 10 cryptocurrencies’ charts to find out.
Bitcoin Price Forecast
BTC briefly breached the $117,500 resistance on Thursday, but bulls were unable to hold the higher levels.
The rising 20-day exponential moving average (EMA) at $114,457 and a positive relative strength index (RSI) indicate that the path of least resistance is upward. A closure above $117,500 would pave the way for a rally to $124,474.
Conversely, if the price drops below the 20-day EMA, it signals that bulls might be closing their positions hastily. The BTC/USDT pair could then fall to $110,000, remaining within the $107,000 to $117,500 range for a longer period.
Ether Price Forecast
Ether (ETH) has formed a symmetrical triangle pattern, reflecting indecision between buyers and sellers.
A downward break below the support line would suggest that the uncertainty has shifted in favor of the bears. The ETH/USDT pair could then plummet to $4,060, reaching the target pattern of $3,426 thereafter.
Buyers could regain control if they push the price above the resistance line, improving the chances of an upward trend resumption. The Ether price could then rally toward the target of $5,586.
XRP Price Forecast
XRP (XRP) rebounded from the 20-day EMA ($2.99) on Tuesday but the bulls struggled to surpass the overhead barrier at $3.20.
Bears are attempting to drag the price below the moving averages to take control. If they succeed, the XRP/USDT pair could retreat to the strong support level at $2.73, suggesting that the breakout above the downtrend line was a bull trap. A close below $2.69 would complete the bearish descending triangle pattern, clearing the path for a decline to $2.20.
The bulls need to push and sustain the price above $3.20 to indicate a short-term trend shift. XRP’s price may then ascend to $3.40 and eventually $3.66.
BNB Price Forecast
BNB (BNB) surged past the psychological level of $1,000 on Thursday, indicating strong demand from bulls.
Bears will try to defend the $1,000 level, but if buyers prevail, the BNB/USDT pair could extend its rally to $1,090.
The critical support to monitor on the downside is the 20-day EMA ($915). If the price bounces off the 20-day EMA, bulls will attempt to resume the upward movement.
If sellers pull the price below the 20-day EMA, it would signal strength, possibly causing BNB to drop to the 50-day simple moving average (SMA) ($855).
Solana Price Forecast
Solana (SOL) declined from $253 on Thursday, showing that the bears are actively defending the $260 level.
The pullback is likely to find support at the 20-day EMA ($225). If the price rebounds with strength from the 20-day EMA, bulls will try again to surmount the overhead obstacle at $260. If successful, the SOL/USDT pair could soar toward $295.
Conversely, if the price breaks and closes below the 20-day EMA, it could indicate that profit-taking is occurring. This may pull Solana’s price to the uptrend line, where buyers are likely to re-enter.
Dogecoin Price Forecast
Dogecoin (DOGE) rebounded from the $0.26 level on Tuesday, but bears are mounting strong resistance at $0.29.
If the price rebounds from the $0.26 level again, it suggests that bulls are buying on every minor dip. This increases the chances of a breakout above $0.31. If that occurs, the DOGE/USDT pair could initiate a new uptrend towards $0.35 and potentially $0.44.
On the other hand, a break below the 20-day EMA ($0.25) indicates that bulls are losing momentum. In this case, the Dogecoin price may drop to the 50-day SMA ($0.23), which could keep the pair trading range-bound between $0.21 and $0.29 for a while.
Cardano Price Forecast
Cardano (ADA) declined from the resistance line of the symmetrical triangle pattern, signifying that bears are fiercely defending this level.
If the price bounces off the 20-day EMA ($0.87), it indicates buying on dips, enhancing the chances of breaking above the resistance line. Should this occur, the ADA/USDT pair could surge to $1.02 and subsequently to $1.17.
This positive outlook will be invalidated if Cardano’s price sharply declines and falls below the support line, indicating bears have gained the upper hand. The pair may then drop to $0.68.
Related: Why Ether’s price may surge 75% against Bitcoin by New Year’s
Hyperliquid Price Forecast
Hyperliquid (HYPE) rose to a new all-time high of $59.41 on Thursday, but bulls are struggling to maintain these elevated levels.
The RSI indicates early signs of forming a bearish divergence, suggesting that bullish momentum may be fading. If sellers manage to push Hyperliquid’s price below the 20-day EMA ($52.30), it could lead to a drop to $49.88, and then to the 50-day SMA ($46.41).
Buyers are likely to counter this by defending the 20-day EMA. If the HYPE/USDT pair sharply rebounds from the 20-day EMA, bulls will attempt to initiate the next leg of the uptrend toward the target of $64.25.
Chainlink Price Forecast
Chainlink (LINK) rebounded from the 50-day SMA ($22.69) on Wednesday, but bulls are encountering strong resistance at the downtrend line.
The 20-day EMA ($23.71) is flattening, and the RSI is near the midpoint, indicating balance in supply and demand. Buyers will need to force and sustain the Chainlink price above the downtrend line to clear the path for a rally toward the $27 level.
If the price breaks and closes below the 50-day SMA, it would indicate that bears are regaining control, potentially causing the LINK/USDT pair to plunge to the uptrend line, where buyers are expected to re-enter.
Avalanche Price Forecast
Avalanche (AVAX) broke out of the large $15.27 to $27.38 range on September 10, signaling the start of a new uptrend.
The surge has pushed the RSI into overbought territory, indicating potential consolidation or correction in the near term. Sellers are attempting to stall the upward movement at the overhead resistance of $36.17.
A brief pullback would suggest that bulls are keeping their positions as they expect the rally to continue. If buyers surpass the $36.17 level, the AVAX/USDT pair could surge toward the target of $39.49 and then $45. This optimistic view would be negated if Avalanche’s price declines and falls below the 20-day EMA ($28.78).
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.
