Key points:
Bitcoin is encountering substantial resistance at $117,500, suggesting that bearish sentiment is strong.
Numerous major altcoins attempted to surpass their resistance levels, but sellers prevailed, indicating a trend of selling during rallies.
Bitcoin (BTC) continues to struggle at around $117,500, yet there is an encouraging sign that bulls are maintaining their stance. This implies buyers are not fleeing the market and expect a surge towards the all-time high of $124,474.
BTC analyst Axel Adler Jr. mentioned on X that the “market is neither overheated nor oversold” at this point. This could lead to one to two weeks of consolidation before BTC aims for a new all-time high.
Numerous analysts predict BTC will reach a new all-time high. Into The Cryptoverse founder Benjamin Cowen noted in a discussion that the rally may peak quickly after hitting a new high. Once the peak is reached, Cowen foresees a potential 70% decline in the subsequent bear market.
Could BTC breach its overhead resistance, driving altcoins upwards? Let’s explore the charts of the top 10 cryptocurrencies to understand the situation.
Bitcoin price prediction
BTC broke through the $117,500 overhead resistance on Thursday; however, bulls couldn’t maintain those heights.
The rising 20-day exponential moving average ($114,457) and the relative strength index (RSI) in positive territory suggest the path of least resistance is upward. A close above $117,500 opens the door for a rally to $124,474.
In contrast, a break below the 20-day EMA indicates that bulls are exiting their positions rapidly. The BTC/USDT pair could then retreat to $110,000, staying within the $107,000 to $117,500 range for a while longer.
Ether price prediction
Ether (ETH) has created a symmetrical triangle pattern, reflecting indecision between buyers and sellers.
If the price declines and breaks below the support line, it signals that the uncertainty has shifted in favor of the bears. The ETH/USDT pair could plummet to $4,060 and subsequently to the target of $3,426.
Buyers will regain control if they push the price above the resistance line, improving chances for the uptrend to resume. The Ether price could then rise towards the target of $5,586.
XRP price prediction
XRP (XRP) bounced off the 20-day EMA ($2.99) on Tuesday, but bulls couldn’t surpass the resistance at $3.20.
Bears are attempting to drive the price below the moving averages to take control. If successful, the XRP/USDT pair could drop towards the strong support at $2.73, indicating that the breakout above the downtrend line was a bull trap. A close below $2.69 will confirm the bearish descending triangle pattern, paving the way to $2.20.
Bulls must push and maintain the price above $3.20 to signal a short-term trend change. The XRP price may then rise to $3.40 and eventually to $3.66.
BNB price prediction
BNB (BNB) surged above the psychological barrier of $1,000 on Thursday, indicating continued demand from bulls.
Bears will try to defend the $1,000 level, but if buyers succeed, the BNB/USDT pair could extend its rally to $1,090.
The 20-day EMA ($915) is crucial support to watch on the downside. A rebound from the 20-day EMA could see bulls attempt to continue the upward movement.
Sellers must pull the price below the 20-day EMA to signal strength. The BNB price could then fall to the 50-day SMA ($855).
Solana price prediction
Solana (SOL) declined from $253 on Thursday, indicating that bears are aggressively defending the $260 level.
The pullback may find support at the 20-day EMA ($225). If the price rebounds forcefully from the 20-day EMA, bulls will again try to clear the overhead barrier at $260. If successful, the SOL/USDT pair could soar towards $295.
Conversely, a decisive break below the 20-day EMA suggests that bulls are taking profits. This could pull the Solana price to the uptrend line, likely attracting buyers.
Dogecoin price prediction
Dogecoin (DOGE) increased from the $0.26 mark on Tuesday, but bulls are facing significant resistance from bears at $0.29.
If the price rebounds from the $0.26 level again, it indicates that bulls are buying on every dip. This increases the likelihood of breaking above $0.31. If that occurs, the DOGE/USDT pair could initiate a new upward movement to $0.35 and then $0.44.
Alternatively, a break below the 20-day EMA ($0.25) suggests that bulls have capitulated. The Dogecoin price may then fall to the 50-day SMA ($0.23), potentially keeping the pair range-bound between $0.21 and $0.29 for an extended period.
Cardano price prediction
Cardano (ADA) retreated from the resistance line of the symmetrical triangle pattern, indicating strong defense from bears.
If the price rebounds from the 20-day EMA ($0.87), it indicates buying on dips. This improves the chances for a break above the resistance line. If achieved, the ADA/USDT pair could surge to $1.02 and eventually $1.17.
This optimistic outlook could be invalidated if Cardano’s price sharply declines below the support line, signaling bearish dominance. The pair may then slide toward $0.68.
Related: Why Ether’s price may surge 75% versus Bitcoin by New Year’s
Hyperliquid price prediction
Hyperliquid (HYPE) reached a new all-time high of $59.41 on Thursday, but bulls are struggling to maintain these levels.
The RSI is showing early indications of forming a bearish divergence, suggesting that the bullish momentum might be fading. Sellers will gain control if they pull the Hyperliquid price below the 20-day EMA ($52.30), leading to a fall to $49.88 and subsequently to the 50-day SMA ($46.41).
Buyers are likely to have different plans. They will attempt to defend the 20-day EMA. If the HYPE/USDT pair sharply rebounds from the 20-day EMA, bulls will seek to initiate the next phase of the uptrend towards the pattern target of $64.25.
Chainlink price prediction
Chainlink (LINK) bounced off the 50-day SMA ($22.69) on Wednesday, but bulls are encountering significant resistance at the downtrend line.
The 20-day EMA ($23.71) is flattening, and the RSI is near the midpoint, indicating equilibrium between supply and demand. Buyers must push and maintain the Chainlink price above the downtrend line to facilitate a rally towards the $27 mark.
On the downside, a close below the 50-day SMA implies that bears are regaining control. The LINK/USDT pair could then nosedive to the uptrend line, where buyers are expected to step in.
Avalanche price prediction
Avalanche (AVAX) broke out of the large $15.27 to $27.38 range on Sept. 10, signaling the beginning of a new uptrend.
The rally pushed the RSI into the overbought zone, indicating a potential consolidation or correction soon. Sellers are endeavoring to stymie the uptrend at the overhead resistance of $36.17.
A slight pullback will imply that bulls are maintaining their positions as they expect the uptrend to continue. If buyers breach the $36.17 level, the AVAX/USDT pair could surge toward the target of $39.49 and later to $45. This bullish scenario will be invalidated if Avalanche’s price declines 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.
