Highlights:
Bitcoin is encountering notable resistance at $117,500, indicating a strong defense from sellers.
Numerous significant altcoins attempted to surpass their resistance levels, but sellers maintained their positions, indicating profit-taking on rallies.
Bitcoin (BTC) still encounters substantial resistance around $117,500, yet a positive indicator is that buyers continue to apply pressure, hinting at optimism towards reaching the all-time high of $124,474.
BTC analyst Axel Adler Jr. mentioned on X that the “market is neither overbought nor oversold” at present. This situation may lead to one to two weeks of market consolidation before BTC aims for a new all-time high.
Several analysts are predicting BTC could achieve a new all-time high. Benjamin Cowen, founder of Into The Cryptoverse, noted in an interview that the upward trend could reach a peak shortly after achieving a new high. Once that occurs, Cowen does not rule out a potential 70% drop in the subsequent bear market.
Will BTC break free from its overhead resistance, potentially lifting altcoins higher? Let’s examine the charts of the top 10 cryptocurrencies to see.
Bitcoin Price Forecast
BTC surpassed the $117,500 overhead resistance on Thursday, but the bulls could not maintain the upward trajectory.
The rising 20-day exponential moving average ($114,457) and the relative strength index (RSI) in a favorable zone indicate that the least resistance path is upward. A close above $117,500 may pave the way for a rally toward $124,474.
Conversely, if the price drops below the 20-day EMA, it suggests that bulls are hastily closing their positions. In this case, the BTC/USDT pair might fall to $110,000, remaining within the $107,000 to $117,500 range for the time being.
Ether Price Forecast
Ether (ETH) has created a symmetrical triangle pattern, reflecting indecision between buyers and sellers.
If the price declines and breaches the support line, it indicates that uncertainty has resolved in favor of sellers. The ETH/USDT pair could tumble to $4,060 and further to the pattern target of $3,426.
If buyers manage to push the price above the resistance line, it could enhance the potential for a continuation of the uptrend, with Ether prices potentially rising toward the target of $5,586.
XRP Price Forecast
XRP (XRP) bounced off the 20-day EMA ($2.99) on Tuesday but could not overcome the overhead obstacle at $3.20.
Sellers are trying to pull the price below the moving averages to gain control. If successful, the XRP/USDT pair could decrease towards the strong support at $2.73, indicating a potential bull trap from the breakout. A close below $2.69 would complete the bearish descending triangle pattern, setting the stage for a decline to $2.20.
The bulls need to push and maintain the price above $3.20 to imply a change in the short-term trend. The XRP price could then rise to $3.40 and eventually $3.66.
BNB Price Forecast
BNB (BNB) surpassed the psychological level of $1,000 on Thursday, suggesting robust demand from buyers.
Sellers are likely to attempt to defend the $1,000 level, but if buyers prevail, the BNB/USDT pair may extend its rally to $1,090.
The 20-day EMA ($915) is a critical support level to monitor on the downside. If there’s a rebound off this EMA, bulls will likely seek to resume the upward move.
Conversely, sellers need to pull the price below the 20-day EMA to demonstrate control. A drop could lead the BNB price down to the 50-day SMA ($855).
Solana Price Forecast
Solana (SOL) retreated from $253 on Thursday, suggesting strong resistance from sellers at the $260 level.
The pullback is likely to find support at the 20-day EMA ($225). If the price bounces from this level, bulls will attempt to break through the overhead resistance at $260, potentially sending the SOL/USDT pair soaring towards $295.
Conversely, if it breaches and closes below the 20-day EMA, it indicates profit-taking by bulls, which may pull Solana down to the uptrend line, likely appealing to buyers.
Dogecoin Price Forecast
Dogecoin (DOGE) rebounded from the $0.26 level on Tuesday, yet bulls are encountering strong resistance from sellers at $0.29.
A rebound off the $0.26 level indicates that buyers are accumulating on every minor dip, increasing the chance of breaking above $0.31. If achieved, the DOGE/USDT pair could initiate a new upward trend towards $0.35 and subsequently to $0.44.
On the other hand, a drop below the 20-day EMA ($0.25) suggests that bulls might be surrendering, leading to a potential fall in Dogecoin to the 50-day SMA ($0.23) and keeping the pair constrained between $0.21 and $0.29 for an extended period.
Cardano Price Forecast
Cardano (ADA) has dropped from the resistance line of the symmetrical triangle pattern, indicating that sellers are vigorously defending that level.
Should the price rebound from the 20-day EMA ($0.87), it reflects buying on dips, enhancing the chances of a breakout above the resistance line. Should this occur, the ADA/USDT pair could rise to $1.02 and later to $1.17.
This optimistic outlook will be invalidated if the Cardano price sharply declines below the support line, indicating that bears have gained the upper hand. The pair may then drop towards $0.68.
Related: Why Ether’s price may surge 75% against Bitcoin by the end of the year
Hyperliquid Price Forecast
Hyperliquid (HYPE) surged to a new all-time high of $59.41 on Thursday, but bulls are struggling to maintain the elevated levels.
The RSI indicates early signs of a bearish divergence, suggesting a potential weakening in bullish momentum. Sellers may take control if they push the Hyperliquid price below the 20-day EMA ($52.30), opening up potential declines to $49.88 and subsequently to the 50-day SMA ($46.41).
Buyers, however, are likely to counter this move. They will aim to defend the 20-day EMA on the decline, and if the HYPE/USDT pair bounces sharply from this level, bulls will attempt to ignite the next upward leg toward the pattern target of $64.25.
Chainlink Price Forecast
Chainlink (LINK) rebounded from the 50-day SMA ($22.69) on Wednesday, but bulls are facing notable resistance at the downtrend line.
The 20-day EMA ($23.71) is stabilizing, and the RSI is hovering around the midpoint, signifying a balance between supply and demand. Buyers will need to push and maintain the Chainlink price above the downtrend line to set the stage for a rally toward the $27 level.
On the downside, if the price closes below the 50-day SMA, it would indicate that sellers are regaining control, and the LINK/USDT pair could then dive to the uptrend line, where buyers are expected to step in.
Avalanche Price Forecast
Avalanche (AVAX) has broken out of the $15.27 to $27.38 range on September 10, signaling the beginning of a new uptrend.
This rally has pushed the RSI into the overbought territory, indicating a potential for consolidation or correction soon. Sellers are attempting to halt the upward momentum at the resistance level of $36.17.
A minor pullback will suggest that bulls are maintaining their positions while anticipating a resumed ascent. If buyers break the $36.17 mark, the AVAX/USDT pair could rally toward the target of $39.49 and then to $45. This optimistic outlook will be overturned if the Avalanche price drops below the 20-day EMA ($28.78).
This article does not provide investment advice or recommendations. Every investment and trading decision involves risk, and readers should conduct their own research before making any decisions.
