Highlights:
Bitcoin encountered strong resistance at $117,500, suggesting that the bears are not backing down easily.
Multiple major altcoins attempted to surpass their resistance levels, yet the bears maintained their position, indicating ongoing selling on rallies.
Bitcoin (BTC) continues to confront notable resistance near $117,500, but a positive indicator is that the bulls are sustaining their pressure. This implies that buyers are not hastily exiting, as they foresee a potential move towards the all-time high of $124,474.
BTC analyst Axel Adler Jr. mentioned in a post on X that the current market conditions are “neither overheated nor oversold.” This may lead to one to two weeks of consolidation before BTC ascends to a new all-time high.
Numerous analysts predict BTC will achieve a new all-time high. Benjamin Cowen, founder of Into The Cryptoverse, stated in an interview that the rally could quickly peak following the new high. He also does not rule out a potential 70% decline in the subsequent bear market.
Could BTC overcome its resistance, consequently pushing altcoins higher? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin Price Forecast
BTC surpassed the $117,500 resistance on Thursday; however, the bulls couldn’t maintain those elevated levels.
The rising 20-day exponential moving average ($114,457) and a positive relative strength index (RSI) suggest that the path of least resistance is upward. A close above $117,500 would pave the way for a rally towards $124,474.
On the contrary, if the price drops below the 20-day EMA, it might indicate that bulls are rapidly closing their positions. Subsequently, the BTC/USDT pair could decline to $110,000, remaining within the $107,000 to $117,500 range for a while longer.
Ether Price Forecast
Ether (ETH) has formed a symmetrical triangle pattern, signifying indecision between buyers and sellers.
If the price declines and breaks below the support line, it signals that uncertainty has tilted in favor of the bears. The ETH/USDT pair could plummet to $4,060 and then subsequently to the pattern target of $3,426.
Conversely, if buyers manage to push the price above the resistance line, that would enhance the chances for an upswing. The Ether price may then gain momentum towards the pattern target of $5,586.
XRP Price Forecast
XRP (XRP) rose from the 20-day EMA ($2.99) on Tuesday, but bulls couldn’t overcome the overhead barrier at $3.20.
The bears are striving to push the price below the moving averages to take control. If successful, the XRP/USDT pair could trend down to the strong support at $2.73, suggesting the breakout above the downtrend line was a bull trap. A close below $2.69 would complete the bearish descending triangle pattern, setting the stage for a drop to $2.20.
The bulls must propel and maintain the price above $3.20 to indicate a short-term trend shift. Should they succeed, XRP might rise to $3.40 and eventually to $3.66.
BNB Price Forecast
BNB (BNB) surged past the psychological level of $1,000 on Thursday, showcasing sustained bullish demand.
The bears will attempt to defend the $1,000 level, but if buyers prevail, the BNB/USDT pair could extend its rally to $1,090.
The 20-day EMA ($915) acts as crucial support to observe on the downside. A rebound off this EMA may lead bulls to push the price upwards again.
For sellers to exhibit strength, they must drive and sustain the price below the 20-day EMA, which may lead to a decline to the 50-day SMA ($855).
Solana Price Forecast
Solana (SOL) reversed from $253 on Thursday, indicating that bears are vigorously defending the $260 ceiling.
The pullback is expected to find support at the 20-day EMA ($225). If the price rebounds strongly from the 20-day EMA, bulls will likely try to overcome the $260 barrier. Success could lead the SOL/USDT pair soaring toward $295.
Conversely, a break and close below the 20-day EMA indicates that bulls are taking profits, potentially dragging the Solana price to the uptrend line, where buying interest is likely to increase.
Dogecoin Price Forecast
Dogecoin (DOGE) rebounded from the $0.26 level on Tuesday, but bears are presenting tough resistance at $0.29.
If the price rebounds from the $0.26 level again, it suggests that bulls are buying with each minor dip, increasing the likelihood of a breakthrough above $0.31. Should this occur, the DOGE/USDT pair could initiate a new upward momentum towards $0.35, and eventually to $0.44.
On the flip side, if the price dips below the 20-day EMA ($0.25), it indicates that bulls have conceded. The Dogecoin price might then drop to the 50-day SMA ($0.23), maintaining a range between $0.21 and $0.29 for some time.
Cardano Price Forecast
Cardano (ADA) declined from the resistance line of its symmetrical triangle pattern, indicating vigorous defense by the bears.
If the price bounces off the 20-day EMA ($0.87), it reflects buying interest at dips, enhancing the chances for a breakout above the resistance line. If accomplished, the ADA/USDT pair could rise to $1.02 and potentially to $1.17.
This bullish outlook would be invalidated if the Cardano price sharply declines and falls below the support line, indicating that bears have taken control. The pair could then slide down to $0.68.
Related: Why Ether’s price may surge 75% against Bitcoin by New Year’s
Hyperliquid Price Forecast
Hyperliquid (HYPE) soared to a new all-time high of $59.41 on Thursday, but bulls are finding it challenging to maintain these elevated levels.
The RSI indicates early signs of a bearish divergence, which could imply that bullish momentum is waning. Sellers may gain the upper hand if they force the Hyperliquid price below the 20-day EMA ($52.30). This could trigger a decline to $49.88 and further to the 50-day SMA ($46.41).
However, buyers are likely planning a defense of the 20-day EMA. If the HYPE/USDT pair rebounds sharply from the 20-day EMA, bulls may attempt to initiate the next upward leg towards the pattern target of $64.25.
Chainlink Price Forecast
Chainlink (LINK) rose from the 50-day SMA ($22.69) on Wednesday, yet bulls face significant resistance at the downtrend line.
The 20-day EMA ($23.71) is stabilizing, and the RSI hovers around the midpoint, suggesting a balance between supply and demand. Buyers need to push and sustain the Chainlink price above the downtrend line to facilitate a rally toward the $27 level.
On the flip side, a drop and close below the 50-day SMA indicate that bears are regaining control. The LINK/USDT pair could subsequently fall to the uptrend line, where buying activity is expected to resume.
Avalanche Price Forecast
Avalanche (AVAX) broke out of the larger range between $15.27 and $27.38 on Sept. 10, signaling the commencement of a new uptrend.
The rally has pushed the RSI into the overbought territory, indicating a potential consolidation or correction soon. Sellers are attempting to halt the upward movement at the overhead resistance of $36.17.
A minor pullback would suggest that bulls are maintaining their positions, expecting the uptrend to persist. If buyers can breach the $36.17 mark, the AVAX/USDT pair could rally towards the target of $39.49 and then to $45. This positive outlook could be reversed if the Avalanche price dips below the 20-day EMA ($28.78).
This article does not provide investment advice or recommendations. Every investment and trading action carries risk, and readers should conduct their own research prior to making a decision.
