Highlights:
Bitcoin may drop to between $105,000 and $100,000 this weekend.
Ether is experiencing a short-term decline but is still above the vital $4,094 support level.
Bitcoin (BTC) fell to approximately $108,100 on Friday, marking its lowest point since July 8. This indicates a potential loss of strength among bulls. Veteran trader Peter Brandt noted on X that BTC must rise above $117,570 to negate the possibility of a double top formation from the past seven weeks.
Despite the short-term weakness, network economist Timothy Peterson expressed optimism about BTC’s performance for the remainder of the year. He mentioned in a post on X that BTC has seen a 70% rise over the last four months leading up to Christmas, averaging a gain of 44%.
The ongoing uncertainty surrounding BTC appears to be drawing investors towards Ether (ETH). Since August 21, BTC exchange-traded funds have attracted around $350 million, whereas ETH ETFs have witnessed inflows of $1.87 billion, as reported by CoinGlass.
Nansen analyst Nicolai Sondergaard informed Cointelegraph that investors are booking profits following BTC’s recent rise and are “shifting towards other tokens to capture potential upside.”
What key support levels should be monitored for BTC and major altcoins? Let’s analyze the top 10 cryptocurrencies’ charts for insights.
BTC Price Forecast
BTC began a recovery from $108,666 on Tuesday, but the rebound faltered near the 20-day exponential moving average ($113,977) on Thursday.
The price sharply declined on Friday, falling below the support level of $108,666. If it remains below this threshold, the BTC/USDT pair could drop to $105,000 and potentially to the psychological support of $100,000.
Bulls need to push the price back above the moving averages to indicate that selling pressure is easing. This may lead Bitcoin to challenge its all-time high of $124,474.
ETH Price Forecast
ETH surged from the 20-day EMA ($4,378) on Tuesday, but bears halted the recovery at $4,663.
The price declined and dived below the 20-day EMA on Friday. If the ETH/USDT pair closes beneath the 20-day EMA, it may head towards the breakout level of $4,094. Buyers are likely to aggressively defend the support zone between $4,094 and the 50-day SMA ($3,939), as a breakdown here could pull the price down to $3,354.
If the price rises from the current level of $4,094, it signals strong buying interest on dips. The bulls would then aim to elevate Ether’s price above $4,788 to $4,868. If successful, the pair could advance towards $5,000 and subsequently to $5,662.
XRP Price Forecast
The inability of bulls to push XRP (XRP) above the 20-day EMA ($3) in recent days suggests strong resistance from bears.
Bears aim to strengthen their position by driving the XRP price toward robust support at $2.73. Buyers are expected to defend this level vigorously, as a close below it may trigger a drop to $2.20.
A break and close above the 20-day EMA would signify the first indication of strength, suggesting a reduction in selling pressure. The XRP/USDT pair may then rise to the downtrend line, which is expected to act as a formidable barrier. A breach of the downtrend line would indicate that the correction could be nearing its end.
BNB Price Forecast
BNB (BNB) is currently experiencing a fierce battle between buyers and sellers at the breakout level of $861.
The rising moving averages signify a buyer’s advantage, but the negative divergence on the RSI indicates a potential weakening in bullish momentum. Sellers must pull the price below the 20-day EMA ($844) to gain control. This could lead the BNB/USDT pair to decline to the 50-day SMA ($794).
Alternatively, if the price rebounds from the 20-day EMA and exceeds $900, it indicates sustained buyer control. The rally could then extend to the psychological level of $1,000.
Solana Price Forecast
Solana (SOL) experienced a bounce off the 20-day EMA ($193) on Tuesday, rising above the $210 barrier on Thursday.
However, the bears sold at higher levels, pulling the price back under $210. If the price stays below $210, aggressive bulls may get trapped, leading to long liquidation that could drop the price to the uptrend line.
If the price breaks below the uptrend line, the SOL/USDT pair could trade within a range between $155 and $210 for some time.
Conversely, a strong bounce off the 20-day EMA ($193) would indicate demand at lower levels. Bulls would then attempt to push Solana’s price toward $240 and eventually to $260.
Dogecoin Price Forecast
Dogecoin (DOGE) rebounded off the $0.21 support on Tuesday; however, bulls failed to drive the price above the moving averages.
The price sharply declined from the moving averages, indicating that bears are selling on every minor uptick. This raises the risk of a breach below $0.21, which could lead to a drop to $0.19 and subsequently to $0.16.
Bulls must push and maintain the price above the moving averages to suggest the DOGE/USDT pair may remain within the $0.21 to $0.26 range for an extended period.
Cardano Price Forecast
Cardano (ADA) declined from the 20-day EMA ($0.85) and has reached the significant support level at the 50-day SMA ($0.82).
A breakdown of the 50-day SMA would shift the short-term advantage towards bears. The ADA/USDT pair would then risk falling to $0.76 and eventually to $0.68. Buyers are anticipated to defend the $0.68 level vigorously.
On the upside, a breakout above the 20-day EMA suggests a potential comeback from the bulls. Cardano’s price may then reach the downtrend line, where bears are expected to re-enter. A close above this downtrend line would indicate the correction might be concluding.
Related: Is XRP likely to crash in September?
Chainlink Price Forecast
Chainlink (LINK) bounced off the 20-day EMA ($23.56) on Thursday, but bulls struggled to maintain higher levels.
Bears are working to strengthen their position by pulling the price below the 20-day EMA. If successful, the LINK/USDT pair could experience a correction toward the 50-day SMA ($20.23).
Buyers will need to defend the 20-day EMA vigorously and push the price back above $27 to maintain control. If they succeed, Chainlink’s price could begin the next upward movement toward $31 and subsequently $36.
Hyperliquid Price Forecast
Hyperliquid (HYPE) broke through the $49.88 resistance on Wednesday, but the bulls could not hold those levels.
The price has retreated to the moving averages, which serve as a crucial support level. If it rebounds forcefully from the moving averages, the bulls will aim to push the HYPE/USDT pair above $51.19. If achieved, the Hyperliquid price could aim for the pattern target of $64.25.
This optimistic outlook will be challenged if the price continues to fall and breaks below the uptrend line. This could result in a decline to $40 and later to $36.
Sui Price Forecast
Sui (SUI) has been fluctuating within a broader range between $3.26 and $4.44 for several days.
The price rebounded from the $3.26 support on Tuesday, yet bulls were unable to clear the hurdle at the 20-day EMA ($3.57). This renewed selling pressure by bears sends the SUI/USDT pair back to $3.26. Repeated tests of a support level typically weaken it. A breakdown at $3.26 could result in a plunge towards $3.
To stay within the range for a few more days, buyers must push and maintain the price above the moving averages.
This article does not constitute investment advice or recommendations. Every investment and trading maneuver carries risk, and readers should perform their own research before making decisions.
