Highlights:
Bitcoin bulls are striving to maintain the price above $107,000, yet bears continue to apply selling pressure.
The rebound in most major altcoins has stalled, reflecting ongoing selling by the bears on small rallies.
Buyers have succeeded in keeping Bitcoin (BTC) above the crucial $107,000 support level, but the absence of a significant rebound indicates that bearish pressure remains. This short-term uncertainty has led to differing opinions among analysts regarding BTC’s next direction.
Geoff Kendrick, Standard Chartered’s global head of digital assets research, shared with Cointelegraph that BTC is on a path toward $200,000 by the end of 2025. He believes that investors will view the recent sell-off as a buying opportunity, pushing BTC higher.
Contrarily, veteran trader Peter Brandt notices patterns in BTC’s chart resembling the soybean market of the 1970s, which experienced a 50% decline after global supply surpassed demand. Brandt mentioned to Cointelegraph that BTC is forming a broadening top chart pattern, “known for tops,” potentially pulling the price down to approximately $60,000.
What are the crucial support levels to monitor for BTC and major altcoins? Let’s examine the charts of the top 10 cryptocurrencies to uncover insights.
Bitcoin price outlook
BTC surged on Tuesday, but bears halted the recovery at the 50-day simple moving average ($114,137).
Sellers are expected to fortify their position by driving the Bitcoin price below the $107,000 support. If they are successful, the likelihood of a decline towards the psychological support of $100,000 escalates. Buyers are anticipated to vigorously defend the $100,000 mark, as failure could initiate a new downtrend.
The first indication of strength would be a break and close above the $116,000 level, suggesting the BTC/USDT pair may continue to oscillate within the $107,000 to $126,199 range for an extended period.
Ether price outlook
Ether (ETH) retraced from the 20-day exponential moving average ($4,062) on Tuesday, signaling continued selling by bears on minor rallies.
Bears will aim to drag the Ether price below the support line of the descending channel pattern. If successful, selling momentum may increase, risking a drop in the ETH/USDT pair to $3,350.
Buyers will need to push the price above the moving averages to imply that the pair may remain within the channel for a while longer. Bulls will gain the upper hand with a close above the resistance line.
BNB price outlook
BNB (BNB) has been confined between the moving averages since Friday, showcasing a fierce contest between bulls and bears.
The downsloping 20-day EMA ($1,122) and negative RSI indicate a slight advantage for bears. A close below the 50-day SMA ($1,041) suggests the inception of a new downtrend towards $932.
Alternatively, a close above the 20-day EMA signifies that bulls have taken control. This would pave the way for a relief rally towards the 50% Fibonacci retracement level at $1,198.
XRP price outlook
XRP’s (XRP) recovery from the $2.30 support faltered at the 20-day EMA ($2.55) on Tuesday, reflecting negative sentiment.
Bears will seek to capitalize on their momentum by pulling the XRP price below the $2.19 support level. If achieved, the XRP/USDT pair might drop to $2.06 and further to $1.90.
Buyers must quickly move the price above the 20-day EMA to signify a rebound. If successful, the pair may then ascend to the 50-day SMA ($2.79) and later to the downtrend line. A close above this downtrend line could indicate the end of the corrective phase, enabling a rise toward $3.38.
Solana price outlook
Solana (SOL) reversed from the 20-day EMA ($198) on Tuesday, indicating that bears are attempting to maintain control.
The SOL/USDT pair may slide to the support line of the descending channel pattern, where buyers are expected to intervene. For the bulls to indicate that the pair may continue within the channel, they must push Solana’s price above the 20-day EMA. A new upward movement may initiate with a close above the resistance line.
However, sellers may counteract this by seeking to drive the price below the support line. If successful, the pair could plunge to $155, followed by $145.
Dogecoin price outlook
Dogecoin (DOGE) was unable to surpass the 20-day EMA ($0.21), indicating that bears are capitalizing on minor rallies.
The Dogecoin price may decline to $0.18, which is a pivotal support level to monitor. Should bears drive the DOGE/USDT pair below $0.18, the next targets could be $0.16 and ultimately $0.14.
In contrast, if the price recovers sharply and breaks above the 20-day EMA, it would indicate diminishing selling pressure. The pair could then rally to the 50-day SMA ($0.23) and subsequently to the strong resistance at $0.29.
Cardano price outlook
Cardano’s (ADA) recovery attempt has failed to reach the 20-day EMA ($0.70), showcasing a lack of demand at higher levels.
Bears will attempt to increase their dominance by dragging the Cardano price below the $0.59 support level. If they succeed, the ADA/USDT pair could fall to the critical $0.50 support. Buyers are expected to defend the $0.50 level rigorously, as a close below it would clear the path for a decline to $0.40.
This bearish outlook may be rendered invalid in the near term if the price turns up and exceeds the breakdown level of $0.75, with the pair possibly rising toward the downtrend line.
Related: BNB price analysis: Here’s why bulls must hold $1K
Hyperliquid price outlook
Hyperliquid (HYPE) reversed from the neckline of the head-and-shoulders pattern, indicating that bears remain in control.
The downsloping 20-day EMA ($40.09) and negative RSI signal the likelihood of further declines. Support is at $33.28, but if this level fails, the HYPE/USDT pair could fall to $30.50 and then to $28.
Bulls will need to push and sustain Hyperliquid’s price above the neckline to indicate reduced selling pressure. The pair may then rally toward the 50-day SMA ($46.42) and subsequently to $51.
Chainlink price outlook
Chainlink (LINK) declined towards the support line of the descending channel pattern after buyers faltered in pushing the price above the 20-day EMA ($19.02).
Sellers will aim to drive the price below the support line, retesting the $15.43 level. A repeated retest of a support level often weakens it. If the $15.43 level breaks, the Chainlink price may plummet to $12.73.
Bulls will need to push and maintain the price above the 20-day EMA to indicate strength. The LINK/USDT pair could then rally to the resistance line, where aggressive selling from bears is anticipated.
Stellar price outlook
Bears obstructed Stellar’s (XLM) relief rally near the 20-day EMA ($0.34) on Tuesday, denoting negative sentiment.
The XLM/USDT pair risks declining to $0.29, which is a significant support level to monitor. If this level collapses, selling may accelerate, leading to a potential downward move to $0.25.
Buyers will need to push the price above the breakdown level of $0.34 to signal strength. The pair could then ascend to the downtrend line, where bears are likely to present a formidable challenge. A close above the downtrend line could indicate a potential trend reversal.
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.
