Highlights:
For a retest of the psychological threshold of $100,000, buyers need to push Bitcoin above $94,589.
While Ether shows resilience, many other significant altcoins are struggling to hold their gains.
Bitcoin (BTC) experienced a dip from $94,589 on Tuesday, but bulls are making efforts to keep the price above $92,000. Traders are keenly observing Fed Chair Jerome Powell’s press conference and the dot plot concerning rate expectations from Fed officials on Wednesday.
Some analysts suggest that a bottom has been reached, while others interpret the current recovery as a dead-cat bounce, likely to be sold into. Analyst Colin Talks Crypto noted on X that BTC could potentially decline to the $74,000-$77,000 range.
Despite the near-term uncertainty in BTC’s price action, Michael Saylor’s Strategy continues to amplify its BTC treasury. Strategy purchased 10,624 BTC for around $962.7 million at an average price of $90,615 last week, increasing their total holdings to 660,624 BTC bought at an average of $74,696.
What crucial support levels should be monitored for BTC and major altcoins? Let’s analyze the charts of the top 10 cryptocurrencies to determine.
Bitcoin Price Forecast
BTC closed above the 20-day exponential moving average (EMA) ($91,583) on Tuesday, but bulls couldn’t maintain the price above the $94,150 resistance.
If the Bitcoin price rises from the 20-day EMA and closes above $94,589, it could indicate a rally towards the breakdown level of $100,000. Sellers are anticipated to defend the $100,000 level vigorously, as a close above this could propel the BTC/USDT pair to $107,000. This movement could indicate the end of the corrective phase.
Conversely, if the price sharply declines and breaches $87,719, it would signal that bears are still selling into rallies. The pair may drop to $83,822.
Ether Price Forecast
Ether’s (ETH) recovery has reached the breakdown level of $3,350, reflecting solid buying interest at lower levels.
The 20-day EMA ($3,116) has begun to trend upwards gradually, and the relative strength index (RSI) is positioned in positive territory, suggesting that bulls are making a comeback. A close above $3,350 would pave the way for a rally to $3,659 and eventually to $3,918.
To retain their advantage, sellers must pull the Ether price back below the 20-day EMA. If accomplished, it indicates that the $3,350 level has become a resistance point. The ETH/USDT pair could then drop to $2,716.
XRP Price Forecast
XRP (XRP) has been trading below the 20-day EMA ($2.12) for several days, yet bears have not managed to push the price down to the support line of the descending channel pattern.
Bulls will attempt to solidify their stance by driving the price above the 20-day EMA. If successful, the XRP/USDT pair could advance to the 50-day simple moving average (SMA) ($2.26) and then towards the downtrend line.
On the flip side, if the XRP price declines and falls below $1.98, it signals continued bear control. The pair might drop to the channel’s support line and subsequently to $1.61.
BNB Price Forecast
BNB (BNB) is experiencing a fierce struggle between bulls and bears at the 20-day EMA ($894).
The 20-day EMA is flattening, and the RSI is just below the midpoint, indicating a balance between supply and demand. The BNB/USDT pair may fluctuate between $791 and $1,020 for the coming days.
For indications that the corrective phase has concluded, buyers must drive the BNB price above $1,020. Following this, the pair may attempt a rally to $1,182. On the downside, a drop below $791 could see the pair descend to $730.
Solana Price Forecast
Buyers are trying to keep Solana (SOL) above the 20-day EMA ($138), although bears are putting up resistance.
The flattening 20-day EMA along with the RSI just below the midpoint indicate waning bearish momentum. Should buyers overcome the 20-day EMA resistance, the SOL/USDT pair might rise to the 50-day SMA ($154) and subsequently $172.
Conversely, a close beneath the $126 support would indicate a resumption of the downward trend, potentially leading Solana’s price to $110 and finally to strong support at $95.
Dogecoin Price Forecast
Dogecoin (DOGE) buyers have successfully defended the $0.14 support but are having difficulty keeping the price above the 20-day EMA ($0.15).
Should the price sharply decline from the 20-day EMA and fall below $0.14, it indicates that bears remain dominant. In such a case, Dogecoin price may drop to the October 10 low of $0.10.
Alternatively, if buyers push the price above the 20-day EMA, the DOGE/USDT pair could reach the 50-day SMA ($0.16). This level is crucial for bears to defend, as a breakthrough may allow a recovery towards $0.21.
Cardano Price Forecast
Cardano (ADA) surpassed the 20-day EMA ($0.44) on Tuesday, signaling reduced selling pressure.
Bulls will aim for a rally by pushing the Cardano price above the 50-day SMA ($0.51). If successful, the ADA/USDT pair could rise to $0.60 and then $0.70.
Conversely, a sharp drop from the resistance level of $0.50, coupled with a fall below the 20-day EMA, would suggest that bears have turned this level into resistance. The pair may then decrease to the $0.37 range.
Related: Ethereum’s rise to $3.3K signifies a bottom: Is a 100% ETH rally next?
Bitcoin Cash Price Forecast
Bitcoin Cash (BCH) reversed from the overhead resistance of $607 on Monday, indicating dwindling demand at higher levels.
Bears are trying to pull the Bitcoin Cash price below the 20-day EMA ($556). Should they succeed, the BCH/USDT pair could fall to the 50-day SMA ($528) and then to $508.
To maintain the advantage, buyers must defend the 20-day EMA and lift the price above the $607 level. If they do, the pair could rise to $615 and potentially to $651, where bears are likely to re-enter.
Chainlink Price Forecast
Chainlink’s (LINK) recuperation is encountering selling pressure near the 50-day SMA ($14.84), suggesting bear activity at higher levels.
The bulls are expected to defend the 20-day EMA ($13.79) on declines, as a break below it might lead the LINK/USDT pair to the critical support at $10.94.
If the price rebounds from the 20-day EMA, the odds of breaking through the 50-day SMA increase. If that occurs, the Chainlink price may gain momentum and rally to $16.90, followed by a move to $19.06. This indicates that the pair may remain within the broader range of $10.94 to $27 for a while longer.
Hyperliquid Price Forecast
Hyperliquid (HYPE) ended below the $29.37 support on Tuesday; however, buyers are showing interest at lower levels.
The RSI is indicating early signs of a bullish divergence, suggesting reduced selling pressure. The HYPE/USDT pair is expected to strengthen if buyers elevate the price above the 20-day EMA ($32.53).
Conversely, if the Hyperliquid price falls from its current level or the 20-day EMA, it suggests that bears continue to sell into rallies, increasing the likelihood of a drop to the October 10 low of $20.82.
This article does not constitute investment advice or recommendations. Every investment and trading decision involves risks, and readers should conduct their own research prior to making decisions. While we strive to deliver accurate and timely information, Cointelegraph does not guarantee the accuracy, completeness, or reliability of any information contained in this article. This article may contain forward-looking statements that are subject to risks and uncertainties. Cointelegraph will not be liable for any losses or damages resulting from your reliance on this information.
