Essential takeaways:
Bitcoin and various altcoins have recovered from their Friday lows, but higher levels are expected to meet significant resistance from sellers.
The BTC price and select altcoins might experience rangebound movement for several days.
The US stock markets, Bitcoin (BTC), and altcoins are attempting to recover from the substantial drops witnessed on Friday following US President Donald Trump’s announcement of a 100% tariff on China.
The decline was severe, resulting in a liquidation of around $20 billion within 24 hours, based on CoinGlass data. Many highly leveraged traders, lacking adequate risk management, likely faced considerable losses.
This situation has cleared some excesses from the system, allowing more resilient long-term investors to enter the market during dips. A rebound has started, but a significant rally may take time to materialize.
Economist Timothy Peterson stated to Cointelegraph on Sunday that BTC is likely entering a “cooling off period” for three to four weeks before continuing its upward trend, though “at a slower rate than previously.”
Can BTC and altcoins build on this recovery, or will higher prices attract sellers? Let’s evaluate the charts of the top 10 cryptocurrencies to determine.
S&P 500 Index price forecast
The S&P 500 Index (SPX) sharply declined and fell below the 20-day exponential moving average (6,652) on Friday, suggesting profit-taking by traders.
Bulls responded by buying the dip to the 50-day simple moving average (SMA) (6,538) and have pushed the price back to the 20-day exponential moving average (EMA). If the price sharply declines from the 20-day EMA, bears will once again attempt to push the index below the 50-day SMA. Success could lead to further declines to 6,350 and then to 6,200.
Conversely, if the price closes above the 20-day EMA, it indicates that the correction might be over. The index could subsequently retest the all-time high of 6,764.
US Dollar Index price forecast
The US Dollar Index (DXY) closed above the moving averages on Tuesday, indicating that bears are losing their momentum.
Bulls managed to push the price above the downtrend line on Thursday, but have struggled to maintain that breakout. Sellers may attempt to drive the price below the 20-day EMA (98.26), an important short-term level to monitor.
A robust bounce off the 20-day EMA could increase the chances of breaking above 100.50, allowing the index to rise to the 102 level.
In contrast, a close below the moving averages implies that the markets have rejected the break above the downtrend line. The index could then fall to the 97 level and eventually to the solid support at 96.21.
Bitcoin price forecast
Sellers were unable to complete a double-top pattern in BTC as they failed to achieve a close below the $107,000 support level.
Bitcoin’s price dropped to $102,000 on Friday but quickly rebounded, indicating buying interest at lower levels. The BTC/USDT pair is set to encounter selling pressure at the 61.8% Fibonacci retracement level of $116,955.
Nonetheless, if buyers surpass this resistance, the pair could rally to $121,020 and then to the all-time high of $126,199.
Conversely, if the price sharply declines from its current level, it is likely to find support at $109,500 and then at $107,000. Buyers are anticipated to vigorously defend the $107,000 level, as a break below could heighten the risk of a drop below $100,000.
Ether price forecast
Sellers dragged Ether (ETH) below the descending channel pattern on Friday and Saturday but could not maintain the lower levels.
Ether’s price climbed back into the channel on Sunday, indicating strong demand at lower levels. If the price sharply declines from the moving averages, bears will again attempt to pull the ETH/USDT pair below the channel. A successful effort would suggest that the pair may have reached a near-term peak.
On the contrary, if the price breaks above the moving averages, it suggests that the pair may continue to remain in the channel for an extended period. A break and close above the resistance line would enhance the likelihood of resuming the uptrend.
BNB price forecast
BNB (BNB) has experienced notable volatility in recent days. Bears pulled the price below the 20-day EMA ($1,145) on Friday, but bulls reclaimed the level on Saturday.
This indicates positive sentiment, as dips are viewed as buying opportunities. The BNB price surged to a new all-time high of $1,375 on Monday, but bulls are having difficulty sustaining these higher levels, signaling selling on rallies.
Bears will attempt to strengthen their position by pulling the price back below the 20-day EMA. If successful, it indicates a potential short-term top.
Conversely, if the price rises and closes above $1,350, it signals that bulls remain dominant. The BNB/USDT pair may then escalate to $1,609.
XRP price forecast
XRP (XRP) completed a bearish descending triangle pattern on Friday and plunged well below the target of $1.72.
A minor positive is that the XRP price rebounded from the $1.25 low, indicating strong buying interest at lower prices. The anticipated relief rally may reach the 20-day EMA ($2.77), where bears are likely to intervene. If the price declines from the 20-day EMA, the XRP/USDT pair may fall to $2.20 and ultimately to $2.
Bulls need to push the price above the downtrend line to signal a recovery. Until then, price rallies are likely to be sold off.
Solana price forecast
Solana (SOL) dropped below the ascending channel pattern on Friday, suggesting that bears are attempting to take control.
However, buyers did not retreat; they purchased the dip to $168, leading to a sharp recovery on Sunday that pushed the SOL/USDT pair back to the previous breakdown level from the channel.
Related: XRP rebounds 66% from price crash, regaining $75B in market value
If the price turns down and breaks below $168, it indicates a shift in sentiment towards the negative side, increasing the chances of a decline to $155.
Conversely, if bulls manage to push Solana’s price above the moving averages, the pair might rally toward the overhead resistance of $260.
Dogecoin price forecast
Sellers drove Dogecoin (DOGE) below the $0.14 support level on Friday but were unable to close below it.
Dogecoin’s price sharply recovered and re-entered the broader range of $0.14 to $0.29. Bulls aim to push the price to the 20-day EMA ($0.23), which may attract sellers. If the price drops below the 20-day EMA, the DOGE/USDT pair could retreat to $0.18 and then to $0.16.
The next significant movement may commence after a price closure above $0.29 or below $0.14. Until then, the pair is likely to fluctuate within this range.
Cardano price forecast
Cardano (ADA) fell below the descending channel pattern on Friday, dropping to the panic low of $0.27.
Lower levels attracted robust buying interest from bulls, pushing the price back toward the breakdown level from the channel. Sellers are anticipated to mount a strong challenge in the zone between the support line and the 20-day EMA ($0.78).
If Cardano’s price sharply declines from this resistance zone, it suggests bear control, and the ADA/USDT pair could drop to $0.60 and subsequently to $0.50.
This negative outlook will be negated in the near term if the price continues to rise and breaks above the resistance line.
Hyperliquid price forecast
Hyperliquid (HYPE) completed a head-and-shoulders pattern on Friday, plunging to its target objective of $21.
Solid buying at lower levels has propelled the price back to the neckline of the H&S pattern, where bears are expected to put forth strong resistance. If the price retreats from the neckline, sellers will aim to pull the HYPE/USDT pair below the $35.50 support. If successful, the Hyperliquid price could drop to $30.50.
However, buyers are likely to have different intentions. They will aim to push the price above the moving averages, signaling that the corrective phase might be drawing to a close.
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.
