Main Highlights:
Bitcoin and various altcoins have rebounded from their lows on Friday, but any upward movement is expected to face significant resistance from sellers.
The price of BTC and select altcoins may exhibit sideways trading for several days.
US stock markets, Bitcoin (BTC), and altcoins are attempting to recover from the significant drops experienced on Friday after US President Donald Trump announced a 100% tariff on China.
The drop was severe, leading to a liquidation of around $20 billion within 24 hours, according to CoinGlass data. Many highly leveraged traders without adequate risk management would have suffered substantial losses.
This has cleared out some excess from the market, creating opportunities for stronger long-term investors to buy on dips. While a rebound has started, a rapid rally may not be imminent.
Economist Timothy Peterson shared with Cointelegraph on Sunday that BTC is likely entering a “cooling off period” for three to four weeks before continuing its upward trend, albeit “at a slower pace than before.”
Will BTC and altcoins build on the recovery, or will sellers emerge at higher levels? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
S&P 500 Index Forecast
The S&P 500 Index (SPX) sharply declined and fell below the 20-day exponential moving average (6,652) on Friday, indicating profit-taking by traders.
The bulls bought the dip to the 50-day simple moving average (SMA) (6,538) and pushed the price to the 20-day exponential moving average (EMA). If the price sharply declines from the 20-day EMA, the bears may attempt to push the index below the 50-day SMA again. If they do, the correction could extend to 6,350 and then to 6,200.
On the contrary, if the price closes above the 20-day EMA, it could indicate that the correction may be over, and the index might retest its all-time high of 6,764.
US Dollar Index Forecast
The US Dollar Index (DXY) closed above the moving averages on Tuesday, indicating that sellers are losing their hold.
Bulls drove the price above the downtrend line on Thursday, but failed to maintain the breakout. Sellers may try to push the price below the 20-day EMA (98.26), an essential short-term level to monitor.
A robust bounce from the 20-day EMA increases the chances of a break above 100.50, potentially pushing the index to 102.
If the price closes below the moving averages, it may imply that the market has rejected the break above the downtrend line. The index could then drop to 97 and eventually to robust support at 96.21.
Bitcoin Price Forecast
Sellers did not manage to finalize a double-top pattern in BTC as they failed to close below the $107,000 support level.
The Bitcoin price fell to $102,000 on Friday but quickly rebounded, signaling buying interest at lower levels. The BTC/USDT pair is anticipated to encounter resistance at the 61.8% Fibonacci retracement level of $116,955.
However, if buyers break through this resistance, the pair could surge to $121,020 and then to the all-time high of $126,199.
Conversely, if the price sharply declines from its current position, support may be found at $109,500 and then at $107,000. Buyers are expected to defend the $107,000 level strongly because a drop below it could increase the risk of falling below $100,000.
Ether Price Forecast
Sellers drove Ether (ETH) below the descending channel pattern on Friday and Saturday, but were unable to maintain those 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 may again attempt to pull the ETH/USDT pair below the channel. If successful, it would indicate that the pair may have peaked in the short term.
Conversely, if the price breaks above the moving averages, it suggests that the pair might stay within the channel a little longer. A break and close above the resistance line will enhance the chances of the uptrend continuing.
BNB Price Forecast
BNB (BNB) has experienced notable volatility in recent days. The price fell below the 20-day EMA ($1,145) on Friday, but bulls regained this level on Saturday.
This suggests a positive sentiment where dips are viewed as buying opportunities. The BNB price surged to a new all-time high of $1,375 on Monday, though the bulls struggle to maintain these higher levels, indicating selling pressure on rallies.
Bears will attempt to strengthen their position by pulling the price back below the 20-day EMA. If successful, it suggests a potential short-term top.
On the flip side, if the price rises and closes above $1,350, it indicates that bulls are still in control, and the BNB/USDT pair could rally to $1,609.
XRP Price Forecast
XRP (XRP) completed a bearish descending triangle pattern on Friday and fell well below the target of $1.72.
A minor positive is that XRP’s price recovered strongly from the low of $1.25, indicating aggressive buying at lower levels. The expected relief rally may reach the 20-day EMA ($2.77), where bears are anticipated to take action. If the price declines from the 20-day EMA, the XRP/USDT pair could drop to $2.20 and eventually to $2.
Bulls must push the price above the downtrend line to signal a recovery. Until then, 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 gain control.
Buyers did not relent and acquired the dip at $168, initiating a sharp recovery on Sunday that brought the SOL/USDT pair back to the breakdown level from the channel.
Related: XRP rebounds 66% from price crash, regaining $75B in market value
If the price declines and breaks below $168, it signals negative sentiment and raises the likelihood of a drop to $155.
Bulls can regain control by pushing the Solana price above the moving averages, which could lead to a rally towards the overhead resistance of $260.
Dogecoin Price Forecast
Sellers managed to pull Dogecoin (DOGE) below the $0.14 support level on Friday, but failed to close below it.
Dogecoin’s price sharply recovered, re-entering the significant $0.14 to $0.29 range. Bulls will aim to push the price to the 20-day EMA ($0.23), where sellers could emerge. If the price falls below the 20-day EMA, the DOGE/USDT pair may drop to $0.18 and then to $0.16.
The next significant move could occur once the price closes above $0.29 or below $0.14. Until then, the pair is likely to fluctuate within the established range.
Cardano Price Forecast
Cardano (ADA) broke below the descending channel pattern on Friday and plummeted to a panic low of $0.27.
Lower levels attracted strong buying interest, propelling the price back to the breakdown level from the channel. Sellers are expected to challenge the zone between the support line and the 20-day EMA ($0.78).
If the Cardano price sharply declines from the resistance zone, it implies that bears are still in control. The ADA/USDT pair may then drop to $0.60 and potentially to $0.50.
This negative outlook will be invalidated if the price continues to rise and breaks above the resistance line in the short term.
Hyperliquid Price Forecast
Hyperliquid (HYPE) formed a head-and-shoulders pattern on Friday, reaching its target of $21.
Robust buying at lower levels has pushed the price back to the neckline of the H&S pattern, where bears are expected to mount strong resistance. A price drop from the neckline may lead sellers to attempt to push the HYPE/USDT pair below the $35.50 support. If they succeed, Hyperliquid’s price could fall to $30.50.
Buyers are likely to have other plans and will aim to drive the price above the moving averages, indicating that the corrective phase may be close to an end.
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.
