Key points:
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Bitcoin has fallen below $116,000, but some analysts expect buyers to step in at lower levels and halt the decline.
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Some altcoins have reached critical support levels where buyers should mount a strong defense.
Bitcoin (BTC) attempted a recovery on Friday, but higher levels attracted selling. This brought the price back below $116,000 as short-term traders rush for the exit.
Stockmoney analyst Lizards said in an article that BTC is witnessing a two-way upheaval. Despite the correction, the analyst remains optimistic, expecting BTC to find support around $118,000 to $119,000.
Trader Peter Brandt told Cointelegraph that “BTC could hit a bull market top any day now” if it follows its historical cycle pattern. However, he added that cycles could change, and that this happens in a 50/50 ratio. In the event of counter-cyclicality, Brandt expects BTC to reach $185,000.
What are the critical support and resistance levels to watch in BTC and major altcoins? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin Price Prediction
BTC has moved back below the 20-day exponential moving average (EMA) ($118,807), providing vital near-term support for bulls to fight back.
If the price rebounds strongly from the 20-day EMA, the bulls will attempt to push the BTC/USDT pair to the all-time high of $126,199. A break above resistance could pave the way for a rally towards $141,948.
On the contrary, a close below the 20-day EMA suggests that the bulls are losing their grip. The pair could then fall to the 50-day simple moving average (SMA) ($114,571). This indicates that Bitcoin price could extend its stay in the $107,000 to $126,199 range for some time. Sellers will take control on a close below $107,000.
Ether Price Prediction
The bulls’ failure to push Ether (ETH) above the resistance line on Wednesday attracted strong selling from the bears.
Ether price declined and reached strong support at $4,060. Buyers should defend the $4,060-$3,745 support zone with all their might, as a decline below signals a possible near-term top. The ETH/USDT pair could then begin a new downtrend towards $3,350.
Buyers will need to push the price above the resistance line to gain strength. The bullish momentum is expected to accelerate at the close above the $4,750 resistance.
BNB Price Prediction
BNB (BNB) has pulled back after a strong rally, but the decline finds support near the 61.8% Fibonacci retracement level of $1,217.
If the price rises from the current level, the bulls will attempt to push the price above the overhead resistance at $1,350. If they succeed, the BNB/USDT pair could resume the uptrend towards the next target objective of $1,440 and then $1,642.
The bears probably have other plans. They will sell the rallies and bring the price back below $1,217. If they do, BNB price could slide to the 20-day EMA ($1,123), where bulls are expected to resume buying.
XRP Price Prediction
XRP (XRP) dipped near the $2.69 support line, which is a critical level for bulls to defend.
If the price breaks and closes below $2.69, the XRP/USDT pair will complete a descending channel pattern. This could accelerate sales and bring the XRP price back to $2.33 and eventually $2.20.
Buyers will need to push and hold the price above the downtrend line to avoid the fall. Failure of a downtrend is a bullish sign because it traps aggressive bears, leading to a short squeeze.
Solana Price Prediction
Solana (SOL) bounced off the 50-day SMA ($217) on Wednesday, but the rally was short-lived as the bears pulled the price below the moving averages on Friday.
Solana price could fall to the support line, which is a crucial level for bulls to defend. If the price rises from the support line and breaks above the moving averages, it indicates that the SOL/USDT pair could stay inside the ascending channel pattern for some more time.
Alternatively, a break below the support line suggests that the bulls have given up. This opens the door for a drop to $175.
Dogecoin Price Prediction
Dogecoin (DOGE) supported the 50-day SMA ($0.24), but the failure to initiate a strong rebound signals a lack of demand at higher levels.
The bears will attempt to push the price down to the uptrend line, which is a crucial support to watch. If the price bounces off the uptrend line and breaks above the moving averages, it suggests that the ascending triangle pattern remains intact. The DOGE/USDT pair could then rise to $0.27 and then to $0.29.
Conversely, a breakout and close below the uptrend line invalidates the bullish setup. This suggests that Dogecoin price could continue to hover between $0.14 and $0.29 for a few more days.
Cardano Price Prediction
Buyers attempted to push Cardano (ADA) above the moving averages on Wednesday, but bears held firm.
Sellers will attempt to pull the price towards the support line of the descending channel pattern, where buyers are expected to intervene.
Conversely, if Cardano price rises from the current level and exceeds the moving averages, it signals a buy on the dip. This improves the prospects of a rally above the resistance line. If this happens, the ADA/USDT pair could begin a rise to $0.95 and then to $1.02.
Related: XRP Whales Dump $50 Million Per Day: Will This Bring Down the Price?
Hyperliquid price prediction
Hyperliquid (HYPE) declined from the 20-day EMA ($47.26) on Thursday and fell below the $43 support, signaling negative sentiment.
If the price holds below $43, the HYPE/USDT pair could drop to the $39.68 level. This is a critical level to watch as a close below $39.68 will complete a bearish head and shoulders pattern. This could start a decline to $35.50 and then to $32.
Buyers will need to drive the price of hyperliquid above the moving averages to signal a return. The bullish momentum may gain momentum after buyers push the price above the $51.87 resistance.
Chainlink Price Prediction
Chainlink (LINK) is struggling to break above the resistance line, but a positive sign is that the bulls have not given up much ground to the bears.
The bulls will try to cross the air barrier again. If they succeed, it means that the remedial phase may be over. Chainlink price could rally to $25.64 and then to $27.
This positive opinion will be invalidated in the short term if the price declines and falls below $21. This could keep the LINK/USDT pair in the descending channel for some more time.
Sui Price Prediction
Sui (SUI) is trading in a falling wedge pattern, which is generally considered a bullish pattern if the breakout occurs to the upside.
The bulls and bears are engaged in a tough battle near the moving averages. If buyers push and hold the price above the moving averages, the SUI/USDT pair could reach the downtrend line. Sellers are expected to aggressively defend the downtrend line as a break above opens the door for a rally to $4 and then to $4.44.
On the contrary, if the price declines and breaks below $3.30, it suggests that the bears are trying to take matters into their own hands. The Sui price could then fall to the support line.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research before making a decision.
