Key points:
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Bitcoin is showing signs of hitting bottom, but some analysts believe that a final drop below $60,000 is still possible over the coming months.
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Several major altcoins are showing early signs of buying, but bulls have a lot of work to do before a change in trend is signaled.
Bitcoin (BTC) surpassed the $72,000 level on Tuesday following the announcement of a ceasefire agreement between the United States and Iran. Although the bulls were unable to close above $72,000, a positive sign is that the buyers did not give up much ground to the bears. This suggests that the bulls are holding on to their positions as they anticipate the recovery to continue.
Several analysts believe that BTC is showing signs of hitting bottom. Crypto trader Quantum Ascend said in an article on
A slightly different view was put forward by Alphractal founder and CEO Joao Wedson, who said in an article on
Could BTC and some major altcoins extend their relief rally? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin Price Prediction
BTC broke through the moving averages and resistance at $72,000 on Tuesday, indicating strong buying from the bulls.
Sellers should defend the $72,000-$76,000 zone with all their might, as a close above it will complete a bullish ascending triangle pattern. If this happens, the BTC/USDT pair could skyrocket to $84,000.
The first sign of weakness will be a close below the moving averages, which suggests that bears remain short during rallies. A close below the support line will invalidate the positive pattern, increasing the risk of a fall towards the crucial $62,500-$60,000 support zone.
Ether Price Prediction
Ether (ETH) rose from the 50-day simple moving average ($2,059) on Tuesday and broke above resistance at $2,200.
The 20-day exponential moving average ($2,110) has started to rise and the RSI is in positive territory, indicating that the path of least resistance is to the upside. There is resistance at the $2,400 level, but if the bulls overcome it, the upside could extend to $2,800.
Time is running out for the bears. They will need to quickly bring the price of ETH below the moving averages to signal a comeback. The ETH/USDT pair could fall to $1,918 and potentially the $1,750 support.
XRP Price Prediction
XRP’s (XRP) rebound from the $1.27 level has reached the moving averages, which is a crucial resistance to watch.
If buyers push the XRP/USDT pair above the moving average, it sets the stage for a rally to the $1.61 breakout level and then to the downtrend line of the descending channel pattern. Sellers will attempt to stop the upward move at the downtrend line, as a close above it indicates a potential trend change.
On the downside, a close below the $1.27 level indicates that the bears remain in control. This increases the risk of a fall to the $1.11 level and ultimately to the descending channel pattern support line near $1.
BNB Price Prediction
BNB (BNB) has been consolidating between $570 and $687 for several days, indicating buying near support and selling near resistance.
The rather flat moving averages and RSI near the midpoint suggest that the range-bound action could continue for a few more days. If the bulls break above the moving averages, the BNB/USDT pair could reach the $687 level, where the bears are expected to intervene.
The next trend move is expected to begin at a close above resistance at $687 or below support at $570. If the $687 level is removed, the pair could rise to $730 and then to $790. On the other hand, a close below $570 could send the pair down to $500.
Solana Price Prediction
Solana (SOL) is trying to break above the moving averages, but the bears have held firm.
The rather flat moving averages and the RSI just below the midpoint do not give a clear advantage to either the bulls or the bears. If SOL price breaks above the moving averages, the next stop could be the $98 level. Buyers will need to close above the $98 resistance to gain the upper hand.
On the downside, a breakout and close below the $76 support tilts the advantage in favor of the bears. This increases the risk of a fall to $67 and then to $50.
Dogecoin Price Prediction
Dogecoin (DOGE) broke above the moving averages on Tuesday, but the rally faces resistance at the downtrend line.
Sellers will attempt to strengthen their position by lowering the price of DOGE below the $0.09 level. If they succeed, the DOGE/USDT pair will complete a descending triangle pattern. The setup target for this bearish pattern is $0.06.
On the contrary, a close above the downtrend line invalidates the negative pattern. This suggests that the bears have given up, opening the doors for a rally to $0.11 and then to the $0.12 level.
Hyperliquid price prediction
Hyperliquid (HYPE) closed above the 20-day EMA ($37.28) on Tuesday, signaling that the correction may be over.
The bulls will attempt to push the HYPE price into the $41.59 to $43.76 zone, where sellers are expected to mount a strong defense. If buyers break through the air barrier, the HYPE/USDT pair could rally back to $50.
This positive view will be negated in the short term if the price declines and falls below the 50-day SMA ($34.80). Such a development indicates that higher levels continue to attract sellers. The pair could then fall to the $29.42 level.
Related: Oil falls, Bitcoin climbs to $72,000, but is this BTC price breakout real?
Cardano Price Prediction
Buyers pushed Cardano (ADA) to the 50-day SMA ($0.26) on Tuesday, indicating that bulls are attempting a comeback.
If buyers break above the 50-day SMA, the ADA/USDT pair could reach the downtrend line of the descending channel pattern. Sellers should fiercely defend the downtrend line, as a close above it signals a potential trend change.
The sellers will likely have other plans. They will attempt to aggressively defend the downtrend line and bring ADA price back below the moving averages. If they do, the couple could extend their stay inside the canal for a few more days.
Bitcoin Cash Price Prediction
Buyers are attempting to hold Bitcoin Cash (BCH) above the $443 breakout level, but are expected to face significant resistance from the bears.
If BCH price declines from the moving averages and breaks below the $420 level, it signals the resumption of the downward movement. This could cause the BCH/USDT pair to fall to the $375 level.
The first sign of strength will be a close above the moving averages. This suggests that the market has rejected the break below the $443 level. The pair could then rise back to the $520 to $540 zone.
Chainlink Price Prediction
Chainlink (LINK) closed above the moving averages on Tuesday, opening the door for a rally towards resistance in the $8-$10 range.
Sellers are expected to defend the $10 level, keeping LINK price range-bound for some time to come.
Buyers will need to propel and sustain the price above the $10 resistance to gain the upper hand. This could lead the LINK/USDT pair to $10.94 and then to the $11.61 level. On the downside, a breakout and close below the $8 level signals an advantage for the bears. The pair is likely to fall to $7.15 and then to the $6 setup target.
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