Key points:
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Bitcoin’s inability to rise above $118,000 may have attracted profits from short-term traders, leading to a decline towards $107,000.
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Several major altcoins have declined from their overall resistance levels, signaling that bears remain short during rallies.
Bitcoin (BTC) bulls are trying to keep the price above $111,000, but the bears continued to exert selling pressure. Glassnode wrote in its latest Weekly Market Impulse report that BTC’s recent rally has not been supported by increased participation, signaling a “potential consolidation phase.”
Cryptocurrency market intelligence firm 10x Research expressed a slightly cautious view that BTC’s current bull cycle may not extend beyond the traditional four-year cycle as BTC has become too expensive for sustained retail purchases. The company projected a cycle high of $125,000 based on its research methodology.
BTC remains stuck in a wide range, but a minor positive in favor of the bulls is that investors continue to buy BTC spot exchange-traded funds. According to data from Farside Investors, BTC ETFs saw net inflows of $462.6 million over the past four days.
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’s inability to stay above the 50-day simple moving average ($114,278) attracted sellers, pulling the price below the 20-day exponential moving average ($112,347).
If the price closes below the 20-day EMA, the bears will attempt to pull the BTC/USDT pair up to the critical support at $107,000. Buyers should defend the $107,000 level with all their might as a break below would complete a double top pattern. The price of Bitcoin could then fall to $100,000.
The $118,000 level is a key resistance to watch on the upside. A breakout and close above could propel the pair to the all-time high of $126,199.
Ether Price Prediction
Ether (ETH) declined from the 50-day SMA ($4,220) on Monday, indicating that bears are active at higher levels.
Sellers are attempting to pull the price towards the descending triangle support line, which is a critical level to watch. A breakout and close below the support line could send Ether price down to $3,350.
Bulls will need to push price above the 50-day SMA to signal strength. The ETH/USDT pair could then rise to the resistance line, where sellers will likely pose a strong challenge. Buyers will need to overcome the barrier at the resistance line to signal the start of the next stage of the upward movement.
BNB Price Prediction
BNB (BNB) declined from the 38.2% Fibonacci retracement level of $1,156 on Monday, but a minor positive is that bulls defended the 50-day SMA ($1,076) on Tuesday.
The flat 20-day EMA ($1,119) and the RSI near the midpoint do not give a clear advantage to either the bulls or the bears. If the price declines and breaks below the 50-day SMA, it signals the start of a deeper correction to $1,021 and then to $932. Such a move suggests that the BNB/USDT pair may have reached its near-term high.
Conversely, a breakout and close above $1,156 indicates strong buying at lower levels. BNB price could then reach the 61.8% retracement level of $1,239.
XRP Price Prediction
XRP (XRP) has been trading between the $2.69 breakdown level and the 20-day EMA ($2.56) over the past few days.
Tight range trading will likely be followed by range expansion. If the price declines and falls below the 20-day EMA, it suggests that the bears have dominated the bulls. The price of XRP could then fall to $2.20.
On the contrary, a breakout and close above $2.69 could propel the XRP/USDT pair towards the downtrend line. Sellers should vigorously defend the downtrend line, as a break above it opens the door for a rally to $3.20 and then to $3.38.
Solana Price Prediction
Buyers pushed Solana (SOL) above the 20-day EMA ($196) on Sunday, but are struggling to hold higher levels.
The stable 20-day EMA and RSI near the midpoint signal a balance between supply and demand. If the price closes above the 20-day EMA, the SOL/USDT pair could reach the resistance line. Buyers will need to push the price above the resistance line to gain strength.
Alternatively, if the price declines and breaks below $190, it suggests that the bears are in control. The pair could then move down to $177 and possibly to the channel support line.
Dogecoin Price Prediction
Dogecoin (DOGE) declined from the $0.21 resistance on Monday, signaling that bears are aggressively defending the level.
The bears will attempt to leverage their advantage by bringing Dogecoin price below the $0.17 level. If they succeed, the DOGE/USDT pair could fall to the critical support at $0.14. Buyers should defend the $0.14 level with all their might, as a break below would pave the way for a retest of the $0.10 level.
The first sign of strength will be a close above $0.21. If this happens, the pair could reach the 50-day SMA ($0.23) and later as high as $0.27.
Cardano Price Prediction
Cardano (ADA) declined at the 20-day EMA ($0.68) on Monday, indicating that sentiment remains negative.
The bears will attempt to push Cardano price below the $0.59 support. If they succeed, the ADA/USDT pair could plunge towards vital support at $0.50. Buyers are expected to fiercely defend the $0.50 level.
On the upside, a breakout and close above the 20-day EMA signals that the bulls are attempting to make a comeback. The pair could then move up to the $0.75 breakout level and then towards the downtrend line.
Related: Bitcoin slides to $113,000 as S&P 500 hits new all-time high amid Fed rate move
Hyperliquid price prediction
Buyers held Hyperliquid (HYPE) above the 50-day SMA ($45.95), indicating strength.
Buyers will attempt to strengthen their position by pushing the hyperliquid price above the overhead resistance at $51.50. If they succeed, the HYPE/USDT pair could retest the all-time high at $59.41.
The sellers will likely have other plans. They will attempt to defend the $51.50 level and push the price below the 20-day EMA ($42.64). If they succeed, the pair could fall towards the crucial support at $35.50.
Chainlink Price Prediction
Chainlink (LINK) declined off the 20-day EMA ($18.52), indicating that bears are selling into rallies.
The bears will attempt to pull Chainlink price to $16.71 and then to strong support at $15.43, where buyers are expected to step in.
Conversely, if the price rises from the current level and breaks above the 20-day EMA, it suggests that the selling pressure is decreasing. The LINK/USDT pair could then rebound to the resistance line. Buyers will need to push and hold the price above the resistance line to signal that the correction may be over.
Bitcoin Cash Price Prediction
Bitcoin Cash (BCH) has reached the resistance line of the falling wedge pattern, where the bears pose a strong challenge.
The ascending 20-day EMA ($527) and RSI in positive territory indicate that the path of least resistance is to the upside. A close above the resistance line opens the door for a rally to $615 and then $651.
Sellers will need to quickly bring the Bitcoin Cash price back below the 20-day EMA to regain control. The BCH/USDT pair could then fall towards the strong support of $450.
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.
