Key points:
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Bitcoin is attempting to recover from $80,600, which several analysts have called a bottom.
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Several altcoins are struggling to initiate a rebound, indicating a lack of demand from buyers.
Bitcoin (BTC) fell about 8% last week, but lower levels attracted buyers. The bulls are working to push the price above $88,000 at the start of the new week. According to data from Farside Investors, inflows of $238.4 million into BTC spot exchange-traded funds on Friday, indicate that the bulls are becoming active again.
Analysts at wealth manager Swissblock said in an article on They added that decreasing selling pressure and a weaker second wave of selling will confirm a more reliable bottom.
BitMEX co-founder Arthur Hayes said in an article on The former BitMEX CEO said he expected the $80,000 level to hold.
Could BTC and major altcoins begin a sustainable recovery, or will higher levels attract sellers? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
S&P 500 Index Price Prediction
The S&P 500 Index (SPX) fell from support at 6,550 on Friday, and the bulls were attempting to extend the rally on Monday.
The relief rally is expected to face selling in the area between the moving averages and the resistance line. If the price declines from the upper zone, the bears will again try to bring the index below 6,550. If they succeed, the index may fall to the 6,350 level.
On the other hand, a breakout and close above the resistance line indicates that the corrective phase may be over. The index could then retest the all-time high at 6,920.
US Dollar Index Price Prediction
The US Dollar Index (DXY) faced resistance near the 100.50 level, but a positive sign is that the bulls did not give up much ground to the bears.
Gradually rising moving averages and the Relative Strength Index (RSI) in positive territory indicate that the path of least resistance is to the upside. If the price rises above the 100.50 level, the index could rise to the 102 level. A close above the 102 resistance will complete a rounded bottom pattern, signaling a potential trend change.
Sellers will need to drop the price below the 20-day exponential moving average (99.62) to weaken the bullish momentum. The index could then fall to the 50-day simple moving average (98.81).
Bitcoin Price Prediction
BTC is attempting to recover after plunging to $80,600 on Friday, but higher levels will likely attract sellers.
The 20-day EMA ($94,620) is likely to pose a major obstacle to the upside. If Bitcoin price declines sharply from the 20-day EMA, it suggests that sentiment remains negative and bears are selling in rallies. This increases the risk of a fall to the $73,777 level, where the bulls are expected to intervene.
Buyers will need to push and sustain the price above the 20-day EMA to gain strength. The BTC/USDT pair could then rise to the psychological level of $100,000.
Ether Price Prediction
Ether (ETH) is attempting to initiate a recovery, which may encounter significant resistance in the area between the 20-day EMA ($3,148) and $3,350.
If the price declines from the upper zone, the bears will attempt to resume the downtrend. A breakout and close below $2,623 signals the start of the next leg of the decline to $2,400 and then to the $2,111 level.
Instead, if buyers push Ether price above $3,350, the ETH/USDT pair could reach the 50-day SMA ($3,659). A close above the 50-day SMA suggests the bulls are back in the game.
XRP Price Prediction
XRP (XRP) bounced off the support line on Saturday, indicating that the bulls are trying to keep the price in the descending channel pattern.
The bears are unlikely to give up easily and will attempt to stop the relief rally at the moving averages. If the price declines sharply from the moving averages, sellers will again attempt to bring the XRP/USDT pair back to $1.61.
On the contrary, a break above the moving averages could push the price towards the downtrend line. Buyers will need to break through and sustain the XRP price above the downtrend line to suggest a potential trend change.
BNB Price Prediction
BNB (BNB) is attempting to recover after hitting $790 on Friday, but sellers are expected to enter at higher levels.
If the price declines sharply from $860, it suggests that the bears have tipped the level towards resistance. This increases the possibility of a break below $790. The BNB/USDT pair could then fall as low as $730.
The 20-day EMA ($920) remains the main resistance to watch. A break and close above the 20-day EMA suggests that the market has rejected the break below $860. The price of BNB could then rise to $1,019.
Solana Price Prediction
Solana (SOL) attempts to take support at the $126 level, but the weak bounce suggests a lack of aggressive buying from the bulls.
If the price declines from the current level or the 20-day EMA ($145), it suggests that the bears are active at higher levels. The SOL/USDT pair then risks falling below the $126 support. If this happens, the price of Solana could drop to $110 and then to $95.
On the contrary, a breakout and close above the 20-day EMA indicates that the bulls are trying to make a comeback. The pair could then attempt a rally towards the 50-day SMA ($174).
Related: Zcash down 30% from November high: will ZEC price collapse again?
Dogecoin Price Prediction
Dogecoin (DOGE) bounced off the $0.15 support on Saturday, indicating that bulls are defending the level.
The positive divergence on the RSI suggests that selling pressure is decreasing. Buyers will need to drive Dogecoin price above the 20-day EMA (0.16) to signal strength. The DOGE/USDT pair could then rise to the 50-day SMA ($0.18).
Alternatively, if the price declines sharply from the 20-day EMA, the bears will again attempt to drag the pair below $0.14. If they succeed, the pair could collapse to the October 10 low of $0.10.
Cardano Price Prediction
Cardano (ADA) is attempting to reach support at $0.38, but the weak bounce suggests the bears are in no mood to let go.
If the price declines from the current level and breaks below $0.38, the ADA/USDT pair could resume its downtrend. Cardano price could go as low as October 10 low of $0.27.
Resistance at $0.50 is the crucial level to watch on the upside. If the price declines from $0.50, it suggests that the bears remain in control. This puts the $0.38 level at risk of a breakdown.
Conversely, a close above $0.50 indicates that the bears are losing their grip. The pair could then rebound towards the 50-day SMA ($0.60).
Bitcoin Cash Price Prediction
Bitcoin Cash (BCH) rose sharply from $443 support on Friday and climbed above the resistance line of the descending wedge pattern.
The bears are trying to force prices back into the corner, but the bulls have held on. If the price rises and exceeds $568, it signals the start of a further rise to $615 and then to $651.
This positive opinion will be invalidated in the short term if the price of Bitcoin Cash declines and falls below the moving averages. Such a move suggests that the break above the resistance line may have been a bullish trap. The BCH/USDT pair could then retest the $443 support.
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.
