Key points:
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Bitcoin remained above the $100,000 level at the close, but the risk of breakdown remains until the price exceeds $108,000.
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Several major altcoins hold their support levels, but a weak rebound increases the risk of a breakdown.
Bitcoin (BTC) surpassed $101,000, indicating that bulls are aggressively defending the $100,000 support. Several analysts claim that BTC could reach a level close to $100,000, but Bloomberg analyst Mike McGlone said in an article on X that BTC could collapse to $56,000.
However, not everyone is pessimistic on BTC. JPMorgan analysts said in a report that BTC was trading below its fair value based on the bitcoin/gold volatility ratio. Analysts predict that BTC will rebound to around $170,000 over the next six to 12 months.
Another positive for BTC could be the strong underlying demand for BTC exchange-traded funds (ETFs). Brokerage giant Schwab Asset Management said in a recent report that 45% of its respondents expressed interest in purchasing a crypto ETF, which is in line with the number of investors interested in purchasing a bond ETF.
What are the crucial support 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 bulls successfully defended the $100,000 level at the close, but bears continued to exert pressure.
Buyers will need to quickly push the price above the 20-day exponential moving average (EMA) ($107,925) to signal strength. If they succeed, the BTC/USDT pair could rise to the 50-day simple moving average (SMA) ($112,464).
The bears will likely have different plans. They will sell in rallies and attempt to push the price of Bitcoin below the $100,000 support. If this happens, the pair could begin a deeper correction towards $87,800.
Ether Price Prediction
Ether (ETH) witnessed a tough battle between buyers and sellers at the $3,350 level.
A weak recovery increases the risk of a further decline. If the price declines from the current level or the 20-day EMA ($3,738) and breaks below $3,057, it signals the start of a new downtrend. The price of Ether could then plunge towards $2,500.
Buyers will need to push the price above the moving average to avoid a decline. The ETH/USDT pair could then rise to the channel’s resistance line, suggesting that the corrective phase may be over.
BNB Price Prediction
BNB (BNB) is attempting to begin a recovery, but the weak rebound suggests a lack of demand at higher levels.
The 20-day EMA ($1,049) has started to decline and the relative strength index (RSI) is in negative territory, indicating an advantage for sellers. If the price declines from the 20-day EMA, the bears will once again attempt to take the BNB/USDT pair below $860. If they succeed, the pair could drop to $730.
On the contrary, if the $860 level holds and the bulls push the price above the 20-day EMA, the pair could form a range. BNB price can range from $860 to $1,183.
XRP Price Prediction
XRP (XRP) attempted a relief rally on Thursday, but the bulls were unable to clear the upper hurdle at the 20-day EMA ($2.42).
The bears will attempt to push the price of XRP below the $2.06 level. If they succeed, the XRP/USDT pair could resume its downtrend towards $1.90 and then towards firm support at $1.61.
Contrary to this assumption, if the price rises above the 20-day EMA, it signals demand at lower levels. The pair could then rise to the 50-day SMA ($2.63) and later to the downtrend line.
Solana Price Prediction
Buyers are trying to hold Solana (SOL) above the $155 level, but the weak bounce suggests bears are selling on minor rallies.
If the price declines and closes below $155, the SOL/USDT pair could begin the next leg of the downward move. Solana price could move down to $126 and then to the strong support of $110.
On the contrary, if the price rises and exceeds $164, the pair could reach the 20-day EMA ($179). Bulls will need to push the pair above the 20-day EMA to weaken the bearish momentum.
Dogecoin Price Prediction
Dogecoin (DOGE) is attempting to initiate a recovery, which is expected to sell off at the 20-day EMA ($0.18).
If the price declines from the 20-day EMA, it indicates that sentiment remains negative and bears are selling in rallies. The DOGE/USDT pair could then fall to strong support at $0.14.
Conversely, if the price breaks above the 20-day EMA, the rally could extend up to the $0.21 level. Such a move suggests that Dogecoin price could remain in the $0.14 to $0.29 range for some time to come.
Cardano Price Prediction
Buyers successfully defended Cardano’s (ADA) $0.50 support, but the rally lacks strength.
Sellers will attempt to block the relief rally to the 20-day EMA ($0.61). If the price declines from the 20-day EMA, the risk of a fall below the $0.50 level increases. A close below $0.50 opens the door for a decline to $0.40.
Bulls will need to propel Cardano price above the 20-day EMA to signal a return. The ADA/USDT pair could then rise to the $0.75 breakout level and possibly to the downtrend line.
Related: XRP price falls despite Ripple’s bullish announcements: will $2 be next?
Hyperliquid price prediction
Buyers attempted to push Hyperliquid (HYPE) above the 20-day EMA ($41.77) on Wednesday, but the bears held firm.
The bulls are once again trying to push the hyperliquid price above the moving averages. If they succeed, the HYPE/USDT pair could rally back to $52. Buyers are expected to face significant selling pressure near the $52 resistance. If the price declines sharply from the upper resistance, the pair could consolidate between $35.50 and $52 for a while.
Sellers will need to drop the price below the $35.50 level to gain the upper hand. The pair could then fall to $30.50, then to $28.
Chainlink Price Prediction
Buyers are trying to start a relief rally on Chainlink (LINK), but bears have not allowed the price to close above $15.43.
A shallow bounce increases the risk of another fall. If the price declines and breaks below $13.69, it signals the resumption of the downward movement. Chainlink price could drop to $12.73 and then to $10.94.
Instead, if the price closes above $15.43, the LINK/USDT pair could reach the 20-day EMA ($16.84). The bulls will need to push the price above the 20-day EMA to pave the way for a rally towards the resistance line.
Zcash Price Prediction
Zcash (ZEC) has been in great shape over the past few days, signaling sustained demand from bulls at all higher levels.
The rally pushed the RSI deep into overbought territory, signaling that the upward movement is too extended in the short term. This suggests a possible pullback or consolidation, as vertical rallies are rarely sustainable.
The first support on the downside is the 38.2% Fibonacci retracement level of $577 and then the 50% retracement level of $524. If ZEC price bounces off the support, bulls will attempt to push the ZEC/USDT pair to $830.
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.
