Key points:
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Bitcoin attempted a rally on Tuesday, but as the market opened on Wednesday, the bears put pressure on intraday highs.
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Several altcoins are falling towards critical support levels, signaling that the bears remain in control.
Buyers are trying to keep Bitcoin (BTC) above the $90,000 level, but bears continue to pile on the pressure. According to data from Farside Investors, BTC spot exchange-traded funds saw outflows of $372 million on Tuesday, extending the withdrawal streak to five days. This suggests sentiment remains negative and investors are reluctant to embrace the decline.
Morgan Creek Capital founder Mark Yusko said in an interview with Cointelegraph that BTC has entered a bear market, but he expects a smoother correction compared to previous bear cycles. He expects institutional adoption, debt reduction, the broader macroeconomic environment and the devaluation of fiat currencies to act as favorable factors in the long term.
A few other analysts are more optimistic in the short term, expecting BTC sales to slow down soon. BitMine President Tom Lee said in an interview with CNBC that the downside is showing signs of exhaustion, and Tom Demar of Demar Analytics expects BTC to hit its lowest level “this week.”
How Far Could BTC and Major Altcoins Fall? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin Price Prediction
BTC fell below the $90,000 level on Tuesday, but bulls bought the dip, as seen in the long tail of the candlestick.
The bears are in no mood to give up as they have sold the rally and are trying to push Bitcoin price below $89,253. If they succeed, the decline could extend to $87,800 and then to $83,000.
Any recovery attempt should result in a sale at the psychological level of $100,000. If the price declines from the $100,000 level, it suggests that the bears have tipped the level towards resistance. This increases the risk of a further decline.
Buyers will need to push and sustain the BTC/USDT pair above the $100,000 resistance to signal a comeback.
Ether Price Prediction
Ether (ETH) witnessed a tough battle between buyers and sellers near the $3,000 level.
Any relief rally should see significant selling at the 20-day exponential moving average ($3,365). If the price declines sharply from the 20-day EMA, the risk of a fall below $2,946 increases. The ETH/USDT pair could then plunge towards $2,500.
Alternatively, a breakout and close above the 20-day EMA suggests that markets have rejected the breakout below $3,350. The price of Ether could then rise to the 50-day simple moving average ($3,824).
XRP Price Prediction
Buyers attempted to initiate a rally in XRP (XRP) on Tuesday, but bears sold off to higher levels.
The bears will attempt to push the XRP/USDT pair down to the support line of the descending channel pattern, which is a crucial level to watch. If XRP price bounces off the support line and breaks above the 20-day EMA ($2.31), it suggests that the pair could remain inside the channel for some more time.
On the other hand, a breakout and close below the channel could open the door for a fall to the crucial support at $1.61.
BNB Price Prediction
The buyers are trying to keep BNB (BNB) above the $860 level, but the bears continued to exert pressure.
The bears will attempt to push BNB price below the $860 support and deepen the correction to $730.
Conversely, if the price rises and breaks above the 20-day EMA ($971), it suggests that sellers are losing their grip. The BNB/USDT pair could rise to $1,019 and then to the 50-day SMA ($1,078). Such a move signals possible action in the range between $860 and $1,183 for some time.
Solana Price Prediction
Solana (SOL) bounced off the $126 support on Tuesday, but relief rallies are being sold off.
The bears will once again attempt to push the price below the $126 support. If they succeed, Solana price could fall towards the next major support at $95.
Conversely, if the price rises from the current level or $126 and breaks above the 20-day EMA ($154), it suggests that the bulls are trying to make a comeback. The SOL/USDT pair could then rise to the 50-day SMA ($183), which is likely to attract sellers again.
Dogecoin Price Prediction
Dogecoin (DOGE) rose from $0.15 on Tuesday, but the slight rebound shows a lack of aggressive buying from bulls.
Sellers will attempt to push the Dogecoin price down to the $0.14 level, where buyers are expected to step in. The positive divergence on the RSI suggests that selling pressure is easing and a relief rally is possible. Buyers will need to push the DOGE/USDT pair above the 20-day EMA to gain strength. The pair could then rise to the 50-day SMA ($0.19).
On the contrary, a break below the $0.14 support could intensify the selling, pulling the pair towards the October 10 low at $0.10.
Cardano Price Prediction
Cardano (ADA) extended its fall below the $0.50 level, indicating that bears remain in control.
There is minor support at $0.45, but if the level breaks, the ADA/USDT pair could drop to $0.40. Cardano price could see a recovery from $0.40, but it is expected to be sold at $0.50. If the price declines from $0.50, it suggests that the bears have tipped the level towards resistance. The pair could then decline towards the October 10 intraday low of $0.27.
Buyers will need to push the price above the 20-day EMA ($0.54) to indicate that selling pressure is easing. The pair could then reach the 50-day SMA ($0.64) and later up to $0.74.
Related: Here’s what happened in crypto today
Hyperliquid price prediction
Hyperliquid (HYPE) hit the 50-day SMA ($41.51) on Tuesday, but the bulls were unable to breach the barrier.
The price has declined and the bears are working to bring the HYPE/USDT pair back below the $35.50 support. If they succeed, sales could accelerate and the price of hyperliquid could plunge as much as $28.
The first sign of strength will be a breakout and close above the 50-day SMA. The pair could then rally to $44 and then $52, where the bears should mount a strong defense.
Bitcoin Cash Price Prediction
The bulls attempted to push Bitcoin Cash (BCH) above the resistance line on Tuesday, but the bears held firm.
Bitcoin Cash price declined sharply and fell below the moving averages. Sellers will attempt to strengthen their position by pulling the price below the $443 support. If they succeed, the BCH/USDT pair could fall to the support line.
The bulls will need to push and hold the price above the resistance line to signal that the corrective phase may be over. The pair could then rise to $580 then to $615.
Zcash Price Prediction
Zcash (ZEC) faces strong resistance at $750, but the bulls have not allowed the price to drop below the 20-day EMA ($536).
Ascending moving averages indicate an advantage for buyers, but negative divergence on the RSI shows momentum slowing. This increases the risk of a breakout below the 20-day EMA. If this happens, the ZEC/USDT pair could fall as low as $424.
Buyers will need to defend the 20-day EMA if they want to maintain the advantage. If Zcash price rises from the current level or rebounds strongly off the 20-day EMA, the bulls will once again attempt to push the pair above $750.
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.
