Key points:
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Buyers will need to drive Bitcoin above $94,589 to open the doors to a retest of the psychological $100,000 level.
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Ether is showing strength, but several other major altcoins are struggling to maintain their rebound.
Bitcoin (BTC) fell from $94,589 on Tuesday, but bulls are working to keep the price above $92,000. Market participants will closely watch Fed Chairman Jerome Powell’s press conference and the dot plot of each Fed official’s rate expectations on Wednesday.
While some analysts say a bottom has been reached, others say the current relief rally is a dead cat bounce, which is likely to be sold off. Pseudonymous analyst Colin Talks Crypto said in an article on
Short-term uncertainty regarding BTC price action has not deterred Michael Saylor’s strategy to expand his BTC treasury. Strategy purchased 10,624 BTC last week for approximately $962.7 million at an average price of $90,615. This brought Strategy’s total holding to 660,624 BTC purchased at an average price of $74,696.
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 closed above the 20-day exponential moving average (EMA) ($91,583) on Tuesday, but the bulls failed to keep the price above the $94,150 resistance.
If Bitcoin price rises from the 20-day EMA and closes above $94,589, it signals the possibility of a rally to the $100,000 breakout level. Sellers should defend the $100,000 level with all their might, as a close above it could catapult the BTC/USDT pair to $107,000. Such a move suggests that the corrective phase may be over.
Instead, if the price declines sharply and falls below $87,719, it indicates that the bears continue to sell during the rallies. The pair could then slide to $83,822.
Ether Price Prediction
Ether (ETH) rally reached the $3,350 breakout level, indicating strong buying at lower levels.
The 20-day EMA ($3,116) has started to gradually rise and the Relative Strength Index (RSI) is in positive territory, indicating that the bulls are trying to make a comeback. A close above $3,350 sets the stage for a rally to $3,659 and then to $3,918.
Sellers will need to bring the price of Ether back below the 20-day EMA to maintain the advantage. If they do, it suggests that the $3,350 level has become resistance. The ETH/USDT pair could then plunge to $2,716.
XRP Price Prediction
XRP (XRP) has been trading below the 20-day EMA ($2.12) in recent days, but the bears have failed to push the price down to the support line of the descending channel pattern.
The bulls will attempt to strengthen their position by pushing the price above the 20-day EMA. If they succeed, the XRP/USDT pair could bounce up to the 50-day simple moving average (SMA) ($2.26) and then towards the downtrend line.
On the contrary, if XRP price declines and breaks below $1.98, it suggests that the bears remain in control. The pair could fall to the channel support line and then to the $1.61 level.
BNB Price Prediction
BNB (BNB) witnessed a tough battle between the bulls and bears at the 20-day EMA ($894).
The flattening of the 20-day EMA and the RSI just below the midpoint suggest a balance between supply and demand. The BNB/USDT pair could oscillate between $791 and $1,020 for a few days.
Buyers will need to propel BNB price above the $1,020 level to indicate that the corrective phase may be over. The pair could then attempt a rally to $1,182. On the downside, a break below $791 could send the pair down to $730.
Solana Price Prediction
Buyers are attempting to hold Solana (SOL) above the 20-day EMA ($138), but bears have held firm.
The flattening of the 20-day EMA and the RSI just below the midpoint suggest that bearish momentum is weakening. If buyers break through the 20-day EMA resistance, the SOL/USDT pair could reach the 50-day SMA ($154) and further up to $172.
On the contrary, a breakout and close below the $126 support signals the resumption of the downward movement. Solana price could drop as low as $110 and eventually reach the strong support of $95.
Dogecoin Price Prediction
Buyers successfully defended Dogecoin (DOGE)’s $0.14 support, but are struggling to keep the price above the 20-day EMA ($0.15).
If the price declines sharply from the 20-day EMA and breaks below $0.14, it indicates that the bears remain in control. Dogecoin price could then fall to the October 10 low of $0.10.
Alternatively, if buyers push the price above the 20-day EMA, the DOGE/USDT pair could reach the 50-day SMA ($0.16). This is a critical level for bears to defend, as a break above opens the way for a recovery to $0.21.
Cardano Price Prediction
Cardano (ADA) broke above the 20-day EMA ($0.44) on Tuesday, indicating that selling pressure is easing.
The bulls will attempt to make a comeback by pushing Cardano price above the 50-day SMA ($0.51). If they succeed, the ADA/USDT pair could rise to $0.60 and then to $0.70.
On the contrary, if the price declines sharply from the $0.50 breakout level and slides below the 20-day EMA, it indicates that the bears have flipped the level into resistance. The pair could then go down to the $0.37 level.
Related: Ethereum Hitting $3.3K Proves Bottom Has Been Reached: ETH’s Next 100% Rally?
Bitcoin Cash Price Prediction
Bitcoin Cash (BCH) declined from resistance at $607 on Monday, indicating that demand is drying up at higher levels.
The bears are attempting to push Bitcoin Cash price below the 20-day EMA ($556). If they succeed, the BCH/USDT pair could slide to the 50-day SMA ($528) and then to $508.
Buyers will need to defend the 20-day EMA and propel the price above the $607 level to maintain the advantage. The pair could then rise to $615, then to $651, where the bears are expected to intervene.
Chainlink Price Prediction
Chainlink (LINK) rally is likely to sell off at the 50-day SMA ($14.84), signaling that bears are active at higher levels.
Bulls should defend the 20-day EMA ($13.79) to the downside as a break below could send the LINK/USDT pair down to the crucial support at $10.94.
If the price rises from the 20-day EMA, the probability of a breakout above the 50-day SMA increases. If this happens, Chainlink price could gain momentum and rally to $16.90, followed by a move to $19.06. This suggests that the pair could remain in the wide range of $10.94 to $27 for some time to come.
Hyperliquid price prediction
Hyperliquid (HYPE) closed below $29.37 support on Tuesday, but lower levels are attracting buyers.
The RSI is showing early signs of a bullish divergence, indicating that selling pressure is easing. The HYPE/USDT pair is expected to strengthen if buyers push the price above the 20-day EMA ($32.53).
On the other hand, if the price of hyperliquid declines from the current level or the 20-day EMA, it shows that the bears continue to sell during rallies. This increases the risk of a fall to the October 10 low of $20.82.
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