Important points:
-
Bitcoin has maintained a level above $100,000 on a closing price basis, but the risk of a crash remains until the price exceeds $108,000.
-
Several major altcoins are holding support levels, but a weak rebound increases the risk of collapse.
Bitcoin (BTC) has risen above $101,000, showing that the bulls are actively defending the $100,000 support. Several analysts believe BTC could bottom around $100,000, while Bloomberg analyst Mike McGlone said in a post on X that BTC could collapse to $56,000.
However, not everyone is bearish on BTC. JPMorgan analysts said in a report that BTC is trading below its fair value based on the Bitcoin-to-gold volatility ratio. Analysts predict that BTC will rise to around $170,000 in the next 6-12 months.
Another positive for BTC could be the persistent demand for BTC exchange traded funds (ETFs). In a recent report, brokerage giant Schwab Asset Management said 45% of respondents were interested in buying crypto ETFs, which is in line with the number of investors willing to buy bond ETFs.
What are the important support levels to watch out for in BTC and major altcoins? To find out, let’s analyze the charts of the top 10 cryptocurrencies.
Bitcoin price prediction
While the BTC bulls were able to defend the $100,000 level on a closing price basis, the bears continue to apply pressure.
Buyers will need to quickly push the price above the 20-day EMA ($107,925) to show strength. If that happens, the BTC/USDT pair could rise to the 50-day simple moving average ($112,464).
The Bears likely have other plans. They will sell on the rally and try to push the Bitcoin price below the $100,000 support. If this happens, a deeper correction towards $87,800 could begin.
Ether price prediction
Ether (ETH) continues to be in a fierce battle between buyers and sellers at the $3,350 level.
A weak recovery increases the risk of further decline. If the price declines from the current levels or the 20-day EMA ($3,738) and falls below $3,057, it will signal the beginning of a new downtrend. After that, Ether price could plummet towards $2,500.
Buyers need to push the price above the moving average to prevent a downside. The ETH/USDT pair could then rise to the resistance line of the channel, suggesting that the correction phase may be over.
BNB price prediction
BNB (BNB) is about to start a recovery, but a weak rebound suggests a lack of demand at higher levels.
The 20-day EMA ($1,049) is starting to decline and the RSI is in negative territory, indicating that sellers have an advantage. If the price turns down from the 20-day EMA, the bears will once again try to drag the BNB/USDT pair below $860. If successful, the pair could fall to $730.
On the other hand, 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 fluctuate between $860 and $1,183.
XRP price prediction
XRP (XRP) attempted a rescue rally on Thursday, but the bulls were unable to clear the overhead hurdle at the 20-day EMA ($2.42).
The bears will try to push the XRP price below the $2.06 level. If it is successful, the XRP/USDT pair could resume its downtrend towards $1.90 and then towards solid support at $1.61.
Contrary to this assumption, if the price rises and rises above the 20-day EMA, it indicates demand at lower levels. The pair may then rise to the 50-day SMA ($2.63) and then reach the downtrend line.
Solana price prediction
While buyers are trying to keep Solana (SOL) above $155, its shallow pullback suggests that the bears are selling on a minor pullback.
If the price declines and closes below $155, the SOL/USDT pair could start the next bear market. Solana price could fall to $126 and then reach solid support at $110.
Conversely, if the price rises above $164, the pair could reach the 20-day EMA ($179). The bulls will have to push the pair above the 20-day EMA to weaken the bearish momentum.
Dogecoin price prediction
Dogecoin (DOGE) is about to start a recovery but is expected to face selling at the 20-day EMA ($0.18).
If the price declines from the 20-day EMA, it indicates that the momentum remains negative and the bears are rallying and selling. After that, the DOGE/USDT pair could plummet to the solid support at $0.14.
On the other hand, if the price breaks out above the 20-day EMA, the rally could extend to the $0.21 level. Such movements suggest that Dogecoin price may remain within the $0.14 to $0.29 range for some time.
Cardano price prediction
Although buyers managed to defend Cardano (ADA)’s $0.50 support, the recovery lacks strength.
Sellers will try to stall the relief rally at the 20-day EMA ($0.61). If the price falls from the 20-day EMA, the risk of falling below the $0.50 level increases. A close below $0.50 opens the door for a decline to $0.40.
The bulls will have to push Cardano’s price above the 20-day EMA to signal a comeback. The ADA/USDT pair may then rise to the $0.75 breakdown level and eventually reach the downtrend line.
Related: XRP price falls despite Ripple’s bullish swell announcement: $2 next?
Super liquidity price prediction
Buyers tried to push Hyper Liquid (HYPE) above the 20-day EMA ($41.77) on Wednesday, but the bears held back.
The bulls are once again trying to push the HyperLiquid price above the moving averages. If that happens, the HYPE/USDT pair could rise to $52. Buyers are expected to face significant selling pressure near the $52 resistance level. If the price falls sharply from the overhead resistance, the pair could move between $35.50 and $52 for some time.
Sellers need to lower the price below $35.50 to gain an advantage. Thereafter, the pair could fall to $30.50 and then to $28.
Chainlink price prediction
Buyers are trying to initiate a rescue rally on Chainlink (LINK), but the bears are not allowing the price to close above $15.43.
A shallow bounce increases the risk of further falls. If the price declines and falls below $13.69, it will indicate a resumption of the decline. Chainlink price could fall to $12.73 and then $10.94.
Alternatively, if the price closes above $15.43, the LINK/USDT pair could reach the 20-day EMA ($16.84). The bulls will have to push the price above the 20-day EMA to pave the way for a rally to the resistance line.
Zcash price prediction
Zcash (ZEC) has fallen sharply over the past few days, indicating continued bullish demand at all high levels.
This rally has pushed the RSI deep into overbought territory, suggesting that the rally may be overdone in the short term. This suggests a possible pullback or consolidation, as vertical gains are rarely sustained.
The first support on the downside is at the 38.2% Fibonacci retracement level at $577 and then at the 50% retracement level at $524. If Zcash price rebounds from the support, the bulls will try to push the ZEC/USDT pair up to $830.
This article does not contain investment advice or recommendations. All investment and trading moves involve risk and readers should conduct their own research when making decisions.