Key points:
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Bitcoin’s recovery is encountering selling pressure at higher levels, signaling continued bear control.
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Several altcoins have declined from their upper resistance levels, indicating selling during price rallies.
Bitcoin’s (BTC) recovery is experiencing selling pressure during rallies, but a positive factor is that bulls are attempting to establish a higher low around $109,500. This indicates that lower price levels are attracting buyers, as evidenced by the net inflows into US spot BTC and Ether exchange-traded funds (ETFs) on Tuesday, following Monday’s net outflows. According to SoSoValue data, BTC ETFs saw inflows of $102.58 million, while ETH ETFs attracted $236.22 million.
Despite recent volatility, analysts predict BTC will perform well in October. Economist Timothy Peterson noted in a post on X that a significant portion of BTC’s gains in October historically occurs in the latter half of the month.
In addition to the seasonal shift, another positive development for bulls is the potential conclusion of quantitative tightening, as indicated by US Federal Reserve Chair Jerome Powell. BitMEX co-founder Arthur Hayes stated in an X post that with quantitative tightening ending, it’s time for aggressive buying.
However, veteran trader Peter Brandt warned that BTC could face a significant shakeout before reaching new all-time highs.
What are the key support and resistance levels to monitor for BTC and major altcoins? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price prediction
BTC declined from the 20-day exponential moving average ($115,945) on Tuesday, indicating a negative sentiment where rallies are met with selling.
The bears will attempt to strengthen their position by driving the price down to the $107,000 support level. Buyers are expected to actively defend this level, as a close below it could result in a double-top pattern. Should this occur, the BTC/USDT pair may drop to $100,000 and further to the pattern target of $89,526.
This bearish outlook will be invalidated if the Bitcoin price rises and closes above the moving averages, suggesting possible consolidation in the $107,000 to $126,199 range for a longer period.
Ether price prediction
Ether’s (ETH) recovery is encountering significant resistance at the 20-day EMA ($4,227), indicating that bears are currently dominant.
Sellers are aiming to push the Ether price down to the support line. If the price rebounds from this support and rises above the 20-day EMA, it could indicate that the ETH/USDT pair will remain within the descending channel for a bit longer.
On the upside, a break and close above the resistance line would suggest that the corrective phase may be concluding. The pair could then retest the all-time high at $4,957 and subsequently start the next upward leg toward $5,665.
BNB price prediction
BNB’s (BNB) inability to maintain levels above $1,350 on Monday likely triggered profit-taking from short-term traders, causing the price to decline to the 20-day EMA ($1,155) on Tuesday.
Bulls are attempting to protect the 20-day EMA, but the bearish divergence pattern on the relative strength index (RSI) indicates that bullish momentum is waning. If the BNB price falls and closes below the 20-day EMA, it would suggest the onset of a deeper correction toward the 50-day simple moving average ($1,008).
Conversely, if the price rebounds from the 20-day EMA or $1,073, it signals demand at these lower levels, increasing the likelihood of a range formation in the short term. The BNB/USDT pair may trade between $1,073 and $1,375 for several days.
XRP price prediction
XRP’s (XRP) recovery stalled near the breakdown level of $2.69 on Monday, indicating ongoing selling pressure from bears.
Bears will try to push the price to the $2.30 support level, which is critical in the near term. If the price falls below $2.30, the XRP/USDT pair may drop to $2.
A sign of strength would be a close above $2.69, indicating diminished selling pressure. This could allow XRP to rise toward the downtrend line, where bears may reappear.
Solana price prediction
Solana (SOL) re-entered the descending channel pattern on Monday, but bears halted the relief rally at the 20-day EMA ($210) on Tuesday.
The $190 level serves as the near-term support to monitor. If the price declines further and breaks below $190, it would signal bear dominance, leading to a potential fall to $168.
In contrast, should the price rise above the moving averages, it would indicate that bulls are gaining control. The SOL/USDT pair could then rally to $238 and later to $260.
Dogecoin price prediction
Dogecoin (DOGE) remains within the broad range of $0.14 to $0.29, reflecting buying near support and selling near resistance.
Price movements within this range are likely to remain unpredictable and volatile. The downward-sloping 20-day EMA ($0.23) combined with the RSI near 40 suggests a slight advantage for bears. If the price drops below $0.18, the DOGE/USDT pair may fall to $0.16, although buyers are anticipated to defend the $0.14 to $0.16 area vigorously.
If bulls manage to drive the Dogecoin price above the moving averages, the pair could then advance towards $0.29.
Cardano price prediction
Cardano’s (ADA) recovery is encountering selling pressure at the breakdown level of $0.75, indicating active bear involvement at these higher levels.
Sellers will attempt to pull the price toward the $0.60 support level, which is likely to attract buyers. If the price rebounds from $0.60, it indicates that bulls are still active and buying on dips. The ADA/USDT pair could thus form a range between $0.60 and $0.75 for a while.
Bulls need to push the price above the 20-day EMA ($0.77) to weaken the bearish momentum. A new upward move could be indicated after buyers successfully drive the pair above the downtrend line.
Related: Bitcoin to $74K? Hyperliquid whale opens new 1,240 BTC short
Hyperliquid price prediction
Hyperliquid (HYPE) declined from the 20-day EMA ($43.88) on Tuesday, indicating that recent rallies are being met with selling.
The $35.50 level represents crucial near-term support. If the price remains above $35.50, it indicates a reduction in selling pressure. The bulls may attempt to surpass the overhead barrier at the 20-day EMA. If successful, Hyperliquid’s price could surge toward $52.
Alternatively, breaking and closing below $35.50 would indicate negative sentiment, potentially leading the HYPE/USDT pair to drop to $30.50.
Chainlink price prediction
Chainlink (LINK) re-entered the descending channel pattern on Sunday, but its recovery is facing resistance near the 20-day EMA ($20.64).
Sellers are attempting to push the Chainlink price below the support line. If successful, selling pressure could intensify, potentially taking the LINK/USDT pair down to $15.43, and reopening the larger $10.94 to $27 range.
Buyers need to push the price above the resistance line to indicate the corrective phase may be concluding, allowing a potential rally toward significant overhead resistance at $27.
Stellar price prediction
Stellar (XLM) is experiencing a challenging standoff between bulls and bears at the breakdown level of $0.34.
The XLM/USDT pair has formed an inside-day candlestick pattern, signaling indecision among market participants. If the price declines and breaks below $0.31, sellers will gain control, potentially leading to a drop to $0.25.
Conversely, a break and close above the moving averages would indicate a resurgence of bulls. Momentum could build if the Stellar price closes above the downtrend line.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
