Key points:
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Bitcoin bulls are striving to maintain the price above $107,000, yet selling pressure from bears persists.
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The recovery of most major altcoins has stalled, suggesting that bears continue to capitalize on minor price increases.
Buyers have successfully kept Bitcoin (BTC) above the crucial support level of $107,000, but the absence of a significant rebound indicates ongoing pressure from bears. This short-term uncertainty has resulted in mixed opinions among analysts regarding BTC’s next movement.
Geoff Kendrick, the global head of digital assets research at Standard Chartered, informed Cointelegraph that BTC is on track to reach $200,000 by the end of 2025. He believes the recent sell-off will encourage investors to view it as a buying opportunity, thus driving BTC higher.
Conversely, veteran trader Peter Brandt notes that BTC’s chart displays parallels to the soybean market in the 1970s, which saw a dramatic 50% decline when global supply outstripped demand. He indicated that BTC appears to be forming a broadening top pattern, known for indicating market peaks, which could potentially lower the price to around $60,000.
What are the essential support levels for BTC and the prominent altcoins? Let’s examine the charts of the top 10 cryptocurrencies for insights.
Bitcoin price prediction
BTC experienced a sharp rally on Tuesday, but bears halted the upward momentum at the 50-day simple moving average ($114,137).
Sellers aim to strengthen their position by pushing Bitcoin below the $107,000 support. A successful maneuver could increase the likelihood of reaching the psychological support at $100,000. Buyers are expected to defend the $100,000 level vigilantly, as failure to do so could initiate a new downtrend.
The initial sign of strength would be a break and close above the $116,000 threshold, indicating the BTC/USDT pair may remain within the $107,000 to $126,199 range for an extended period.
Ether price prediction
Ether (ETH) declined from the 20-day exponential moving average ($4,062) on Tuesday, which suggests that bears are capitalizing on minor rallies.
Bears will aim to drive the Ether price below the support line of the descending channel pattern. Achieving this could lead to increased selling pressure, putting the ETH/USDT pair at risk of dropping to $3,350.
Buyers must push the price above the moving averages to indicate that the pair might remain within the channel for a longer duration. A close above the resistance line would signify a bullish trend.
BNB price prediction
BNB (BNB) has been fluctuating between the moving averages since Friday, highlighting a fierce contest between bulls and bears.
The declining 20-day EMA ($1,122) and the RSI positioned in negative territory suggest a slight advantage for the bears. A close below the 50-day SMA ($1,041) may signal the beginning of a new downtrend targeting $932.
Conversely, a close above the 20-day EMA would indicate that bulls have taken control, paving the way for a potential rally to the 50% Fibonacci retracement level of $1,198.
XRP price prediction
XRP’s (XRP) rebound from the $2.30 support stalled at the 20-day EMA ($2.55) on Tuesday, reflecting a bearish sentiment.
Bears will strive to extend their advantage by bringing the XRP price below the $2.19 support level. If successful, the XRP/USDT pair may decline to $2.06 and then to $1.90.
Buyers need to act quickly to lift the price above the 20-day EMA, indicating a potential recovery. The pair may then advance to the 50-day SMA ($2.79) and further to the downtrend line. A close above the downtrend line would suggest the end of the corrective phase, allowing the price to rise towards $3.38.
Solana price prediction
Solana (SOL) turned down from the 20-day EMA ($198) on Tuesday, indicating that bears are attempting to maintain their grip.
The SOL/USDT pair may slide to the support line of the descending channel pattern, where buyers are likely to enter. Bulls must push Solana’s price above the 20-day EMA to suggest that the pair might remain within the channel for a longer time. A close above the resistance line could initiate a new uptrend.
Sellers, however, are likely to have their own intentions, attempting to push the price below the support line. If they succeed, the pair could drop to $155 and then to $145.
Dogecoin price prediction
Dogecoin (DOGE) struggled to surpass the 20-day EMA ($0.21), indicating that bears are actively selling on minor rallies.
The Dogecoin price may drop to $0.18, which serves as a crucial support level. If bears manage to push the DOGE/USDT pair below $0.18, the next targets could be $0.16 and possibly $0.14.
In contrast, if the price rebounds sharply and breaks above the 20-day EMA, it would suggest a decrease in selling pressure. The pair may then increase to the 50-day SMA ($0.23) and further to the significant resistance at $0.29.
Cardano price prediction
Cardano’s (ADA) attempt to recover did not even reach the 20-day EMA ($0.70), indicating weak demand at higher levels.
Bears will seek to enhance their lead by driving the Cardano price below the $0.59 support. If successful, the ADA/USDT pair could plummet to the critical support at $0.50. Buyers are expected to defend the $0.50 level vigorously, as a close below it could open the door for a drop to $0.40.
This negative outlook will be negated in the short term if the price rises above the breakdown level of $0.75. The pair may then ascend to the downtrend line.
Related: BNB price analysis: Here’s why bulls must hold $1K
Hyperliquid price prediction
Hyperliquid (HYPE) retreated from the neckline of the head-and-shoulders pattern, indicating continued bearish control.
The declining 20-day EMA ($40.09) and the RSI in negative territory raise the chances of further declines. Support is present at $33.28, but if this level breaks, the HYPE/USDT pair could drop to $30.50 and subsequently to $28.
Bulls must push and maintain Hyperliquid prices above the neckline to suggest a reversal in selling pressure. The pair may then rally to the 50-day SMA ($46.42) and eventually to $51.
Chainlink price prediction
Chainlink (LINK) fell near the support line of the descending channel pattern after buyers failed to elevate the price above the 20-day EMA ($19.02).
Sellers will attempt to drive the price below the support line, retesting the $15.43 level. Repeated tests of a support level often weaken it. If $15.43 fails, the Chainlink price may drop to $12.73.
Bulls need to drive the price above the 20-day EMA to signal strength. The LINK/USDT pair could then rise to the resistance line, where bears are anticipated to sell aggressively.
Stellar price prediction
Bears halted Stellar’s (XLM) recovery attempt near the 20-day EMA ($0.34) on Tuesday, reflecting bearish sentiment.
The XLM/USDT pair risks falling to $0.29, which is a critical support level to monitor. If this level breaks, selling may accelerate, leading Stellar’s price to $0.25.
Buyers need to push the price above the breakdown level of $0.34 to demonstrate strength. The pair could then reach the downtrend line, where bears are expected to present a strong challenge. A close above this line may indicate a potential trend reversal.
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.
