Key points:
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Bitcoin’s relief rally is facing selling pressure around $112,000, indicating that bears remain active.
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While buyers are upholding support levels in select major altcoins, a push beyond the overhead resistance is necessary to prevent a resurgence in selling.
Bitcoin (BTC) is striving for a rebound, but bears are selling near the $112,000 mark. According to Bitfinex analysts, the 18.1% peak-to-trough drawdown observed in October is “consistent with previous cycle-high retests since 2023,” suggesting a period of consolidation rather than a reversal in trend.
Mike Novogratz, CEO of Galaxy Digital, shared in a CNBC interview that BTC “should hold” around $100,000. He predicts that BTC will trade between $100,000 and $125,000, with momentum expected to increase after breaking out of this range.
Some analysts predict that BTC may dip below the $107,000 support level, though a significant decline is not anticipated. LVRG Research’s Nick Ruck remarked to Cointelegraph that BTC could see a healthy correction to $104,000, but strong fundamentals and heightened institutional interest indicate a likely resumption of the bull market.
What are the key resistance levels to monitor in BTC and major altcoins? Let’s delve into the charts of the top 10 cryptocurrencies.
Bitcoin price prediction
BTC bounced from the $107,000 level on Thursday, showcasing that bulls are diligently defending this mark.
For a significant rebound, buyers need to push the price above the moving averages. This could allow the BTC/USDT pair to rally towards the all-time high of $126,199.
The key downside support remains at $107,000. Sellers must maintain the price below this level to complete the double-top pattern. Should this occur, Bitcoin could enter a deeper correction, potentially down to $100,000 and subsequently to the target of $87,801.
Ether price prediction
Ether (ETH) rebounded from the support line of its descending channel pattern on Wednesday, but is now facing selling pressure at the 20-day EMA ($4,023).
Bears will attempt to exploit their position by driving Ether below the support line. If successful, the ETH/USDT pair could slide to $3,435 and then to $3,350.
Conversely, a rise above the 20-day EMA would indicate diminishing bearish grip, potentially lifting the price to the 50-day SMA and allowing continued oscillation within the channel.
BNB price prediction
BNB (BNB) bounced off the 50-day SMA ($1,051) on Wednesday, but is facing resistance near the 38.2% Fibonacci retracement level at $1,156.
If the price remains below the 20-day EMA ($1,120), bears will likely try to drag the BNB/USDT pair beneath the 50-day SMA. Success could see the price corrected to $1,021 and subsequently to $1,000.
Buyers need to push above the $1,156 resistance to indicate the end of the corrective phase, paving the way for a potential rise to the 61.8% retracement level at $1,239.
XRP price prediction
XRP (XRP) is at the 20-day EMA ($2.52), where strong selling from bears is expected.
A significant downturn from the 20-day EMA suggests persistent negative sentiment, keeping the price within its descending channel for a few more days.
On the other hand, a close above the 20-day EMA indicates reduced selling pressure, allowing XRP/USDT potentially to rise to the breakdown level of $2.69 and ultimately to the downtrend line.
Solana price prediction
Solana (SOL) has reached the 20-day EMA ($196), a crucial near-term level to observe.
If buyers push above the 20-day EMA, the SOL/USDT pair could rise to the resistance line. Sellers are expected to defend this line vigorously, as a breakout would favor buyers, potentially driving the price up to $238 and eventually to $260.
However, if the price sharply declines from the 20-day EMA, bears will attempt to drag the pair down to the support line.
Dogecoin price prediction
Dogecoin (DOGE) remains below the $0.21 mark, but has not been able to hold below $0.18.
Bulls will try to recover by driving the price above $0.21. If achieved, the DOGE/USDT pair could rise to the 50-day SMA ($0.23) and then face tough resistance at $0.29.
Conversely, sellers will aim to pause the rally at the 20-day EMA and push the pair below the $0.18 support. If successful, Dogecoin could drop to $0.16 and then to $0.14.
Cardano price prediction
Cardano (ADA) has turned upward from the $0.60 level on Wednesday, indicative of strong defense from bulls.
The 20-day EMA ($0.69) serves as a vital upside level. A sharp downturn from this EMA raises the likelihood of breaking below $0.60, with Cardano potentially plummeting to $0.50.
Alternatively, if buyers drive the price above the 20-day EMA, the ADA/USDT pair might rally to the 50-day SMA ($0.79) and later to the downtrend line. A significant surge beyond this line would signal the potential for a trend change.
Related: How high can HYPE’s price go after Robinhood listing?
Hyperliquid price prediction
Hyperliquid (HYPE) bounced off the $35.50 support on Wednesday, suggesting active buying at lower levels.
Buyers are working to enhance their position by pushing the Hyperliquid price above the 20-day EMA ($40.02). If they succeed, the HYPE/USDT pair could advance to the 50-day SMA ($46.18).
On the other hand, if the price declines from its current level, it indicates bears are selling on the rallies. This could initiate another leg down toward $30.50 if sellers manage to break below the $35.50 support.
Chainlink price prediction
Chainlink (LINK) bounced from support on Wednesday, suggesting that bulls are working to keep the price within the descending channel.
The relief rally is likely to face resistance at the 20-day EMA ($18.73). A sharp turnover from this point could prompt bears to pull the LINK/USDT pair down to the support at $15.43.
Conversely, a breakout above the 20-day EMA would open avenues for a rally to the channel’s resistance line. While sellers may try to defend this line, a successful breach could propel Chainlink’s price to $23.73 and later to $25.64.
Stellar price prediction
Stellar (XLM) is attempting a recovery, which may encounter selling pressure at the 20-day EMA ($0.33).
A downturn from the 20-day EMA may see bears try to push the XLM/USDT pair below the $0.29 support level. A successful move could lead the Stellar price down to $0.25.
In contrast, if the price rises above the 20-day EMA, it signals reduced selling pressure, indicating that bulls could regain control after surpassing 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.
