Key points:
-
Bitcoin remained above $100,000 on a closing basis, but the risk of a collapse remains until the price rises above $108,000.
-
Many major altcoins are holding on to their support levels, but a weak bounce increases the risk of a collapse.
Bitcoin (Bitcoin) rose above $101,000, indicating that the bulls are aggressively defending the $100,000 support level. Many analysts say BTC could bottom near $100,000, but Bloomberg analyst Mike McGlone said in a post on X that BTC could collapse to $56,000.
However, not everyone is skeptical about BTC. JPMorgan analysts said in a report: BTC is trading below its fair value Based on the volatility ratio of Bitcoin to Gold. Analysts expect Bitcoin to rise to about $170,000 over the next six to 12 months.
Another positive for BTC could be the strong underlying demand for BTC exchange-traded funds (ETFs). Brokerage giant Schwab Asset Management said in a recent report 45% of participants expressed interest in this In buying a crypto ETF, which corresponds to the number of investors who wanted to buy a bond ETF.
What are the critical support levels to watch for in BTC and major altcoins? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price forecast
Bitcoin bulls successfully defended the $100,000 level on a closing basis, but the bears continued to exert pressure.
Buyers will have to quickly push the price above the 20-day Exponential Moving Average (EMA) ($107,925) to signal strength. If they manage to do so, BTC/USDT could rise to the 50-day simple moving average (SMA) ($112,464).
The bears will likely have different plans. They will sell on the rallies and try to bring the price of Bitcoin below the $100,000 support level. If this happens, the pair may start a deeper correction towards the $87,800 level.
Ethereum price prediction
ether (Ethereum) saw a tough battle between buyers and sellers at the $3,350 level.
A weak recovery increases the risk of further decline. If the price falls from the current level or 20-day EMA ($3,738) and falls below $3,057, this indicates the beginning of a new downtrend. It is possible that the price of ether will then fall to $2,500.
Buyers will have to push the price above the moving average to prevent a downtrend. ETH/USDT could then climb to the channel resistance line, indicating that the corrective phase may be over.
BNB price forecast
National Bank of Bahrain (BNB Bank) is trying to start a recovery, but a weak recovery indicates a lack of demand at higher levels.
The 20-day EMA ($1,049) has started to decline, and the Relative Strength Index (RSI) is in negative territory, indicating an advantage for sellers. If the price drops from the 20-day EMA, the bears will once again try to drag the BNB/USDT pair below $860. If they succeed, the pair could fall to $730.
Conversely, if $860 holds and the bulls push the price above the 20-day EMA, the pair may form a range. BNB price may fluctuate from $860 to $1,183.
XRP price prediction
ripple(XRP) attempted a comfortable rally on Thursday, but the bulls were unable to clear the general hurdle at the 20-day EMA ($2.42).
The bears will try to bring the price of XRP below the $2.06 level. If they can achieve this, the XRP/USDT pair may resume its downtrend towards $1.90 and then to the stable support at $1.61.
Contrary to this assumption, if the price rises and breaks above the 20-day EMA, it indicates demand at lower levels. The pair may then rise to the 50-day simple moving average ($2.63) and subsequently to the downtrend line.
Solana price forecast
Buyers are trying to keep Solana (Sol) above the $155 level, but the shallow bounce suggests that the bears are selling on minor rallies.
If the price declines and closes below $155, the SOL/USDT pair may start the next phase of the downward movement. Solana price could drop to $126 and then to the strong support level at $110.
Conversely, if the price rises and breaks 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 downside momentum.
Dogecoin price forecast
Dogecoin (Doug) is trying to start a recovery, which is expected to face selling at the 20-day EMA ($0.18).
If the price falls from the 20-day EMA, this indicates that sentiment is still negative and bears are selling on rallies. DOGE/USDT could then fall to strong support at $0.14.
Conversely, if the price breaks above the 20-day EMA, the rally could extend to the $0.21 level. Such a move suggests that Dogecoin price may remain within the $0.14 to $0.29 range for some time.
Cardano price prediction
Buyers successfully defended the $0.50 support in Cardano (Ada), but the recovery lacks strength.
Sellers will try to stop the relief rally at the 20-day EMA ($0.61). If the price drops from the 20-day EMA, the risk of a breakout below the $0.50 level increases. A close below $0.50 opens the door for a drop to $0.40.
The bulls would have to push Cardano price above the 20-day EMA to signal a return. The ADA/USDT pair could then rise to the breakdown level at $0.75 and eventually to the downtrend line.
Related to: XRP Price Drops Despite Ripple’s Bullish Announcements: Is $2 Next?
Excessive liquids price forecast
Buyers tried to push Hyperliquid (HYPE) above its 20-day EMA ($41.77) on Wednesday, but the bears held their ground.
The bulls are once again trying to push the price of Hyperliquid above the moving averages. If they can do this, HYPE/USDT could rise to $52. Buyers are expected to face significant selling pressure near the $52 resistance level. If the price falls sharply from the upper resistance, the pair may consolidate between $35.50 and $52 for a while.
Sellers will have to cut the price below the $35.50 level to get the upper hand. The pair may then fall to $30.50 and later to $28.
Chainlink price prediction
Buyers are trying to start a comfortable rally in Chainlink (connection), but the bears did not allow the price to close above $15.43.
A shallow bounce increases the risk of a further decline. If the price declines and falls below $13.69, this indicates the resumption of the downward movement. Chainlink price could drop to $12.73 and then to $10.94.
Alternatively, if the price closes above $15.43, LINK/USDT could reach the 20-day EMA ($16.84). The bulls will have to kick the price above the 20-day EMA to pave the way for a rally to the resistance line.
Zcash price prediction
Z Cash (Like you) has been on a tear for the past few days, indicating continued demand from the bulls at each higher level.
The rise has pushed the RSI deeper into overbought territory, indicating that the upward move is overextended in the near term. This indicates a possible pullback or consolidation, as vertical rallies are rarely sustainable.
The first support on the downside is the 38.2% Fibonacci retracement level at $577, then the 50% retracement level at $524. If ZEC price bounces off the support level, the bulls will try to push ZEC/USDT to $830.
This article does not contain investment advice or recommendations. Every investment and trading move involves risks, and readers should conduct their own research when making a decision.
