Key points:
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Bitcoin's recovery rally is poised for a sell-off near $112,000, signaling that bears haven’t given up.
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Buyers have defended support levels for select major altcoins, but unless they push the worth above the upper resistance, selling is prone to resume.
Bitcoin (BTC) attempts a comeback, but bears are selling the recovery near $112,000. Bitfinex analysts said in a report that the 18.1% decline from peak to trough in October is “consistent with previous cycle high retests since 2023,” indicating consolidation reasonably than a trend reversal.
Galaxy Digital CEO Mike Novogratz said in an interview with CNBC that BTC “should hold” around $100,000. He expects BTC to remain within the $100,000 to $125,000 range and that the worth will only increase once it breaks through this range.
Daily view of crypto market data. Source: Coin360
Some analysts expect BTC to fall below the $107,000 support level, but they don’t expect a major decline. LVRG Research Director Nick Ruck told Cointelegraph that BTC could see a healthy market correction to $104,000, but strong fundamentals and powerful institutional interest suggest a resumption of the bull market.
What critical resistance levels to observe out for in BTC and major altcoins? To discover, let's analyze the charts of the highest 10 cryptocurrencies.
Bitcoin price prediction
BTC rebounded from the $107,000 mark on Thursday, suggesting that bulls proceed to vigorously defend the extent.
Buyers must push the worth above the moving averages to signal a comeback. The BTC/USDT pair could then attempt an increase to the all-time high of $126,199.
The $107,000 support stays the important thing level to observe on the bearish move. Sellers need to drag and hold the worth below $107,000 to finish the double top pattern. In this case, Bitcoin price could initiate a deeper correction to $100,000 after which to the pattern goal of $87,801.
Ether price prediction
Ether (ETH) rose from the support line of the descending channel pattern on Wednesday, however the recovery is countered by selling on the 20-day EMA ($4,023).
The bears will attempt to press their advantage by pulling the Ether price below the support line. If they succeed, the ETH/USDT pair could start a downward move to $3,435 after which $3,350.
On the contrary, a break above the 20-day EMA suggests that the bears are losing control. The price could then rise to the 50-day SMA, suggesting that the pair could proceed to fluctuate throughout the channel for a while.
BNB price prediction
BNB (BNB) rebounded from the 50-day SMA ($1,051) on Wednesday, however the recovery rally is countered by selling near the 38.2% Fibonacci retracement level at $1,156.
If the worth stays below the 20-day EMA ($1,120), the bears will once more try to sink the BNB/USDT pair below the 50-day SMA. If they succeed, BNB price could see a deeper correction to $1,021 after which $1,000.
Buyers must push the worth above the $1,156 resistance to point that the corrective phase could also be over. The pair could then rise to the 61.8% retracement level at $1,239.
XRP price prediction
XRP (XRP) has reached the 20-day EMA ($2.52), where the bears are expected to mount a robust defense.
If XRP price drops sharply from the 20-day EMA, it suggests that sentiment stays negative and bears are selling on rallies. This could keep the worth within the descending channel for a number of more days.
Alternatively, if the worth closes above the 20-day EMA, it can show that selling pressure is easing. The XRP/USDT pair could rise to the breakout level of $2.69 and later to the descending trend line.
Solana price prediction
Solana (SOL) has reached the 20-day EMA ($196), a critical short-term level to observe out for.
If buyers push the worth above the 20-day EMA, the SOL/USDT pair could climb to the resistance line. Sellers are expected to defend the resistance line with all their might as a break above it shifts the advantage in favor of buyers. Solana price could then rise to $238 and eventually to $260.
On the contrary, if the worth drops sharply from the 20-day EMA, the bears will try to drag the pair to the support line.
Dogecoin price prediction
Dogecoin (DOGE) is stuck below the $0.21 level, however the bears have did not keep the worth below $0.18.
The bulls will try to stage a comeback by pushing the worth above $0.21. If they succeed, the DOGE/USDT pair could rise to the 50-day SMA ($0.23) and subsequently to the strong overhead resistance at $0.29.
Sellers probably produce other plans. They will attempt to stop the recovery rally on the 20-day EMA and pull the pair below the support at $0.18. In this case, the Dogecoin price could fall to $0.16 after which to $0.14.
Cardano price prediction
Cardano (ADA) rose from the $0.60 level on Wednesday, suggesting that bulls are aggressively defending this level.
The 20-day EMA ($0.69) is the critical level to observe out for within the bullish move. If the worth drops sharply from the 20-day EMA, the potential for a break below $0.60 increases. The Cardano price could then fall to $0.50.
Alternatively, if buyers push the worth above the 20-day EMA, the ADA/USDT pair could rise to the 50-day SMA ($0.79) and later to the descending trend line. Buyers must push the worth above the descending trend line to signal a possible trend reversal.
Hyperliquid price prediction
Hyperliquid (HYPE) rebounded from support at $35.50 on Wednesday, suggesting bulls are lively at lower levels.
Buyers try to strengthen their position by pushing the Hyperliquid price above the 20-day EMA ($40.02). If they succeed, the HYPE/USDT pair could rise to the 50-day SMA ($46.18).
On the opposite hand, if the worth declines from current levels, it signals that the bears are selling on rallies. The next leg of the downtrend to $30.50 could begin after sellers pull the pair below the $35.50 support.
Chainlink price prediction
Chainlink (LINK) bounced off the support line on Wednesday, signaling that bulls try to maintain the worth throughout the descending channel pattern.
The recovery rally is anticipated to be countered by selling on the 20-day EMA ($18.73). If the worth drops sharply from the 20-day EMA, the bears will again try to pull the LINK/USDT pair to the support at $15.43.
Conversely, a break and shut above the 20-day EMA opens the door for a rally to the channel's resistance line. The sellers are expected to defend the resistance line, but when the buyers push through, Chainlink price could rise to $23.73 and subsequently to $25.64.
Excellent price prediction
Stellar (XLM) is attempting to initiate a recovery, with selling expected to occur on the 20-day EMA ($0.33).
If the worth diverges from the 20-day EMA ($0.33), the bears will once more try to sink the XLM/USDT pair below the support at $0.29. If they succeed, Stellar price could drop to $0.25.
Contrary to this assumption, an increase in price above the 20-day EMA signals that selling pressure is easing. The bulls shall be in charge again in the event that they push the worth above the descending trend line.
This article doesn’t contain any investment advice or recommendations. Every investment and trading activity involves risks and readers should conduct their very own research when making their decision.
