Key points:
Bitcoin’s recovery is facing selling at higher levels, indicating that the bears remain in control.
Several altcoins have turned down from their overhead resistance levels, signaling selling on rallies.
Bitcoin’s (BTC) recovery is facing selling on rallies, but a positive sign is that the bulls are trying to form a higher low near $109,500. Lower levels are attracting buyers as seen from the net inflows into US spot BTC and Ether exchange-traded funds (ETFs) on Tuesday, following net outflows on Monday. According to SoSoValue data, BTC ETFs recorded $102.58 million in inflows while ETH ETFs attracted $236.22 million in net inflows.
Even after the recent turmoil, analysts expect BTC to perform well in October. Economist Timothy Peterson said in an X post that historically, a large part of BTC’s October gains come in the second half of the month.
Apart from the seasonal factor, another positive sign in favor of the bulls is the possible end of quantitative tightening as signaled by the US Federal Reserve Chair Jerome Powell. BitMEX co-founder Arthur Hayes said in a post on X that with quantitative tightening over, it was time to buy aggressively.
A note of caution came from trader Peter Brandt, who said BTC may witness a huge shakeout before rising to a new all-time high again.
What are the critical support and resistance levels to watch out for in BTC and the major altcoins? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price prediction
BTC turned down from the 20-day exponential moving average (EMA) ($115,945) on Tuesday, signaling a negative sentiment where rallies are being sold into.
The bears will try to strengthen their hold by pulling the price to the $107,000 support. Buyers are expected to defend the $107,000 level with all their might because a close below it will form a double-top pattern. The BTC/USDT pair may drop to $100,000 and eventually to the pattern target of $89,526.
This negative view will be invalidated in the near term if the Bitcoin price turns up and closes above the moving averages. That suggests the pair may consolidate in the $107,000 to $126,199 range for a while longer.
Ether price prediction
Ether’s (ETH) recovery is facing significant resistance at the 20-day EMA ($4,227), indicating that the bears have the upper hand.
Sellers are trying to sink the Ether price to the support line. If the price turns up from the support line and rises above the 20-day EMA, it suggests that the ETH/USDT pair could remain inside the descending channel pattern for some more time.
On the upside, a break and close above the resistance line signals that the corrective phase may be over. The pair could retest the all-time high at $4,957 and later start the next leg of the uptrend to $5,665.
BNB price prediction
BNB’s (BNB) failure to sustain above $1,350 on Monday may have attracted profit booking from short-term traders. That pulled the price to the 20-day EMA ($1,155) on Tuesday.
The bulls are trying to defend the 20-day EMA, but the bearish divergence pattern on the relative strength index (RSI) suggests the bullish momentum is weakening. If the BNB price breaks and closes below the 20-day EMA, it indicates the start of a deeper correction to the 50-day simple moving average ($1,008).
Contrarily, if the price turns up from the 20-day EMA or $1,073, it signals demand at lower levels. That increases the possibility of a range formation in the near term. The BNB/USDT pair may oscillate between $1,073 and $1,375 for a few days.
XRP price prediction
XRP’s (XRP) recovery fizzed out near the breakdown level of $2.69 on Monday, signaling that the bears are selling on rallies.
The bears will attempt to pull the price to the $2.30 support, which is a crucial near-term level to watch out for. If the price skids below $2.30, the XRP/USDT pair could descend to $2.
The first sign of strength will be a close above $2.69. That suggests the selling pressure is reducing. The XRP price could then climb to the downtrend line, where the bears are expected to step in.
Solana price prediction
Solana (SOL) re-entered the descending channel pattern on Monday, but the bears halted the relief rally at the 20-day EMA ($210) on Tuesday.
The $190 level is the near-term support to watch out for. If the price continues lower and breaks below $190, it signals that the bears are in control. The Solana price could then tumble to $168.
Contrary to this assumption, if the price turns up and breaks above the moving averages, it suggests that the bulls are back in the driver’s seat. The SOL/USDT pair could rally to $238 and later to $260.
Dogecoin price prediction
Dogecoin (DOGE) continues to trade inside the large $0.14 to $0.29 range, signaling buying near the support and selling close to the resistance.
The price action inside the range is likely to remain random and volatile. The downsloping 20-day EMA ($0.23) and the RSI near 40 indicate a slight edge to the bears. If the price turns down and breaks below $0.18, the DOGE/USDT pair could slump to $0.16. Buyers are expected to aggressively defend the $0.14 to $0.16 zone.
The short-term advantage will tilt in favor of the bulls if they push the Dogecoin price above the moving averages. The pair may then climb to $0.29.
Cardano price prediction
Cardano’s (ADA) recovery is facing selling at the breakdown level of $0.75, signaling that the bears are active at higher levels.
Sellers will try to pull the price to the $0.60 support, which is likely to attract buyers. If the price rebounds off the $0.60 level, it indicates that the bulls have not given up and are buying on dips. The ADA/USDT pair could then form a range between $0.60 and $0.75 for some time.
The bulls will have to drive the price above the 20-day EMA ($0.77) to weaken the bearish momentum. A new up move could be signaled after buyers push the pair above the downtrend line.
Related: Bitcoin to $74K? Hyperliquid whale opens new 1,240 BTC short
Hyperliquid price prediction
Hyperliquid (HYPE) turned down from the 20-day EMA ($43.88) on Tuesday, indicating that the rallies are being sold into.
The $35.50 level is the critical near-term support to watch out for. If the price maintains above $35.50, it suggests that the selling pressure is reducing. The bulls will then make another attempt to clear the overhead barrier at the 20-day EMA. If they succeed, the Hyperliquid price could surge toward $52.
Contrarily, a break and close below $35.50 signals a negative sentiment. The HYPE/USDT pair could then drop to $30.50.
Chainlink price prediction
Chainlink (LINK) re-entered the descending channel pattern on Sunday, but the recovery is facing resistance near the 20-day EMA ($20.64).
Sellers are attempting to pull the Chainlink price below the support line. If they manage to do that, the selling could accelerate and the LINK/USDT pair could drop to $15.43.Such a move brings the large $10.94 to $27 range into play.
Buyers will have to push the price above the resistance line to suggest that the corrective phase may be over. The pair could then rally toward the stiff overhead resistance at $27.
Stellar price prediction
Stellar (XLM) is witnessing a tough battle between the bulls and the bears at the breakdown level of $0.34.
The XLM/USDT pair has formed an inside-day candlestick pattern, signaling indecision between the bulls and the bears. Sellers will seize control if the price turns down and breaks below $0.31. The pair could then start a downward move to $0.25.
On the contrary, a break and close above the moving averages suggests that bulls are back in the game. The upward move could gain momentum after 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.
