Key points:
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Bitcoin is facing selling near $120,000, but the bears have failed to pull the price below $115,000, indicating that buyers remain in command.
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Select major altcoins continue to charge higher, signaling the arrival of an altseason
Bitcoin (BTC) continues to face selling near $120,000, but a positive sign is that the bulls have not allowed the price to dip below $115,000 in the past few days. That suggests the bulls are buying every minor dip and have kept up the pressure.
The spot BTC exchange-traded funds registered a net outflow of $131.35 million on Monday, but that comes after 12 consecutive days of about $6.6 billion in inflows, according to SoSoValue data. That indicates the buyers are not hurrying to book profits as they anticipate the up move to continue.
It’s not only BTC that is attracting buyers. CoinShares reported on Monday that Ether (ETH) exchange-traded products recorded $2.12 billion in inflows, roughly double its previous $1.2 billion record.
Will BTC break out of the overhead resistance and resume its uptrend? Could altcoins continue moving higher? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
S&P 500 Index price prediction
The S&P 500 Index (SPX) turned up from the 20-day exponential moving average (6,218) on Wednesday, indicating buying on dips.
The upsloping moving averages and the relative strength index (RSI) near the overbought zone indicate that bulls remain in control. Buyers will try to push the price toward 6,500, which is likely to offer stiff resistance.
Sellers will have to pull the price below the 6,147 support to weaken the bullish momentum. The index could then slide to the 50-day simple moving average (6,054), which is a critical support to watch out for. A break below the 50-day SMA suggests the index may have topped out in the near term.
US Dollar Index price prediction
The recovery in the US Dollar Index (DXY) stalled at the 50-day SMA ($98.56), indicating selling on rallies.
The bears have strengthened their position by pulling the price below the 20-day EMA ($97.94). That clears the path for a fall to 97.17 and then to the critical 96.37 level.
This negative view will be invalidated in the near term if the price turns up sharply and breaks above the 50-day SMA. That suggests the formation of a higher low and enhances the prospects of a rally to 100.54. There is minor resistance at 99.42, but it is likely to be crossed.
Bitcoin price prediction
Buyers have not allowed the price to dip below $115,000 but are struggling to propel the price above $120,000.
The upsloping 20-day EMA ($115,289) and the RSI in the positive zone signal that the path of least resistance is to the upside. If buyers kick the price above $123,218, the BTC/USDT pair could pick up momentum and surge to $135,729 and, after that, to the pattern target of $150,000.
Sellers will have to yank the price below the $110,530 support to tilt the advantage in their favor. That could accelerate selling and pull the pair to $100,000.
Ether price prediction
Ether rose above the $3,745 resistance on Sunday, but the bulls could not sustain the breakout.
The price turned down below $3,745, indicating that the higher levels are attracting sellers. The ETH/USDT pair could pull back to the 38.2% Fibonacci retracement level of $3,494 and then to the 50% retracement level of $3,381. If the price rebounds off the support zone, the bulls will again try to catapult the pair to $4,094.
On the other hand, a break below $3,381 could sink the pair to the 20-day EMA ($3,191). That may delay the resumption of the up move.
XRP price prediction
XRP (XRP) soared above the $3.40 resistance on Thursday, and the bulls have successfully maintained the price above the breakout level. That suggests the buyers are trying to flip the $3.40 level into support.
If the price breaks above $3.66, the XRP/USDT pair could resume the uptrend. The pair may surge to $4 and, after that, to the target objective of $4.86.
Although the trend remains up, the overbought level on the RSI increases the risk of a correction or consolidation in the near term. If the price dips and closes below $3.40, the pair could tumble to the 20-day EMA ($2.96). This is a crucial level to watch out for because a break below the 20-day EMA suggests that the breakout above $3.40 may have been a bull trap.
BNB price prediction
BNB (BNB) is witnessing a tough battle between the buyers and the sellers near the $761 level.
If the price closes below $761, the bears will try to tug the BNB/USDT pair to $732. A solid bounce off $732 signals demand at lower levels. The bulls will then make another attempt to drive the pair above the $761 to $794 resistance zone. If they succeed, the pair could resume the uptrend toward $900.
Conversely, a break below $732 could sink the pair to the 20-day EMA ($707). Buyers will have to fiercely defend the 20-day EMA if they want to retain the advantage.
Solana price prediction
Solana (SOL) skyrocketed above the $185 overhead resistance on Monday, and the bulls are trying to strengthen their position by pushing the price above the $209 resistance.
A word of caution for the bulls is that the RSI has risen deep into the overbought territory. That suggests a minor correction or consolidation in the near term. If the price finds support at $185, it indicates that the bulls are buying the dips. That improves the prospects of a break above $209. The SOL/USDT pair may climb to $220 and later to $240.
Contrary to this assumption, if the price turns down and breaks below $185, it signals profit-booking by short-term traders. The pair may then dip to the 20-day EMA ($170).
Related: XRP price breaks out: These charts predict a rally toward $6
Dogecoin price prediction
Dogecoin’s (DOGE) range-bound action resolved to the upside with a break above the $0.26 resistance on Sunday.
The bears are trying to pull the price back below $0.26. If they manage to do that, the aggressive bulls may get trapped. The DOGE/USDT pair could then dip to the 20-day EMA ($0.21), which is likely to attract buyers.
Contrarily, if the price rebounds off $0.26, it suggests that the bulls have flipped the level into support. There is minor resistance at $0.29, but it is likely to be crossed. The pair may then march northward toward $0.35.
Cardano price prediction
Cardano (ADA) broke above the $0.86 overhead resistance on Monday, but the bulls are facing selling at higher levels.
The bears are trying to pull the price back below $0.86. If they do that, the ADA/USDT pair could descend to the 20-day EMA ($0.74). This is an essential level for the bulls to defend because a break below the 20-day EMA could deepen the correction to the 50-day SMA ($0.65).
Conversely, if the price rebounds off the 20-day EMA, the bulls will try to drive the pair above the $0.94 resistance. If they succeed, the pair could resume its up move to $1.02 and then to $1.17.
Hyperliquid price prediction
Hyperliquid (HYPE) rebounded off the 20-day EMA ($43.77) on Sunday, but the bulls could not sustain the higher levels.
That indicates profit-booking on rallies. The bears are trying to pull the price below the 20-day EMA. If they manage to do that, the HYPE/USDT pair could plunge to the support line of the ascending channel.
Instead, if the price turns up from the current level and rises above $48, it signals aggressive buying on dips. That increases the possibility of a rally to the resistance of the ascending channel near $58.
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.
