Key takeaways:
- Bitcoin has fallen below $77,000, indicating that sellers are likely to take over.
- Altcoins have had varied experiences, with some pushing past resistance while others fight to hold their support levels.
Bitcoin (BTC) has dropped below $77,000, showing that bears are trying to take control. Glassnode reported that the true market average of $78,300 has historically marked the line separating bearish and bullish trends. If the price falls sharply below this point, it would suggest that the recent gains may have just been a “short-term peak in the current downturn.”
Large investors appear to be offloading their positions, as shown by the steep drop in the Coinbase premium. Nick Ruck, research director at LVRG, told Cointelegraph that the Daily crypto market overview. Image: TradingView
What key level would show the bulls have regained control? Filbfilb, an independent analyst, mentioned in an X post that the previous two downturns ended after “a >+20% weekly candle and a break of the weekly super trend.” For the current bear trend to be broken, BTC must climb above the super trend line at $88,000.
Can BTC and selected major altcoins maintain their key support levels? Let’s review the charts of the top 10 cryptocurrencies to find out.
Bitcoin outlook
BTC pulled back from the 20-day exponential moving average ($78,280), hinting that sellers are making a move.
BTC/USDT daily chart. Chart: Cointelegraph/TradingView
The $76,000 level is the critical support level on the downside, as dropping below it would give the bears an edge. This raises the chance of a slide to the support line, which would likely draw buyers in.
The clock is ticking for the bulls. They’ll need to push and keep the BTC price above the 20-day EMA to take the upper hand. If this happens, the BTC/USDT pair could start moving toward $82,000 and eventually reach the crucial $84,000 mark.
Ether outlook
Sellers are trying to keep Ether (ETH) under the support line, but bulls haven’t backed off.
ETH/USDT daily chart. Chart: Cointelegraph/TradingView
Bulls will have to push the ETH price above the moving averages to indicate a recovery. If they do, it would mean the dip below the support line may have been a bear trap. The ETH/USDT pair could rise to $2,465 and then to the resistance line of the ascending channel pattern.
On the other hand, if the price drops from the current level or the 20-day EMA and falls below $2,077, it would signal that sellers are still in charge. This could drag the pair down to the $1,916 support.
BNB outlook
BNB (BNB) climbed above the 20-day EMA ($650) on Wednesday, with bulls trying to push the price up to $687.
BNB/USDT daily chart. Chart: Cointelegraph/TradingView
Sellers will try to fight back at the $687 resistance, but if the bulls push through, the BNB/USDT pair could advance toward $730 and then $790. This kind of move would indicate that the pair may have hit bottom at $570.
The bears likely have different plans. They will try to defend the overhead resistance and drag the BNB price below the 50-day simple moving average ($631). If they succeed, the pair may remain stuck between $570 and $687 for some time.
XRP outlook
XRP (XRP) continues to trade below the moving averages, showing that bears are unwilling to give up their advantage.
XRP/USDT daily chart. Chart: Cointelegraph/TradingView
Sellers will look to reinforce their position by pushing the XRP price below the $1.27 support level. If they pull it off, the XRP/USDT pair could plunge to $1.11, where buyers are expected to step up.
The first sign of strength will be a close above the downtrend line. The pair could then move up to $1.61, a key level to watch. If buyers break through this barrier, the pair may jump toward $2.40.
Solana outlook
Solana’s (SOL) bounce reached the 20-day EMA ($87.83), where bears are expected to put up a tough fight.
SOL/USDT daily chart. Chart: Cointelegraph/TradingView
If buyers drive the SOL price above the 20-day EMA, it would signal demand at lower levels. The SOL/USDT pair could then rise to the $98 overhead resistance. A close above $98 would mark the beginning of a new upward move toward $117.
Alternatively, if the price drops sharply from the 20-day EMA and falls below $82.65, it would indicate that bears are still in control. The pair could then slide to the $76 support.
Dogecoin outlook
Dogecoin (DOGE) bounced from the 50-day SMA ($0.10) on Wednesday, but the rebound is meeting resistance at the 20-day EMA ($0.11).
DOGE/USDT daily chart. Chart: Cointelegraph/TradingView
If buyers break through the 20-day EMA, the DOGE/USDT pair could climb to the $0.12 overhead resistance. Sellers are expected to defend the $0.12 level, as a close above it would signal a short-term trend shift. The DOGE price could then
The price is expected to climb to $0.14 and subsequently reach $0.16.
On the downside, the 50-day simple moving average (SMA) serves as a key support level to monitor. A drop below this average could push the pair down to $0.09.
Hyperliquid price prediction
Hyperliquid (HYPE) maintained its upward trajectory, surging to a record high of $62.65 on Thursday.
HYPE/USDT daily chart. Source: Cointelegraph/TradingView
Sellers are actively protecting the $59.41 mark, preventing buyers from securing a close above it. Initial downside support lies at the 38.2% Fibonacci retracement level of $53.29. Should the HYPE price bounce back strongly from $53.29, buyers will likely try to restart the upward move. A close above $62.65 would pave the way for a push toward $77.
Conversely, a close below $53.29 implies that short-term traders are taking profits. The HYPE/USDT pair could then fall to the 50% retracement level of $50.41, followed by the 20-day exponential moving average (EMA) at $46.97. The more significant the decline, the longer it will take for the uptrend to resume.
Related: XRP adds 4,300 new wallets in 24 hours, but why is price stuck?
Cardano price prediction
Cardano (ADA) has been hovering just below its moving averages, indicating that buyers haven’t surrendered.
ADA/USDT daily chart. Source: Cointelegraph/TradingView
A move above and a close beyond the 20-day EMA ($0.25) would open the door for a recovery toward $0.29, and subsequently to $0.31. Purchasers will need to overcome the $0.31 barrier to signal the beginning of a fresh upward advance.
Alternatively, if the ADA price reverses downward from the moving averages, it suggests that sellers are still in charge. Support exists at $0.24, but if this level gives way, the ADA/USDT pair could drop to the lower boundary of the $0.22 to $0.31 range.
Zcash price prediction
Zcash (ZEC) jumped above the $643 resistance on Wednesday, but buyers are finding it difficult to maintain these elevated levels.
ZEC/USDT daily chart. Source: Cointelegraph/TradingView
The relative strength index (RSI) is showing a negative divergence, signaling that upward momentum is fading. If the ZEC price closes below the $643 level, it points to the likelihood of a deeper pullback toward the 20-day EMA ($547).
If the ZEC/USDT pair rebounds from the current level or the 20-day EMA, it confirms that the uptrend is still in place. Buyers will then make another effort to overcome the $690 level, clearing the path for a rally toward the $750 resistance.
Bitcoin Cash price prediction
Bitcoin Cash (BCH) has moved above the breakdown level of $375, but the recovery lacks conviction.
BCH/USDT daily chart. Source: Cointelegraph/TradingView
The relief rally is anticipated to encounter selling pressure at the 38.2% Fibonacci retracement level of $393, followed by the 20-day EMA ($414). If the BCH price retreats from $393, the risk of a drop below $348 rises. The BCH/USDT pair could then resume its downward slide and plunge to $300.
This bearish outlook will be negated in the near term if buyers manage to push and hold the price above the 20-day EMA.
