Key points:
Bitcoin’s recovery could face selling at $118,000, but if the bulls overcome the resistance, the rally could retest the all-time high of $126,199.
Several major altcoins have bounced off their strong support levels, but the recovery could face significant selling at higher levels.
Bitcoin (BTC) made a solid recovery on Sunday and continued its momentum on Monday, driven by expectations of a potential trade deal between the US and China. Glassnode said in an X post that the negative sentiment and selling pressure seem to have peaked, suggesting a possible trend reversal.
A positive sign for the bulls is that BTC has been consolidating in a large range near the all-time high for several weeks, and bears have failed to sustain the break below the range. That suggests the bulls are not hurrying to exit their positions as they anticipate another leg higher.
Although a rally toward the all-time high appears possible, traders need to be cautious, as higher levels are likely to attract sellers. Galaxy Digital head of research Alex Thorn told Cointelegraph that BTC’s bull market remains intact, but a drop below $100,000 could put the “structural bull market in jeopardy.”
Could BTC and altcoins build upon the recovery, or will higher levels attract sellers? 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) soared to a new all-time high on Friday and extended the rally on Monday, signaling aggressive buying by the bulls.
Although a new all-time high is generally a positive sign, the negative divergence on the relative strength index (RSI) suggests caution. If the price maintains above the 20-day exponential moving average (6,704), the uptrend could continue, reaching the psychological level of 7,000.
On the other hand, a sharp reversal and break below the 50-day simple moving average (6,603) signals the start of a deeper correction. The index may then tumble to 6,350.
US Dollar Index price prediction
The bulls have maintained the US Dollar Index (DXY) above the 50-day SMA (98.13), indicating strength.
There is minor resistance at 99.56, but that level is likely to be broken. If that happens, the index could surge toward the 100.50 level. The bears will again attempt to stall the up move at 100.50, but if the bulls break through the resistance, the rally could reach the 102 level.
This positive view will be invalidated in the near term if the price turns down and breaks below the 50-day SMA. Such a move signals that the bears remain in control. The index may slump to 97.46 and then to 97.19.
Bitcoin price prediction
BTC rallied above the moving averages on Sunday, signaling that the buyers are back in the driver’s seat.
The 20-day EMA ($112,337) has started to turn up, and the RSI is in the positive territory, indicating a slight edge to the bulls. There is minor resistance at $118,000, but if the level is crossed, the BTC/USDT pair could retest the all-time high at $126,199.
Time is running out for the bears. They will have to swiftly yank the Bitcoin price below the 20-day EMA to retain control. The selling pressure is expected to intensify on a close below the $107,000 support.
Ether price prediction
Ether (ETH) closed above the 20-day EMA ($4,047) on Sunday, signaling that the selling pressure is reducing.
Buyers will attempt to push the Ether price above the 50-day SMA ($4,234) and challenge the resistance line of the descending channel pattern. Sellers are expected to fiercely defend the resistance line, but if the bulls prevail, the ETH/USDT pair could surge to $4,957 and then start the next leg of the uptrend to $5,500.
The bears will have to pull the price back below the support line of the channel to regain control. If they do that, the pair may skid to $3,350.
BNB price prediction
BNB (BNB) rose above the 38.2% Fibonacci retracement level of $1,156 on Monday, but the bulls could not sustain the higher levels, as seen from the long wick on the day’s candlestick.
If the price turns up from the 20-day EMA ($1,123), the bulls will again attempt to resume the up move. If they can pull it off, the BNB/USDT pair could rally to the 50% retracement level of $1,198 and then to the 61.2% retracement level of $1,239. Sellers are expected to defend the $1,239 level, as a break above it opens the doors for a rally to $1,375.
The 50-day SMA ($1,067) is the critical support to watch out for on the downside. Sellers will have to sink the BNB price below the 50-day SMA to suggest that the pair has topped out in the near term.
XRP price prediction
The bulls pushed XRP (XRP) above the 20-day EMA ($2.55) on Saturday, indicating the start of a strong recovery.
The XRP price has reached the breakdown level of $2.69, where the bears are expected to mount a strong defense. If the price turns down from $2.69 but finds support at the 20-day EMA, it suggests a change in sentiment from selling on rallies to buying on dips. The XRP/USDT pair could then climb to the downtrend line. A potential trend change will be signaled if the price closes above the downtrend line.
Contrary to this assumption, if the price turns down sharply from the current level and closes below the 20-day EMA, it shows that the bears continue to sell on rallies. The pair may then drop to the $2.32 level.
Solana price prediction
Solana (SOL) rose above the 20-day EMA ($197) on Sunday, clearing the path for a rally to the resistance line of the descending channel pattern.
Sellers will attempt to halt the recovery at the resistance line, but if the buyers bulldoze their way through, the SOL/USDT pair is likely to pick up momentum. The Solana price could then rally to $238 and eventually to $260.
Instead, if the price turns down sharply from the resistance line and breaks below the 20-day EMA, it suggests that the pair could remain inside the channel for a while longer. The bears will have to sink the price below the support line to seize control.
Related: BTC price eyes record monthly close: 5 things to know in Bitcoin this week
Dogecoin price prediction
Dogecoin (DOGE) has reached the 20-day EMA ($0.20), which is a near-term resistance to watch out for.
If the Dogecoin price rises above the 20-day EMA, the DOGE/USDT pair could begin its ascent to the 50-day SMA ($0.23) and then to the stiff overhead resistance at $0.29. Sellers are expected to vigorously defend the $0.29 level; however, if bulls overcome this challenge, the pair may start a new uptrend toward $0.35.
On the other hand, if the price turns down from the current level or the 50-day SMA, it suggests that the pair could extend its stay inside the $0.14 to $0.29 range for a few more days.
Cardano price prediction
Failure to maintain Cardano (ADA) below $0.60 attracted buyers, who are attempting to push the price above the 20-day EMA ($0.68).
If they succeed, the ADA/USDT pair could reach the 50-day SMA ($0.78) and thereafter the downtrend line. Sellers will have to fiercely defend the downtrend line because a break above it could accelerate buying. The Cardano price may then ascend to $1.02.
The $0.60 level is the vital near-term support to watch out for. A break and close below $0.60 could pull the pair to the solid support at $0.50, where the buyers are expected to step in.
Hyperliquid price prediction
Hyperliquid (HYPE) broke above the 20-day EMA ($41.60) on Saturday and followed that up with a break above the 50-day SMA ($46.14) on Sunday.
That suggests the bears are losing their grip. The HYPE/USDT pair could rally to $51.43, which is a critical level for the bears to defend. If they fail in their endeavor, the Hyperliquid price could retest the all-time high at $59.41.
The 20-day EMA is likely to act as strong support on any pullback. Sellers will have to swiftly pull the price back below the 20-day EMA to regain control. If they do that, the pair could retest the crucial support at $35.50.
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.