Key points:
Sellers pulled the price below $115,000, but are struggling to sustain the lower levels.
Several altcoins have pulled down toward their respective support levels, which are likely to hold.
Bitcoin (BTC) dipped below the $115,000 support on Friday, but the downside could be limited. Bitcoin treasury companies have been on a buying spree, having amassed more than 791,662 BTC worth about $93 billion, according to a Galaxy Research report released Thursday.
BTC rose more than 8% in July, and the analysts expect the up move to continue, despite August recording average monthly gains of just 1.61%. The reason for the bullish sentiment is that BTC’s performance in August, a year after halving, saw sharp gains of 30%, 65% and 14% in 2013, 2017 and 2021. If history repeats itself, BTC could rally to a new all-time high above $123,218 over the next month.
Additionally, Ether (ETH) has garnered significant institutional interest. US spot ETH exchange-traded funds (ETFs) recorded net inflows of $5.43 billion in July, a massive increase over June’s inflows of $1.16 billion, according to ETF tracker SoSoValue.
What are the crucial support levels to watch out for in BTC and the altcoins? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price prediction
BTC price has pulled back to the neckline of the inverse head-and-shoulders pattern, which is a critical level to watch out for.
If the price rebounds off the neckline with force, it signals that the bulls are trying to flip the level into support. A break above the 20-day simple moving average (SMA) ($118,106) enhances the prospects of a rally to $123,218. Sellers are expected to aggressively defend the $123,218 level, but if the buyers prevail, the BTC/USDT pair could soar to $135,000.
The zone between the neckline and $110,530 is likely to attract solid buying by the bulls, as a break below it could intensify selling. The pair may then plummet to $105,000 and eventually to $100,000.
Ether price prediction
ETH closed below the $3,745 support on Thursday, reflecting profit-booking by short-term traders.
The price has reached the 20-day SMA ($3,590), which is a crucial support to watch. If the price rebounds off the 20-day SMA with strength, the bulls will attempt to shove the ETH/USDT pair above $3,941. If they can pull it off, the pair may ascend to $4,094. Sellers are expected to mount a strong defense at $4,094.
On the downside, a break and close below the 20-day SMA could sink the pair to the 50% Fibonacci retracement level of $3,422 and later to the 61.8% retracement level of $3,300.
XRP price prediction
Buyers tried to push XRP (XRP) back above the 20-day SMA ($3.19) on Thursday, but the bears held their ground.
Sellers pulled the price below the crucial support of $2.95, but the long tail on the candlestick shows solid buying at lower levels. The bulls will again try to drive the XRP/USDT pair above the 20-day SMA. If they do that, the pair may swing between $2.95 and $3.66 for some time.
Conversely, if the price turns down and closes below the $2.95 level, it suggests that the bulls are rushing to the exit. That increases the risk of a drop to the next significant support at the 50-day SMA ($2.62).
BNB price prediction
BNB (BNB) closed below the breakout level of $794 on Thursday and reached the 20-day SMA ($761) on Friday.
Buyers are expected to defend the 20-day SMA vigorously because a break below it could sink the BNB/USDT pair to $732. A deeper correction could delay the start of the next leg of the uptrend.
Alternatively, a solid bounce off the 20-day SMA signals demand at lower levels. Buyers will then try to push the pair above $794. If they manage to do that, the pair could retest the overhead resistance at $861.
Solana price prediction
Sellers thwarted attempts by the bulls to sustain Solana (SOL) above the 20-day SMA ($179) on Thursday.
The next support on the downside is at the 50-day SMA ($161). If the price rebounds off the 50-day SMA, the bulls will try to drive the SOL/USDT pair above $185. If they succeed, the pair could rally to $209.
Contrarily, a break and close below the 50-day SMA indicates advantage to the bears. The pair may slump toward $126, extending its stay inside the $209 to $110 range for a while longer.
Dogecoin price prediction
Dogecoin (DOGE) bounced off the $0.21 support on Wednesday, but the bulls could not push the price above the 20-day SMA ($0.22).
The bears sold near the 20-day SMA and have pulled the price below the $0.21 support. That suggests the DOGE/USDT pair could oscillate inside the large range between $0.14 and $0.29 for a few more days.
The next support on the downside is at the 50-day SMA ($0.19). If the price rebounds off the 50-day SMA, the bulls will try to push the price above the 20-day SMA. On the contrary, a break below the 50-day SMA opens the gates for a drop toward $0.14.
Cardano price prediction
Cardano (ADA) has been gradually slipping toward the 50-day SMA ($0.67), signaling that the bulls are losing their grip.
Both moving averages are flattening out, and the RSI is just below the midpoint, indicating a possible range-bound action in the near term. A bounce off the 50-day SMA is expected to face selling at the 20-day SMA ($0.79).
Related: Bitcoin traders warn $123K was a top: How low can BTC price go?
If the price turns down from the 20-day SMA and breaks below the 50-day SMA, it suggests that bears are in control. The ADA/USDT pair could then skid to $0.56 and later to the solid support at $0.50.
Hyperliquid price prediction
Hyperliquid (HYPE) turned down from the 20-day SMA ($44.39) on Thursday and closed below the ascending channel.
The HYPE/USDT pair could decline to $36, which is likely to act as strong support. Buyers will try to push the price back into the channel, but may face significant resistance at the breakdown level. If the price turns down from the support line, it suggests that the bears have flipped the level into resistance. That could start a deeper correction to $32.
Buyers will have to swiftly push the price back above the 20-day SMA to prevent the downside move. Such a move suggests the breakdown below the channel may have been a bear trap. That could start a rally to $48 and then to $49.87.
Stellar price prediction
Stellar’s (XLM) pullback has reached the 50% Fibonacci retracement level of $0.37, which is likely to attract buyers.
A bounce off the current level is expected to face selling at the 20-day SMA ($0.44). If the price turns down from the 20-day SMA, the risk of a drop to the 61.8% retracement level of $0.34 increases.
The first sign of strength will be a break and close above the 20-day SMA. That opens the doors for a retest of the $0.52 level, where sellers are expected to step in. If the price turns down sharply from $0.52, the XLM/USDT pair could enter a period of consolidation.
Sui price prediction
Buyers pushed Sui (SUI) above the 20-day SMA ($3.86) on Thursday, but the long wick on the candlestick shows the bears sold at higher levels.
The bears are trying to strengthen their position by maintaining the price below $3.51. If they manage to do that, the SUI/USDT pair could drop to the 50-day SMA ($3.28).
Instead, if the price turns up sharply and remains above $3.51, it suggests demand at lower levels. That could keep the pair inside the $3.51 to $4.44 range for some time. Buyers will have to push and maintain the price above $4.44 to signal the start of the next leg of the up move toward $5.37.
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.