Key points:
Buyers will have to drive Bitcoin above $94,589 to open the gates for a retest of the psychological level of $100,000.
Ether is showing strength, but several other major altcoins are struggling to sustain their rebound.
Bitcoin (BTC) pulled back from $94,589 on Tuesday, but the bulls are striving to maintain the price above $92,000. Market participants will closely watch Fed Chair Jerome Powell’s news conference, as well as the dot plot of individual Fed officials’ rate expectations, on Wednesday.
While some analysts believe that a bottom is in, others believe the current relief rally is a dead-cat bounce, which is likely to be sold into. Pseudonymous analyst Colin Talks Crypto said in a post on X that BTC could plunge to the $74,000-$77,000 zone.
The near-term uncertainty in BTC’s price action has not deterred Michael Saylor’s Strategy from expanding its BTC treasury. Strategy purchased 10,624 BTC for about $962.7 million at an average price of $90,615 last week. That boosted Strategy’s total holding to 660,624 BTC bought at an average price of $74,696.
What are the crucial support levels to watch out for in BTC and major altcoins? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price prediction
BTC closed above the 20-day exponential moving average ($91,583) on Tuesday, but the bulls failed to sustain the price above the $94,150 resistance.
If the Bitcoin price turns up from the 20-day EMA and closes above $94,589, it signals the possibility of a rally to the breakdown level of $100,000. Sellers are expected to defend the $100,000 level with all their might, as a close above it could catapult the BTC/USDT pair to $107,000. Such a move suggests that the corrective phase may be over.
Instead, if the price turns down sharply and breaks below $87,719, it indicates that the bears continue to sell on rallies. The pair may then slide to $83,822.
Ether price prediction
Ether’s (ETH) recovery has reached the breakdown level of $3,350, indicating solid buying at lower levels.
The 20-day EMA ($3,116) has started to turn up gradually, and the relative strength index (RSI) is in the positive territory, indicating that the bulls are attempting a comeback. A close above $3,350 clears the path for a rally to $3,659 and then to $3,918.
Sellers will have to pull the Ether price back below the 20-day EMA to retain the advantage. If they do that, it suggests that the $3,350 level has flipped into resistance. The ETH/USDT pair could then dive to $2,716.
XRP price prediction
XRP (XRP) has been trading below the 20-day EMA ($2.12) for the past few days, but the bears have failed to sink the price to the support line of the descending channel pattern.
The bulls will try to strengthen their position by pushing the price above the 20-day EMA. If they succeed, the XRP/USDT pair could rally to the 50-day simple moving average ($2.26) and then to the downtrend line.
On the contrary, if the XRP price turns down and breaks below $1.98, it suggests that the bears remain in control. The pair could slump to the support line of the channel and then to the $1.61 level.
BNB price prediction
BNB (BNB) has been witnessing a tough battle between the bulls and the bears at the 20-day EMA ($894).
The flattening 20-day EMA and the RSI just below the midpoint suggest a balance between supply and demand. The BNB/USDT pair could swing between $791 and $1,020 for a few days.
Buyers will have to propel the BNB price above the $1,020 level to indicate that the corrective phase may be over. The pair may then attempt a rally to $1,182. On the downside, a break below $791 could sink the pair to $730.
Solana price prediction
Buyers are attempting to maintain Solana (SOL) above the 20-day EMA ($138), but the bears have held their ground.
The flattening 20-day EMA and the RSI just below the midpoint suggest that the bearish momentum is weakening. If buyers clear the 20-day EMA resistance, the SOL/USDT pair could rise to the 50-day SMA ($154) and thereafter to $172.
On the contrary, a break and close below the $126 support signals the resumption of the downward move. The Solana price could tumble to $110 and eventually to the solid support at $95.
Dogecoin price prediction
Buyers have successfully defended the $0.14 support in Dogecoin (DOGE) but are struggling to maintain the price above the 20-day EMA ($0.15).
If the price turns down sharply from the 20-day EMA and breaks below $0.14, it signals that the bears remain in control. The Dogecoin price could then plummet to the Oct. 10 low of $0.10.
Alternatively, if buyers drive the price above the 20-day EMA, the DOGE/USDT pair could reach the 50-day SMA ($0.16). This is a critical level for the bears to defend, as a break above it clears the path for a recovery to $0.21
Cardano price prediction
Cardano (ADA) broke above the 20-day EMA ($0.44) on Tuesday, indicating that the selling pressure is reducing.
The bulls will attempt a comeback by pushing the Cardano price above the 50-day SMA ($0.51). If they can pull it off, the ADA/USDT pair could climb to $0.60 and thereafter to $0.70.
On the contrary, if the price turns down sharply from the breakdown level of $0.50 and skids below the 20-day EMA, it signals that the bears have flipped the level into resistance. The pair may then descend to the $0.37 level.
Related: Ethereum rising to $3.3K proves bottom is in: Is 100% ETH rally next?
Bitcoin Cash price prediction
Bitcoin Cash (BCH) turned down from the $607 overhead resistance on Monday, indicating that demand dries up at higher levels.
The bears are attempting to pull the Bitcoin Cash price below the 20-day EMA ($556). If they manage to do that, the BCH/USDT pair could slide to the 50-day SMA ($528) and then to $508.
Buyers will have to defend the 20-day EMA and propel the price above the $607 level to retain the advantage. The pair could then climb to $615 and subsequently to $651, where the bears are expected to step in.
Chainlink price prediction
Chainlink’s (LINK) recovery is facing selling at the 50-day SMA ($14.84), signaling that the bears are active at higher levels.
The bulls are expected to defend the 20-day EMA ($13.79) on the way down, as a break below it could sink the LINK/USDT pair to the crucial support at $10.94.
If the price turns up from the 20-day EMA, the likelihood of a break above the 50-day SMA increases. If that happens, the Chainlink price could pick up momentum and rally to $16.90, followed by a move to $19.06. That suggests the pair may remain inside the large $10.94 to $27 range for some more time
Hyperliquid price prediction
Hyperliquid (HYPE) closed below the $29.37 support on Tuesday, but the lower levels are attracting buyers.
The RSI is showing early signs of forming a bullish divergence, indicating that the selling pressure is reducing. The HYPE/USDT pair is expected to gain strength if buyers push the price above the 20-day EMA ($32.53).
On the other hand, if the Hyperliquid price turns down from the current level or the 20-day EMA, it shows that the bears continue to sell on rallies. That increases the risk of a drop to the Oct. 10 low of $20.82.
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. While we strive to provide accurate and timely information, Cointelegraph does not guarantee the accuracy, completeness, or reliability of any information in this article. This article may contain forward-looking statements that are subject to risks and uncertainties. Cointelegraph will not be liable for any loss or damage arising from your reliance on this information.
