Bitcoin and Altcoins Drop Ahead of Fed Rate Decision

Important points

• Bitcoin’s price has remained above $104,000. However, sustained selling may bring it down to $100.

• The majority of altcoins are still range bound, although a handful threaten to fall below their support levels.

BitcoinBTC( ) has witnessed a fierce battle between bulls and bears around the simple 50-day moving average (104269). The bears want to bring the price back to its psychological support level of $100,000. 

Bitfinex analyst said that in a Tuesday market report. Bitcoin needs to stay above If geopolitical threats don’t worsen, the zone between $102,000 and $103,000 could be the starting point for a new recovery. Analysts believe that the current economic environment is favorable. “high-risk, high-reward opportunity for upside continuation if buyer confidence returns.”

CryptoQuant Contributor Gaah also had a bullish tone, stating in the following way: “Quicktake” Blog post Tuesday noted that the Index Bitcoin Cycle Indicators has stabilised near 50%, indicating a possible recovery. “neutral point in the market cycle.” Gaah also said Bitcoin was not yet exhausted but in a period of transition. leaving the door open for further upside.

Can buyers drive Bitcoin to $110,000 or can bears bring it down to $100,000? What are the different altcoins like? We’ll analyze the charts for the 10 most popular cryptocurrencies.

Bitcoin price prediction

Bitcoin climbed above the 20 day exponential moving average ($105.851) but the bulls couldn’t sustain higher levels. On Tuesday the price dropped to its 50-day SMA.

The relative strength index (RSI), which is near midpoint on the 20-day EMA, indicates that the price may be range bound in the short term. BTC/USDT may plunge as low as $100,000 if price drops below 50-day SMA. It is likely that buyers will defend $100,000 with their lives because any break below the level may bring the pair as low as $93,000.

If the pair breaks above the EMA of 20 days, it could move to the line that represents the current downtrend. This level must be cleared for the pair to rise towards the neckline in the inverted Head-and-Shoulders pattern, which is near $112800.

Price prediction for Ether

Ether is being pushed by buyers (ETHThe long wick of the candlesticks indicates that the price is trading near $2 738.

Near the middle of the 20-day EMA, the RSI is flattish. This could indicate a range-bound movement in the short term. The pair ETH/USDT may consolidate for several days between $2 738 and $2 323

It is more likely that a rally will occur above $2 879 if the buyers can break the $2 738 resistance. This pair may soar to $3,153. In the short term, this positive outlook will be nullified if we break below $2323. It is possible that the pair will then drop to $2111.

XRP price prediction

Buyers pushed XRP (XRPThe bears stopped the recovery when the price reached $2.34.

The RSI and both moving averages have a flat pattern, while the EMAs are just above the midpoint. This suggests that the near-term action could be range bound. The USDT/XRP pair may remain between $2 and 2.34 for a while.

This assumption is incorrect. If the price breaks down below $2 and continues to fall, this signals a new downward movement to $1.61. 

The buyers will get stronger if the pair closes above $2.34. After that, the pair could climb up to resistance at 2,65.

BNB price prediction

The bulls tried to force BNB, but the sellers stopped them.BNB) above the 20-day EMA ($653) on Monday and Tuesday.

They will attempt to consolidate their position by lowering the price under the $634 level. The BNB/USDT could fall to $580 if they succeed.

If, on the other hand, the price bounces back from $634, this signals a strong demand for lower prices. Bulls must push the price up to $660 in order to start a rally towards the $693 overhead resistance. The sellers are likely to defend $693 vigorously because breaking above this level could catapult pair up to $732.

Solana price prediction

Buyers pushed Solana (SOL) above the 20-day EMA ($154) on Monday but could not clear the 50-day SMA ($160) hurdle.

Bears are pushing the price towards the support level of $140, which should be watched closely. If the $140 level breaks down, the SOL/USDT pair will complete a bearish H&S pattern. This pair could then drop to $123 before finally falling to $100.

If the price breaks through the SMA of 50 days, this suggests buying in the $140 range. The pair could stay between $140 and 185 for some time. The buyers are back on the offensive if we close above $185.

Dogecoin price prediction

DogecoinDOGEThe battle for $0.16 is fierce between the sellers and buyers.

The 20-day EMA is downsloping ($0.18), and the RSI has entered the negative zone. This indicates that the least amount of resistance will be to the downside. If the support at $0.16 cracks, DOGE/USDT may fall as low as $0.14. 

The relief rally will likely be met with selling near the 20-day EMA. The $0.14 support is at risk of being broken if the price falls sharply below the 20-day EMA. In that case, the pair might collapse down to $0.10. A break above the $0.26 level will put buyers back in control.

Cardano price prediction

Cardano (ADA) turned down from the 20-day EMA ($0.66) on Monday, indicating a negative sentiment where the bears are selling on relief rallies.

If the bears succeed, then the ADA/USDT can fall back to its solid support of $0.50. The buyers will try to stop the decline at $0.50, but if they are unsuccessful in this endeavor the pair may fall to $0.40.

To prevent the downward movement, buyers will have to push the prices above the SMA 50 days ($0.71). The pair may rise up to the downward trend line where bears could pose a significant challenge.

Related: XRP price consolidates for 200 days: Analysts predict where it’s going next

Hyperliquid price prediction

Hyperliquid (HYPE), which is a liquid derivative, has been repeatedly raised above $42,25 in recent days by buyers but they have not managed to hold the levels.

Bulls held on to their positions despite the fact that the bears tried Tuesday to strengthen their position. They dragged the price down below the 20 day EMA ($37.93). Buyers are going to try and close out the price at $42.50. The HYPE/USDT could reach $45.80, and then $50.

In the near future, this positive view would be nullified if the price turned down and broke below the EMA of 20 days. It is possible that the pair will then continue to correct towards the 50 day SMA ($31.17).

Sui price prediction

Sui (SUI) turned down from the 20-day EMA ($3.17) on Monday and dipped below the critical support at $2.86.

SUI/USDT could plunge to $2.42 if the price stays below $2.86. Bulls may try to launch a rally off $2.42, but they could face resistance from the 20-day EMA. If the price falls below the 20-day EMA then the pair may fall as low as $2.

A break above and a close over the EMA of 20 days will signal strength. It is possible that the pair will rise up to the 50 day SMA (3.49). 

Bitcoin Cash price prediction

Bitcoin CashBCHOn Monday, ), closed above $462 resistance but bulls are struggling with the higher levels.

The sellers are trying to bring the price down below $462. If sellers are successful, BCH/USDT may fall towards the moving averages. The buyers will try to stop the fall at the moving-averages. Bulls can push this pair back to $500 by a strong price rebound off moving averages. 

The bears gain the upper hand if the SMA closes below 50. This pair could then fall to $375.

The article is not intended to provide investment advice. Each investment or trading decision involves some risk. Readers should do their own research before making any decisions.