Bitcoin Breaking its Range: Which altcoins are likely to follow?

The following are key points.

• Bitcoin’s trading range is tightening, which could indicate a range expansion within the next couple of days.

• Other altcoins are also under pressure to sell, although they remain well above the support level for near term. 

BitcoinBTCIt continues to drop at the $120,000 mark, but the repeated tests of the resistance tend to weaken the level. BTC is more likely to reach a new high if the buyers are not willing to give up much of their ground.

Tom Lee, Fundstrat’s head of research and CNBC interviewee, stated that BTC could soar to $200,000 to $250,000 In the coming months, we can expect to see a significant increase in BTC prices. Lee thinks that at this price BTC will be worth 25% more than the current gold market.

BTC’s consolidation has driven Ether investors (ETHExchange-traded funds for spot ETH have a higher charge. Exchange-traded funds for spot ETH have recorded a 16-day inflow streakOn Friday, the net cumulative inflows increased to $9.33bn from $4.25bn at the beginning of July.

Will BTC be able to break through the resistance overhead, or remain within a range of prices? Can certain altcoins maintain their recent strong performance? Find out by analyzing the charts for the 10 most popular cryptocurrencies. 

S&P 500 Index price prediction

The S&P 500 Index (SPX) continued its march toward the target objective of 6,500, indicating sustained demand at higher levels.

The upward-sloping moving Averages indicate that the bulls are still in charge, however the relative Strength Index (RSI) indicates the rally could be overheating. The risk of consolidation or correction is increased.

It indicates a positive sentiment if the price drops but then bounces back off of the simple moving average (20-day average, 6,283). This increases the probability of a rise to 6,500. The sellers must lower the price under the 50-day simple moving average (6,099) in order to win.

US Dollar Index price prediction

The US Dollar Index is currently trying to maintain above the 50 day SMA (96.78), indicating the bulls’ attempt to create a new high.

If they are successful, the index may soar up to 100.54 before settling at 102. The sellers will be expected to make a big challenge when the index reaches 102.

In contrast, the fact that the bears have not been able to keep the price over the 50-day SMA shows they are in control. In order to reinforce their position, the bears are going to try and pull the price under 97.10. They will try to strengthen their position by pulling the price down below 97.10.

Bitcoin price prediction

BTC fell below the 20 day SMA ($117.867), on Friday. However, the long tail of the candlestick indicates solid purchasing at lower levels.

The BTC/USDT bulls want to take the pair over the $123,218 to $120,000 resistance zone. If the bulls are successful, they will accelerate the BTC/USDT pair to $135.728 then to $150,000.

Bears have run out of time. They will need to quickly pull the price down below $110,530 to be able to recover. This could trap aggressive bulls and result in a lengthy liquidation. It is possible that the pair will then fall below $100,000 to a psychological support.

Prediction of Ether prices

On Sunday, Ether rose above $3,745 but bulls struggle to maintain the higher levels.

Sellers will attempt to lower the price under $3,745. If sellers succeed in doing so, the pair ETH/USDT may fall below the SMA of 20 days ($3,423). The 20-day SMA is expected to be defended by buyers because breaking below this mark signals a more severe correction.

You can buy dips if you see the price rebounding strongly from the 3,745 mark or 20-day SMA. Bulls will try again to push the pair up to $4,094. The pair may skyrocket to $4,868 if the $4,094 is not taken out.

XRP price prediction

XRP’s (XRPOn Thursday, the pullback to $3.66 was supported by the SMA (20-day) ($3.10). This indicates buying dips.

Bears are putting up a significant amount of resistance to the bulls’ attempts to move the price towards $3.66. Price breaks lower than the SMA 20 day and continues to drop, this indicates a deepening correction. The USDT/XRP pair could drop as low as $3 or even $2.80.

In contrast, if price rises above the SMA of 20 days it indicates the bulls have a strong grip on the area. The pair might then surge to $3.66. If the pair closes above $3.66, it could take them to $4.86 and then to $4.86.

BNB price prediction

BNBBNBOn Wednesday the market fell from $809 to $761, but bears couldn’t hold the price there. This suggests that the bulls turned the support level into resistance.

On Sunday, buyers pushed the price over $809 and started the next leg in the upward trend. BNB/USDT could reach $900, and then the psychological $1,000 level.

The RSI indicates that the current rally may be due for a correction or consolidation in the near future, despite the fact the trend is still up. A break below $793 and a close under that level will signal weakness. This suggests that higher prices are being used to book profits. If the pair drops to $761 where buyers will likely step in, it is possible that they may do so. 

Solana price prediction

Solana’s (SOLThe pullback of $209 from Wednesday to the SMA (20-day) ($176) was halted at this level on Friday. This indicates that demand is at lower levels.

Bulls try to drive the price up to $209, but face selling higher. SOL/USDT may reach $240 or even $260, if the buyers are able to overcome the resistance at $209. The minor resistance is at $220. It is expected to be overcome.

The short-term validity of this view is invalidated if price falls and breaches below the SMA 20. This pair could then drop to the SMA 50 days ($160). The range could be between $110-$209. 

Related: XRP price to $4 next? ‘Most profitable phase’ likely here, says analyst

Dogecoin price prediction

DogecoinDOGEOn Friday, the index () rose from its 20-day SMA of $0.22 to indicate a lower level of demand.

Bears appear to be active above $0.26. The DOGE/USDT may stay in the $0.14-$0.29 range if the price falls below the SMA of 20 days.

To gain control, buyers will need to push the price up above $0.29. They could then begin a new upward move towards $0.35 before reaching the $0.44 pattern target.

Cardano price prediction

Cardano’s (ADAThe resistance at $0.86 is a result of the bounce from the SMA 20 days ($0.78).

Bulls are in a better position because the 20-day SMA is upsloping and the RSI is positive. The ADA/USDT could reach $0.94 if the pair breaks above $0.86. The sellers will attempt to stop the upward movement at $0.94. If the bulls win, however, they could take the pair to $1.02, and even $1.17.

If the price falls below the SMA of 20 days, the short-term edge will shift in the favor of bears. This suggests that profits are being booked on recent rallies. If the pair declines to $0.67, it may be a sign of profit-booking. 

Hyperliquid price prediction

On Friday, Hyperliquid (HYPE), rebounded from the line support of the ascending-channel pattern. This indicates buying at a dip.

If the bulls are able to overcome the resistance of the SMA (20-day), the HYPE/USDT can rise up to $48, and then to $50. The sellers are likely to defend strongly at $50.

If the price moves down, bears may try to push the pair under the support line. They may succeed in causing a further correction towards $36 or even $32.

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.