Important points
-
Bitcoin soared to $114,000 Wednesday, as the markets cheered softer than expected inflation numbers.
-
A number of major altcoins are now trading above their resistance levels. This signals the start of a new uptrend.
BitcoinBTCAfter the Producer Price Index for August came in lower than consensus expectations, the price of rose above $114,000 Expectations of a rate reduction were boosted by the revision to historic job data and softer than expected inflation numbers.
CME FedWatch Tool shows It is estimated that there’s a 90% likelihood of a Federal Reserve rate reduction at its meeting on Sept. 17, which would be positive for BTC. Tephra Digital, an analytics platform, said on X in a blog post that BTC may surge to the $167,000 to $185,000 Zone by the end if the lagged correlation between M2 (money supply) and gold is maintained.
Santiment’s on-chain analytics platform also gave a positive outlook. According to a firm post on X, traders have been turning negative for the past two weeks. expecting BTC to dip below $100,000EtherETH(below $3,500 and altcoins enter a retracement period. Markets move in the opposite direction of what people expect. “this feared large retrace will never actually happen.”
What are some of the key resistance levels that you should be aware of in BTC? Find out more by looking at the charts of 10 top cryptocurrencies.
Bitcoin price prediction
On Wednesday, buyers pushed BTC past the 20-day moving exponential average (112,002) and above.
Bulls’ first indication of strength will be the break above and the close over the simple 50-day moving average (114,668). The path is now clear for the rally up to $117.500, and later to $120,000. In the range of $120,000 to $124,474, sellers will likely pose a serious challenge.
If the price drops below $109329, it may indicate that the bulls’ grip is slipping. Bitcoin’s price could then drop to $107,000. The $107,000 mark is expected to be fiercely defended by buyers, as a breach below this level could send the BTC/USDT to $100,000.
Price prediction for Ether
ETH is stuck in a tight range of $4,250 to $4,500 over the last few days.
A narrow range will usually be followed by an expansion of the range. The ETH/USDT could gain momentum if the price rockets over $4,500. It would then challenge the $4.957 resistance. The sellers are going to fight hard to hold the $4,957 mark because it is the first step in a move to $5,500.
In contrast, a fall below $4250 can increase the likelihood of a breakdown below the $4060 support. Ether’s price could fall as low as $3,745 if that occurs.
XRP price prediction
The XRP currency (XRP) turned down from the downtrend line on Tuesday, but the bulls did not allow the price to dip below the 20-day EMA ($2.91).
The RSI and 20-day EMA have both started to move upwards, signaling a bullish comeback. The bearish triangle will be invalidated if the uptrend line is closed above. The XRP/USDT pairs may rise to $3.15 or even $3.40.
If, on the other hand, the price drops and closes under the 20-day EMA it indicates that bears continue to sell rallies. This could hold the XRP rate within the triangle for a while. This pair could fall to $2.20, if $2.73’s support fails.
BNB price prediction
BNBBNB() surged over the $900 resistance overhead on Wednesday, indicating the return of an uptrend.
The RSI over 63 and upward sloping moving averges indicate that the buyers are in the lead. If the BNB/USDT price is below $900 then sellers are likely to try and hold it there. However, if the buyers succeed, they could push the pair towards $1,000.
Watch out for the crucial support level of $840 on the downside. If the support level of $840 is broken and closed below, it could tip the balance in the favor of bears. BNB may drop from $820 to $794 and then to $820.
Solana price prediction
Solana (SOL) rose above the $218 resistance on Tuesday, and the bulls followed that up with another up move on Wednesday.
The positive RSI and upsloping EMA (20-day) ($204), both in the upward direction, indicate a buyer’s advantage. SOL/USDT may rally up to $240 before a possible decline to $260. The bears will most likely resist the rise.
In the short term, this positive outlook will be nullified if prices fall below the upward trend line. The bears will sell on rallies. Solana could plummet down to $175.
Dogecoin price prediction
DogecoinDOGE() is heading toward resistance at $0.26, where bears will likely mount a fierce defense.
The price turning down to $0.26, but rebounding off the 20-day EMA (currently at $0.22) signals a strong sentiment. The bulls are going to try and push the DOGE/USDT pairs above $0.26. The Dogecoin may even reach $0.29 if they succeed. Close above $0.29 and a new move up to $0.44 could begin.
If the price drops sharply below $0.26, and the moving averages are broken, then the pair could extend its range bound action for several more days.
Cardano price prediction
Cardano has been pushed by the bulls (ADAAbove the downward trend line of the channel pattern.
The ADA/USDT could move towards $0.96, and eventually to $1.02’s stiff resistance. Expect sellers to defend $1.02 with vigor because breaking above that level opens the door to a rally up to $1.17.
To prevent an upward trend, the bears must quickly pull the price down below the moving-averages. Cardano’s price could then fall towards the support line where buyers will likely enter.
Related: What is MYX Finance and why is it up 1,400% in seven days?
Chainlink price prediction
Buyers pushed Chainlink (LINK) above the 20-day EMA ($23.13) on Tuesday, but the recovery stalled at the $24 level.
On Wednesday, the bulls will try to push the price over the $24 barrier. The LINK/USDT could reach the upper resistance level of $26-28 if they are successful.
If, on the other hand, the price falls sharply below the 20-day EMA and then breaks down, this shows the bears have a strong defense of the $24 mark. The sellers will win if the Chainlink price falls below the 50 day SMA (21.59). It is possible that the pair will then fall to its uptrend line.
Hyperliquid price prediction
Hyperliquid closed at $49.88 on Monday. This completed a bullish ascending triangular pattern.
The price will usually retest a resistance after it has broken out. In that case, the pair HYPE/USDT could drop to $49.88. The bulls’ strong bounce from the $49.88 mark indicates they have turned the support level into resistance. It increases the chances of the rally reaching the $64.25 pattern target.
A break-through and close under the 20 day EMA ($47.24) will signal weakness. The bears will signal a short term top if they pull Hyperliquid below the SMA of 50 days ($44.14).
Sui price prediction
Sui (SUI) turned down from the 50-day SMA ($3.60) on Tuesday, but a positive sign is that the bulls did not allow the price to dip below the 20-day EMA ($3.45).
SUI/USDT may reach its downtrend line if the pair is driven by buyers to move the price higher than the SMA 50 day. The bears must defend this level if they wish to maintain their advantage.
A buyer’s piercing of the downtrendline indicates that the corrective period may have ended. Sui’s price may rise up to $4.18 before falling to $4.44. This is where the bears might step in.
This article contains no investment recommendations or advice. Each investment or trading decision involves some risk. Readers should do their own research before making any decisions.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: cointelegraph.com
