Bitcoin bears have strengthened their position after pulling the coin below the $116,000 support to $115,547 at the time of this writing. In an X post, Pseudonymous crypto analyst Faibik argued on Monday that increased profit booking could result in an extended pullback toward the $100,000 key support.
However, other analysts are optimistic that Bitcoin will not drop to retest $100k. Instead, they anticipate that the coin’s price will rise higher from next month when the Federal Reserve is expected to start easing its monetary policies. Canary Capital boss Steven McClurg told CNBC that BTC could rally to $150,000 over the next four months.
All said, which key areas are the bears and the bulls likely to protect when Bitcoin and altcoins trend upward or downward? Let’s explore the price charts to find out.
Bitcoin Price Analysis
Bitcoin sellers have now dragged the asset below the 50-day Simple Moving Average of $115,803. The buyers must now defend the $115,000 support to prevent a dip to $110,119 or even to $105,500. If bullish momentum picks up at the current levels, BTC could rally toward $118,500, where sellers are expected to book profits. However, if selling pressure is minimal, the buyers could push the coin to $120,200 and then to $124,472, the all-time high.
Ethereum Price Analysis
The $4,370 major support has crumbled over the past 24 hours, allowing sellers to pull Ethereum to $4,298, according to CoinGecko data. The barrier at $4,096 is a vital level to watch keenly. If ETH reaches there and bounces off, we can assume the buyers have successfully flipped that level into a strong support, forming a new higher low, which signals the start of another round of an uptrend.
As such, Ethereum could rise to $4,789 and later to $5,000 after surpassing the all-time high of $4,857.
XRP Price Analysis
The bulls and the bears are battling it out at the $3 support level, with the latter having the upper hand after XRP dropped below the 20-day Exponential Moving Average of $3.098. The current price action indicates a lack of demand at higher levels, coupled with increased profit booking.
If the sellers continue to dump their XRP holdings, a downtrend to the 50-day Simple Moving Average of $2.937 cannot be ruled out. Furthermore, the coin could plunge to $2.60 if the $2.729 support isn’t protected. Meanwhile, our bullish perspective is that XRP could surge toward the $3.402 resistance if the bulls sustain it above $3.098.
BNB Price Analysis
As many of the top 20 coins bleed, BNB is rising, up 1.2% today. Data from CoinGecko shows it trading at $846, $14 away from its all-time high of $861. While profit booking is expected at that level, if the bulls manage to overpower the bears, then the Binance Coin could rally to $1,000 for the first time.
On the other hand, protecting $861 allows the bears to fuel a drop to the 20-day Exponential Moving Average of $806. Moreover, if no solid buying happens there, a decline to the 50-day Simple Moving Average of $752 might happen.
Solana Price Analysis
The $185.50 support level has been challenging for the buyers to protect over the past few days as sellers continue to exert pressure. If Solana fails to attract solid buying now, it could plunge to the 50-day Simple Moving Average of $171.23 and then to $160. On the positive side, pushing and keeping SOL above $185.50 could improve the buyers’ chances of fueling a jump to the $205 resistance and later to $220.
Dogecoin Price Analysis
DOGE bulls have failed to defend the 20-day Exponential Moving Average of $0.2286, allowing the bears to tug it to $0.2137. If the support at $0.2104 crumbles, a fall to $0.1957 or even to $0.1694 seems likely. Conversely, if Dogecoin crosses above $0.2286 and the bulls sustain momentum, the resistance at $0.2614 could be retested.
