Market Overview
Buyers have managed to keep Bitcoin (BTC) above the vital $107,000 support level, but the lack of a solid rebound suggests that the bears have maintained their pressure. The short-term uncertainty has divided analysts on BTC’s next directional move. Standard Chartered’s global head of digital assets research, Geoff Kendrick, believes BTC remains on track to hit $200,000 by the end of 2025, anticipating that investors will view the recent sell-off as a buying opportunity. Conversely, veteran trader Peter Brandt sees similarities between BTC’s chart and the 1970s soybean market, predicting a potential drop to around $60,000 due to a broadening top chart pattern.
This analysis examines the critical support levels to watch for BTC and major altcoins by reviewing the charts of the top 10 cryptocurrencies.
Bitcoin Price Analysis
BTC rallied sharply on Tuesday, but the bears cut short the recovery attempt at the 50-day simple moving average ($114,137). Sellers will attempt to strengthen their position by pulling the Bitcoin price below the $107,000 support. A successful breach of this level increases the risk of a drop to the psychological support of $100,000. Buyers are expected to defend the $100,000 level vigorously, as failure to do so could initiate a new downtrend. The first indication of strength will be a break and close above the $116,000 level, suggesting the BTC/USDT pair could remain within the $107,000 to $126,199 range for some time.
Ether Price Analysis
Ether (ETH) turned down from the 20-day exponential moving average ($4,062) on Tuesday, signaling that bears are selling on minor rallies. The bears will aim to push the Ether price below the support line of the descending channel pattern. If successful, selling pressure could increase, and the ETH/USDT pair risks dropping to $3,350. Buyers need to drive the price above the moving averages to suggest that the pair could remain within the channel for a longer period. Bulls will gain the upper hand with a close above the resistance line.
BNB Price Analysis
BNB has been trading between the moving averages since Friday, indicating a significant battle between bulls and bears. The downsloping 20-day EMA ($1,122) and the RSI in negative territory suggest a slight advantage for the bears. A close below the 50-day SMA ($1,041) would signal the commencement of a new downtrend towards $932. Conversely, a close above the 20-day EMA would indicate that the bulls have overcome the bears, opening the possibility for a relief rally to the 50% Fibonacci retracement level of $1,198.
XRP Price Analysis
XRP’s bounce off the $2.30 support fizzled out at the 20-day EMA ($2.55) on Tuesday, indicating a negative sentiment. Bears will attempt to leverage their advantage by pulling the XRP price below the $2.19 support level. If this occurs, the XRP/USDT pair could fall to $2.06 and subsequently to $1.90. Buyers must swiftly drive the price above the 20-day EMA to signal a potential comeback. The pair may then climb to the 50-day SMA ($2.79) and later to the downtrend line. A close above the downtrend line would suggest the end of the corrective phase, potentially leading to an ascent towards $3.38.
Solana Price Analysis
Solana (SOL) turned down from the 20-day EMA ($198) on Tuesday, indicating that bears are attempting to maintain control. The SOL/USDT pair could slide to the support line of the descending channel pattern, where buyers are expected to intervene. Bulls need to drive the Solana price above the 20-day EMA to suggest that the pair may remain within the channel for a longer duration. A new upward move could commence with a close above the resistance line. Sellers, however, are likely to have different plans and will aim to push the price below the support line. If successful, the pair could plunge to $155 and then to $145.
Dogecoin Price Analysis
Dogecoin (DOGE) failed to rise above the 20-day EMA ($0.21), indicating that bears are selling on minor rallies. The Dogecoin price could dip to $0.18, a crucial support level to monitor. If bears push the DOGE/USDT pair below $0.18, the next targets are likely $0.16 and eventually $0.14. Conversely, if the price sharply reverses upward and breaks above the 20-day EMA, it would suggest a reduction in selling pressure. The pair could then climb to the 50-day SMA ($0.23) and later to the strong overhead resistance at $0.29.
Cardano Price Analysis
Cardano’s (ADA) recovery attempt did not even reach the 20-day EMA ($0.70), indicating a lack of demand at higher levels. Bears will attempt to increase their advantage by pulling the Cardano price below the $0.59 support. If they succeed, the ADA/USDT pair could plummet to the critical support at $0.50. Buyers are expected to defend the $0.50 level vigorously, as a close below it would clear the path for a fall to $0.40. This bearish outlook would be invalidated in the short term if the price reverses and rises above the breakdown level of $0.75. The pair may then climb towards the downtrend line.
Hyperliquid Price Analysis
Hyperliquid (HYPE) turned down from the neckline of the head-and-shoulders pattern, indicating that bears remain in control. The downsloping 20-day EMA ($40.09) and the RSI in negative territory increase the likelihood of further downside. Support exists at $33.28, but if this level breaks, the HYPE/USDT pair could descend to $30.50 and then to $28. Bulls need to drive and maintain the Hyperliquid price above the neckline to signal a reduction in selling pressure. The pair may then rally to the 50-day SMA ($46.42) and subsequently to $51.
Chainlink Price Analysis
Chainlink (LINK) dipped near the support line of the descending channel pattern after buyers failed to push the price above the 20-day EMA ($19.02). Sellers will attempt to sink the price below the support line and retest the $15.43 level. Repeated retests of a support level tend to weaken it. If the $15.43 level gives way, the Chainlink price may tumble to $12.73. Bulls need to push and sustain the price above the 20-day EMA to indicate strength. The LINK/USDT pair could then rally to the resistance line, where bears are expected to sell aggressively.
Stellar Price Analysis
Bears stalled Stellar’s (XLM) relief rally near the 20-day EMA ($0.34) on Tuesday, indicating a negative sentiment. The XLM/USDT pair risks falling to $0.29, a critical support level to watch. If the $0.29 support breaks down, selling could accelerate, and the Stellar price may decline to $0.25. Buyers need to push and maintain the price above the breakdown level of $0.34 to signal strength. The pair could then rise to the downtrend line, where bears are expected to pose a strong challenge. A close above the downtrend line signals a potential trend change.
