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Bitcoin rallied above $114,000 on Wednesday as markets cheered the softer-than-expected inflation figures.
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Several major altcoins have broken above their overhead resistance levels, signaling the resumption of the up move.
Bitcoin (BTC) rallied above $114,000 after the August Producer Price Index (PPI) came in below consensus estimates. The softer-than-expected inflation figures and the historic jobs data revision earlier in the week boosted expectations of a rate cut.
The CME FedWatch tool shows a 90% probability of a rate cut in the Federal Reserve’s Sept. 17 meeting, which could be bullish for BTC. Analytics platform Tephra Digital said in a post on X that BTC may surge to the $167,000 to $185,000 zone by the end of the year if its lagged correlation to M2 and gold holds.
Another bullish outlook was from the onchain analytics platform Santiment. The firm said in a post on X that traders had turned negative in the past couple of weeks, expecting BTC to dip below $100,000, Ether (ETH) below $3,500, and altcoins entering a retrace period. As markets move opposite to the crowd’s expectations, “this feared large retrace will never actually happen.”
What are the crucial resistance levels to watch out for in BTC and the major altcoins? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price prediction
Buyers overpowered the sellers and pushed BTC above the 20-day exponential moving average ($112,002) on Wednesday.
The first sign of strength for the bulls will be a break and close above the 50-day simple moving average ($114,668). That clears the path for a rally to $117,500 and then to $120,000. Sellers are expected to pose a substantial challenge in the $120,000 to $124,474 zone.
On the downside, a slide below $109,329 suggests that the bulls are losing their grip. The Bitcoin price may then decline to $107,000. Buyers are expected to vigorously defend the $107,000 level because a break below it may sink the BTC/USDT pair to $100,000.
Ether price prediction
ETH has remained stuck inside a narrow range between $4,250 and $4,500 for the past few days.
Usually, a narrow range is followed by a range expansion. If the price skyrockets above $4,500, the ETH/USDT pair could pick up momentum and challenge the $4,957 resistance. Sellers are expected to defend the $4,957 level with all their might because a close above it clears the path for a rally to $5,500.
Conversely, a drop below $4,250 increases the risk of a break below the $4,060 support. If that happens, the Ether price may fall to $3,745.
XRP price prediction
XRP (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 20-day EMA has started to turn up, and the RSI is just above the midpoint, signaling that the bulls are attempting a comeback. A close above the downtrend line will invalidate the bearish descending triangle pattern. The XRP/USDT pair may then rally to $3.15 and later to $3.40.
On the contrary, if the price turns down and closes below the 20-day EMA, it suggests that the bears remain sellers on rallies. That could keep the XRP price inside the triangle for some more time. The pair could plunge toward $2.20 if the $2.73 support gives way.
BNB price prediction
BNB (BNB) soared above the $900 overhead resistance on Wednesday, signaling the resumption of the uptrend.
The upsloping moving averages and the RSI above 63 indicate that buyers have an edge. Sellers will try to retain the price below $900, but if the buyers prevail, the BNB/USDT pair could surge toward $1,000.
The $840 level is the critical support to watch out for on the downside. A break and close below the $840 support could tilt the short-term advantage in favor of the bears. The BNB price may then descend to $820 and later to $794.
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 upsloping 20-day EMA ($204) and the RSI in the positive territory indicate an advantage to buyers. The SOL/USDT pair could rally to $240 and subsequently to $260, where the buyers are likely to face significant resistance from the bears.
This positive view will be invalidated in the near term if the price turns down and tumbles below the uptrend line. That signals the bears are selling on rallies. The Solana price may then plummet to $175.
Dogecoin price prediction
Dogecoin (DOGE) is moving toward the $0.26 resistance, where the bears are expected to mount a strong defense.
If the price turns down from $0.26 but bounces off the 20-day EMA ($0.22), it signals a positive sentiment. The bulls will again attempt to thrust the DOGE/USDT pair above $0.26. If they can pull it off, the Dogecoin price may reach $0.29. A close above $0.29 could start a new up move toward $0.44.
Instead, if the price turns down sharply from $0.26 and breaks below the moving averages, it suggests that the pair may extend its range-bound action for a few more days.
Cardano price prediction
The bulls have pushed Cardano (ADA) above the downtrend line of the descending channel pattern.
If the price closes above the channel, the ADA/USDT pair could march toward $0.96 and then to the stiff overhead resistance at $1.02. Sellers are expected to fiercely defend the $1.02 level because a break above it opens the gates for a rally to $1.17.
The bears will have to quickly yank the price below the moving averages to prevent the upside. The Cardano price may then slump toward the support line, where the buyers are likely to 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.
The bulls are again trying to propel the price above the $24 resistance on Wednesday. If they can pull it off, the LINK/USDT pair could rally to the $26 to $28 overhead resistance zone.
Conversely, if the price turns down sharply from the current level and breaks below the 20-day EMA, it shows that the bears are fiercely defending the $24 level. Sellers will gain the upper hand if they sink the Chainlink price below the 50-day SMA ($21.59). The pair may then plunge to the uptrend line.
Hyperliquid price prediction
Hyperliquid (HYPE) closed above the $49.88 level on Monday, completing a bullish ascending triangle pattern.
Usually, after breaking out of a stiff resistance, the price tends to retest the breakout level. If that happens, the HYPE/USDT pair could pull back to $49.88. A solid bounce off the $49.88 level indicates that the bulls have flipped the level into support. That increases the likelihood of a rally to the pattern target of $64.25.
The first sign of weakness will be a break and close below the 20-day EMA ($47.24). A short-term top will be signalled if bears pull the Hyperliquid price below the 50-day SMA ($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).
If buyers drive the price above the 50-day SMA, the SUI/USDT pair could reach the downtrend line. This is an essential level for the bears to defend if they want to retain the advantage.
On the other hand, if buyers pierce the downtrend line, it suggests that the corrective phase may be over. The Sui price could rally to $4.18 and then to $4.44, where the bears are expected to step in.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
