Crypto Signals: XRP, BTC, ETH Target Key Levels

What to Know:

• Key takeaway #1 — Bitcoin bulls must defend moving averages to potentially break above $95,000.
• Key takeaway #2 — Major altcoins are declining from resistance, showing active bears.
• Key takeaway #3 — The analysis suggests strategic trading based on support and resistance levels.

Bitcoin’s price is currently under pressure as buyers try to maintain it above $90,000, while bears are actively pushing back. The ability of Bitcoin to hold above key moving averages will be crucial in determining whether it can attempt a break above $95,000. Examining the charts of the top 10 cryptocurrencies provides insight into potential rebounds off support levels.

Bitcoin Price Prediction

Bitcoin has retreated to its moving averages, indicating strong resistance at the $94,789 level. The flattening moving averages and a midpoint RSI suggest a balance between buying and selling pressure. A successful push above $94,789 could signal a bullish move towards $100,000 for Bitcoin.

Conversely, if Bitcoin’s price falls below the moving averages, it may remain range-bound between $84,000 and $94,789. A close below $84,000 would put sellers back in control, potentially leading to further declines. Traders should watch these levels closely to gauge the next directional move for Bitcoin.

How Is XRP Performing Relative to Bitcoin?

Sellers have defended the downtrend line, pulling XRP back to its moving averages. However, the upward-sloping 20-day EMA at $2.04 and a positive RSI suggest buyers have an advantage. If XRP rebounds strongly off the moving averages, a break above the downtrend line becomes more likely.

In this scenario, the XRP/USDT pair could rally toward $2.70, indicating a potential trend change. Alternatively, if XRP’s price drops below the moving averages, it may remain within the descending channel pattern for an extended period. Monitoring these key levels is essential for assessing XRP’s performance relative to Bitcoin.

Analyzing BNB and Solana

BNB is finding support at its moving averages after a pullback from $928, indicating buying interest at lower levels. Bulls will attempt to push BNB above $928, completing an ascending triangle pattern that could lead to a rally toward $1,066. Conversely, a break below the moving averages suggests weak demand, potentially dropping the pair to $790.

Solana rebounded off its moving averages, suggesting dips are seen as buying opportunities. Bulls aim to push Solana above $147, potentially surging toward $172 and indicating the end of the corrective phase. However, a break below the moving averages could lead to a tumble to $117, invalidating this positive outlook.

What Are the Key Levels for Dogecoin and Cardano?

Dogecoin turned down from the $0.16 resistance and reached its moving averages. The rising 20-day EMA at $0.14 and a slightly positive RSI indicate a slight buyer advantage. A close above $0.16 suggests a rejection of the break below $0.13, potentially leading to a climb to $0.19.

Conversely, a break below the moving averages suggests Dogecoin could remain range-bound between $0.12 and $0.16. Cardano has pulled back to its moving averages, expected to act as strong support. A rebound could lead to a rally to the $0.50 breakdown level, while a break below $0.37 suggests continued bearish pressure, potentially descending to $0.33.

Bitcoin Cash, Chainlink, and Hyperliquid Analysis

Bitcoin Cash turned up from its 20-day EMA at $613, indicating demand at lower levels. Upward-sloping moving averages and a positive RSI favor the bulls, who will try to push the Bitcoin Cash price above $670, potentially surging toward $720. A close below the moving averages would signal weakness, possibly collapsing toward $518.

Chainlink faces a battle near its moving averages. A strong rebound could propel Chainlink above $14.98, rallying toward $17.66. However, a skid below the moving averages suggests a range-bound movement between $11.61 and $14.98. Hyperliquid turned down from its 50-day SMA at $28.48 and slipped below its 20-day EMA at $26.21.

Derivatives Data and Institutional Sentiment

Derivatives data indicates a mixed sentiment among traders, with funding rates fluctuating around neutral levels. Institutional sentiment remains cautiously optimistic, with some institutions accumulating Bitcoin during price dips. ETF flows have shown moderate inflows, reflecting continued interest from traditional investors.

Volatility in the crypto market remains elevated, particularly around key resistance and support levels. Liquidity conditions are generally stable, although some altcoins may experience periods of lower liquidity. Monitoring these factors provides valuable insights into the overall market dynamics and potential trading opportunities.

In conclusion, Bitcoin’s short-term trajectory depends on maintaining levels above key moving averages, while altcoins face resistance that could lead to further declines. Monitoring support and resistance levels is crucial for making informed trading decisions in the current market environment, especially given the changing derivatives data.

Related: XRP Event Details Revealed

Source: Original article