Key points:
Bitcoin risks falling to $110,530, where the buyers are expected to step in.
Bitcoin is approaching a solid support, and a strong rebound off it could see buyers return to ETH, BNB, LINK, and MNT.
Bitcoin (BTC) is gradually pulling lower, indicating profit booking by short-term traders. Bitfinex analysts said in a report on Monday that BTC could remain range-bound until stronger macro catalysts emerge as investors remain in a wait-and-watch mode.
While some analysts expect BTC to drop toward $100,000, X analyst BitQuant thinks otherwise. He said BTC remains on target to soar to $145,000 and would not even come close to $100,000.
Crypto market data daily view. Source: Coin360
BTC’s near-term uncertainty has put the brakes on the rallies of several altcoins, including Ether (ETH). Spot ETH exchange-traded funds recorded $196.7 million in outflows, the second-largest daily outflow since launch, according to SoSoValue data.
Unfazed by the dip, trader Merlijn said in a post on X that ETH could surge above $8,000, terming it “a new chapter” in ETH’s history.
If BTC rebounds off the support, select altcoins could surprise to the upside. Let’s analyze the charts of the top 5 cryptocurrencies that look strong on the charts in the near term.
Bitcoin price prediction
BTC bounced off the neckline of the inverse head-and-shoulders pattern on Monday, but the bulls could not clear the overhead hurdle at the 20-day exponential moving average ($117,032).
BTC/USDT daily chart. Source: Cointelegraph/TradingView
The bears resumed selling on Tuesday and are trying to maintain the price below the neckline. If they manage to do that, the BTC/USDT pair could plummet to solid support at $110,530. Buyers are expected to fiercely defend the $110,530 level because a break below it could accelerate selling. The Bitcoin price may then skid toward $100,000.
The first sign of strength will be a break and close above the 20-day EMA. That suggests the selling pressure is reducing. The pair may then climb to $120,000 and eventually to the all-time high of $124,474.
BTC/USDT 4-hour chart. Source: Cointelegraph/TradingView
The 20-EMA is sloping down, and the relative strength index (RSI) is in the negative territory on the 4-hour chart. That suggests the bears have the upper hand in the near term. The Bitcoin price could skid to $112,000, which is likely to act as strong support. If the price rebounds off $112,000 and breaks above the moving averages, the pair could form a range in the short term.
Sellers will have to yank the price below the $112,000 to $110,530 support zone to deepen the correction. The pair may slump to $107,000 and then to $105,000.
Ether price prediction
Ether has pulled back to the breakout level of $4,094, which is a critical level to watch out for in the near term.
ETH/USDT daily chart. Source: Cointelegraph/TradingView
The upsloping moving averages indicate advantage to buyers, but the negative divergence on the RSI suggests the bullish momentum is weakening. If the price rebounds off $4,094, the ETH/USDT pair could rise to $4,576 and then to $4,788.
Instead, if the price continues lower and breaks below $4,094, it signals that bulls are rushing to the exit. That could sink the Ether price to $3,745 and subsequently to the 50-day simple moving average ($3,557).
ETH/USDT 4-hour chart. Source: Cointelegraph/TradingView
The moving averages have completed a bearish crossover, and the RSI has dipped into the negative territory on the 4-hour chart, signaling that the bears are attempting a comeback. A break and close below $4,094 could intensify selling, pulling Ether’s price to $3,875 and, after that, to $3,550.
On the contrary, if the price rebounds off $4,094 and breaks above the 50-SMA, it suggests that the correction may be over. The pair may then rally to $4,576.
BNB price prediction
BNB (BNB) is facing resistance in the $861 to $869 zone, but a positive sign is that the bulls have not ceded much ground to the bears.
BNB/USDT daily chart. Source: Cointelegraph/TradingView
A shallow pullback enhances the prospects of a break above the overhead zone. If that happens, the BNB price could resume the uptrend to $900 and subsequently to the psychological level of $1,000.
Sellers are likely to have other plans. They will strive to pull the price below the 20-day EMA ($811). If they do that, the BNB/USDT pair could form a range in the near term. The BNB price could swing between $732 and $869 for a while.
BNB/USDT 4-hour chart. Source: Cointelegraph/TradingView
The BNB price has formed a symmetrical triangle pattern on the 4-hour chart, indicating indecision between the bulls and the bears. A break and close above the triangle shows that the buyers have overpowered the sellers. That opens the doors for a possible rally to the pattern target of $918.
Contrary to this assumption, a drop below the triangle could start a deeper correction to $812 and then to $794.
Related: Cardano set for ‘massive’ rally if $1 breaks: How high can ADA price go?
Chainlink price prediction
Chainlink (LINK) turned down from the $27 overhead resistance on Monday, indicating profit booking by short-term bulls.
LINK/USDT daily chart. Source: Cointelegraph/TradingView
The first support is at $24 and then at the 20-day EMA ($21.49). A solid rebound off the 20-day EMA signals buying on dips. The bulls will then make one more attempt to overcome the barrier at $27. If they succeed, the LINK/USDT pair could surge to $31 and thereafter to $36.
Contrarily, if the price turns down and breaks below the 20-day EMA, it suggests that the bulls are losing their grip. The Chainlink price could tumble toward the 50-day SMA ($17.97), where the bulls are expected to step in.
LINK/USDT 4-hour chart. Source: Cointelegraph/TradingView
The bulls are trying to arrest the pullback at the moving averages on the 4-hour chart. If the price rebounds off the moving averages with strength, the pair could retest the overhead resistance at $27. A break and close above $27 signals the resumption of the uptrend.
This positive view will be invalidated in the near term if the price turns down and breaks below the 50-SMA. The Chainlink price could then descend to $21, which is a critical level to watch out for.
Mantle price prediction
Mantle (MNT) has rallied sharply in the past few days, indicating aggressive buying by the bulls.
MNT/USDT daily chart. Source: Cointelegraph/TradingView
The bears tried to halt the rally at $1.42, but they could not pull the price below $1.20. That suggests a positive sentiment where every dip is viewed as a buying opportunity. The bulls are trying to resume the uptrend by pushing the price above $1.42. If they can pull it off, the MNT/USDT pair could soar to $1.67. There is resistance at $1.51, but it is likely to be crossed.
Alternatively, if the price turns down sharply from $1.42 and breaks below $1.20, it signals that the bulls are closing their positions in a hurry. The Mantle price could then plummet to the 20-day EMA ($1.07).
MNT/USDT 4-hour chart. Source: Cointelegraph/TradingView
The pair turned up from the 20-EMA on the 4-hour chart, but the recovery is facing selling at the overhead resistance of $1.42. If the price continues lower and breaks below the 20-EMA, the correction could stretch to the 50-SMA. A short-term trend change will be signaled if the 50-SMA support cracks. Mantle’s price could then slide to $1.06 and subsequently to $0.93.
On the contrary, if the price turns up and breaks above $1.42, the pair could start the next leg of the rally to $1.50.
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.
