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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…
cointelegraph.com