Price predictions 8/8: BTC, ETH, XRP, BNB, SOL, DOGE, ADA, HYPE, XLM, SUI
Bitcoin could challenge the $120,000 to $123,218 resistance zone but crossing it may be a tough ask for the bulls.
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Price Analysis
Key points:
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Bitcoin has made a brilliant comeback but is expected to face significant resistance in at $120,000.
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Ether looks strong on the charts and is expected to challenge the $4,094 level, where sellers are expected to step in.
Bitcoin (BTC) made a solid comeback on Thursday, but the bulls are struggling to sustain the higher levels. That suggests the bears are selling on rallies. However, a positive sign for the bulls is that they are trying to maintain the price above $116,000.
Glassnode said in a market report that the cost basis of the local top buyers, one week to one month cohort, is around $116,900. Buyers must sustain the BTC price above $116,900 to confirm that “the demand side is regaining control.”
On the other hand, BTC risks entering a deeper correction toward $110,000 if the price maintains below $116,900, the report added.
Apart from BTC, analysts are also keeping a watchful eye on altcoins. MN Trading Capital co-founder Michaël van de Poppe said that Ether’s (ETH) recent rally is “the first step forward to a more risk-on appetite.” He expects altcoins to surge between 200% to 500% in the next 2-4 months.
Could BTC break above the $120,000 resistance, or will the price dip back toward $112,000? How are the altcoins placed? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price prediction
BTC cleared the near-term resistance of $115,720 on Thursday but is facing selling at the downtrend line.
If the price turns down from the downtrend line but rebounds off the neckline, it suggests buying on minor dips. That enhances the prospects of a break above the downtrend line. If that happens, the BTC/USDT pair could retest the $120,000 to $123,218 resistance zone. A close above $123,218 clears the path for a rally to $135,000.
The first sign of weakness will be a break below the 50-day simple moving average ($113,111), and the selling could accelerate if the $110,530 support cracks.
Ether price prediction
Buyers pushed ETH above the $3,745 hurdle on Thursday, signaling that the corrective phase may be over.
The rally rose above the $3,941 resistance on Friday but is expected to face fierce selling as it approaches the $4,094 level. If the price turns down sharply and breaks below the 20-day SMA, it suggests a possible range formation in the short term. The ETH/USDT pair could consolidate between $4,000 and $3,400 for a while.
Contrary to this assumption, a break and close above $4,094 indicates the resumption of the uptrend. That clears the path for a rally toward $4,868.
XRP price prediction
XRP (XRP) turned up from the $2.95 support on Wednesday and skyrocketed above the 20-day SMA ($3.15) on Thursday.
The bulls will try to push the price to the overhead resistance of $3.66, where the bears are expected to mount a strong defense. If the price drops from $3.66, the XRP/USDT pair is expected to find support at the 20-day SMA. A bounce off the 20-day SMA increases the likelihood of a break above $3.66.
Conversely, if the price skids below the 20-day SMA, it suggests that higher levels continue to attract sellers. The pair may then plunge to $2.95. Sellers must drag the XRP price below the 50-day SMA to seize control.
BNB price prediction
BNB (BNB) pierced the 20-day SMA ($779) on Thursday, indicating that the selling pressure is reducing.
Sellers are unlikely to give up easily and may pose a strong challenge at $794 and again at $815. However, if buyers conquer the overhead hurdles, the BNB/USDT pair could retest the all-time high at $861.
The first sign of weakness will be a break and close below $761. That opens the doors for a fall to $732. A short-term top will be signaled if bears sink the BNB price below the 50-day SMA ($712).
Solana price prediction
Sellers tried to pull Solana (SOL) below the 50-day SMA ($163) on Wednesday, but the bulls held their ground.
The SOL/USDT pair has risen toward the 20-day SMA ($178), which could be a near-term hurdle. If buyers push the price above the 20-day SMA, the pair could reach $195. There is resistance at $185, but it is likely to be crossed.
The zone between the 50-day SMA and the $155 level is the crucial support to watch out for. Solana could plunge to $144 and then $137 if the bears sink the price below the support zone.
Dogecoin price prediction
Dogecoin (DOGE) turned up from the 50-day SMA ($0.19) on Wednesday and has reached the 20-day SMA ($0.22).
The flattish moving averages and the RSI just above the midpoint do not give a clear advantage either to the buyers or the sellers.
If the price rises above the 20-day SMA, the DOGE/USDT pair could ascend to the $0.25-$0.26 overhead zone. On the contrary, if the price turns down sharply from the 20-day SMA, it suggests that the bears are defending the level. That could keep the Dogecoin price between the moving averages for a while.
Cardano price prediction
Cardano (ADA) has reached the 20-day SMA ($0.78), indicating solid buying at the 50-day SMA ($0.69).
If buyers sustain the price above the 20-day SMA, the ADA/USDT pair could rally to $0.86 and later to $0.94. Sellers will try to halt the up move at $0.94, but if the buyers bulldoze their way through, Cardano’s price could soar toward $1.17.
Alternatively, if ADA price turns down and remains below the 20-day SMA, it suggests a lack of demand at higher levels. That could keep the pair between the moving averages for a while.
Hyperliquid price prediction
Hyperliquid (HYPE) recovered to the moving averages, where the bears are expected to mount a strong defense.
If the price turns down from the moving averages, it will indicate that the bears continue to sell on rallies. The bears will then strive to sink the HYPE/USDT pair below the $36 support. If they manage to do that, the price could plummet to $32.
Contrarily, a break above the moving averages suggests that the bears are losing their grip. The HYPE price could rally to the support line, a significant level to watch out for. A break above the support line signals the correction may be over.
Stellar price prediction
Stellar (XLM) broke above the 20-day SMA ($0.42) on Thursday, signaling that the correction may be over.
If XLM price maintains above $0.46, the XLM/USDT pair could soar to the overhead resistance of $0.52. Sellers will likely pose a strong challenge at $0.52, but the rally could extend to $0.61 if the bulls prevail.
The 20-day SMA is the first support to watch out for on the downside. A solid bounce off the 20-day SMA suggests the sentiment has turned positive and traders are buying on dips. Sellers will gain the upper hand on a break and close below the 50-day SMA ($0.35).
Sui price prediction
Sui (SUI) jumped from the 50-day SMA ($3.36) on Wednesday and reached the 20-day SMA ($3.75) on Thursday.
If buyers sustain the price above the 20-day SMA, the SUI/USDT pair could pick up momentum and surge to $4 and later to $4.30. Sellers are expected to mount a solid defense in the $4.30 to $4.44 zone because a break above it could propel SUI price to $5.
Instead, if the price turns down sharply from the current level, it will suggest that the bears are trying to keep the pair between the moving averages for a few more days. The bears will return to the driver’s seat on a break below the 50-day SMA.
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.
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