Crypto Market Outlook 4/3: Analysis of BTC, ETH, BNB, XRP, SOL, DOGE, HYPE, ADA, BCH, LINK
While Bitcoin works to establish a floor, certain market experts warn that the downward trend may continue with the $60,000 threshold potentially giving way.
Key points:
- Market participants are working to keep BTC supported above $66,500, though multiple experts suggest the $60,000 threshold could be breached.
- A number of leading altcoins face the possibility of falling beneath their near-term support zones, indicating continued bearish dominance.
Market participants are working to elevate and sustain Bitcoin (BTC) beyond the $66,500 mark, though they're encountering strong opposition from sellers. While bounce-back efforts are meeting with selling pressure, the BTC supply in profit and loss indicator points to the possibility that BTC could be approaching a floor.
An analyst at CryptoQuant using the handle "Darkfost" noted that approximately 8.2 million BTC are currently in loss, which contrasts with around 10.6 million BTC that were underwater during the prior bear market. This data indicates the market has reached a level of undervaluation similar to what was observed in the preceding bearish cycle.
That said, there isn't universal agreement that a bottom has formed. In a post on X, Chartered Market Technician Aksel Kibar indicated that BTC could drop to $52,500 should its emerging bearish formation fail.
Throughout bearish periods, certain market commentators become excessively pessimistic and predict dire outcomes for the cryptocurrency markets.
A prime example of such a forecast comes from Bloomberg Intelligence senior commodity strategist Mike McGlone, who stated in a post on X that BTC might plummet to $10,000. Standing in opposition to this view, ARK Invest CEO Cathie Wood mentioned in an interview with CNBC that BTC won't experience 85-95% drops from its all-time high.
Will BTC and certain prominent altcoins manage to stay above their support zones? Let's examine the charts of the top 10 cryptocurrencies to determine the answer.
Bitcoin price prediction
BTC reversed direction from the moving averages on Thursday, with sellers now working to solidify their advantage by driving the price beneath the support line.
Should they accomplish this, the positive ascending triangle formation will be negated. This development could compel aggressive buyers to exit their positions. The BTC/USDT pair could then decline to the critical $62,500 to $60,000 support area.
The initial indication of bullish strength would be a close above the moving averages. Such a move would clear the way for an advance to $72,000 and subsequently to $76,000. A close surpassing $76,000 will finalize the ascending triangle configuration, driving the pair toward $84,000.
Ether price prediction
Ether (ETH) was unable to climb above the $2,200 resistance on Wednesday, suggesting that sellers are vigorously protecting this level.
The horizontal moving averages and the relative strength index (RSI) positioned just beneath the midpoint fail to provide a distinct advantage to either buyers or sellers. This indicates the ETH/USDT pair could fluctuate between $2,200 and $1,916 for an extended period.
For buyers to secure the advantage, they'll need to drive and sustain the ETH price beyond the $2,200 mark. Should they achieve this, the pair could advance to $2,400 and then to $2,600. Conversely, a close beneath $1,916 could send the pair down to the vital $1,750 support level.
BNB price prediction
BNB (BNB) reversed from the moving averages on Wednesday and declined to the robust support at $570.
The declining 20-day exponential moving average ($620) combined with the RSI positioned near oversold levels indicates that downward movement faces the least resistance. Should the $570 support fail, the BNB/USDT pair could continue its downward trajectory to $500.
This bearish outlook will be negated in the short term should the BNB price rebound and surge above the moving averages. This would suggest the pair may keep ranging between $570 and $687 for several additional days.
XRP price prediction
XRP (XRP) reversed from the 20-day EMA ($1.36) on Thursday, with sellers now working to drive the price beneath the $1.27 support.
Should they succeed in this effort, the XRP/USDT pair could fall to the Feb. 6 low of $1.11. This represents an essential support level that buyers must protect, since a close below it could prolong the decline to the support line of the descending channel pattern around $1.
Buyers likely have different intentions. They will work to push the XRP price beyond the moving averages, opening the path for a rebound to the $1.61 level and subsequently to the downtrend line.
Solana price prediction
Solana (SOL) has descended to the support of the $76 to $95 range, showing that sellers maintain downward pressure.
Buyers are anticipated to mount a strong defense of the $76 level, though any bounce is likely to encounter resistance at the moving averages. Should the SOL price reverse from the present level or the moving averages and fall below $76, it would indicate that sellers have regained control. Support exists at $67, though if this level fails, the subsequent target could be $50.
On the other hand, should the SOL/USDT pair reverse upward and climb above the moving averages, it would suggest that the range-bound trading may persist for some time.
Dogecoin price prediction
Dogecoin (DOGE) is being compressed between the moving averages and the $0.09 support, indicating a possible range breakout in the near term.
A close beneath the $0.09 support would signal that sellers have reasserted dominance. This could trigger accelerated selling and drive the DOGE/USDT pair down to the Feb. 6 low of $0.08. Buyers will work to protect the $0.08 level, though if sellers prove stronger, the DOGE price could drop to $0.06.
Conversely, a close beyond the moving averages would indicate that buyers have overcome the sellers. The pair could then climb to $0.10 and subsequently to the formidable $0.12 resistance.
Hyperliquid price prediction
Hyperliquid (HYPE) is working to rebound from the 50-day simple moving average ($34.16), though the recovery attempt is anticipated to encounter selling at elevated levels.
The 20-day EMA ($37.10) has begun trending downward, while the RSI has dropped into negative territory, indicating that buyers are weakening. Should the HYPE price reverse and fall beneath the 50-day SMA, the correction could extend to the $29.42 level.
In contrast to this scenario, should the price turn upward and break beyond the 20-day EMA, it would suggest that buyers retain control. The HYPE/USDT pair could then advance to $41.59 and later to $43.76.
Cardano price prediction
Sellers have kept Cardano (ADA) beneath the $0.25 resistance while proving unable to drive the price below the $0.23 level.
The 20-day EMA ($0.25) is declining slowly, with the RSI positioned in negative territory, giving sellers a minor advantage. Should the ADA price reverse from the 20-day EMA and drop below $0.23, it would indicate that buyers have surrendered. The ADA/USDT pair could then fall to $0.22 and later to the support line around $0.18.
Alternatively, should buyers drive the price beyond the moving averages, it would suggest diminishing selling pressure. The pair could then rally to the downtrend line, representing an important resistance level that sellers must defend.
Bitcoin Cash price prediction
Bitcoin Cash (BCH) has fallen to the $443 level, representing a crucial support that buyers must protect.
Any rebound from the $443 level is anticipated to meet resistance at the moving averages. Should the BCH price reverse sharply downward from the moving averages, it raises the probability of a breakdown below the $443 level. Should this occur, the BCH/USDT pair will finalize a bearish head-and-shoulders formation. The pair could then plunge to the $375 level.
In the opposite scenario, a close beyond the $486 level would indicate that buyers have re-entered the market. The pair could then surge to the $520 to $540 zone.
Chainlink price prediction
Chainlink (LINK) has been oscillating between the $8 and $10 level, reflecting an equilibrium between supply and demand.
Should buyers push the price beyond the moving averages, the LINK/USDT pair could climb to the $10 resistance. Sellers are anticipated to protect the $10 level, since a close beyond it could drive the LINK price to $10.94 and subsequently to $11.61.
On the flip side, should the price reverse from the moving averages and drop below the $8 level, it would signal that sellers have taken control. The pair could tumble to $7.15 and then to the $6 level.