Key points:
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Bitcoin is showing a negative divergence on the charts, signaling a weakening in bullish momentum.
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Buyers need to maintain Ether above $4,094 to retain the upper hand.
Bitcoin (BTC) extended its pullback on Monday, suggesting profit booking by short-term traders. Analyst Captain Faibik said in a post on X that BTC could drop to the key $98,000–$100,000 psychological zone in case of an “extreme bearish flush.”
Despite the correction, analysts expect Bitcoin to trade higher over the next few months. Canary Capital CEO Steven McClurg said in a CNBC interview that there is a greater than 50% chance of BTC reaching the $140,000 to $150,000 zone this year before the bear market next year.
The retail crowd has been bullish on BTC but has not shown the same enthusiasm for Ether (ETH) despite the strong performance over the past 30 days, according to sentiment platform Santiment. As the markets generally move opposite to retail’s expectations, Santiment believes ETH has a “slightly more bullish path” compared to BTC.
Could BTC form a higher low, signaling strength? Will altcoins follow BTC higher? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price analysis
Bitcoin’s recent price movement has introduced some caution among investors. On Monday, BTC fell below the 50-day Simple Moving Average (SMA) of $115,702, yet found support at the neckline of the inverse head-and-shoulders pattern.
There is minor resistance at $118,575, but surpassing this level could propel the BTC/USDT pair to $120,000 and potentially challenge the all-time high of $124,474. However, the Relative Strength Index (RSI) has formed a negative divergence, indicating the bulls may be losing grip. A break below the neckline could lead to a decline to $110,530, a critical support level. Breaching this support opens the gates for a potential drop to $105,000 and possibly $100,000.
Ether price analysis
Ether (ETH) extended its pullback on Monday after breaking below the immediate support at $4,368, suggesting profit booking by short-term buyers.
The breakout level of $4,094 is a crucial support to monitor. A strong rebound from $4,094 would indicate that the bulls are attempting to flip this level into support, potentially rallying the ETH/USDT pair toward $4,788. Overcoming $4,788 could clear the path for a rally to $5,000. Conversely, a break and close below $4,094 could initiate a deeper correction, with the Ether price potentially plummeting toward $3,745 and then to the 50-day SMA ($3,523).
XRP price analysis
XRP’s recent inability to move above the 20-day EMA of $3.10 indicates a lack of demand at higher levels.
The price has slipped to the 50-day SMA of $2.94, which may act as a solid support. A rebound from this level could see the XRP/USDT pair attempting to break above the downtrend line, potentially rallying to $3.40 and then to $3.66. However, a break below the 50-day SMA could lead to a decline to the $2.73 support level. A strong bounce from $2.73 may lead to a test of the downtrend line, with a break above it suggesting XRP may range between $2.73 and $3.66 for a while.
BNB price analysis
The repeated failure of the bulls to sustain BNB (BNB) above $861 might tempt short-term buyers to book profits.
The BNB/USDT pair could slide to the 20-day EMA of $808, a critical support level. A strong rebound from the 20-day EMA enhances the prospects of a break above $861, potentially propelling the BNB price toward the psychological level of $1,000. If the price closes below $794, it suggests the pair may form a range between $732 and $861 for some time.
Solana price analysis
Solana (SOL) bounced off the $185 level on Saturday, but the bulls could not sustain the higher levels.
The price has declined to the 20-day EMA of $182, likely attracting strong buying by the bulls. A rebound from the moving averages could see the SOL/USDT pair challenging the overhead resistance of $210, with a potential rally to $240 if breached. If Solana’s price continues lower and breaks below the 50-day SMA of $172, the next stop could be the uptrend line.
Dogecoin price analysis
Dogecoin (DOGE) has been stuck inside a narrow range between $0.26 and $0.21 for a few days.
The flattish 20-day EMA of $0.22 and the RSI near the midpoint do not provide a clear advantage to either the bulls or the bears. A drop below the $0.21 support could see the DOGE/USDT pair decline to $0.19 and then to $0.16. Conversely, a rise above $0.26 could signal strength, with the pair potentially challenging the stiff overhead resistance of $0.29. A break and close above $0.29 could open the doors for a rally to $0.35.
Cardano price analysis
Buyers have maintained Cardano (ADA) above the $0.90 level but are struggling to push the price above the $1.02 resistance.
Both moving averages are sloping up, indicating an advantage to buyers, but the negative divergence on the RSI suggests that the upside momentum is slowing down. If the $0.90 support cracks, the ADA/USDT pair could slide to the 20-day EMA of $0.84. Buyers are expected to defend the 20-day EMA, as a break below it may sink the Cardano price to the 50-day SMA of $0.75. If the price rebounds off the 20-day EMA, it signals buying at lower levels, with the bulls then trying to resume the up move by pushing the price above $1.02, potentially skyrocketing the pair to $1.17.
