Key Highlights:
Bitcoin witnessed a strong recovery but is anticipated to face major resistance nearing $120,000.
Ethereum shows robust momentum with expected challenges around the $4,094 price point where selling pressure may increase.
Bitcoin (BTC) has staged a remarkable rebound heading into August 8, however, the bullish momentum appears constrained as the price struggles to stay above the $116,000 mark. This indicates sellers are active on rallies, pressuring the price.
Market analytics from Glassnode reveal that short-term leading buyers hold an average cost basis near $116,900. Sustaining BTC prices above this threshold is critical to confirm the resurgence of demand dominance. Falling below this level could trigger a deeper correction down toward $110,000.
Beyond BTC, market analysts are closely monitoring altcoins. Michaël van de Poppe, co-founder of MN Trading Capital, suggests Ethereum’s (ETH) recent upward movement could signal a shift towards increased risk appetite. He forecasts a potential surge of 200% to 500% in alternative cryptocurrencies over the next 2 to 4 months.
The key question remains if Bitcoin can break above the $120,000 resistance zone or if it will retest supports near $112,000. Let’s review the detailed price analysis for the top 10 cryptocurrencies.
Bitcoin Price Forecast
After surpassing the short-term resistance at $115,720, Bitcoin faces selling pressure at its descending trendline. Should the price dip but find support at the neckline, this indicates buyers are stepping into retreat levels, increasing the probability of an upward break beyond the trendline.
If successful, BTC could reattempt resistance levels between $120,000 and $123,218. Closing above $123,218 could propel a rally towards $135,000. Conversely, a drop below the 50-day moving average ($113,111) and especially $110,530 could intensify selling.
Ethereum Price Outlook
Ethereum buyers pushed ETH above the critical $3,745 barrier, potentially signaling the close of its correction phase. The price recently bounced past $3,941 resistance but may face sellers near $4,094.
A sharp reversal below the 20-day simple moving average (SMA) might lead ETH to consolidate between $3,400 and $4,000. However, a breakout above $4,094 would hint at trend continuation toward $4,868.
XRP Price Analysis
XRP rebounded from $2.95 support, surging over its 20-day SMA at $3.15. Bulls aim to break overhead resistance at $3.66, where significant selling pressure is expected.
If price declines from $3.66, it will likely find strong support at the 20-day SMA. A bounce here can increase chances of breaking above the resistance. However, a drop below the 20-day SMA may extend selling pressure toward $2.95. Control shifts to sellers if XRP falls beneath the 50-day SMA.
Binance Coin (BNB) Outlook
BNB pierced the 20-day SMA at $779, signaling eased selling pressure. Challenges are expected at $794 and $815 resistance, but clearing these could allow BNB to retest its all-time high at $861.
Signs of weakness include a close below $761, possibly leading to a dip toward $732. Bears would signal a short-term top by pushing price below the 50-day SMA at $712.
Solana (SOL) Price Prediction
Although sellers attempted to push SOL below the 50-day SMA ($163), bulls held firm. The pair is moving toward the 20-day SMA at $178, a potential near-term hurdle.
A successful break above $178 could push SOL to $195. Resistance exists at $185 but is likely to be overcome. The support zone between the 50-day SMA and $155 is crucial. A failure here may cause a plunge to $144, then $137.
Dogecoin (DOGE) Forecast
DOGE rebounded from the 50-day SMA at $0.19 and recently reached the 20-day SMA at $0.22. Indecisive RSI and flat moving averages suggest a balance between buyers and sellers.
If DOGE climbs past the 20-day SMA, targets include the $0.25 to $0.26 resistance zone. Conversely, a sharp rejection could trap DOGE between the moving averages for some time.
Cardano (ADA) Prediction
ADA reached its 20-day SMA at $0.78, supported by buying at the 50-day SMA at $0.69. Holding above $0.78 could lead to rallies towards $0.86 and $0.94.
Sellers will defend the $0.94 area; breaking through could accelerate gains to $1.17. Failing to hold the 20-day SMA suggests reduced demand and a possible trading range between the SMAs.
Hyperliquid (HYPE) Price Overview
HYPE has bounced back to the moving averages but sellers remain active, expected to defend this zone strongly.
Should price reverse at the moving averages and fall below $36 support, further declines to $32 are likely. Alternatively, breaking above the moving averages suggests diminishing seller strength, potentially resuming upward momentum. The key level to watch is the support line; overcoming it may mark the end of the correction.
Stellar (XLM) Price Forecast
XLM broke above the 20-day SMA at $0.42, a positive indication that recent correction may be ending.
Maintaining above $0.46 could push prices to the $0.52 resistance, with sellers expected to challenge here. If bulls prevail, the rally might extend to $0.61.
The 20-day SMA acts as immediate support, and a bounce here reflects increased buying on dips. A close below the 50-day SMA ($0.35) would signal bearish dominance.
Sui (SUI) Price Outlook
SUI jumped from the 50-day SMA at $3.36 to the 20-day SMA at $3.75, showing buying pressure.
Sustaining price above $3.75 could accelerate momentum towards $4.00 and $4.30. Significant resistance is expected in the $4.30 to $4.44 zone. Passing this area may push SUI towards $5.
If price sharply reverses from current levels, it indicates bear control aiming to keep SUI between moving averages. Selling below the 50-day SMA would strengthen bearish control.
This article is for informational purposes only and does not constitute investment advice. Trading cryptocurrencies involves risk, and readers should conduct their own research before making investment decisions.
