Bitcoin’s price remains range-bound, frustrating traders who were expecting a breakout. However, some analysts see this consolidation as a positive sign for the rest of the crypto market.
A recent report projected a target of $45,000 for Bitcoin by the end of this year and $125,000 by the end of 2024.
Bitcoin’s price is currently squeezed between the 20-day exponential moving average (EMA) of $29,523 and horizontal support at $28,861. If it breaks below $28,861, it may drop to $27,500 and then to $26,000. On the other hand, a bounce off $28,861 could signal a comeback by the bulls.
Ether slumped below the 50-day simple moving average (SMA) of $1,871, indicating bearish pressure. If it falls below $1,816, it may plunge to $1,698. However, if it sustains above the 20-day EMA, it could range between $1,816 and $2,000.
BNB turned down from the resistance line of a symmetrical triangle pattern, suggesting bearish defense. A break above the triangle could lead to a rally to $265, while a breakdown may retest support at $220.
XRP tumbled below the 20-day EMA and strong support at $0.67. If it breaks down further, it may collapse to $0.56. However, if it bounces back above the 20-day EMA, it could remain in the $0.67 to $0.85 range.
Dogecoin broke below the 20-day EMA but is attempting to push back above it. A reversal from the downtrend line could signal a negative trend, while a break above it could suggest an up move toward $0.10.
Cardano broke below the 20-day EMA and 50-day SMA, indicating bearish control. It may drop to $0.26 and $0.24, but a quick recovery above the moving averages and resistance at $0.32 could lead to a rally.
Solana rebounded off strong support at $22.30, suggesting bullish defense. If it rises above the 20-day EMA, it could march toward $25.68 and $27.12. However, if it breaks below the support zone, it may tumble to $18.
Polygon has been sliding and reached support near $0.65. A rebound from this level could lead to a rise to $0.80, while a breakdown may slump to $0.60.
Litecoin’s range resolved to the downside, and it may drop to $76 if it breaks below support at $81.36. A rebound could reach resistance at $87.37.
Polkadot has been range-bound between $5 and $5.65, with support at $5. If it breaks below this range, it may pull back to $4.74 and $4.60.
In summary:
– Bitcoin remains range-bound, with a target of $45,000 by year-end.
– Ether and XRP face bearish pressure, while BNB and Solana show signs of bullish defense.
– Dogecoin, Cardano, Polygon, Litecoin, and Polkadot are all facing various levels of support and resistance.