Bitcoin And HYPE Lead Fresh Crypto Rally Toward New Highs

Key points:

• Bitcoin made a decisive break above $106,000, setting the stage for a possible retest of the all-time high at $111,980.

• Most major altcoins remain in a range, but HYPE has resumed its uptrend.

Bitcoin (BTC) started the week on a bullish note, rising above $107,500. Although the price is trading just below the all-time high, whales and retail investors are holding on to their positions. CryptoQuant contributor Darkfost wrote in a QuickTake blog post that Binance Bitcoin inflows from both groups have slipped to their lowest levels since the beginning of the cycle. That suggests investors are either “waiting for clearer macroeconomic signals or simply maintaining high conviction in Bitcoin’s long-term trend.”

IG Markets analyst Tony Sycamore told Cointelegraph that Bitcoin could retest the all-time high near $112,000 and then rise to the $116,000 to $120,000 region as long as it holds above the $95,000 support.

Not only Bitcoin, but even Ether (ETH) is attracting buyers. Ethereum wallets holding between 1,000 and 10,000 ETH witnessed an accumulation of over 818,410 ETH (~$2.5 billion) on Sunday, boosting their holdings to 16 million ETH from 11.9 million ETH almost a year ago. 

Could Bitcoin rally to a new all-time high above $111,980? Will altcoins participate in the up move? Let’s analyze the charts of the top 10 cryptocurrencies to find out.

S&P 500 Index price prediction

The S&P 500 Index (SPX) turned down from 6,059 on Wednesday, indicating that the bears are fiercely defending the 6,000 to 6,147 zone.

The index has bounced off the 20-day exponential moving average (5,938), indicating that the sentiment remains positive and every dip is being viewed as a buying opportunity. Buyers will try to push the price to 6,147.

A deeper pullback could begin on a break and close below the 20-day EMA. The short-term traders may be tempted to book profits, pulling the price down to 5,767 and then to the 50-day simple moving average (5,680).

US Dollar Index price prediction

The US Dollar Index (DXY) is witnessing a tough battle between the bulls and the bears near the 97.92 level.

The bears pulled the price below the 97.92 support on Thursday, but the bulls reclaimed the level on Friday. However, the buyers are struggling to sustain the price above 97.92, suggesting that the bears are selling on every minor rally. That increases the likelihood of a drop to 95.67.

Buyers will have to drive and maintain the price above the moving averages to weaken the bearish momentum. The index could then surge to the overhead resistance at 102. 

Bitcoin price prediction

Bitcoin rose above the 20-day EMA ($106,202) on Monday, indicating that the bulls are fiercely defending the 50-day SMA ($103,887).

The bulls will try to strengthen their position by pushing the price to $110,530 and then to the neckline of the inverse-head-and-shoulders pattern. A close above the neckline will complete the bullish setup, which has a pattern target of $146,892.

Sellers are likely to have other plans. They will try to defend the overhead resistance and yank the price below the 50-day SMA. If they can pull it off, the BTC/USDT pair could retest the vital $100,000 support.

Ether price prediction

Ether closed below the 20-day EMA ($2,580) on Saturday, but the bears could not extend the pullback to the 50-day SMA ($2,412).

The bulls have pushed the price above the 20-day EMA, indicating buying on dips. The ETH/USDT pair could rise to $2,738 and then to $2,879. Sellers will try to defend the overhead zone, but if the buyers bulldoze their way through, the pair could rally toward $3,153.

Conversely, if the price turns down sharply from the overhead resistance, the pair may remain inside the $2,879 to $2,323 range for a while. The short-term trend turns negative on a close below $2,323.

XRP price prediction

XRP (XRP) has been oscillating between $2 and $2.65 for several days, indicating buying near the support and selling close to the resistance.

The price action inside the range is likely to be random and volatile. If buyers sustain the price above the moving averages, the XRP/USDT pair could rally to the overhead resistance at $2.65. Sellers will try to pose a solid challenge at $2.65 because a break above it could launch the pair to $3.

The trend will turn bearish on a break and close below the $2 support. The pair could then retest the critical level at $1.61.

BNB price prediction

Buyers are trying to push BNB (BNB) above the 20-day EMA ($656), which could extend the stay inside the $634 to $693 range for some more time.

The flattening 20-day EMA and the RSI near the midpoint do not give a clear advantage either to the bulls or the bears. If the price sustains above the 20-day EMA, the BNB/USDT pair could rally to $693. Sellers will try to halt the up move at $693, but if the bulls prevail, the pair could ascend to $732.

The bears will have to pull the price below the $634 support to seize control. The pair could then nosedive to $580.

Solana price prediction

Solana (SOL) bounced off the $140 support on Saturday and reached the moving averages on Monday, indicating solid buying at lower levels.

Both moving averages are flattening out, and the RSI is near the midpoint, suggesting that the SOL/USDT pair may swing between $140 and $185 for a few days.

The next trending move is likely to begin on a break above $185 or below $140. If the price turns down sharply from the moving averages and breaks below $140, the pair could plunge to $110. On the contrary, a break above $185 could catapult the pair to $210 and, after that, to $220.

Related: Why is XRP price up today?

Dogecoin price prediction

Dogecoin (DOGE) remains above the $0.16 level, but the failure to start a strong rebound signals a lack of aggressive buying by the bulls.

The downsloping 20-day EMA ($0.19) and the RSI in the negative territory increase the risk of a break below $0.16. If that happens, the DOGE/USDT pair could descend to the $0.14 support. The bulls will try to vigorously defend the $0.14 level because a break below it opens the doors for a fall to $0.10.

Buyers have an uphill task ahead of them. They will have to pierce the $0.21 resistance to clear the path for a rally to the $0.26 level. A new up move could begin on a break above $0.26.

Cardano price prediction

Buyers are trying to defend the $0.60 level in Cardano (ADA), but the rebound lacks strength. That increases the risk of a break below $0.60.

The downsloping 20-day EMA ($0.67) and the RSI in the negative territory suggest the bears have the edge. If the price turns down from the moving averages and breaks below $0.60, the ADA/USDT pair could plummet to $0.50.

Buyers will have to drive the price above the moving averages to prevent the downside. The pair could then rise to the downtrend line, where the sellers are expected to mount a strong defense.

Hyperliquid price prediction

Hyperliquid (HYPE) resumed its uptrend after buyers kicked the price above the $44 resistance on Monday.

If the bulls maintain the price above $44, the HYPE/USDT pair could soar toward the next target objective of $50. Such a move invalidates the developing negative divergence on the RSI, signaling that the bulls have reasserted their supremacy.

The 20-day EMA ($37.71) is the critical support to watch out for on the downside. A break below the 20-day EMA could tempt short-term buyers to book profits, pulling the pair to the 50-day SMA ($30.37).

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.