Cryptocurrencies are continuing to recover from the sharp price drops witnessed last Friday, when Donald Trump announced his 100% tariff plan on Chinese imports. The announcement from the US President triggered liquidations of nearly $20 billion, as reported by CoinGlass.
As leveraged traders faced significant losses and exited the market forcibly, long-term investors made an entrance, buying the dip in an effort to trigger a recovery rally. However, the rally has yet to pick up momentum, with economist Timothy Peterson claiming that cryptocurrencies are likely to consolidate for at least three weeks before any major price moves to the upper side.
Now, let’s study the price charts of leading digital currencies to identify critical levels that traders need to monitor this week.
Bitcoin Price Analysis
While Bitcoin dropped to $102,400 on Friday, the daily candle failed to close below $107,100, a vital support level, suggesting aggressive buying activity at lower levels. The coin is currently valued at $112,348. If buyers continue to apply pressure at that price, BTC could cross $116,000 and rise toward the $120,200 resistance. On the other hand, a drop and close below $107,100 would shift the advantage to the sellers, who could drag Bitcoin to $100,000 for the first time since early June.
Ethereum Price Analysis
Ethereum’s price fell below the $3,744 support on Friday, but the bears couldn’t sustain it at lower levels, signaling increased demand for the asset at cheaper prices. However, if ETH’s daily candle successfully closes below that key level, a drop to $3,250 could happen. Meanwhile, the bulls are looking to thrust the asset above the 20-day Exponential Moving Average of $4,261 to enhance their chances of triggering a rally to $4,500.
BNB Price Analysis
Despite increased volatility since Friday, BNB still trades above $1,000, indicating high demand at higher levels. The bears triggered a drop below the 20-day Exponential Moving Average of $1,146 a few hours after Trump’s tariff announcement, but the bulls have now managed to push BNB to $1,256. If a sustained rally above the all-time high ($1,374) occurs, the next stop could be $1,500. Conversely, a fall below $1,146 could allow the bears to pull the Binance Coin to the 50-day Simple Moving Average of $994.
XRP Price Analysis
Following a sustained price drop below the $2.69 support on Friday, a bearish descending triangle pattern was completed, indicating that XRP bears had become dominant. Increased selling pressure at the current price ($2.54) could fuel a downtrend toward $2.20, where buyers will likely purchase the dip.
On the other hand, if XRP jumps and closes above $2,69, it could rally to the 20-day Exponential Moving Average of $2.76 and then later to $3.
Solana Price Analysis
After plunging to $170 on Friday, Solana has now crossed $200, indicating that buyers are active at lower levels. Last month, Analysts anticipated that the token would perform well in October due to the expected approval of a Solana spot exchange-traded fund (ETF) by the US Securities and Exchange Commission (SEC). However, the government shutdown could delay the SEC decision, thus lowering the chances of a massive price rally for SOL this month.
Nonetheless, increased buying at current levels could enable Solana to cross $220 and rise toward $250. On the contrary, a decline below $170 may trigger a downtrend to $154.
Hyperliquid
Despite rising competition from Aster, a BNB-based perps DEX, Hyperliquid is still attracting buyers who recently managed to prevent the daily candle from closing below the $40 vital support. That move invalidated a bearish descending triangle pattern. HYPE bulls will now attempt to push the coin to the 20-day Exponential Moving Average of $44.60 and later to the 50-day Simple Moving Average of $47.8. On the other hand, the bears could trigger a drop to the $35.5 support if Hyperliquid’s daily candle closes below $40.
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