Today's Technical Analysis: BTC, ETH, XRP, SOL, DOGE, ADA, HYPE

Bitcoin today (8) is experiencing a pullback, currently reported at around 108,000 USD, after previously facing strong dumping pressure near the 110,500 USD mark, indicating the short positions' determination to defend this important resistance level. However, for the long positions, an encouraging signal is that the price remains above the MA, reflecting the firmness of investor sentiment and the current lack of profit taking.

Analysts have indicated that the Bollinger Bands are showing signs of narrowing, which usually signals an impending strong trend. The father of this well-known indicator, John Bollinger, also shared on the X platform that Bitcoin may be "ready for an upward breakout."

As funds continue to flow into Bitcoin exchange-traded products (ETP), bullish sentiment persists. According to data from CoinShares, net inflows reached a total of 790 million dollars for the week ending Friday. This figure is lower than the 1.5 billion dollars in inflows from the previous three weeks, indicating that investors are becoming more cautious as prices approach historical highs.

CoinShares research director James Butterfill commented that the decline in fund flows reflects a cautious sentiment in the market in the context of Bitcoin facing key resistance levels. Can short positions pull the price below the MA, or can long positions continue to successfully defend the strategic support level? If the market experiences volatility, what trend will altcoins face? Let's analyze the trend charts of major cryptocurrencies to find the answer.

BTC Technical Analysis

Bitcoin is currently trading in a narrow range between the 20-day EMA (107,211 USD) and the upper resistance level of 110,530 USD.

This kind of narrow consolidation is unlikely to last too long. Although the possibility of a breakout is high, the direction is difficult to predict. If the price drops significantly and breaks below the MA, BTC/USDT may pull back to $104,500, and then reach the psychological level of $100,000.

On the contrary, if it breaks through and closes above $110,530, it will open an upward channel to $111,980, reaching the neckline of the head and shoulders pattern. If it closes above that neckline, further increases are expected, potentially approaching the $150,000 area.

(Source: Trading View)

ETH Technical Analysis

Over the past few days, the price of Ethereum (ETH) has been hovering between $2,323 and $2,738, with attempts at both upward and downward breakthroughs failing.

The long positions are trying to push the price above $2,635, opening the door for a rebound to $2,738. However, the $2,738 to $2,879 area may pose strong resistance levels. If the price pulls back from that area, ETH/USDT may find support at the 20-day MA (EMA). If the price rebounds from the 20-day MA, the long positions will continue to work to push the price above $2,879.

On the other hand, if the price breaks through and closes below the 20-day MA, it indicates that ETH may continue to fluctuate in the accumulation zone. If the price closes below $2,111, short positions will have the upper hand.

(Source: Trading View)

XRP Technical Analysis

In the past few days, long positions have kept XRP above the 20-day EMA ($2.20), which indicates that short positions have not taken any aggressive action.

The 20-day moving average has started to show an upward trend, and the RSI indicator has also surged into positive territory—these factors indicate that the bullish trend is leaning towards the upside.

The resistance level at 2.34 USD is likely to be broken, and XRP/USDT is expected to test 2.48 USD, followed by 2.65 USD. Long positions need to break through the resistance level at 2.65 USD to initiate a new round of upward movement, with the ultimate target pointing towards 3 USD.

On the other hand, if the price pulls back and breaks below the 20-day EMA, the price may continue to fluctuate between 2 dollars and 2.34 dollars for a period of time.

(Source: Trading View)

SOL Technical Analysis

Long positions successfully pushed Solana (SOL) above the 20-day EMA (149 USD) on Sunday, but struggled to break through the 50-day SMA (154 USD).

The 20-day MA has begun to flatten out, and the RSI is slightly above average, indicating a supply-demand balance. If long positions can push the SOL/USDT pair above $159, a breakout to $185 can be expected.

There is slight resistance at $168, but this is unlikely to hinder its rise. On the upside, the first support level is at $145, followed by $137. If the price drops below $137, the advantage will shift to short positions, and the currency pair may fall to $126.

(Source: Trading View)

DOGE Technical Analysis

Dogecoin (DOGE) has broken through the 20-day EMA ($0.16), indicating that the long positions are trying to make a comeback in the market.

If buyers maintain the price above the 20-day EMA, the DOGE/USDT pair could rise to the 50-day SMA (0.18 USD), and then to 0.21 USD. Short positions are expected to hold at 0.21 USD, but if long positions prevail, the price may break through 0.26 USD.

On the contrary, if the price reverses from the current level and falls below the 20-day MA, it indicates that short positions are selling off at each small rebound. This situation may push the price down to the support area of 0.14 dollars.

(Source: Trading View)

ADA Technical Analysis

Cardano (ADA) defends the 20-day EMA ($0.58), which indicates that long positions still face buying pressure.

The flat 20-day MA and relative strength index slightly below average levels indicate that selling pressure is weakening. If buyers push the price above the 20-day MA, the ADA/USDT pair could rise to the 50-day MA ($0.64), subsequently reaching the downward trend line. Long positions need to break through and maintain above that trend line to signal a potential trend reversal.

On the contrary, if short positions drag the price below the 0.50 USD support level, a descending triangle pattern may form. This could trigger a deeper decline towards the 0.40 USD region.

(Source: Trading View)

HYPE Technical Analysis

In the past few days, buyers have kept Hyperliquid (HYPE) above the 20-day EMA ($38.41), indicating that there is still buying pressure at lower levels.

However, long positions are still working hard to push the price up to the short-term resistance level of 41.23 USD. If the price rebounds from the current area or the 20-day MA and breaks through 41.23 USD, it indicates that buyers are regaining market dominance. In this case, the HYPE/USDT coin pair may accelerate upward to the next resistance level, which is between 42.50 USD and 45.80 USD.

On the contrary, if the price falls and closes below the 50-day MA ($36.60), this will be the first warning sign of weakness. Subsequently, selling pressure may increase, dragging the price further down to $33.25, or even $30.69.

(Source: Trading View)