Technical Analysis on September 20: BTC, ETH, XRP, BNB, SOL, DOGE, ADA, HYPE, LINK, AVAX

Bitcoin (BTC) is trading at 115,590 USD and continues to face strong resistance around the 117,500 USD level. However, the bright spot is that the bulls are still maintaining buying pressure, indicating that investors are not in a hurry to take profit as they expect the price to soon approach the historical peak of 124,474 USD.

Expert Axel Adler Jr. stated on X that "the current market is not too hot, nor is it in a state of excessive sell-off." According to him, this could open up a 1-2 week accumulation phase before Bitcoin breaks out and establishes a new peak.

Many analysts also agree with this optimistic scenario. Benjamin Cowen – the founder of Into The Cryptoverse – even predicts that this price surge could happen very quickly after surpassing the record high. However, he also warns of the risks: the market could very well witness a decline of up to 70% in the next bear cycle.

What investors are concerned about right now is: Will Bitcoin have enough strength to break through resistance to trigger a breakout wave in the altcoin market? Let's follow the detailed analysis of the charts of the top 10 cryptocurrencies.

BTC Technical Analysis

BTC reached the resistance level of 117,500 USD on Thursday, but the bulls could not maintain this high.

BTC/USDT Daily Chart | Source: TradingView The 20-day EMA (114.457 USD) is sloping up and the RSI is above the positive zone indicating that the prevailing trend is still upward. If the close price is above 117,500 USD, the door to 124,474 USD will be wide open.

On the contrary, if the price falls below the 20-day EMA, it signals that the bulls are eager to take profit. The BTC/USDT pair could then drop to 110,000 USD, fluctuating within a range of 107,000 – 117,500 USD for a while.

Technical Analysis of ETH

Ether (ETH) has formed a symmetrical triangle pattern, reflecting the struggle between bulls and bears.

ETH/USDT daily chart | Source: TradingView If the price falls below the support line, it indicates that the balance tilts towards the bears. The ETH/USDT pair could drop to 4,060 USD, and then to the model target at 3,426 USD.

Conversely, if the price breaks above the resistance level, the upward trend will be confirmed again. At that point, Ether could surge towards the model target at 5,586 USD.

Technical Analysis of XRP

XRP has bounced off the 20-day EMA at (2.99 USD) on Tuesday, but has yet to overcome the barrier of 3.20 USD.

XRP/USDT daily chart | Source: TradingView The bears are attempting to pull the price below the moving averages to gain control. If successful, the XRP/USDT pair may retreat to the strong support area of 2.73 USD. This scenario suggests that the previous breakout was merely a bull trap. A close below 2.69 USD would complete the descending triangle pattern, paving the way for a drop to 2.20 USD.

To reverse the short-term trend, the bulls need to push the price above and hold above 3.20 USD. At that point, XRP could target 3.40 USD, then 3.66 USD.

Technical Analysis of BNB

BNB has broken through the psychological level of 1,000 USD on Thursday, showing persistent demand from the bulls.

BNB/USDT daily chart | Source: TradingView The bears will hold their ground at the 1,000 USD level, but if the buyers gain the upper hand, the BNB/USDT pair could continue to rise to 1,090 USD.

On the downside, the 20-day EMA line (915 USD) is an important support level. If the price bounces back from this line, the upward trend may continue. Conversely, if the price breaks through the 20-day EMA line, BNB may fall to the 50-day SMA (855 USD).

Technical Analysis of SOL

Solana (SOL) has dropped from a peak of 253 USD on Thursday, indicating that the bears are fiercely defending the 260 USD range.

Daily chart of SOL/USDT | Source: TradingView The correction is likely to find support at the 20-day EMA (225 USD). If the price bounces strongly from here, the bulls will test the resistance at 260 USD again. Success will pave the way for SOL/USDT to soar to 295 USD.

On the contrary, if it closes below the 20-day EMA, it signals an increase in take profit pressure. At that point, the price of Solana could drop to the uptrend line – an area that is likely to attract new buying power.

Technical Analysis of DOGE

Dogecoin (DOGE) has bounced from the 0.26 USD mark on Tuesday but faced strong resistance around 0.29 USD.

Daily DOGE/USDT chart | Source: TradingView If the price continues to bounce back from 0.26 USD, it indicates that bulls are actively accumulating as the price slightly corrects. This scenario increases the likelihood of breaking through the 0.31 USD level. If surpassed, the DOGE/USDT pair may begin a new upward cycle to 0.35 USD, then 0.44 USD.

On the contrary, if it falls below the 20-day EMA (0.25 USD), it proves that the bulls have abandoned their position. At that time, the price of Dogecoin could decline to the 50-day SMA (0.23 USD), causing DOGE to fluctuate in the range of 0.21 – 0.29 USD for some time.

Technical Analysis of ADA

Cardano (ADA) has turned down from the resistance line of the symmetrical triangle pattern, indicating that the bears are fiercely defending this area.

Daily ADA/USDT chart | Source: TradingView If the price recovers from the 20-day EMA (0.87 USD), it reflects the buying pressure emerging when the price adjusts. This development increases the likelihood that ADA could break above the resistance line. If this scenario occurs, the ADA/USDT pair could spike to 1.02 USD, then target 1.17 USD.

This positive outlook will quickly be invalidated if the price of Cardano reverses sharply and breaks through the support line. This shows that the bears have completely overwhelmed the bulls. At that point, the ADA/USDT pair is at risk of falling to 0.68 USD.

Technical Analysis of HYPE

Hyperliquid (HYPE) has surged to a new all-time high of 59.41 USD on Thursday, but the bulls are struggling to maintain this high price range.

HYPE/USDT daily chart | Source: TradingView The RSI indicator is showing early signs of bearish divergence, suggesting that the upward momentum may be weakening. If the bears push the Hyperliquid price below the 20-day EMA (52.30 USD), selling pressure will open up, with the next target at 49.88 USD, followed further by the 50-day SMA at 46.41 USD.

However, the bulls are expected not to remain idle. They will try to defend the 20-day EMA as the price corrects. If the HYPE/USDT pair strongly rebounds from this area, the bulls will seek to initiate a new upward trend, with the model target at 64.25 USD.

Technical Analysis of LINK

Chainlink (LINK) has surged from the 50-day SMA (22.69 USD) on Wednesday, but is currently facing strong resistance at the descending trendline.

LINK/USDT Daily Chart | Source: TradingView The 20-day EMA (23.71 USD) is showing signs of consolidation, while the RSI is near the neutral zone, indicating a balance between supply and demand. To open up the next uptrend, the bulls need to push the price of LINK to break out and maintain above the downtrend line. If successful, the LINK/USDT pair could target the 27 USD level.

Conversely, if the price breaks and closes below the 50-day SMA line, it will indicate that the bears have returned to the dominant position. At that point, LINK/USDT may drop to the rising trend line, where the bulls are likely to enter the market.

Technical Analysis of AVAX

Avalanche (AVAX) has broken out of a large accumulation zone in the range of 15.27 – 27.38 USD on September 10, signaling the start of a new upward trend.

Daily AVAX/USDT Chart | Source: TradingView The strong uptrend has pushed the RSI into the overbought zone, warning of a potential correction or consolidation in the short term. Bears are currently trying to halt the uptrend at the resistance level of 36.17 USD.

If the pullback occurs shallowly, it will indicate that the bulls are still holding their ground, expecting the upward trend to continue. In the scenario of a breakout above 36.17 USD, the AVAX/USDT pair could advance towards the pattern target at 39.49 USD, with a further target of 45 USD.

On the contrary, this positive outlook will be invalidated if the price of Avalanche reverses and breaks below the 20-day EMA (28.78 USD).

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