Buyers are finding it difficult to maintain Bitcoin (BTC) price above $27,000. The selling increased after the September producer price index rose 0.5% for the month versus expectations for a 0.3% increase. This shows that the inflation pressures are unlikely to ease in a hurry for the United States economy.
The uncertain near-term environment has shifted analysts’ focus to November and the upcoming halving event expected in April 2024. Crypto analyst Miles Deutscher cited a chart from CryptoCon and said that if history repeats itself, then Bitcoin may turn up by November 21 and start its journey higher to the next halving.
Several analysts are bullish about the long-term but the near-term remains uncertain due to various headwinds. Could Bitcoin and altcoins stage a recovery or will they continue moving lower? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price analysis
After finding support at the 20-day exponential moving average ($27,227) for the past two days, Bitcoin broke below the level on Oct. 11. This shows that the bears are trying to seize control.
If the price rebounds off the 50-day SMA, the bulls will attempt to propel the price above the 20-day EMA. That could open the doors for a potential rally to $28,143.
The flattish 20-day EMA and the relative strength index (RSI) just below the midpoint suggest a possible range-bound action in the near term.
Ether price analysis
Ether (ETH) has been finding buyers near the $1,531 support for the past two days, which is a positive sign. This suggests that the price will continue to swing between $1,531 and $1,746 for some more time.
Contrarily, a rise above the moving averages will suggest strong accumulation at lower levels. The pair may then attempt a rally to $1,746. The bulls may find it difficult to break above this level but if they do that, the pair could climb to $1,961.
BNB price analysis
BNB (BNB) fell below the uptrend line on Oct. 9 but bounced off the strong support at $203. This indicates that the price is range-bound between $203 and $220.
The next trending move is likely to begin on a break below $203 or on a rally above $220. If the $203 support gives way, the BNB/USDT pair may crash to $183. On the contrary, a rise above $220 could open the doors for a potential rally to $235 and thereafter to $250.
XRP price analysis
Buyers could not build upon the breakout above the symmetrical triangle and overcome the barrier at $0.56. This shows that XRP’s (XRP) demand dries up at higher levels.
On the downside, the first support is at $0.46 and after that at $0.41. Contrarily, attempts to start a recovery are likely to face selling at the moving averages and then at $0.56.
Solana price analysis
Solana (SOL) is one of the stronger major cryptocurrencies as it is trading above the immediate support at the 20-day EMA ($21.79).
If bulls fail to start a strong rebound off the 20-day EMA soon, the bears will be strengthened. They will then try to tug the price to the 50-day SMA ($20.44). If this level gives way, the next stop may be $18.50 and later $17.33.
Cardano price analysis
The bears dragged Cardano (ADA) back below the moving averages on Oct. 9, indicating a lack of demand at higher levels.
Contrarily, a break and close below $0.24 will indicate the start of the next leg of the downtrend. The pair may first skid to $0.22 and eventually to $0.20.
Dogecoin price analysis
Dogecoin (DOGE) plunged and closed below the $0.06 support on Oct. 9, indicating that the bears are in charge.
If they fail to do that, the bears will continue to put pressure on the $0.055 support. If this level cracks, the DOGE/USDT pair could retest the pivotal support near $0.05. This level is again expected to attract solid buying by the bulls.
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Toncoin price analysis
The bulls failed to sustain Toncoin (TON) above the 20-day EMA ($2.06) on Oct. 7, indicating that the bears are selling on relief rallies.
Meanwhile, the bears are likely to have other plans. They will try to sink and sustain the price below the 50-day SMA. If they succeed, the pair could start a downward move toward $1.60.
Polkadot price analysis
The bears made their move on Oct. 9 and yanked Polkadot (DOT) below the vital support at $3.91. The bulls tried to push the price back above the breakdown level on Oct. 10 but the bears held their ground.
The first sign of strength will be a break and close above $3.91. That may trap the aggressive bears, resulting in a short squeeze. The DOT/USDT pair will then attempt a rally to the 50-day SMA ($4.16).
Polygon price analysis
Polygon (MATIC) turned down and broke below the moving averages on Oct. 9, indicating that the $0.49 to $0.60 range remains intact.
This neutral view will invalidate in the near term if the price continues lower and plummets below $0.49. The pair will then indicate the start of the next leg of the downtrend toward $0.45.
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.
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