As a seasoned cryptocurrency enthusiast with years of experience under my belt, I find myself intrigued by the current market trends. Toncoin (TON) and Cardano (ADA), two prominent players in the crypto world, are showing mixed signals at the moment.
Reaching beyond $66,500 in value for Bitcoin (BTC) marks the final obstacle before it potentially hits $70,000. As per Farside Investors data, this surge was followed by substantial investments of approximately $555.9 million and $371 million into U.S. spot Bitcoin exchange-traded funds on October 14th and 15th respectively.
Following its recent surge, financial experts are becoming increasingly optimistic that Bitcoin could reach a fresh record high in the year 2024. Notably, analyst Bitcoindata21 is particularly optimistic and predicts Bitcoin could soar to an impressive $233,000 by as early as the first quarter of 2025.
Despite the optimistic outlook, it’s crucial for traders to stay vigilant. As the price approaches its record high, sellers (bears) may intensify their resistance. A notable rejection close to the all-time high might prompt some short-term buyers to cash out their gains. This could potentially limit the price movement within the range of $54,000 to $73,777 for a while longer.
Is it possible that Bitcoin reaching $70,000 could lead to a surge in purchases of alternative cryptocurrencies? Let’s examine the graphs of the leading 10 digital currencies to determine the answer.
Bitcoin price analysis
On October 14, Bitcoin broke through the $65,000 barrier as resistance and then made a powerful rise over $66,500 on October 15.
The essential level to keep an eye on as prices fall could be around $65,000. Should buyers manage to transform this area into a support point, a potential rise towards $70,000 might occur. Traders are predicted to show strong resistance in the range of $70,000 to $73,777.
If BTC/USDT falls below $65,000 and closes there, it may signal a weakness that could lead to a drop towards the 20-day exponential moving average ($63,417). However, if the price recovers from this average, the bulls might try to push the pair back up towards $70,000.
From my perspective as a researcher, a dip beneath the 20-day Exponential Moving Average (EMA) could imply that the bullish momentum has waned. In such a scenario, the pair might descend towards the 50-day Simple Moving Average ($61,023).
Ether price analysis
Ether (ETH) is currently touching the resistance level of a symmetrical triangle formation, which the bears are attempting to stop its upward momentum.
If purchasers hold firm near their current positions, the chances of surpassing the resistance line become more likely. The Ethereum-to-Tether (ETH/USDT) pair might climb up to $2,850 initially, and potentially even reach $3,400 thereafter.
If the price falls from the resistance level and drops beneath the moving averages in the short term, this optimistic outlook will be contradicted. It’s possible that the pair could remain within the triangle for a while longer.
BNB price analysis
Investors appear to be making an effort to drive up the price of BNB (BNB) towards the tough barrier at $635, a level where sellers are anticipated to put up a significant fight.
If the price decreases from its resistance level but is supported by the 20-day Moving Average ($575), this could indicate that buyers are still active during price drops. The buyers would then try one more time to surpass the resistance. If they manage to do so, the BNB/USDT pair might increase towards $722.
As a researcher, I’ve observed an interesting pattern. If the price dips and falls beneath the 20-day Exponential Moving Average (EMA), it might suggest that the price range could persist for a while longer. Additionally, if it plummets below the 50-day Simple Moving Average (SMA), the temporary edge seems to shift towards the bears.
Solana price analysis
Currently, Solana (SOL) is encountering resistance close to the $164 level, yet the bulls have managed to prevent a drop in its price beneath the 20-day Moving Average, which stands at approximately $147.
If the price increases from its current point or surpasses the 20-day Exponential Moving Average (EMA), this would indicate a shift in sentiment towards optimism. This positive change would strengthen the chances of a rise above $164. Upon such an occurrence, the bullish ascending triangle pattern would be completed. Subsequently, the Solana/USD Tether pair might escalate to around $189 and potentially reach $210.
Instead, if the price falls beneath the 20-day Exponential Moving Average (EMA), the pair might trend downward towards the uptrend line. For the bearish scenario to prevail, traders must forcefully pull the price below the uptrend line, thereby potentially disrupting the bullish setup.
XRP price analysis
In simpler terms, the bulls are making an effort to drive XRP’s price higher than its average values, but so far, the bears have managed to maintain control.
In simpler terms, the bulls have held onto their position relatively well compared to the bears, indicating that they might try pushing the XRP/USDT price above its moving averages one more time. If successful, this could lead to a potential increase in the XRP/USDT pair, reaching towards the resistance level of $0.64.
If the price drops and falls beneath $0.50 in the short run, this optimistic outlook may prove incorrect. This could potentially trigger a decline towards $0.46.
Dogecoin price analysis
The price of Dogecoin (DOGE) has touched the upper boundary of a symmetrical triangle formation, suggesting that buyers might be trying to regain control.
Should the buyers manage to breach the upward trendline, this would indicate the commencement of a fresh bullish phase for the DOGE/USDT pair. With potential gains, it may reach as high as $0.14 initially and subsequently climb up to around $0.17. The projected objective level following the breakout from the triangle is approximately $0.19.
If the price falls significantly below the resistance level, this might imply that the bears are still active during uptrends. This situation could potentially keep the pair trapped within the triangle for a while longer.
Toncoin price analysis
Toncoin (TON) is holding steady near its moving averages, suggesting that buyers are making an effort to surmount the resistance they currently face.
If the bulls are victorious, the TON/USDT pair might climb up to around $6. This significant barrier could potentially halt further growth, but if surpassed, the ascent could reach $7. In such a scenario, it appears that the pair may fluctuate between approximately $4.72 and $8.29 for some time.
If the price drops from the moving averages and falls below $5, this could indicate that the bulls have lost control. In such a case, the pair might revisit the $4.72 to $4.44 range which acts as its potential support zone.
Cardano price analysis
Over the last several days, Cardano (ADA) has been holding close to its moving averages, suggesting a fierce struggle between the buyers and sellers.
If the cost of ADA/USDT continues to be higher than its moving averages, the bulls will attempt to drive the price towards the potential resistance level of $0.40. This is a crucial point for the bears to protect because if it’s broken, it could trigger a new upward trend. The pair might then climb to $0.45 and potentially reach $0.50.
If the price keeps falling below the moving averages, the sellers (bears) might push the price down towards the $0.31 support level. Should this support fail, there’s a possibility that the price could drop further to $0.27.
Avalanche price analysis
For a few days now, the digital currency known as Avalanche (AVAX) has been moving within a symmetrical triangle formation, suggesting uncertainty about its upcoming price trend.
On October 14th, the AVAX/USDT pair showed a decline from its resistance point, hinting at the bulls being overpowered by the bears defending that level. If this pair drops below its 20-day Exponential Moving Average ($27.24), it may dive towards the support line.
If the price falls below the support level, it suggests that the bears are dominating over the bulls, potentially causing the pair to decrease to $17. Conversely, if the price surpasses the triangle, it indicates a shift in favor of the bulls, possibly leading the pair to rise first to $37 and then to $42.
Shiba Inu price analysis
The cryptocurrency Shiba Inu (SHIB) appears to be forming a Head and Shoulders reversal pattern. This pattern is likely to conclude when SHIB breaks and ends the day trading above 0.000020 cents.
With the rising moving averages and the Relative Strength Index (RSI) in a positive zone, it seems the bulls are in charge. If there’s a break above $0.000020 and a subsequent close, we might witness a surge toward the projected target of $0.000028.
It’s possible that the sellers have other commitments and are planning to manipulate the price. They might attempt to push the price above the resistance level, but then pull it back down below the 20-day Exponential Moving Average ($0.000017). If they succeed in doing this, it could indicate that the SHIB/USDT pair may stay within the $0.000012 to $0.000020 price range for a while longer.
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2024-10-16 22:17