Price analysis 10/18: BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, AVAX, SHIB

As a seasoned cryptocurrency analyst with years of experience under my belt, I must say that the current market trends are quite intriguing. Let’s delve into the price analysis of three popular coins: TON, Cardano (ADA), and Avalanche (AVAX).

On October 18th, buyers managed to drive Bitcoin (BTC) beyond its short-term barrier of $68,500, suggesting a resumption of the upward trend. This recent surge in price has been supported by substantial buying activity. Over the past five trading days, U.S.-based Bitcoin exchange-traded funds have experienced significant investments totaling approximately $2.1 billion, as reported by Farside Investors. These inflows have boosted the overall net inflows to over $20 billion, according to Eric Balchunas, senior ETF analyst at Bloomberg.

There’s no agreement among experts regarding Bitcoin’s immediate price fluctuations. Some think the rising Bitcoin futures open interest might lead to a sudden drop, while others argue that it suggests a major price shift is imminent, as suggested by Coinglass.

With Bitcoin’s price approaching its record peak, traders might adopt a more careful stance due to the potential for bears (those who believe prices will fall) to intensify selling efforts as the price approaches the upper limit of its current trading range.

Should the price continue within the $54,000 to $73,777 bracket, there might be a positive shift in sentiment, potentially favoring altcoins. Let’s examine the charts of the leading 10 cryptocurrencies to identify key support and resistance points.

Bitcoin price analysis

Following a slight dip on October 17th, the advocates of Bitcoin regained control and drove the price beyond $68,500 on October 18th.

It’s predicted that the Bitcoin (BTC) price against Tether (USDT) might rise to around $70,000 and then potentially reach $72,000. Should this resistance hold strong from sellers, it could impede further growth. However, if buyers maintain control, the price could ascend towards its all-time high of $73,777. This level is likely to present a significant challenge once more.

As an analyst, I anticipate that any market correction would likely find support near my 20-day exponential moving average, which stands at approximately $64,268. For the bears to disrupt the current bullish trend, they’ll need to push the price below this 20-day EMA. If that happens, we might see a shift in the short-term trend towards bearishness, but only if we break the $60,000 level.

Ether price analysis

For the last five days, Ethereum (ETH) has been hovering close to the resistance line of its triangle formation, implying that buyers are persistently pushing the price upwards.

If the buying pressure pushes the ETH/USDT rate beyond the triangle, there’s potential for it to climb towards $2,850. This level might function as a barrier, but if the price recovers from the 20-day Exponential Moving Average ($2,523) during a downturn, it would indicate a shift in trend. The pair could then aim for a surge to $3,400.

If the price drops and falls beneath the moving averages, this optimistic outlook could prove false in the short term. A decline like that might indicate that the pair could continue to stay within the triangle for an additional period.

BNB price analysis

As BNB (BNB) continues its upward trend, it approaches the potential resistance level at $635. This could be a point where sellers might become active again.

With the gradually ascending moving averages and the Relative Strength Index (RSI) in a positive zone, there’s a slight advantage for the buyers. If the bulls manage to break through the resistance at $635, the BNB/USDT pair might surge towards $722 and potentially reach $810.

If the price takes a steep dive from its current position, falling below the resistance level and moving averages, this could indicate that the pair might stay within the $460 to $635 range for a longer period.

Solana price analysis

Solana (SOL) is aiming to find backing at its 20-day Exponential Moving Average, which suggests that buyers consider the price drops as chances for investment.

In simpler terms, the bulls are going to try pushing the Solana (SOL) price beyond the $164 barrier that has been acting as resistance so far. If they manage to do this, it will signify the completion of an ascending triangle pattern on the SOL/USDT chart, which is a bullish setup indicative of potential growth towards $189.

As an analyst, I find myself observing that the 20-day Exponential Moving Average (EMA) currently serves as a crucial support level for the market. Should the price drop below this point, the trend line would also be at risk. If sellers manage to pull the price beneath the trend line, it could potentially invalidate the bullish pattern we’ve been tracking. Under such circumstances, the pair might experience a downturn, possibly reaching $127.

XRP price analysis

On October 17, the upward momentum of XRP (XRP) managed to surpass the moving averages, but it failed to maintain those elevated positions.

Keep a close watch on the trend line as it serves as the immediate resistance level. A drop below this line might signal that the bullish momentum has weakened, potentially leading the pair to plummet towards the crucial support at $0.50.

If the price increases from its current position or bounces off the upward trendline, this could indicate that buyers are taking advantage of price drops (buying on dips). This action would increase the chances of a move beyond the 50-day simple moving average ($0.56). Subsequently, the XRP/USDT pair might aim for $0.64.

Dogecoin price analysis

As a researcher, I observed an intriguing development with Dogecoin (DOGE) on October 18th. The cryptocurrency broke out from a symmetrical triangle formation, suggesting that the buying pressure has surpassed the selling pressure, implying potential bullish momentum ahead.

If the cost of Dogecoin (DOGE) relative to Tether (USDT) remains above the triangle formation, there’s potential for the price to increase towards approximately $0.17. Following this, it might further escalate to reach the predicted peak of around $0.19.

Instead of what’s suggested above, let me rephrase it in a simpler and more conversational tone:

Toncoin price analysis

In simpler terms, buyers are struggling to drive Toncoin (TON) prices beyond its average values, yet a small advantage goes to the bulls as they haven’t lost their hold to the bears so far.

If the rally continues and breaks above its moving averages, there’s potential for the TON/USDT pair to climb up to around $6. At this level, sellers might put up a strong resistance. But if buyers manage to push past this point, the pair could potentially reach $7.

If the $5 mark doesn’t hold strong, there’s potential for the price to fall into the range of $4.72 to $4.44, serving as a crucial support area. Traders are likely to defend this region vigorously, as a dip below it could signal the completion of a bearish head-and-shoulders formation. Subsequently, the price might slide down towards $3.50.

Cardano price analysis

As an analyst, I’ve observed that over the last few days, the price of Cardano (ADA) has been oscillating within a narrow band, ranging from approximately $0.33 to $0.37. This pattern suggests a struggle for control between the bullish and bearish market forces, as neither seems to have a clear upper hand at present.

As a researcher, I’m observing the ADA/USDT pair and have noticed a significant support level at $0.33. If this support were to break, it could potentially trigger a retest of the crucial support at $0.31. The bulls are showing resilience and are expected to put up a strong defense at this level, but if the bears manage to overpower them, we might see the pair sliding down to $0.27.

If the price exceeds its current level and surpasses $0.37, this might indicate that the buyers are making a resurgence. In such a case, the pair could potentially climb to $0.40. However, reaching $0.40 might be challenging due to resistance at this level. If the buyers successfully overcome this obstacle, the pair could potentially rise to $0.45.

Avalanche price analysis

On October 14th, Avalanche (AVAX) moved below its resistance line in a symmetrical triangle formation, yet buyers are making efforts to preserve the 20-day Exponential Moving Average (EMA), currently at $27.30.

Should the AVAX/USDT pair experience a robust rebound from its 20-day Exponential Moving Average (EMA), the bulls may attempt another push to surpass the resistance level. If they succeed, the pair might climb towards $37 initially and potentially reach $42 subsequently.

If the price drops beneath the 20-day Exponential Moving Average (EMA), it’s likely that the sellers may push the pair down towards the underlying support level. A breakdown and closing below the triangle could potentially pave the way for a potential fall to $17.

Shiba Inu price analysis

Currently, Shiba Inu (SHIB) is hovering slightly beneath its potential barrier at $0.000020, suggesting that the buying force has persisted steadily.

Over the past 20 days, the Exponential Moving Average (EMA) sits at approximately $0.000017 and is trending upward. Additionally, the Relative Strength Index (RSI) lies within positive territory, hinting at a potential breakout. If the price manages to surpass $0.000020 in closing value, the Shiba Inu/Tether pair could complete an upside-down Head and Shoulders pattern – a sign of reversal. This setup has a projected goal of around $0.000028.

If bears aim to reverse the current trend, they need to act quickly by pushing the price under the 20-day Exponential Moving Average. Once achieved, the pair could potentially fall towards the 50-day Simple Moving Average (at $0.000015), prolonging its trade within the range of $0.000012 to $0.000020.

2024-10-18 20:44