Price analysis 10/28: SPX, DXY, BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA

As a seasoned cryptocurrency analyst with years of experience navigating the volatile digital asset market, I find myself analyzing the recent price movements of various coins. Let’s dive into the current trends for EMA, Dogecoin, Toncoin, and Cardano.

Bitcoin (BTC) has started the week on a positive note, with buyers pushing the price above the $69,000 overhead resistance. This signals that the up move remains intact.

A significant factor contributing to Bitcoin’s impressive growth is robust investment in U.S.-based Bitcoin Exchange Traded Funds (ETFs). According to Bitcoin expert Alessandro Ottaviani, writing on platform X, these ETFs have seen approximately $3 billion poured into them over the past fortnight.

Besides purchasing ETFs, the upcoming U.S. elections and the Federal Reserve’s interest rate announcement could significantly influence the cryptocurrency market in November.

It appears that large Bitcoin holders, known as “whales,” are taking advantage of the price holding steady to purchase even more Bitcoin. According to a chart shared by research firm Santiment, there’s been an approximately 1.9% rise in the number of whale entities (wallets containing 100 Bitcoins or more) over the past fortnight.

Is it possible that Bitcoin could reach prices over $70,000, causing increased buying of certain alternative cryptocurrencies? Let’s take a look at the charts for clarification.

S&P 500 Index price analysis

Last week, the S&P 500 Index (SPX) moved into a period of correction, yet a promising indicator is that the upward trend was maintained as the bulls prevented the price from dipping beneath the ascending trendline.

As long as the price remains above its upward trajectory line, the overall pattern stays optimistic. If the price keeps climbing and surpasses the resistance at 5,879, it would suggest a restart of the uptrend. The index might then advance towards 6,000 and potentially reach 6,221.

As a researcher analyzing market trends, I’m cautiously optimistic about our current trajectory. However, if the price were to take a downturn and plummet below our established uptrend line, my optimism would be tempered. The index might then drop down to the significant level of 5,670, which serves as a crucial watchpoint. A breach below this level could potentially trigger a more profound correction, possibly pushing the index down to around 5,400.

US Dollar Index price analysis

The strength in the U.S. Dollar Index (DXY) appears to be waning as it approaches the resistance level of 104.80.

Currently, the key support stands at 103.93. If this level is breached, the index might slide down to its 20-day exponential moving average (approximately 103.25). Anticipated buyers are ready to show strength in defending this 20-day EMA. A robust rebound from the 20-day EMA could boost the chances of a surge past 104.80. Subsequently, the index could potentially reach 106.

To avoid a rise in prices, bears might need to forcefully pull the price down by dipping it beneath the 20-day Exponential Moving Average (EMA). If they manage this, the index may fall towards the 50% Fibonacci retracement level of 102.36.

Bitcoin price analysis

As a crypto investor, I’ve noticed that bitcoin has been steadily climbing towards the resistance level of around $70,000, which suggests strong demand among buyers at these elevated prices.

1) Based on the rising moving averages and the Relative Strength Index (RSI) being in a positive range, it appears that buyers currently hold the advantage. The $70,000 mark might present some resistance, but there’s a strong possibility it will be breached. This could potentially drive the BTC/USDT pair towards $72,000, where sellers may become more active and aggressive.

Keep an eye on the 20-day Exponential Moving Average ($66,452), as it’s a crucial level of support that could potentially hold up during price drops. If this level is breached, it would suggest a decrease in bullish strength. In such a case, the bears might regain control if they manage to push and maintain the pair below $65,000.

Ether price analysis

On October 25, Ether (ETH) dropped beneath its 50-day Simple Moving Average ($2,504), but the bullish investors seized the opportunity to buy at the lower price point, which served as a support line for an upward trending channel.

Keeping an eye on the price as it’s now at the significant level of the 20-day Exponential Moving Average ($2,539). Should the price drop from this point, it might signal a bearish attempt to push the ETH/USDT pair below its support line. In such a scenario, the pair may slide towards the potential support zone between $2,150 and $2,111.

In a reversal, should the price climb beyond the moving averages, the currency pair may surge towards the channel’s upper resistance line. The sellers, anticipating a potential breakout, will likely put up strong resistance at the support level of $2,850.

BNB price analysis

On October 26, BNB (BNB) bounced back from its 50-day Simple Moving Average (SMA) at around $574, and by October 27, it surpassed its 20-day Exponential Moving Average (EMA) which was approximately $586.

Should the price continue above its 20-day Exponential Moving Average (EMA), the bullish forces may aim to push the BNB/USDT pair towards the potential resistance of $635. On the other hand, sellers will strive to protect this level, but if the bulls are successful in overpowering them, the price could potentially rise to $722.

Instead of the initial idea, should the price decrease and drop beneath the 50-day Simple Moving Average (SMA), this would suggest that the bulls might be losing ground, and the bears could potentially regain control. The pair may then fall towards the robust support level at $527.

Solana price analysis

Solana’s price (SOL) is making an effort to move upward towards the resistance level of $210 within its current range, yet it’s facing significant opposition from bearish forces at around $179.

If purchasers hold their positions steady near the current price, there’s a higher chance we might see a jump over $179. The potential for the SOL/USDT pair to rise could reach $189, but at that point, sellers are likely to put up a significant resistance.

If the price drops sharply and falls below its 20-day Exponential Moving Average (EMA) in the short term, this optimistic outlook will be disproven. This decline could potentially push the pair towards the 50-day Simple Moving Average ($149), suggesting that the bulls might be starting to leave the market.

XRP price analysis

XRP (XRP) turned down from the 20-day EMA ($0.53) on Oct. 25 and plunged below the $0.50 support.

Based on the declining 20-day Exponential Moving Average (EMA) and the Relative Strength Index (RSI) being in the negative zone, it appears that the bears currently hold an advantage. Traders may attempt to push the XRP/USDT pair down towards $0.46, a level where buyers are likely to make their move.

On the positive side, if the buyers are able to drive and sustain the price over the 50-day Simple Moving Average (approximately $0.55), it would suggest that the selling force is decreasing. Subsequently, there might be an attempt for a surge towards the strong resistance level of around $0.64.

Dogecoin price analysis

On October 26, Dogecoin (DOGE) surged past its 20-day Exponential Moving Average ($0.13), and by October 28, it had climbed up to encounter a resistance level at $0.15.

The bears are attempting to hold the price at $0.15, but the increasing 20-day moving average and RSI being in positive territory suggest that the bulls might have an edge here. If buyers manage to push the price above $0.15, the Dogecoin (DOGE) price against Tether (USDT) could potentially rise towards $0.18.

If the price plummets significantly from $0.15, it indicates that bears are active at higher levels, potentially causing another drop towards the 20-day Exponential Moving Average (EMA). A break and close below this 20-day EMA could trigger a fall towards the 50-day Simple Moving Average (SMA) at $0.12.

Toncoin price analysis

On October 25th, Toncoin (TON) bounced back from a vital support area ranging from $4.72 to $4.44. However, buyers have been struggling to drive the price over the moving averages.

sellers might attempt to boost their advantage by reducing the price slightly under $4.44. Should they succeed, it would conclude a bearish ‘head and shoulders’ formation for the TON/USDT pair, initiating a potential decline that could extend towards $3.50.

If the price increases and surpasses its moving averages shortly, this pessimistic perspective would be disproven. In that case, the pair might ascend to around $6, where it’s expected to encounter strong resistance.

Cardano price analysis

On October 26th, Cardano (ADA) rebounded from its $0.31 support level. However, this upward trend appears to be encountering resistance at the moving averages, which could indicate that the bears might be attempting to regain control.

Attempts by sellers may push the ADA/USDT price further down towards the $0.31 resistance level. If they manage to break this level, there’s a possibility of a continued downtrend, potentially leading the pair to fall as low as $0.27. This level is anticipated to provide significant support once more.

If the price increases significantly from its current position or recovers powerfully beyond $0.31, this could signal strong buying at lower prices. This would potentially boost the chances of a price surge surpassing the moving averages. The currency pair might then aim for $0.40.

2024-10-28 20:43