As someone who has navigated through the ever-changing tides of the cryptocurrency market for quite some time now, I must say that the current state of Toncoin, Cardano, Avalanche, and Shiba Inu is a fascinating study in market dynamics.
On November 1st, Bitcoin (BTC) dropped below $69,000, yet the downward trend couldn’t be maintained. The strong buying activity from the bulls has since lifted the price over the $70,000 threshold, suggesting a favorable market sentiment.
With Bitcoin almost reaching its record high of $73,777, it’s possible that sellers will start unloading their holdings. As per Glassnode data, those who have owned Bitcoin for less than six months (up to 155 days) have been transferring about 54,352 Bitcoins to cryptocurrency exchanges on October 31, which could indicate a potential selling trend.
Despite traders debating Bitcoin’s short-term price fluctuations, long-term investors continue to expand their Bitcoin holdings. For instance, MicroStrategy intends to gather $21 billion through stock offerings and $21 billion via bond sales within the next three years, primarily for purchasing additional Bitcoin.
Is it possible for Bitcoin to surpass current resistance levels and reach a fresh record high? Will other cryptocurrencies, particularly the top 10, mirror this trend as well? Let’s delve into their chart patterns to find an answer.
Bitcoin price analysis
On October 31, Bitcoin dipped beneath its $72,000 support level, and by November 1, it had dropped down to the 20-day exponentially weighted average, which is around $68,132.
The end of the candle indicates strong buying close to the 20-day moving average (20-day EMA). Attempts were made to push the Bitcoin price above $72,000, but the sellers managed to keep it down. A Doji pattern has appeared in the BTC/USDT chart, suggesting a lack of consensus between buyers and sellers.
Should purchasers surpass the $72,000 barrier, there’s a possibility they could attempt to reach the historic peak at $73,777. If they manage to break through and close above this point, it might indicate the beginning of another phase in the upward trend. The price could then potentially escalate towards the projected goal of $93,554.
To lose their bullish advantage, sellers must lower and maintain prices under the 20-day Exponential Moving Average (EMA), potentially causing a downward trend towards the 50-day Simple Moving Average ($64,674).
Ether price analysis
As an analyst, I observed a shift in Ether’s (ETH) trajectory on October 30, as it declined from the resistance line of the symmetrical triangle pattern we had been tracking. This downward trend continued, and on November 1, ETH dipped below the 50-day Simple Moving Average (SMA), settling at approximately $2,523.
In simpler terms, the ETH/USDT pair is finding support close to its upward trendline. If the price goes above the 20-day Exponential Moving Average (around $2,558), it might surge towards the resistance line. For a possible shift in trend, traders need to break through the hurdle at $2,850.
Instead of dropping the price below the upward trendline to show power, sellers might need to lower prices significantly. If this happens, the pair could potentially drop down to the support line. The bulls are likely to put up a strong fight in defense of the $2,111 to $2,200 range.
BNB price analysis
As a crypto investor, I observed that BNB (BNB) dipped below its 50-day Simple Moving Average (SMA) at $579 on October 31st. However, the bearish momentum didn’t seem to sustain on November 1st, as the bears failed to capitalize on their initial advantage.
Buyers have pushed the price back above the 50-day SMA and are trying to clear the 20-day EMA ($587). If they can pull it off, the BNB/USDT pair could rise to $612 and eventually to the vital resistance of $635. A break and close above $635 will signal the start of a new up move to $722.
If the price plunges significantly from its 20-day Exponential Moving Average, this optimistic outlook may be contradicted. This could increase the likelihood of a fall below the $566 level. The pair might then drop to $550 and potentially further to the robust support at $527.
Solana price analysis
On November 1, Solana (SOL) managed to maintain its position above the $164 breakout point, suggesting that the buyers are currently in control.
The buyers might attempt to drive the price of SOL/USDT beyond its immediate resistance level at $183, potentially causing the price to rise towards $189. However, sellers may try to stop this increase at $189. If the buyers continue to dominate, the price could even reach $210.
If the price falls and goes below $164, it might indicate that the bulls are leaving the market quickly. The pair may then drop down to the 50-day Simple Moving Average (SMA) at $152, and potentially even touch the uptrend line afterwards.
XRP price analysis
currently, XRP (XRP) is trading beneath its 20-day Exponential Moving Average (EMA) at around $0.53, yet efforts by the bears to push the price down to $0.46 support have not been successful. This indicates that demand for selling starts decreasing as we approach lower levels.
In simpler terms, if buyers successfully push the price beyond the moving averages, it could indicate the commencement of a rebound towards the resistance level of $0.64. However, the sellers are likely to put up a strong fight at that price point.
If the XRP/USDT pair experiences another steep decline near the moving averages, it could signal that the bears are still dominating the market. This increased bearish control may lead us to anticipate a potential drop towards the $0.46 to $0.41 price range, acting as a support zone.
Dogecoin price analysis
The inability of Dogecoin (DOGE) to surpass the $0.18 mark led some short-term investors to cash out their profits, a response often seen in such market situations.
However, a positive sign is that the bulls did not allow the price to skid below the breakout level of $0.15. The strong rebound off $0.15 suggests that the bulls have flipped the level into support. Buyers will make another attempt to drive the DOGE/USDT pair above $0.18. If that happens, the pair may climb to $0.21.
If the price drops and falls beneath the 20-day Exponential Moving Average (EMA) of $0.14, this optimistic outlook may soon prove incorrect. In such a scenario, the next potential floor would be the 50-day Simple Moving Average (SMA) at approximately $0.12.
Toncoin price analysis
On October 29, Toncoin (TON) declined from its 20-day Exponential Moving Average (EMA) of $5.08, reaching a support range between $4.44 and $4.72 by October 31.
In simple terms, the strong bulls should hold their ground at the designated area, or else the TON/USDT pair might form a pessimistic pattern known as a ‘head-and-shoulders’, which could potentially lead to a steep drop in price towards $3.50.
Instead, should the price rebound from the support area, the bulls will try once more to push the pair beyond their moving averages. If they are successful, the pair might ascend towards $6.
Cardano price analysis
In simpler terms, buyers were unable to keep the price of Cardano (ADA) above its average prices, suggesting that sellers are taking advantage of any increases in price.
In simpler terms, the current trend of the moving averages being somewhat flat and the Relative Strength Index (RSI) hovering slightly above its midpoint suggests that the Cardano-Tether pair might exhibit a confined pattern in the short term. If buyers manage to push the price beyond the moving averages, there’s potential for an upward movement towards $0.40.
On the contrary, should the price drop below the moving averages once more, traders may attempt to push the pair down towards $0.31. It’s anticipated that the next significant shift in trend will commence upon breaking above $0.40 or closing below $0.31.
Avalanche price analysis
On October 31st, Avalanche (AVAX) dropped below its underlying support within a symmetrical triangle formation, suggesting that it might be beneficial for traders to consider selling.
Bears aim to solidify their advantage by attempting to drive the price of AVAX/USDT below the $24 support level. If successful, this action might trigger a descent in the pair’s value, potentially reaching $22.79 first, and then possibly dropping further down to $20.50.
A significant push above the current moving averages might signal a surge in strength, implying the bulls are gradually overpowering the bears. This movement could indicate that the bears’ control is weakening and may lead the pair to approach the resistance level of the triangle.
Shiba Inu price analysis
On October 30th, Shiba Inu (SHIB) was unable to break through its upper resistance level of $0.000020, suggesting that bears are still dominant in the higher price ranges.
In the short term, it’s essential to keep an eye on the 50-day Simple Moving Average (SMA), currently at $0.000017. If the price falls below this point, the SHIB/USDT pair may continue to hover within the range of $0.000013 to $0.000020 for a while longer.
If buyers bounce off the 50-day Simple Moving Average, they’ll make another effort to surpass the resistance level. Breaking above $0.000020 will finish a bullish inverted Head and Shoulders pattern, potentially leading to a rise towards $0.000026.
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2024-11-01 21:19