As a seasoned crypto analyst with years of experience under my belt, I must say that the current momentum seems to be taking a breather for some of these coins. Let’s break it down:
On October 11th, the value of Bitcoin (BTC) bounced back strongly, approaching nearly $62,500, suggesting that there has been significant purchasing activity at lower prices.
On the other hand, there’s disagreement among analysts regarding Bitcoin’s imminent price movement. At a recent Permissionless conference, Dan Tapiero, founder of 10T Holdings, expressed his view that Bitcoin could potentially reach $100,000 in the near future.
Conversely, analyst Cole Garner predicted in a recent post on platform X that Bitcoin might experience a significant drop due to the ongoing contraction of liquidity in the short term. His forecast points towards Bitcoin potentially falling below $50,000.
Despite short-term traders fretting over immediate price fluctuations, it appears that significant Bitcoin investors, known as whales, have been actively buying up Bitcoin. As reported by CryptoQuant Contributor Axel Adler Jr., these large-scale investors holding over 1,000 Bitcoins have amassed approximately 1.5 million BTC within the past six months.
If Bitcoin manages to regain its footing above $62,000, certain alternative cryptocurrencies may experience an upward trend. Here’s a look at the price movements of the leading 10 digital currencies to see if this is the case.
Bitcoin price analysis
On October 10th, Bitcoin dipped below its support at $59,828, but an encouraging indicator is that buyers stepped in during the drop, as evidenced by the elongated wick (or tail) on the candlestick.
If purchasers keep the price above the 20-day exponential moving average ($61,947), overly pessimistic sellers might find themselves caught in a predicament. In this scenario, the BTC/USDT pair could attempt to ascend towards the resistance area of $65,000 to $66,500.
If the price drops and falls below $58,946, this positive outlook could be contradicted. At that point, bears might try to push the pair down towards $57,500, with a potential further drop to the significant support of $54,000. However, traders anticipate buyers may intervene to safeguard the $54,000 price range.
Ether price analysis
Despite Ether (ETH) currently trading below its moving averages, the bears have struggled to push the price down to the base of the symmetrical triangle’s support line. This indicates a decrease in selling pressure at lower levels.
In simpler terms, buyers aim to drive the ETH/USDT price beyond its moving averages, heading towards the resistance level. Sellers will attempt to contain the price within a range by guarding the resistance line. However, if buyers manage to break through this defense, the ETH/USDT pair could potentially increase to $2,850 initially and then possibly reach $3,409 later on.
If the price drops beneath the moving averages and dips below $2,300, this might indicate that the bears are attempting to assert dominance. In such a case, the pair might slide down towards the support level.
BNB price analysis
On October 10th, Binance Coin (BNB) dipped beneath its 20-day Exponential Moving Average ($567), yet the buyers managed to protect the 50-day Simple Moving Average ($553).
On October 11, the bulls initiated a recovery trend, causing the price to surpass the 20-day Exponential Moving Average (EMA). For the BNB/USDT pair to potentially reach a higher level of $635, it must sustain its upward momentum and break above the current level of $587.
If the price drops and falls below the 50-day Simple Moving Average (SMA), this would indicate an advantage for the bears. The significant short-term support is at $527, but if it’s unable to prevent a fall, the BNB/USDT pair might drop down to the robust support at $460.
Solana price analysis
On October 9th, Solana (SOL) dropped below its 50-day Simple Moving Average (SMA) at $141, yet the downward pressure from sellers failed to force the price below the surrounding support level of approximately $133.
On October 11, the bulls are attempting to drive the price beyond the moving averages. If they succeed, the Solana-to-USD Dollar (SOL/USDT) pair might increase towards approximately $152. This level might serve as a slight obstacle, but if it’s surpassed, the pair could potentially rise to $164.
It’s highly probable that the bears have alternative strategies in mind. They intend to challenge the moving averages and potentially push the price downwards beyond $133. Should this occur, the pair might slide down to $127 and then further towards the robust support level at $116.
XRP price analysis
For several days now, XRP (XRP) has been moving within a limited price band, roughly between 50 cents and 55 cents, suggesting a fierce struggle between the bullish and bearish market forces.
A push above the current moving averages could indicate the commencement of an uptrend towards the potential resistance at $0.64. This level might present another hurdle for the bulls to overcome.
If the price decreases from its current position or falls below $0.50 and breaches the moving averages, this could indicate that power has shifted towards the sellers (bears). The pair might then drop to $0.46 and potentially continue downwards to $0.41.
Dogecoin price analysis
Over the last several days, Dogecoin (DOGE) has stayed above its 50-day Simple Moving Average, which is at about $0.10. However, the bulls haven’t been able to initiate a significant rebound, implying that bears might be offloading during uptrends.
To outperform and potentially surge, bulls must ensure the price stays above the 20-day Exponential Moving Average (EMA) at approximately $0.11. If they manage this, the Dogecoin/Tether pair may try to break through the resistance line of the triangle.
If the price falls from the 20-day Exponential Moving Average (EMA) and dips below the 50-day Simple Moving Average (SMA), this would suggest that the bulls have lost control. This could cause the pair to drop towards the triangle’s support line. A fall below the triangle might initiate a downward trend, potentially reaching $0.08.
Toncoin price analysis
Toncoin (TON) has been trending lower towards the robust support level at $4.72, yet the pace of its descent appears to be decelerating.
As a researcher studying the TON/USDT market dynamics, I’ve noticed a significant resistance level formed by the moving averages. It’s crucial to keep an eye on this as the bulls aim to push the price beyond it. If their efforts prove successful, we might witness a potential rally towards $6 initially, and then potentially even reach $7 in subsequent movements.
If the price begins to drop below my moving averages, I would interpret this as the bears continuing to dominate the market. This could potentially lead to a retest of the robust support zone, ranging from $4.72 to $4.44.
Cardano price analysis
Despite being held back by the moving averages, the bearish forces have struggled to push Cardano’s (ADA) price down to the strong support level of $0.31.
If buyers manage to push the ADA/USDT price above its moving averages, we can expect the price to climb towards the resistance of approximately $0.40. This barrier might be tough to break, but if it is, the price could escalate to around $0.45 and potentially even reach $0.50.
If the price significantly drops below the moving averages and falls below $0.33, there’s a possibility it could hit the $0.31 support level instead.
Avalanche price analysis
Avalanche (AVAX) is currently seeking stability near its 50-day Simple Moving Average, which stands at approximately $25.27. This suggests that buyers are becoming more active at lower price points.
Should the cost consistently surpass the 20-day Exponential Moving Average (around $26.39), the bullish investors aim to propel the AVAX/USDT pair towards the upper boundary of the symmetrical triangle pattern. If, however, the price experiences a significant downturn from this resistance line, it could suggest that the pair might continue to stay within the triangle for a while longer.
The upcoming market movement seems poised to start once the price surpasses or drops beyond the triangle. If the price ascends above the resistance level, the asset might strive towards reaching the projected target of $46. Conversely, a fall below the support level could potentially cause the asset to drop to $17.
Shiba Inu price analysis
On October 10th, sellers managed to push Shiba Inu (SHIB) under its 20-day Exponential Moving Average ($0.000017), yet the extended wick or tail of the candle suggests that there was significant purchasing activity at lower prices.
On October 11th, the SHIB/USDT pair continued its upward trend, suggesting that buyers are maintaining their interest at higher price points. If the price surpasses $0.000019, it might push the pair towards $0.000022. However, this level could pose a significant challenge, but if the bulls persist, the rally could potentially reach $0.000026.
To stop an increase in price, bears might need to promptly push the price under the 20-day Exponential Moving Average. This could initiate a decline towards the 50-day Simple Moving Average (around $0.000015), and subsequently to the crucial support level at $0.000012.
Read More
- DYM PREDICTION. DYM cryptocurrency
- ZK PREDICTION. ZK cryptocurrency
- CYBER PREDICTION. CYBER cryptocurrency
- JASMY PREDICTION. JASMY cryptocurrency
- POPCAT PREDICTION. POPCAT cryptocurrency
- SKEY PREDICTION. SKEY cryptocurrency
- TURBO PREDICTION. TURBO cryptocurrency
- Top gainers and losers
- BNB PREDICTION. BNB cryptocurrency
- XRP PREDICTION. XRP cryptocurrency
2024-10-13 19:31