As a seasoned cryptocurrency analyst with years of experience under my belt, I find myself constantly intrigued by the dynamic nature of the digital asset market. Today, let’s delve into three interesting cases: XRP, Dogecoin, Toncoin, and Cardano.
Bitcoin (BTC) dipped below $67,000 following a week’s close above $69,000, marking its highest weekly close since early June. Yet, this decrease did not deter investors. As per Farside Investors data, U.S.-based Bitcoin ETFs attracted investments worth approximately $294.3 million on October 21st.
Typically, when a price remains stable within a specific range for an extended period, it often takes a substantial event to push it beyond the sideways pattern. The upcoming U.S elections might serve as the catalyst that initiates a new trend in Bitcoin’s price movement. Many speculate that if Donald Trump, the former US president and Republican nominee, were to win the election, Bitcoin could see an upward surge.
Despite Bitcoin’s overall positive outlook persisting, there are indications of vulnerability in the short term. As shared by influential finance account Emperor with their followers, a potential dip to around $62,000-$63,000 might present a good chance for purchases.
As a researcher, I am constantly monitoring the market trends of digital currencies like Bitcoin and various altcoins. The question at hand is whether they will rebound from their current levels or continue to drop. To shed some light on this matter, let’s delve into the charts for some insights.
S&P 500 Index price analysis
Currently, the S&P 500 Index (SPX) is on an upward trajectory; however, this rise is encountering a slight obstacle at approximately 5,878. It’s possible that the price will experience a short-term decrease, potentially down to the 20-day exponential moving average, which stands at around 5,774.
If the price strongly bounces back from its 20-day Exponential Moving Average (EMA), this indicates that investor optimism is high and they are purchasing during dips. The bulls may then attempt to propel the index towards 6,000 one more time. Sellers might try to halt the upward trend at 6,000, but if the bulls continue their strength, the potential next target could be 6,221.
Contrarily, if the price drops beneath the 20-day Exponential Moving Average (EMA), it may diminish the bullish trend’s strength. In this case, the index might fall towards the 50-day Simple Moving Average (SMA) at approximately 5,652.
US Dollar Index price analysis
On October 1st, the U.S. Dollar Index (DXY) surged sharply as it broke through the 101 mark. This upward trend was sustained by buyers who further drove the price past the 103.54 resistance level on October 17th.
On October 18th, the bears made an attempt to pull the price down below the 103.54 mark, but the bulls successfully defended their positions. The buyers then managed to push the price beyond the immediate resistance of 103.87, which could pave the way for a potential rise towards 105.
If the price falls significantly and drops below 103.42 in the near future, this positive outlook could be disproven. In such a case, the index might descend towards the 20-day Exponential Moving Average (EMA) at 102.75. For sellers to suggest a resurgence, they would need to push the index beneath the 20-day EMA.
Bitcoin price analysis
Bitcoin experienced a significant drop after encountering resistance at around $70,000, suggesting that bears are assertive at higher price points.
In simpler terms, if the price falls between $66,500 and $65,000, it might provide a base for recovery. If the price bounces back strongly from this range, it could indicate a new low point has been established. This would increase the chances of a rise towards $72,000. However, potential buyers may encounter strong resistance in the area between $72,000 and $73,777.
If Bitcoin (BTC/USDT) falls and closes below $65,000, its upward trend may weaken, potentially causing it to drop towards the 50-day Simple Moving Average (SMA), which is around $62,117.
Ether price analysis
On October 20th, Ether (ETH) surpassed the upper boundary of a symmetrical triangle, yet the buying forces couldn’t propel the price up to $2,850.
The bears are trying to yank the price below the 20-day EMA ($2,573). If they can pull it off, it will signal that the markets have rejected the breakout. The ETH/USDT pair could then slide to the 50-day SMA ($2,485).
Instead of falling as expected, if the price rebounds powerfully from its 20-day Exponential Moving Average, it suggests that investors are buying at lower prices. In this case, the bulls might attempt to push the pair over the $2,850 resistance level and initiate a climb towards $3,400.
BNB price analysis
On October 21st, BNB’s price dropped from $612, suggesting that the selling pressure is strong near the potential resistance level at $635, which the bears are determined to hold.
Initially, if the price falls, the 20-day Exponential Moving Average (EMA) at around $585 may act as a support. If the price rebounds strongly from this EMA, it suggests a positive market sentiment. In such a case, traders might try to push past the resistance at $635 again. If they manage to do so, the Binance Coin (BNB/USDT) pair could potentially surge towards $722.
If the 20-day Exponential Moving Average (EMA) falls below its current level, the price might decline towards the 50-day Simple Moving Average (SMA) at $564, and potentially drop further to $527. This could suggest that the price may stay within this range for a while longer.
Solana price analysis
On October 20th, Solana (SOL) surpassed the $164 resistance level, thereby concluding an optimistic ascending triangle formation – a bullish indication in technical analysis terms.
On the contrary, the bears seem determined to push the price down and attempt to drive it under $164. Should the bulls manage to hold their ground at this level, there’s a greater chance we might see a surge toward $189 instead.
If the price falls and stays below $164, this implies that the market has not accepted the breakout. The SOL/USDT pair might then drop down to the 20-day Exponential Moving Average (EMA), currently at $153. However, if the price rebounds from the 20-day EMA, the bulls will try once more to initiate an upward trend by pushing the pair above $172.
XRP price analysis
On October 20th, XRP (XRP) rebounded from its upward trendline, yet the optimistic buyers failed to drive the cost beyond the 50-day Simple Moving Average ($0.56).
In simpler terms, the bears aim to exploit a disadvantage by pushing the price under the upward trend line. If this occurs, the XRP/USDT pair might fall to approximately $0.50. Previously, buyers have successfully safeguarded the $0.50 mark on two instances. Consequently, they are likely to attempt doing so once more.
If the price dips below its upward trendline and surpasses the 50-day Simple Moving Average (SMA), this could indicate a return of the bulls, with the aim being to challenge the resistance at $0.64.
Dogecoin price analysis
On October 18th, Dogecoin (DOGE) surpassed its symmetrical triangle formation, yet the upward momentum seems to be encountering a barrier around the $0.15 level.
In simpler terms, if the Dogecoin (DOGE) price against Tether (USDT) reaches the boundary of the triangle formation once more, it might indicate a potential breakout. Should the price bounce off the resistance line, this would suggest that buyers have managed to change the resistance into support. This could lead to another attempt by buyers to push the price above $0.15. If they accomplish this, we may see the pair increase toward $0.18.
If the price drops and falls beneath its 20-day Exponential Moving Average (currently at $0.12), this optimistic outlook could be disproven soon. In such a case, the pair might descend towards the support line of the triangle.
Toncoin price analysis
It seems that buyers haven’t been successful in driving Toncoin (TON) prices beyond its moving averages, suggesting a decrease in demand at higher price points.
The bears aim to push the price down towards the $5 mark as a potential support. If successful, the pair might revisit the $4.72 to $4.44 region, serving as a key area to monitor. A break and subsequent close below this range would confirm a bearish head-and-shoulders formation, initiating a possible downtrend.
To keep the decline at bay, the bulls need to promptly push the TON/USDT pair above its current moving averages. Once achieved, the pair may potentially reach $6, and if it overcomes that level, it could aim for $7. However, this $7 mark is expected to serve as a significant barrier.
Cardano price analysis
On October 20th, Cardano (ADA) surpassed its moving averages, but the selling pressure from the bears has prevented the price from staying above the $0.37 resistance level.
In simpler terms, neither buyers nor sellers seem to have a decisive advantage based on the relatively flat moving averages and RSI close to the midpoint. If the price increases from its current position and surpasses $0.37, the ADA/USDT pair may potentially rise towards the resistance level of $0.40.
Instead, if the price drops beneath the moving averages, the sellers (bears) will attempt to push the pair down towards $0.33. If they succeed, the pair might fall further to $0.31, at which point the buyers are anticipated to put up a robust defense.
Read More
- DYM PREDICTION. DYM cryptocurrency
- CYBER PREDICTION. CYBER cryptocurrency
- ZK PREDICTION. ZK cryptocurrency
- JASMY PREDICTION. JASMY cryptocurrency
- POPCAT PREDICTION. POPCAT cryptocurrency
- Top gainers and losers
- SKEY PREDICTION. SKEY cryptocurrency
- TURBO PREDICTION. TURBO cryptocurrency
- RUNE PREDICTION. RUNE cryptocurrency
- GEOD PREDICTION. GEOD cryptocurrency
2024-10-22 19:39