As a seasoned crypto analyst with years of experience under my belt, I can see that the market is presenting a mixed bag today. Let’s break it down.
On October 22, Bitcoin’s (BTC) effort to recover encountered robust selling by the bears, causing its price to dip towards $66,000 on October 23. This downward trend in Bitcoin resulted in an outflow of approximately $79.1 million from US-based Bitcoin exchange-traded funds, marking the first negative net inflow since October 10, based on data from Farside Investors.
Although there might be some short-term adjustments, experts remain optimistic about an uptrend in Bitcoin following the U.S. Presidential election. According to David Lawant, head of research at FalconX, Bitcoin is expected to do well regardless of the election results as reported by Bloomberg.
Paul Tudor Jones, a seasoned investor, shared with CNBC his diversified investment portfolio, which includes gold, Bitcoin, various commodities, and technology stocks on the Nasdaq. Following the U.S. elections, he believes that “these different asset classes” are likely to experience inflation due to the economic environment.
Will Bitcoin’s short-term resistance be able to withstand? Is there a possibility for altcoins to initiate a revival? Let’s delve into the charts of the leading 10 cryptocurrencies to uncover the answer.
Bitcoin price analysis
Bitcoin is back at its 20-day exponentially weighted moving average ($65,526). This is a crucial level in the short term that investors should keep an eye on as potential support.
A powerful bounce-back from the 20-day Exponential Moving Average suggests confident buying during price drops, suggesting a positive market outlook. Investors might then try again to push the BTC/USDT pair over $70,000. If they succeed, the upward trend could extend to around $72,000. However, sellers are likely to put up a stiff resistance in the range of $72,000 to $73,777.
If the price falls and drops below the 20-day Exponential Moving Average, it could weaken the current upward trend. The pair might then decline towards the 50-day Simple Moving Average ($62,295). This would suggest that the market may continue its sideways movement for a while longer.
Ether price analysis
On October 22nd, Ether (ETH) returned to its symmetrical triangle, suggesting that the market had dismissed the initial breakout attempt.
On October 23rd, the ETH/USDT pair saw a significant increase in sales. The price dipped below its 20-day Exponential Moving Average (EMA), which was at $2,568. Currently, there’s some support around the 50-day Simple Moving Average (SMA) at $2,487, but if this level doesn’t hold, the pair could potentially fall to $2,400, and then further down to $2,330.
Instead of what’s generally thought, should the price bounce back from its 50-day Simple Moving Average (SMA), it would imply that demand exists at lower prices. The bulls will then aim to push the price up towards $2,850 again, a level that could act as a robust resistance.
BNB price analysis
The price of BNB has fallen beneath its 20-day Exponential Moving Average ($585), a level that should be closely monitored in the upcoming days, as it could serve as potential support.
If the closing prices consistently exceed the 20-day Exponential Moving Average (EMA), it suggests that the buyers are successfully maintaining the given level. This could boost the chances for an uptrend reaching the potential resistance at $635, which is expected to present a significant challenge.
If the price ends the day below the 20-day Exponential Moving Average, it indicates that bulls might be taking profits. In this case, the BNB/USDT pair could potentially drop towards the 50-day Simple Moving Average ($565), and subsequently to a strong support level at $527. Such a scenario suggests that the pair may continue trading within the range of $460 to $635 for an extended period.
Solana price analysis
Currently, Solana (SOL) is consistently maintaining positions above the significant barrier at approximately $164. However, buyers have been finding it challenging to ignite a surge. If the value fails to surpass the resistance level of around $172, it could empower the sellers.
In simpler terms, if sellers manage to push the SOL/USDT price back towards a specific range (the triangle), they aim to catch out overly optimistic buyers (aggressive bulls). If this occurs, the price could potentially drop towards the 20-day Exponential Moving Average ($155). However, if the price recovers from this point, the bulls will attempt another upward trend by pushing the pair above $172. Successfully doing so may lead to a further rise in the SOL/USDT pair towards $189.
If the price falls beneath the 20-day Exponential Moving Average (EMA), the bears might attempt to pull the pair down towards the uptrend line instead.
XRP price analysis
On October 22, XRP’s (XRP) price dipped beneath its upward trendline, which suggests that the bears might be attempting to assert dominance in the market.
As a researcher examining the XRP/USDT market, I find myself anticipating a potential decline in this pair. A significant support level at $0.50 could come into play here. This level is crucial for the bulls as a breach and close below it might pave the way for a subsequent drop towards $0.46.
As a researcher, I find myself observing an optimistic outlook. To sustain this positive momentum, the bulls need to propel and consistently keep the price above our 50-day Simple Moving Average (SMA), currently at approximately $0.55. If they manage to do so, it could signal a strong position for us. Subsequently, there’s potential for the pair to make an upward push towards the resistance level of $0.64.
Dogecoin price analysis
The bears are attempting to guide Dogecoin (DOGE) upwards, aiming for the breakout point from its symmetric triangle configuration.
Based on the rising 20-day Exponential Moving Average (EMA) at around $0.12 and the Relative Strength Index (RSI) being in overbought territory, it appears advantageous for buyers. If the price increases from its current position or bounces off the resistance line with vigor, this could signal buying during downturns, which would enhance the chances of a rally surpassing $0.15. The Dogecoin-Tether (DOGE/USDT) pair may potentially reach $0.17 and then advance to $0.19.
If the price decreases and goes back into the triangle, this positive outlook could quickly change. The pair might then drop to the 50-day Simple Moving Average (SMA), which is around $0.11.
Toncoin price analysis
Toncoin (TON) is still trading beneath its moving averages, which suggests that there’s insufficient interest to drive prices up significantly at this point.
Keep an eye on the $5 mark as potential immediate support. If this level breaks, the TON/USDT pair may challenge the $4.72 to $4.44 range as a new support area. Traders are anticipated to actively protect this area, as a fall below it would confirm a bearish head-and-shoulders pattern.
Should the bulls aim for a resurgence, they’ll need to push the price beyond their moving averages, which could initiate an uptrend towards approximately $7. However, the sellers might attempt to stall this recovery at $6. Still, it’s likely that this level will be surpassed.
Cardano price analysis
Cardano’s trading remains confined within a narrow band, fluctuating between approximately $0.33 and $0.37. This suggests a fierce struggle between buyers (bulls) and sellers (bears).
The somewhat flat moving averages and RSI close to 50 indicate that the ADA/USDT exchange rate might stay within its current range for a while. Should the price drop below the moving averages, the bears may try to strengthen their position by pushing the pair down towards $0.33. If they succeed, the pair could potentially fall to the significant support level at $0.31.
Instead, when the price increases above its moving averages, the bulls will strive to break through the resistance at $0.37. If they manage to do so, the pair may advance towards $0.40, which is a position where the bears are expected to offer strong resistance.
Avalanche price analysis
The cryptocurrency AVAX is currently moving within a symmetrical triangle formation, suggesting uncertainty among both buyers and sellers regarding its future direction.
In simpler terms, neither the 20-day Exponential Moving Average (currently around $27.52) nor the Relative Strength Index (RSI) at a point slightly below the midpoint provide a definitive advantage to either buyers or sellers. If the price falls beneath the 50-day Simple Moving Average ($26.27), the AVAX/USDT pair might challenge the support level.
In simpler terms, if the bulls (optimistic investors) purchase when the price drops to the lower limit or “support” point, it suggests that the market might continue moving within its current pattern, known as a triangle. However, if the price suddenly rises sharply from this support line, it’s a sign of potential continuation of the current trend. On the flip side, if the price falls below the support line, it could lead to a drop in value, potentially reaching $20 and then even $17.
Shiba Inu price analysis
If Shiba Inu’s bulls don’t initiate an uptrend from the 20-day Exponential Moving Average ($0.000018), it could potentially lead to a downward trend.
If the price ends its day below the 20-day Exponential Moving Average, it’s possible that the SHIB/USDT pair could drop towards the 50-day Simple Moving Average (currently at $0.000016). This implies that the pair might stay within the $0.000012 to $0.000020 range for a bit more time.
To keep their edge, buyers should promptly initiate a rebound from the 20-day Exponential Moving Average. This action might propel the price up to approximately $0.000020, at which point bears are anticipated to sell heavily.
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2024-10-23 22:17