As a seasoned crypto trader with years of experience under my belt, I can see a challenging week ahead for some of the popular cryptocurrencies. Let’s dive into the analysis of Toncoin (TON), Cardano (ADA), Avalanche (AVAX), and Shiba Inu (SHIB).
Bitcoin (BTC) is encountering resistance close to $69,000, yet the bulls continue to exert force. As the value approaches the upper boundary, it’s probable that bears will present a formidable opposition. Nonetheless, analysts anticipate the current price range to conclude after the outcome of the forthcoming U.S. elections.
According to an analysis by Geoff Kendrick from Standard Chartered Bank, Bitcoin might reach $125,000 by December 31st this year, if the Republicans were to secure a majority in both houses of the U.S. Congress following the November 5th elections.
A favorable prediction for Bitcoin’s price was made by Jeff Park, Bitwise’s head of alpha strategies, who stated in a recent post that Bitcoin might rise to $92,000 if Donald Trump triumphs in the U.S. Presidential elections.
In addition to Bitcoin, certain experts are becoming optimistic about a surge in altcoins. Analysts from the cryptocurrency investment firm Hashkey Capital suggest that the likelihood of an “altcoin boom” is higher when Bitcoin surpasses $80,000.
Might Bitcoin break through the barrier at $70,000? Could other digital currencies mirrors Bitcoin’s upward trend? Let’s examine the graphs of the leading ten cryptocurrencies to determine this.
Bitcoin price analysis
On October 23rd, Bitcoin’s price surged from $65,000, suggesting that the bullish investors are attempting to transform this level into a source of support.
With the 20-day exponential moving average at approximately $66,086 climbing and the Relative Strength Index (RSI) in a favorable zone, it seems that bulls are dominating the market. This could lead to a potential breakthrough of $70,000. If so, the BTC/USDT pair may continue its ascent towards $72,000.
If the bears manage to push the price down beyond $65,000 and close below this level, it might indicate a potential drop towards the 50-day simple moving average at around $62,758. This could imply that the current sideways trend may persist for a while longer.
Ether price analysis
On October 25th, Ether (ETH) rebounded from its 50-day Simple Moving Average (SMA) at around $2,492, suggesting that the buyers are attempting to create a new lower price floor.
If buyers manage to drive the ETH/USDT price beyond its resistance level, it might surge towards approximately $2,850. Sellers could attempt to slow down this increase at $2,850, but if the bulls maintain their position against the bears, the chances of a breakthrough become stronger. This could potentially trigger a climb towards $3,400.
Keep an eye on the 50-day Simple Moving Average (SMA) as a key level to consider if the market trends downwards. If the price falls below this average and closes there, it might initiate a decline towards $2,330 and eventually reach the triangle’s support line.
BNB price analysis
Investors have successfully kept Binance Coin (BNB) above its 20-day Exponential Moving Average ($587), suggesting a favorable outlook for this cryptocurrency.
If the 20-day Exponential Moving Average (EMA) provides insufficient support, the BNB/USDT pair might experience a dip, potentially reaching the 50-day Simple Moving Average (SMA), which is around $569. Attempts by buyers to maintain this level may not be successful if the bears remain dominant, causing the pair to potentially slide further down to approximately $527.
Should the price trajectory persist upward and surpass $612, I, as a researcher, anticipate the bulls to challenge the robust resistance at $635. The bears, on the other hand, are likely to vigorously defend this level, as breaching it might propel the pair towards $722.
Solana price analysis
As an analyst, I observed a significant development with Solana (SOL) on October 23. The price surpassed its previous resistance level of $164, signaling a shift in the market dynamics. This breakout suggests that the bullish sentiment has transformed the $164 level into a support zone.
The up move is facing resistance near $180, but a positive sign is that the bulls have not ceded much ground to the bears. The upsloping 20-day EMA ($159) and the RSI in the overbought zone suggest that the bulls have the upper hand. That increases the likelihood of a rally to $189, where the bears may mount a strong defense.
If the price drops and falls beneath the 20-day Exponential Moving Average, the positive outlook will be disproven in the short term. In such a case, the SOL/USDT pair might tumble down to the 50-day Simple Moving Average, which is approximately $147.
XRP price analysis
On October 23rd, XRP (XRP) briefly rebounded from approximately $0.51, yet the buying strength appears insufficient to sustain the higher positions. This suggests that there’s continuous selling activity even during minor price increases.
The 20-day Exponential Moving Average (EMA) is now moving lower at approximately $0.54, and the Relative Strength Index (RSI) has entered into negative values, suggesting that the bears may have a slight advantage. If the price falls below the support level of $0.50, it could potentially drop to $0.46. The investors are anticipated to aggressively protect the potential support zone ranging from $0.46 to $0.41.
Keep an eye on the 50-day Simple Moving Average (SMA), currently at around $0.55. If this level is breached and closed above, it could signal a comeback of the ‘bulls’ (optimistic investors).
Dogecoin price analysis
The bulls are making an effort to keep Dogecoin’s price above the critical level established by the symmetrical triangle formation.
For buyers, it’s crucial to swiftly navigate and sustain the price beyond the $0.15 barrier, which would indicate a renewal of the upward trend. If this happens, the Dogecoin-Tether pair could potentially rise to $0.17 initially, and then possibly even reach $0.19.
If the price falls further and goes back into the triangle, this would suggest that the market has not accepted the breakout. This might cause the price to move towards the 50-day Simple Moving Average, which is currently at $0.11.
Toncoin price analysis
The bears are making an effort to bolster their standpoint by pushing Toncoin (TON) downwards, aiming to break the immediate support level of $5.
Should they perform that action, the TON/USDT exchange rate might dip towards the $4.72 to $4.44 support region. This area is significant because a breach and closing below it would confirm a bearish head-and-shoulders structure. Subsequently, the pair could initiate a decline towards $3.50.
Contrarily, should the price rebound from the support zone, it implies there’s underlying demand at lower price points. A break and subsequent closing above the moving averages would signal a resurgence of the bulls in the market.
Cardano price analysis
On October 23rd, the value of Cardano (ADA) dropped beneath its average trendlines, and there’s an attempt by the selling forces to push the price down further, potentially falling below $0.33 as of October 25th.
As a researcher, I’m observing the ADA/USDT pair. If the support were to weaken and give way, it could potentially dip down to the lower end of the range at approximately $0.31. However, I anticipate that buyers will fiercely defend this level. Should we see a strong rebound from $0.31, it would suggest that the current range-bound activity is still in play. If buyers manage to break and close above their moving averages, their strength will significantly increase.
Instead of what might be expected, a soft bounce at $0.31 actually raises the likelihood of a decline. Should this occur, the pair could fall to $0.27, indicating the commencement of the next phase in the downward trend.
Avalanche price analysis
On October 24th, buyers attempted to elevate Avalanche’s price (AVAX) beyond its 20-day Exponential Moving Average ($27.37), yet the sellers managed to maintain control.
If the AVAX/USDT combination dips to its anticipated support level, traders are likely to jump in and buy. If the price bounces back from this support and surpasses the 20-day Moving Average (MA), it might imply that the pair could remain within the triangle for a while longer.
Conversely, if the price falls beneath the resistance level, this could signal that the bears are stronger than the bulls. This might initiate a decline towards $20, followed by further drops to $17.
Shiba Inu price analysis
Right now, Shiba Inu (SHIB) is experiencing a fierce struggle between those hoping for an increase (the bulls) and those expecting a decrease (the bears), with the 20-day Exponential Moving Average sitting at approximately $0.000018.
In simple terms, the 20-day Exponential Moving Average (EMA) is relatively flat and the Relative Strength Index (RSI) is close to its midpoint, indicating that neither the buyers nor the sellers have a clear advantage at this moment. If buyers manage to keep the SHIB/USDT pair’s price above the 20-day EMA, there’s a possibility it could reach the resistance level at $0.000020. Breaking and closing above $0.000020 might suggest the beginning of a new upward trend that could potentially take the pair to $0.000026.
If the price stays lower than its 20-day Exponential Moving Average (EMA), this could indicate that the bulls are weakening, potentially leading the pair to fall towards the 50-day Simple Moving Average (SMA) at $0.000016.
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2024-10-25 20:45