As a seasoned trader with years of experience under my belt, I must say that the TON/USDT pair is currently at a crucial juncture. The relief rally has reached the 20-day EMA, and it’s like standing at the edge of a tightrope, trying to decide whether to take the next step or retreat. If the bears manage to pull off a strong challenge at this level, we could see the pair sinking back down to $4.44, completing a bearish pattern that no trader wants to see. But if the price breaks above the 50-day SMA, we might just see the pair soaring up to $6.
On October 29th, Bitcoin (BTC) bulls fell short of achieving a new record high price, but it’s encouraging that they haven’t lost significant ground to the bears on October 30th. This indicates that the bulls are maintaining their investments, hoping for further price increases in the future.
On October 29th, exchange-traded funds related to Bitcoin in the United States saw a significant influx of approximately $827 million, as indicated by CoinGlass data. This inflow indicates that investors anticipate the current price trend, which has been sideways, will ultimately move upward. Meanwhile, the crypto research firm 10x Research predicts that Bitcoin could reach $100,000 by January 2025.
Bitcoin traders are preparing for a potential surge as they predict a win by Donald Trump in the U.S. presidential election on November 3rd. But it’s important to remember that seasoned traders usually act by purchasing on rumors and selling once the news becomes public, so proceed with caution.
Might Bitcoin investors hold firm at the $70,000 mark amidst the dip? Could alternative coins keep advancing or instead stabilize for a while? Let’s delve into the graphs of the leading 10 digital currencies to see what unfolds.
Bitcoin price analysis
On October 28th, Bitcoin surged past its previous resistance level at $69,520, leading to a rapid increase in its value. However, on October 29th, it almost reached a fresh all-time high, but the selling pressure from the market, often referred to as ‘bears’, managed to keep the price in check.
With the 20-day exponential moving average at approximately $67,617 ascending and the Relative Strength Index (RSI) close to the overbought zone, it appears that the most probable direction for this market is upward. If we see a breakthrough and closure above $73,777, this would suggest the continuation of the uptrend. The projected goal for this breakout from the wide range is approximately $93,554.
Initially, the lowest level of support lies at $70,000, followed by the 20-day Exponential Moving Average (EMA). If the price drops and closes below this 20-day EMA, it suggests that the bulls are weakening their hold. In such a scenario, the BTC/USDT pair could potentially fall to the 50-day Simple Moving Average ($64,164).
Ether price analysis
For several days now, Ethereum (ETH) has been moving within an upward sloping channel. On October 25, buyers stepped in during the dip to reinforce the support level, and they successfully surpassed the 20-day Exponential Moving Average ($2,565) barrier on October 28.
If the ETH/USDT pair approaches its resistance level, it might encourage sellers to come in. Should the price fall from this resistance point, it suggests the pair could keep ascending within the channel for a while longer.
As an analyst, I’m observing that for the market to show a recovery, buyers need to surpass the resistance line, which would signal a boost in momentum. If this happens, it might imply that the corrective phase has ended. In such a scenario, the pair could potentially climb towards the downtrend line.
BNB price analysis
Attempts by buyers to drive up BNB (BNB) prices have been met with selling pressure around $612, which seems to be a barrier just above the identified overhead resistance level of $635.
As the moving averages gradually ascend and the RSI hovers slightly above the midpoint, it suggests a slight advantage for sellers. If the price rises from its current position or the 20-day EMA ($589), it strengthens the likelihood of an uptrend toward $635. Despite potential struggles for buyers to surmount this barrier, if they succeed, the BNB/USDT pair could potentially reach $722.
Keep an eye on the 50-day Simple Moving Average (SMA) as a crucial line of defense on potential price drops. If this threshold is breached, there’s a possibility the asset could fall to around $527.
Solana price analysis
On October 28th, Solana (SOL) surpassed the $179 barrier; however, as it climbed higher, it faced substantial selling pressure from the bears.
Keep an eye on the SOL/USDT pair as it may dip towards the 20-day Exponential Moving Average ($165). This level is significant and could act as a potential short-term floor. If the price bounces back from this point with vigor, it indicates that buyers are still active during dips and they might try to push the pair up to $189 again.
Instead, dropping below and closing under the 20-day Exponential Moving Average might create an opportunity for prices to slide down towards the 50-day Simple Moving Average at around $151.
XRP price analysis
In simpler terms, the efforts by XRP’s bulls to initiate a rebound are encountering strong resistance at the 20-day Exponential Moving Average (EMA) price point of $0.53, suggesting that sellers are active during market upticks.
If the price falls below $0.50 and continues to drop, this might indicate that the bearish forces are still dominating. The XRP/USDT pair may then head towards the support range of $0.46 to $0.41, where we can expect the bulls to potentially re-enter the market.
On the positive side, if the bulls can drive and sustain the price above the 50-day Simple Moving Average ($0.55), it could be an indication of a recovery. Following this, the pair may aim for a surge towards $0.64, which is anticipated to present a substantial challenge.
Dogecoin price analysis
As an analyst, I observed a significant surge in the trajectory of Dogecoin (DOGE) following its breakout beyond the $0.15 resistance mark on October 28. By the end of October 29, the price had climbed to reach approximately $0.18.
Attempting to stop the upward trend at around $0.18, sellers are making their stand. However, if buyers maintain their position at the current level, chances of a breakthrough towards $0.23 become higher. The Dogecoin-Tether pair might encounter strong resistance at this price point, potentially acting as a significant hurdle for further advancement.
Initially, at $0.15 and subsequently at $0.14 (as per the 20-day Exponential Moving Average), there’s a potential support for the price. If the price bounces back from $0.15, it suggests that buyers have successfully changed this level into a support point, signaling their intention to resume the upward trend. For the sellers to suggest that the uptrend might be ending, they would need to push the price below the 20-day EMA.
Toncoin price analysis
On October 25th, Toncoin (TON) rebounded from its support range of around $4.44 to $4.72, suggesting strong purchases at lower prices, implying a bullish sentiment among investors.
In simpler terms, the price of TON/USDT has risen to a level (currently $5.12) where bears are making an effort to counterattack and potentially push it down again towards $4.44. If they manage to do so, a bearish pattern (head-and-shoulders) will be completed, which could lead the price to fall further to around $3.50.
If the price keeps rising and surpasses its 50-day Simple Moving Average (currently at $5.37), this pessimistic outlook will be disproven soon. The pair might then advance towards $6, a level where bears are likely to launch a significant counterattack.
Cardano price analysis
On October 25th, Cardano (ADA) bounced back from a strong support level of $0.31, suggesting that investors were purchasing at lower prices.
The bulls are working hard to reinforce their power by continuously pushing the ADA/USDT price above its moving averages. If they succeed, we might see the price surge towards $0.40, a significant level to keep an eye on. Overcoming this hurdle could lead to further increases, potentially taking the pair up to $0.45 and even $0.50.
If the price drops below its current level or $0.40, this could indicate that the pair might remain within its range for a period of time.
Avalanche price analysis
On October 25th, Avalanche (AVAX) dipped below its symmetrical triangle’s support level, yet the bearish trend couldn’t hold the price at those lower points.
Initially, the bulls made a comeback, but they encountered resistance at the dynamic averages. Should the value decrease further and drop beneath the $24 mark, this would suggest that the bears have gained control over the bulls. This might trigger a decline towards $20.
Instead of suggesting a break below the support line was a trap if the AVAX/USDT pair surpasses its moving averages, it indicates that the drop could have been a false signal, and this would enhance the chances of a leap over the resistance line.
Shiba Inu price analysis
On October 26, the price of Shiba Inu (SHIB) rose from its 50-day Simple Moving Average ($0.000017). By October 29, it had managed to reach a resistance level at $0.000020.
The bears are making an effort to maintain the current price level at approximately $0.000020, but if the bulls prevent a drop below the 20-day Exponential Moving Average (EMA) at about $0.000018, there is a higher chance of a breakout occurring. Such a scenario would complete a bullish Inverted Head and Shoulders pattern for the SHIB/USDT pair. If this occurs, the price could potentially rise to around $0.000026 and further up to $0.000030.
To keep the price from escalating, bears should promptly pull the value under the 50-day Simple Moving Average. If they manage to do so, the pair could continue trading within the range of $0.000013 and $0.000020 for a while longer.
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2024-10-30 21:45