As a seasoned crypto analyst with years of experience under my belt, I can see that the market is presenting us with some interesting scenarios right now. Let’s take a look at XRP first. The chart shows a tough fight between bulls and bears near the $0.50 support, but the downsloping 20-day EMA and the RSI in the negative territory suggest that sellers have the upper hand for now. I remember back in my days trading beans and corn futures, when I learned the hard way that a downtrend can be as persistent as an old mule. If XRP turns down from the current level or the 20-day EMA, we might see it drop to $0.46. But fear not, the buyers are expected to fiercely defend the $0.46 to $0.41 zone.
As an analyst, I’m observing that the data suggests a significant likelihood of Bitcoin reaching a new record high within this week. Two major factors contributing to increased volatility are on the horizon: the upcoming U.S. Presidential elections and the Federal Reserve’s decision regarding interest rates.
Anonymously, Daan in a statement on X platform predicted that Bitcoin could experience a significant shift of at least 10%, possibly in any direction, based on the outcome of the upcoming election.
Investors appear to be optimistic heading towards the elections, as evidenced by the $2.2 billion they poured into various digital investment products during the past week, according to CoinShares’ Digital Asset Fund Flows Weekly Report. A significant portion of these investments went towards Bitcoin, which attracted most of the inflows.
On the other hand, not all individuals are optimistic about the immediate future. The trading firm, QCP Capital, has warned its Telegram followers that Bitcoin may experience a drop following the elections, drawing a parallel with the Nashville Bitcoin conference.
Could Bitcoin start a relief rally? Will altcoins follow? Let’s analyze the charts to find out.
S&P 500 Index price analysis
On October 31st, the S&P 500 Index (SPX) dropped below its 20-day rapidly adjusting trendline (at approximately 5,778), suggesting a decrease in the strength of the ongoing bullish trend.
On October 31, the bulls managed to maintain the trading level at approximately 5,703 (the 50-day simple moving average), but they couldn’t push the prices back above the 20-day Exponential Moving Average on November 1. This could signal a potential shift in market control towards the sellers, who might attempt to drive the index below the support level of 5,670. If this occurs, selling activity might intensify, potentially causing the index to drop to around 5,400.
If the price increases beyond its current level of 5,670 and surpasses the 20-day Exponential Moving Average (EMA), this would suggest that it’s a good time to buy when prices dip. The index might then reach its all-time high of 5,879.
US Dollar Index price analysis
On November 1, the U.S. Dollar Index (DXY) bounced back from its 20-day Exponential Moving Average (EMA) at 103.56, yet the upward momentum did not last. Bullish forces failed to maintain the higher prices.
On November 4th, I noticed a significant downtrend, with bears taking charge and pushing the price down towards the 20-day Exponential Moving Average (EMA). If this EMA line weakens further, it could signal an intensification of selling, potentially causing the index to fall to the 38.2% Fibonacci retracement level, which is at approximately 102.92.
Instead, should the index rise above its 20-day Exponential Moving Average (EMA), it would indicate that optimism persists and traders are purchasing price drops. In this case, the bulls might try to surpass the resistance at 104.80 again.
Bitcoin price analysis
On November 3rd, buyers made purchases when the price dropped under the 20-day Exponential Moving Average ($68,259), but they’ve found it challenging to further escalate the rebound.
As a researcher analyzing market trends, I anticipate that bears might strive to consolidate their advantage by pushing the BTC/USDT pair prices below the 20-day Exponential Moving Average (EMA). Should they succeed in this endeavor, the price could potentially drop towards the critical support level at $65,000. This particular support is crucial for the bulls to uphold if they wish to maintain a positive market sentiment.
If Bitcoin’s price moves above its 20-day Exponential Moving Average (EMA) and surpasses $70,000, it could shift the power towards the buyers. The cryptocurrency might then reach $72,000 before potentially hitting $73,777. Traders are likely to aggressively protect the $72,000 to $73,777 resistance area from further price increases.
Ether price analysis
Ether (ETH) is making an effort to stay above its symmetrical triangle pattern’s support level, yet the sellers persistently apply pressure.
If there’s a pause and fall below the resistance level, it suggests that sellers have gained control over buyers. This could initiate a decline towards $2,310, followed by further potential drop to $2,200. The buyers will put up a strong fight to protect the $2,200 to $2,111 range.
If the ETH/USDT pair’s price surges past its support level and moves beyond its moving averages, it may challenge the resistance line. This could potentially initiate a bullish trend that might push the pair towards the resistance line. A significant change in the trend will be indicated when buyers successfully breach the $2,850 barrier.
BNB price analysis
The cryptocurrency BNB (BNB) is currently being traded within a broad span, roughly from $460 to $635. This suggests that investors are purchasing during downturns and offloading during uptrends.
Keep a close watch on the BNB/USDT pair as it might drop to approximately $527 – an essential short-term support level. If the price recovers from $527 and surpasses its moving averages, this would indicate that the bulls are attempting to maintain the pair within the upper half of its range. There could be a period where the pair fluctuates between $527 and $612 for some duration.
If the price drops further and falls below $527, it would indicate that the bearish trend is dominant. In such a case, the pair could potentially drop down to its crucial support level at $460.
Solana price analysis
On November 3rd, Solana (SOL) dropped below the critical threshold of $164, suggesting that the market has chosen to disregard the initial breakout.
A minor positive for the bulls is that they have not allowed the price to sink to the 50-day SMA ($154). Buyers will try to push the price back above $164. If they succeed, the SOL/USDT pair could climb to the $183 to $189 resistance zone.
If the price drops below the 20-day Exponential Moving Average (around $165), this might imply that the bears are attempting to take control. In such a scenario, the pair may slide down to the 50-day Simple Moving Average and eventually touch the uptrend line.
XRP price analysis
XRP (XRP) is witnessing a tough battle between the bulls and the bears near the $0.50 support.
1) With the 20-day Exponential Moving Average (EMA) at around $0.52 tilting downwards and the Relative Strength Index (RSI) in the bearish region, it seems like sellers hold an advantage. If the XRP/USDT pair falls from its current position or the 20-day EMA, there’s a higher likelihood that it may drop to approximately $0.46. However, buyers are anticipated to put up a strong fight in the $0.46 to $0.41 price range as they aim to protect this zone.
A significant move upward may occur when we surpass and stay above our 50-day Simple Moving Average (currently at $0.55). This action would pave the way towards a possible advancement up to $0.64.
Dogecoin price analysis
As a Dogecoin investor, I’m keeping an eye on the 20-day Exponential Moving Average (EMA) around the $0.15 mark, as it suggests that there is still demand for DOGE at these lower levels, and potentially signaling a possible support point.
The bulls will attempt to drive the Dogecoin price towards the resistance level at $0.18. This level might obstruct their progress, but if they succeed, the Dogecoin-Tether pair could initiate another phase of upward trend, potentially reaching $0.21.
Instead of the initial assumption, if the price decreases and falls below the 20-day Exponential Moving Average, this suggests that the bulls are losing control. The pair might then drop to the 50-day Simple Moving Average (around $0.13), which is expected to provide strong support.
Toncoin price analysis
Toncoin (TON) is currently experiencing some support within the range of $4.44 to $4.72, yet it’s worth noting that the bulls have been unable to drive the price beyond the moving averages, which could indicate a bearish trend.
Testing a support level multiple times often lessens its strength. Should this support area break down, the TON/USDT pair may finish forming a bearish head-and-shoulders pattern, potentially leading to a drop in price towards $3.50.
If the bulls manage to push and keep the price above the 50-day Simple Moving Average (currently around $5.30), this bearish perspective will soon prove incorrect. The pair might then escalate towards $6, and potentially even reach $7 in the future.
Cardano price analysis
On November 2nd, Cardano (ADA) failed to break above its 50-day Simple Moving Average (SMA) at approximately $0.35, suggesting that selling pressure from bears is still present, as they are capitalizing on any market upswings.
The bears aim to drag the price towards the lower limit of the range at $0.31, which is where traders are anticipated to jump in as buyers. If the price bounces back from $0.31 and surpasses the moving averages, it suggests that the current confined trading may last for a while longer.
If the price falls below $0.31, it indicates the continuation of the downward movement. The ADA/USDT pair might fall to $0.27, a key support level to keep an eye on. Should this level break, the pair could potentially decline further to $0.22.
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2024-11-04 21:21