Oct 21, 2023

Analyzing Crypto Prices: BTC, ETH, BNB, XRP, SOL, ADA, DOGE, TON, DOT, MATIC

On October 20th, Bitcoin (BTC) surged past the $30,000 mark, indicating a bullish trend. This was likely triggered by Grayscale Investments filing a new application with the United States Securities and Exchange Commission for a Bitcoin exchange-traded fund (ETF). In addition, the SEC sought to dismiss all claims against Ripple CEO Brad Garlinghouse and executive…

Crypto analysis of BTC, ETH, BNB, XRP, SOL, ADA, DOGE, TON, DOT, MATIC with AI Doge and Web 3.0.
Price analysis 10/20: BTC, ETH, BNB, XRP, SOL, ADA, DOGE, TON, DOT, MATIC

On October 20th, Bitcoin (BTC) surged past the $30,000 mark, indicating a bullish trend. This was likely triggered by Grayscale Investments filing a new application with the United States Securities and Exchange Commission for a Bitcoin exchange-traded fund (ETF).

In addition, the SEC sought to dismiss all claims against Ripple CEO Brad Garlinghouse and executive chair Chris Larsen, further increasing optimism in the crypto space. As a result, Bitcoin’s long-term holders have been accumulating more BTC, with Glassnode data showing that 76.2% of the available Bitcoin is locked up in long-term storage. This could cause a supply crunch in the market, which could be a bullish signal for Bitcoin’s price.

What will be the future of Bitcoin and other cryptocurrencies? Could AI Doge, Crypto XRP, ADA Crypto Today, Inverse Finance Crypto, and other recent crypto-related developments keep Bitcoin’s momentum going? Let’s take a look at the top 10 cryptocurrencies to find out.

Bitcoin price analysis

The bulls flipped the $28,143 resistance into support as Bitcoin (BTC) broke and closed above it on Oct. 16, and the retest on Oct. 17 and 18 showed that they held the level successfully.

The 20-day exponential moving average (EMA) ($27,769) has turned up, and the relative strength index (RSI) is in the overbought zone, indicating that the bulls have the upper hand. They will attempt to keep the price above $30,000 and challenge the strong overhead resistance zone between $31,000 and $31,805, which the sellers are likely to defend.

The bears must act quickly if they want to prevent the upside. They will have to pull the price back below $28,143, otherwise the BTC/USDT pair could plunge to the 50-day simple moving average (SMA) ($26,882).

Ether price analysis

Ether (ETH) has seen a strong defence of the support near $1,531, as illustrated by the long tail on the Oct. 19 candlestick. This suggests that the bulls are keen to protect the $1,531 level.

The bulls’ efforts to keep the price above $1,531 may entice buyers. The 50-day SMA ($1,613) could act as a barrier, yet if broken, the ETH/USDT pair could gain momentum and attempt a rally to $1,746.

Although the downward-sloping moving averages point to bearish pressure, the positive divergence on the RSI implies that the bearish momentum is waning. The bears could take control if they push the price below $1,531.

BNB price analysis

On Oct. 16, BNB (BNB) experienced a downturn from the downtrend line, but the bulls prevented the price from dipping below the 20-day EMA ($210), which is a positive sign of a shift in sentiment from selling on rallies to buying on dips.

Buyers will yet again attempt to drive and sustain the price above the downtrend line. If successful, the BNB/USDT pair could surge to $235 and then extend the rally to $250. The bears are likely to firmly defend this level.

The main support to watch on the downside is the 20-day EMA, and the next is $203. A break and close below this level will lead to a potential decrease to the next major support at $183.

XRP price analysis

XRP (XRP) attempted to move lower from the moving averages on Oct. 16, but the bears were unable to push the price below the immediate support at $0.46, indicating a lack of selling pressure.

The moving averages have flattened out, and the RSI is just above the midpoint. This suggests that the XRP/USDT pair could be stuck between $0.46 and $0.56 for some time. If the price remains above the moving averages, the pair could rally to the overhead resistance at $0.56.

On the contrary, if the crypto XRP drops below the moving averages, it will increase the likelihood of a drop to $0.46. The next major move is likely to start either above $0.56 or below $0.41.

Solana price analysis

On Oct. 19, Solana’s SOL (SOL) token broke out of the neckline of the inverse head-and-shoulders (H&S) pattern, signaling the start of a bullish trend. The bulls continued to push the SOL/USDT pair higher on Oct. 20, attempting to break the immediate resistance at $27.12. If successful, the pair could reach the pattern target of $32.81.

After a breakout, the price often retraces to test the breakout level. In this case, the price may return to the neckline. If the price bounces off this level, the pair may start a new uptrend. A break and close below $23 could turn the advantage to the bears.

Cardano price analysis

Cardano’s ADA (ADA) recently experienced a dip to the key support level of $0.24, but the bulls managed to keep the price afloat. The RSI also shows a positive divergence, which suggests that the bearish momentum is waning.

The price is now close to the moving averages, which could act as a formidable resistance. If the bulls can break through this level, the ADA/USDT pair could rise to $0.27 and then to $0.28. The bears will likely put up a strong defense at this point.

If the price turns down from $0.28, it could indicate that the pair is forming a range for a few days. On the downside, the bears will need to push the price below $0.24 to signal the continuation of the downtrend. The next support levels are at $0.22 and $0.20.

Dogecoin price analysis

The long tail on Dogecoin’s (DOGE) Oct. 19 candlestick shows that the bulls are aggressively buying in the zone between $0.055 and $0.06.

The bulls must push the price above the 50-day SMA ($0.06) in order to indicate a comeback. This could open the door to a potential increase to the overhead resistance at $0.07, where ai Doge and crypto XRP could face a tough battle between the bulls and the bears. If the buyers prevail, the DOGE/USDT pair could surge to $0.08.

If the price turns down from the moving averages, it will indicate that the inverse finance crypto remains active at higher levels. A drop below $0.055 will signal the start of the next leg of the downtrend.

Toncoin price analysis

Toncoin (TON) recently dropped below the 61.8% Fibonacci retracement level of $1.98, but the crypto sec buyers managed to push it back up above $1.98 on Oct. 17.

The bears are trying to stop the recovery at $2.20, but the bulls have not allowed the price to slip below the moving averages, which suggests the sentiment has shifted to a more positive outlook and traders are buying the dips.

If the buyers can propel the TON/USDT pair above $2.20, it will complete an inverse finance crypto inverted H&S pattern with a target of $2.47. However, if the price turns down and dips below $1.89, this bullish view will be invalidated.

Polkadot price analysis

The DOT (DOT) cryptocurrency has seen a strong downtrend recently. On Oct. 19, the bears attempted to extend the decline, yet the long tail on the candlestick revealed strong buying at lower levels.

The relief rally is likely to reach the breakdown level of $3.91, where the crypto bears are expected to put up a strong resistance. If the price turns down from this level, it will suggest that the sentiment remains bearish and traders are selling on rallies. The bears will then try to pull the price below $3.56 and start the next leg of the downtrend.

However, if the price breaks above $3.91, it could indicate the start of a more powerful recovery. The DOT/USDT pair could then climb to the downtrend line. A break above $4.33 will signal a potential shift in the trend of the crypto market.

Polygon price analysis

MATIC (MATIC), the cryptocurrency of Polygon, has been trading below the moving averages for the past few days, yet the bears have failed to break the support at $0.49, which suggests that selling is drying up at lower levels.

The positive divergence on the RSI also shows that the selling pressure could be decreasing. If buyers push the price above the moving averages and keep it there, the MATIC/USDT pair could surge to the overhead resistance at $0.60, which could again attract selling from the bears. The pair is likely to remain between $0.49 and $0.60 for a while longer.

On the downside, $0.49 is the key level to watch. If it gives way, the pair may plummet to $0.45.

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