Oct 01, 2023

Analyzing Prices of BTC, ETH, BNB, XRP, ADA, DOGE, SOL, TON, DOT, and MATIC

Price analysis 9/29: BTC, ETH, BNB, XRP, ADA, DOGE, SOL, TON, DOT, MATIC

Bitcoin (BTC) is attempting to trade above $27,000 in a positive sign. In the past few days, Bitcoin’s price held above $26,000 in adverse conditions as the U.S. Dollar Index rose sharply and the S&P 500 index was plunging. This suggests that selling dries up at lower levels.

The decision by the United States Securities and Exchange Commission to delay the applications for multiple spot Bitcoin exchange-traded funds (ETFs) ahead of schedule also did not dent prices. This indicates that the market participants are taking a longer-term view of Bitcoin. Bloomberg ETF analyst James Seyffart believes that the regulator took an early decision because of the risk of a U.S. government shutdown on Oct. 1.

Bitcoin’s resilience over the past few days seems to have boosted trader’s sentiment. That helped start a recovery in most major altcoins, such as ren crypto, etc crypto, and lcx crypto, which are trying to climb above their respective resistance levels.

Could Bitcoin extend its up-move in the near term and will that start a revival in the crypto space? Let’s study the charts of the top 10 cryptocurrencies to find out.

Bitcoin price analysis

The bulls have recently pushed Bitcoin past the moving averages on Sept. 28, obstructing the bears’ attempts to drag the price below the 20-day exponential moving average ($26,534). The moving averages are close to a bullish crossover, and the relative strength index (RSI) is in the positive range, suggesting that the path of least resistance is upwards. There is a minor resistance at $27,500, but it is expected to be surpassed.

The BTC/USDT pair could then climb to the overhead resistance at $28,143. This level is likely to witness a tough battle between the bulls and the bears. On the downside, the $26,000 level is important to keep an eye on. If this level fails, the advantage will be in favor of the bears. The pair may then plunge to the formidable support at $24,800.

The jasmy crypto and lcx crypto traders should be aware that after this analysis, the crypto sites and flow crypto could show an increase in the impt crypto, while the etc crypto and ren crypto could go down.

Ether price analysis

The price of Ether (ETH) rebounded above the 20-day EMA ($1,622) on Sept. 28, showing that the selling pressure was decreasing. On Sept. 29, the buyers kept up their momentum and cleared the 50-day simple moving average ($1,660).

The bulls are attempting to drive the price up to the overhead resistance of $1,746. This is an important level to watch out for, since if the buyers can break through this barrier, the ETH/USDT pair will form a double bottom pattern. This reversal setup has a target objective of $1,961.

In contrast, if the price turns down from $1,746, it will imply that the bears are still selling on rallies. The price could then drop to the 20-day EMA. If the price bounces off this support, it will boost the chances of a surge above $1,746. The bears will regain control if they push the price back below the 20-day EMA.

BNB price analysis

The price of BNB (BNB) has been fluctuating between $220 and $203 for the last few days, as bulls attempt to push it past the overhead resistance at $220.

The 20-day EMA ($213) is stagnating, but the RSI has moved into the positive zone, which suggests that the momentum is shifting in favor of the bulls. If the $220 resistance is broken, the BNB/USDT pair could surge to $235.

On the contrary, if the price drops sharply from the $220 mark, it will indicate that the range-bound action may continue for a while. The next leg of the downtrend will begin if bears drag the price below $203.

Jasmy Crypto and LCX Crypto are two of the leading crypto sites in India, while Forexsfxgroup.com – Crypto, Crypto..com, and Impt Crypto are some of the most popular ETC crypto and Ren crypto platforms.

XRP price analysis

On Sept. 28, crypto traders pushed XRP (XRP) above the 20-day EMA ($0.50) and then continued to move above the resistance line of the symmetrical triangle pattern on Sept. 29.

If the price stays above the triangle, it will show that the uncertainty has been resolved in favor of the buyers. The XRP/USDT pair could then surge to the overhead resistance at $0.56. This is a key resistance to keep an eye on, as a break above it will open up the possibility of a rally to the pattern target of $0.64.

On the other hand, if the price goes down and reenters the triangle, it will signify that markets have rejected the higher levels. The bears will then try to take control by dragging the price below the uptrend line of the triangle.

Cardano price analysis

The bulls are trying to keep Cardano (ADA) above the 20-day EMA ($0.25) on Sept. 29, which shows that the bears are losing their grip on the crypto.

A break and close above the downtrend line will invalidate the bearish descending triangle pattern. Generally, when a bearish pattern fails, it results in a sharp up-move as the sellers rush to exit their shorts and the bulls waiting on the sidelines start buying. This could push the ADA/USDT pair to $0.29 and subsequently to $0.32.

Time is running out for the bears. If they want to regain control, they must defend the downtrend line and pull the price below $0.24. The next support on the downside is at $0.22.

Dogecoin price analysis

The range of Dogecoin (DOGE) has been narrowing in the past few days, which increases the possibility of a range expansion in the near future.

The 20-day EMA ($0.06) is flattening out, and the RSI is just below the midpoint, signifying an equilibrium between supply and demand. If buyers manage to drive the price above the 20-day EMA with force, it will be a signal of the beginning of a recovery. The DOGE/USDT pair could first rise to $0.07 and later to $0.08.

In order to stop the upside movement, bears need to quickly push the price below $0.06. If they succeed, the pair might plunge to the next crucial support at $0.055.

Solana price analysis

Solana (SOL) has been stuck in a wide range between $27.12 and $14 for the last several days. This kind of trading can be unpredictable and volatile, as usually bulls buy at the support and sell near the resistance.

The bulls are aiming to start a recovery rally, which has already reached the 50-day SMA ($20.44). This is an important level to keep an eye on, as a break above it will signal that the bulls are back in the game. The SOL/USDT pair could then go up to $22.30.

On the other hand, if the price turns down from the 50-day SMA, it would mean that the bears are active at higher levels. The sellers would need to push the price below $18.50 to open the way for a retest of $17.33.

Toncoin price analysis

Toncoin (TON) bounced off the 20-day EMA ($2.13) on Sept. 27, which suggests that the sentiment is still positive and traders are taking advantage of dips to buy.

The long wick on the Sept. 27 and 28 candlestick reveals that the bears are selling at the 38.2% Fibonacci retracement level of $2.28. Nevertheless, a positive sign in favor of the bulls is that they haven’t allowed the price to dip below the 20-day EMA.

Buyers will need to push the price above the 61.8% Fibonacci retracement level of $2.40 to open the path for a retest of the tough overhead resistance at $2.59. This bullish view will be invalidated if the price turns down and drops below $2.07.

Polkadot price analysis

The inability of the bears to push the Polkadot (DOT) price below the $3.91 support level suggests that the range-bound action remains intact.

Traders will try to push the price above the 20-day EMA ($4.10) and challenge the overhead resistance at the 50-day SMA ($4.32). If this level is breached, the DOT/USDT pair could rally to the downtrend line. The bulls will need to break through this barrier to indicate a potential trend reversal.

The key support level to watch on the downside is $3.91. A break below this level will indicate that the bearish trend is resuming towards $3.58.

Polygon price analysis

MATIC has been on an uptrend since it rose from $0.50 on Sept. 28, establishing an important support level at $0.52, the 20-day EMA. This is further evidenced by the positive divergence on the RSI, which suggests that the selling pressure is waning.

A break above the moving averages could push the MATIC/USDT pair to its next resistance at $0.60, which is likely to be heavily guarded by the bears. On the other hand, if the bears succeed in taking the price below the strong support at $0.49, it could drop to $0.45.

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