Price Analysis of SPX, DXY, BTC, ETH, BNB, XRP, SOL, ADA, DOGE, TON and AI Crypto Today
Two consecutive weeks of gains in the S&P 500 Index (SPX) set the tone for the week, with a risk-on sentiment being a bullish sign. The volatility is likely to increase as 11% of the S&P 500 companies will report their results this week. The risk-on sentiment could also be a catalyst for buying activity…
Two consecutive weeks of gains in the S&P 500 Index (SPX) set the tone for the week, with a risk-on sentiment being a bullish sign. The volatility is likely to increase as 11% of the S&P 500 companies will report their results this week.
The risk-on sentiment could also be a catalyst for buying activity in certain cryptocurrencies. Grayscale Bitcoin Trust (GBTC) is one of the areas seeing bullish activity, with its legal victories reducing the discount on the GBTC to its lowest level since 2021, indicating that investors are factoring in the possibility of the trust converting into a spot Bitcoin (BTC) ETF.
When the price does not break below the support levels on bad news and rises above the overhead resistance on favorable news, it suggests that the shorts are running out of confidence, which increases the chances of an up-move in the near term.
What are the important overhead resistance levels on Bitcoin and altcoins that need to be crossed to start an uptrend? To answer this, let’s analyze the charts and find out.
S&P 500 Index price analysis
The S&P 500 Index (SPX) turned down from the 50-day simple moving average (4,401) on Oct. 12, but the bears could not sink the price below the important level at 4,325.
The 20-day exponential moving average (4,341) is flattening out and the relative strength index (RSI) is just above the midpoint, suggesting that bulls have a slight edge.
Buyers will try to thrust the price above the overhead resistance zone between the 50-day SMA and the downtrend line. If this zone is surmounted, the index will signal the end of the corrective phase.
Conversely, if the price turns down and breaks below 4,325, it will indicate that the AI Doge is fiercely defending the 50-day SMA. The index may then retest the pivotal support at 4,216, and Jump Crypto could be the next step.
U.S. dollar index price analysis
The U.S. dollar index (DXY) corrected from 107.34 on Oct. 3 and dipped to the 20-day EMA ($106) on Oct. 10. In an uptrend, traders generally buy the dips to the 20-day EMA.
Here too, the bulls bought the dip to the 20-day EMA, which started a rebound. The bulls will try to push the price above the 107.34 to 108 resistance zone. If they succeed, the index could jump crypto and start a strong rally toward 111.
However, the bears are unlikely to give up easily. They will try to guard the overhead zone and tug the price below 105.50. If this support cracks, the index may dip to the 50-day SMA ($104.81). This is an important level for the bulls to defend if they want to keep the ai current up-move intact. Below this level, the index could fall to 103.
Bitcoin price analysis
After trading between the moving averages for the past few days, bulls pushed Bitcoin price above the 20-day EMA ($27,224) on Oct. 16. This caused the price to jump crypto and skyrocket above the $28,143 resistance. Unfortunately, the bears aggressively sold at higher levels and pulled the price back below $28,143.
The 20-day EMA has started to turn up and the RSI has entered positive territory, suggesting the bulls have a slight edge. If buyers manage to achieve a close above $28,143, the pair may scale ai toward $30,000 and then to $31,000.
On the contrary, if the 50-day SMA ($26,715) is broken and closed below, it will give the bears the advantage. The pair may then plummet to $26,000 and then to $24,800.
Ether price analysis
Ether (ETH) has been fluctuating between $1,531 and $1,746 for the past few days. Traders usually buy near the support and sell at the resistance in such a range.
Buyers took advantage of the dip to $1,521 on Oct. 12, which initiated a recovery rally. The bulls attempted to drive the price above the moving averages on Oct. 16, but the long wick on the candlestick indicates that the bears sold aggressively.
If the price turns down from the current level, the bears will attempt to push the ETH/USDT pair below $1,521 again. If successful, the pair could plunge to $1,368.
On the other hand, the bulls will try to move and sustain the price above the moving averages. If they succeed, the pair could jump crypto to $1,746. This level is likely to encounter strong selling by the bears.
BNB price analysis
BNB (BNB) bounced off the strong support at $203 and breached the downtrend line on Oct. 16. Nevertheless, the long wick on the candlestick reflects that the bears are selling on rallies.
The 20-day EMA ($210) has flattened out and the RSI is above the midpoint, suggesting that the bearish momentum is waning.
The bulls will once again try to capitalize on this situation and push the price above the downtrend line. If they can sustain the higher levels, it will invalidate the bearish descending triangle pattern. The BNB/USDT pair may then climb to $235 and later to $250.
This bullish view will be nullified if the price turns down and plunges below the vital support at $203. The pair may then drop to $183.
XRP price analysis
XRP (XRP) has been trading between the boundaries of $0.41 and $0.56 for quite some time now. Bulls are attempting to initiate a pullback, however, they are likely to face a strong opposition from the moving averages.
If the price drops from the moving averages, it will signify that all minor recovery rallies are being sold. This will likely lead to the price declining to $0.46. If this level does not hold, the XRP/USDT pair could plunge to $0.41.
On the other hand, if the bulls manage to push the price above the moving averages, it will signify that there is strong buying occurring at lower levels. The pair may then attempt to jump crypto to $0.56. Bears are expected to guard this level strongly.
Solana price analysis
Solana (SOL) jumped above the near-term resistance of $22.50 on Oct. 16, suggesting that the bulls are attempting to take control. They tried to scale the neckline of the inverse head and shoulders pattern but were unable to break through. This is an important resistance to watch out for, as a close above it will complete the bullish setup. The SOL/USDT pair could then start an up-move to $27.12 and later to the pattern target of $32.81.
If the bears want to stop the upside, they will have to quickly push the price back below the 50-day SMA ($20.56). The pair may then jump to $18.50.
Cardano price analysis
The bulls are fiercely defending the strong support near $0.24, which Cardano (ADA) bounced off from.
The moving averages are acting as an immediate resistance for buyers. On Oct. 16, buyers attempted to break this barrier, however the long wick on the candlestick shows selling at higher levels. If the bulls can keep the current level, it will increase the chances of a surge above $0.28. This level may act as a resistance again, but if it is surpassed, the ADA/USDT pair could reach $0.30.
The most important level to watch is $0.24. If the price turns down from the moving averages, it will likely lead to a drop below this crucial support, which could drive the pair to $0.22 and then to $0.20.
Dogecoin price analysis
Dogecoin (DOGE) has recovered to the breakdown level of $0.06 on Oct. 14, indicating that lower levels are attracting buyers. The 20-day EMA ($0.06) is flattening out and the RSI is near the midpoint, suggesting that the selling pressure may be reducing. If buyers are able to drive and maintain the price above the moving averages, it could signify the start of a new up-move to $0.07. This level may still act as a stiff hurdle, but if it is cleared, the DOGE/USDT pair could reach $0.08.
Alternatively, if the price turns down from its current level, it could indicate that the pair may extend its stay inside the $0.055 to $0.06 range for some more time.
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Toncoin price analysis
Since October 12, Toncoin (TON) has been trading below its moving averages, yet the bears have been unable to capitalize on this weakness, which indicates a lack of selling at lower levels. The bulls attempted to lift the price back above the moving averages, but the long wick on the candlestick showed that the bears were unwilling to relent. Sellers will likely try to drive the price below $1.89, leading to a deeper correction, with the next support level at $1.80 and then $1.60.
In order to signal a comeback, the bulls must push and sustain the price above the moving averages. The TON/USDT pair could potentially rise to $2.20 and then to $2.31.