Price Analysis of Top 10 Cryptocurrencies – BTC, ETH, BNB, XRP, SOL, ADA, DOGE, TON, LINK, MATIC
Bitcoin (BTC) has been trading above $33,600 for the past two days, indicating that the bulls are not rushing to the exit. After a sharp rally, if the price does not give up much ground, it may cause FOMO and ignite another round of buying. That could push the markets further into overbought territory. However,…
Bitcoin (BTC) has been trading above $33,600 for the past two days, indicating that the bulls are not rushing to the exit. After a sharp rally, if the price does not give up much ground, it may cause FOMO and ignite another round of buying.
That could push the markets further into overbought territory. However, such rallies are rarely sustainable. They eventually turn down and retest the breakout levels. Hence, Bitcoin’s drop to $32,000 can not be ruled out.
The rally of the past few days pushed Bitcoin’s dominance to 54%, its highest level in 30 months. The rise in market dominance shows that Bitcoin is leading the charge higher, which is a positive sign. This suggests that traders are favorably viewing the cryptocurrency space and select altcoins such as Dogecoin, Link, XRP, and Cardano may join the party soon.
Veteran trader Peter Brandt said in a post on Twitter (formerly X) on Oct. 26 that Bitcoin’s bottom is in but he warns that new all-time highs may not happen until the third quarter of 2024. Meanwhile, Brandt predicts Bitcoin to enter a “chop fest.”
Will Bitcoin enter a corrective phase over the next few days or continue its upward march? Will altcoins such as Crypto.com join the party higher?
Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price analysis
At the moment, Bitcoin is finding resistance at $35,000, but buyers have not backed down. This implies that they could soon attempt to renew the uptrend.
The risk of further growth is that the relative strength index (RSI) is still in the overbought zone. This indicates the possibility of a minor correction or consolidation in the near future. If the price falls below $33,679, the BTC/USDT pair could retest $32,400 and then $31,000.
However, it is not certain that the overbought levels on the RSI will cause a correction. Sometimes, during a shift from bearish to bullish, the RSI tends to remain in overbought territory for an extended period. This is because smart buyers keep buying up on every intraday dip.
In this case, if the price rises from the current level and breaks above $35,280, it will signal the start of the next uptrend. The pair could then skyrocket to $40,000.
Ether price analysis
The bears have been defending the resistance at $1,855 with a long wick on the Oct. 26 Ether (ETH) candlestick. The 20-day EMA ($1,674) and the RSI near the overbought zone point to the bulls having the upper hand. If the price rises from $1,746, they may be able to propel the ETH/USDT pair above $1,855 and possibly even to the crypto-world’s important $2,000 level.
The bears will have to act quickly to stop this up-move by pushing the pair back under $1,746. The pair could then drop to the 20-day EMA.
BNB price analysis
BNB (BNB) experienced a downturn from $235 on Oct. 24, indicating that the bears are in control at this level. The sellers failed to keep the price below the strong support at $223, showing buyers are strongly defending the support level.
If the price rebounds from $223 with strength, the BNB/USDT pair may attempt to break above the overhead resistance at $235, and possibly climb to $250 and then $265.
However, if the price turns down from $235 again, it will demonstrate that the bears are still selling at higher levels. A slide below $223 will shift the advantage back to the bears. The pair may then near crypto between $203 and $235 for a while.
XRP price analysis
XRP (XRP) has been witnessing a tough battle between the bulls and the bears near the overhead resistance of $0.56.
The bears are attempting to push the crypto down to the 20-day EMA ($0.52) which is an essential level to keep an eye on. If the price sharply rebounds off this level, it will suggest that every minor dip is being bought. The bulls will then again try to kick the XRP/USDT pair above $0.56.
If they manage to do so, it will signal the start of a new up-move. XRP could then soar to $0.71. This optimistic outlook will be invalidated in the near future if the price turns down and drops below the 50-day SMA ($0.51). That will indicate a range-bound action between $0.46 and $0.56 in the near future.
Solana price analysis
Solana (SOL) has been trading near its pattern target of $32.81 for the past few days, with bulls refusing to cede ground to the bears, suggesting they expect a further upward move.
The RSI is still in the overbought zone, suggesting that the SOL/USDT pair may stay in consolidation or experience a minor pullback. If the price holds above $30, the possibility of a rally to $38.79 increases.
On the other hand, if the price dips below $30, the bears may try to push the price down to the 20-day EMA ($27.20). If this support fails, it will indicate that the sellers are back in control.
Cardano price analysis
Cardano (ADA) has been trading above the $0.28 level for the past few days but the bulls haven’t been able to start a strong relief rally. Buyers tried to initiate a new up-move on Oct. 26 but the crypto bears sold at higher levels, as seen from the long wick on the candlestick. Encouraged by this, the sellers are attempting to push the price back below the breakout level of $0.28. If they succeed, the ADA/USDT pair may slump to the 20-day EMA ($0.26).
Conversely, if the price turns up from $0.28 and rises above $0.30, it will demonstrate that the bulls have flipped the level into support. The pair may then start its northward journey toward $0.32, which may act as a stiff barrier. However, if it is cleared, the next stop is likely to be $0.38.
Dogecoin price analysis
Dogecoin (DOGE) has seen a strong recovery in the past few days, showing that the bulls are aggressively buying. On Oct. 26, buyers drove the price above the nearest resistance of $0.07, but the long wick on the candlestick displays selling at higher levels. The bears are now attempting to push the price back below $0.07 on Oct. 27. If they succeed, the DOGE/USDT pair could drop to the 20-day EMA ($0.06).
Conversely, if the price bounces off $0.07, it will suggest that sentiment has turned positive and dips are being bought. This could propel the price to $0.08.
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Toncoin price analysis
The bulls failed to take advantage of Toncoin (TON) finding support at the moving averages in recent days, prompting the bears to push the TON/USDT pair below the moving averages on Oct. 27.
This could lead to a drop to the critical support level at $1.89, which would indicate that the pair is likely to remain in a consolidation phase between $1.89 and $2.31 for a while. However, if the price turns up sharply from current levels, it would mean that the bulls are buying on dips, which could pave the way for a break above $2.31 and a surge to $2.59.
Chainlink price analysis
The LINK/USDT pair has been facing selling pressure near the $11.50 mark, as seen from the long wick on the candlesticks of the past few days. However, the bulls have not given up much ground, indicating that they are not in a hurry to book profits and expect the crypto to remain in the uptrend.
The important support to watch out for is $9.50 and then the 20-day EMA ($8.97). Buyers are likely to defend this crypto zone with vigor.
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Polygon price analysis
Polygon (MATIC) broke the $0.60 resistance on Oct. 22 but the bulls have met difficulty in sustaining the up-move. This implies that traders are hesitant to purchase further at the higher levels.
The most important level to watch is $0.60. If the price rebounds from this level with strength, it could be a sign that the bulls have managed to turn $0.60 into support. This could likely result in a breakout above $0.67. The MATIC/USDT pair could then potentially surge to $0.77.
On the other hand, the bears may have other ideas. They could try to push the price back below the breakout level of $0.60. If this happens, some of the more aggressive bulls may get trapped and the pair may drop to the 20-day EMA ($0.57).