Crypto traders have been closely monitoring the price action of Bitcoin (BTC) for the past several months, as it has largely been stuck in a range. This could be one of the reasons for the drop in spot volumes reported by Bloomberg on Oct. 11, with Coinbase’s spot trading volume plummeting 52% in Q3 2023 compared to Q3 2022.
Investors need to be watchful as long consolidations are usually followed by a volatile price action. The bulls have not allowed Bitcoin to dip back below $25,000 in the past few months, which increases the likelihood of an upside breakout. Paul Tudor Jones, a famous investor, said on CNBC that he is not bullish on the equities markets, but believes that an escalation in the Israel–Hamas conflict could be crypto matic for gold and Bitcoin.
Will bears sink Bitcoin below the immediate support and cause a crypto fall? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price analysis
The bears failed to drive the Bitcoin price below the 50-day simple moving average ($26,634) on Oct. 11 and Oct. 12, despite it slicing through the 20-day exponential moving average ($27,148).
The bulls are currently battling to initiate a rebound, implying a lack of demand at higher levels. The bears will now try to pull the price beneath the 50-day SMA to gain control. If they succeed, the BTC/USDT pair could test the strong support at $26,000, where the bulls are anticipated to be aggressive buyers.
The first sign of strength will be a rally above the 20-day EMA. The crypto could then ascend to the stiff overhead resistance at $28,143. A close above this level could mark the beginning of a short-term crypto adventure and potentially a gold rush for crypto investors.
Ether price analysis
Ether (ETH) dipped to the critical support at $1,531 on Oct. 12 but a minor positive is that the bulls successfully held this level. The RSI is showing signs of a positive divergence, indicating that the bearish crypto momentum may be weakening.
The bulls will try to push the price to the moving averages where the bears are again likely to mount a strong defense. If the price turns down sharply from the 20-day EMA ($1,606), it will suggest that bears remain in command and the ETH/USDT pair could crypto fall below $1,531 and start its descent word $1,368.
If bulls want to prevent the crypto negative situation, they will have to kick the price above the moving averages. The pair may then climb to $1,746 where the bulls may again face strong selling by the bears.
BNB price analysis
The crypto market saw a fall of BNB (BNB) to the strong support at $203, but the long tail on the candlestick suggests that the bulls are protecting the level with force.
The bulls will have to quickly thrust the price above the moving averages and the downtrend line to indicate that the bears may be losing their grip. If they succeed, the BNB/USDT pair could then start an up-move to $235 and later to $250.
On the other hand, if the price turns down from the moving averages, it will indicate that every minor rise is being sold into. A break below the $203 support will complete a descending triangle pattern, which could lead to a downward move to $183.
XRP price analysis
XRP (XRP) fell below the uptrend line on Oct. 11, indicating that the crypto matic is negative and the bullish pressure is reducing. The drop suggests that the crypto next week will continue to oscillate between $0.41 and $0.56 for a while longer.
There is support at $0.46 but if it cracks, the XRP/USDT pair may tumble to the important level at $0.41. The bulls are expected to buy this crypto dot aggressively, which could keep the range-bound action intact.
On the upside, a break and close above the moving averages will be the first sign of strength. The buyers will then make one more attempt to drive the price to the overhead resistance at $0.56. A break and close above this level will indicate the start of a new potential crypto investing.
Solana price analysis
The crypto adventure has seen Solana (SOL) dip below the 20-day EMA ($21.72) on Oct. 12, suggesting that the bears are still in control.
Both moving averages have flattened out and the RSI is near the midpoint, indicating an equilibrium between supply and demand. The bears will attempt to extend their reign by pushing the price below the 50-day SMA ($20.44). If they succeed, the SOL/USDT pair could crash to $17.33.
Conversely, if the price turns up and breaches $22.50, it will shift the short-term advantage to the buyers. The pair could then climb to the neckline of the inverse head and shoulders pattern.
Cardano price analysis
Cardano (ADA) has formed long tails on successive candlesticks since Oct. 9, yet the bulls have been unable to initiate a recovery. This indicates a lack of demand at higher levels.
The ADA/USDT pair is close to the $0.24 support and the RSI is displaying signs of a positive divergence. This implies that the selling pressure is reducing and a relief rally crypto may be possible. The first stop on the upside is likely to be the moving averages. If this resistance is broken, the pair could reach $0.27 and then $0.28.
On the other hand, if the price continues to move lower and breaks below $0.24, it will indicate that the bears are in no mood to relent. This could open the door for a crypto fall to $0.22 and eventually to $0.20.
Dogecoin price analysis
Since Oct. 9, the Dogecoin (DOGE) price has been trading below the $0.06 support, which suggests that the crypto markets have accepted the lower levels.
The bears are attempting to push the price down to the crucial support at $0.055. If the bulls manage to bounce off this level, the DOGE/USDT pair may consolidate between $0.055 and $0.06 for a while.
The descending moving averages and the RSI near the oversold zone indicate that the bears currently have the upper hand. If the bulls want to make a comeback, they will need to quickly drive the price above the moving averages. This could trigger a recovery to $0.07.
Toncoin price analysis
Toncoin (TON) has been in a corrective phase for the past few days, causing profit booking by the traders to pull the price below the 50-day SMA ($1.98) on Oct. 12.
In an attempt to reclaim the level, crypto bulls are hoping to push the crypto price back above the moving averages in the next few days. If they succeed, it could indicate that the break below the 50-day SMA may have been a bear trap, potentially leading to a rise to $2.31.
Alternatively, if the TON/USDT crypto pair turns down from the moving averages, it will suggest that the sentiment has become crypto negative and every rally is being sold into. This increases the risk of a fall to $1.60.
Polkadot price analysis
Polkadot (DOT) has been steadily declining over the past few days and has reached its target objective of $3.50 on Oct. 12. This could be seen as a strong support level.
For the price to rise, the 20-day EMA ($3.95) is a key indicator to watch. If the crypto dot starts to fall from this level, it could be an indication that traders are selling on relief rallies, leading to a potential drop below $3.50.
On the other hand, if bulls are able to sustain the price above the 20-day EMA, it will show that the markets have rejected the lower levels. This may lead to a short squeeze towards the downtrend line, potentially providing a positive outlook for crypto next week.
Polygon price analysis
The crypto MATIC continues to weaken towards the key support at $0.49, suggesting that the bulls are not comfortable buying at higher levels.
Traders usually buy close to the support and sell near the resistance in a range. In this case, the bulls are likely to be eager buyers of dips to $0.49. If the crypto MATIC/USDT pair rallies strongly from that level, it could reach the moving averages.
However, if the price turns down sharply from the moving averages, it could break below $0.49 and plunge to $0.45. On the contrary, a rally above the moving averages may indicate that the range-bound action may continue for a few more days.
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