Bitcoin (BTC) recently surged past the key $31,000 to $32,400 resistance zone on Oct. 23, catching many market participants off guard. Typically, prices tend to remain stagnant or take a pause near such strong overhead resistance levels, but that was not the case this time.
Investors are bullish on the cryptocurrency as they anticipate a Bitcoin spot exchange-traded fund (ETF) to receive approval in the near future. Bloomberg ETF analyst Eric Balchunas shared on X (formerly Twitter) on Oct. 23 that the listing of BlackRock’s spot Bitcoin ETF on the Depository Trust & Clearing Corporation (DTCC) was “all part of the process” of bringing the ETF to market. He further added that it was “hard not to view this as them getting signal that approval is certain/imminent.” However, a DTCC spokesperson later clarified that the listing of the said ETF has been there since August and it being there does not signify any regulatory approval.
The rush to buy Bitcoin before the consent for a spot Bitcoin ETF is received is due to analysts predicting that prices will surge after the green light is given. Galaxy Digital research associate Charles Yu said in a blog post that Bitcoin’s price may rally by 74.1% in the first year after an ETF is launched in the United States.
Is the current rally in Bitcoin the start of a sustained strong up-move, or is it time to book profits? How will altcoins behave as Bitcoin price shows strength?
Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price analysis
On October 23, Bitcoin surged above the strong resistance of $31,000 to $32,400, suggesting the revival of the uptrend.
The massive surge in the last few days has pushed the relative strength index (RSI) to the overbought zone. In the early days of a new bull market, the RSI tends to remain in the overbought region for a long time.
The important support to watch on the downside is $32,400 and then $31,000. Buyers are expected to strongly defend this area. If the price bounces back from this support area, the bulls will try to take the BTC/USDT pair to $40,000.
Conversely, a fall below $31,000 will indicate that the recent breakout may have been a crypto alert.
Ether price analysis
Ether’s (ETH) range saw a bullish breakout above $1,746 on Oct. 23, indicating a potential trend change.
The bulls attempted to extend the rally on Oct. 24 but a long wick on the candle showed strong selling pressure at higher levels. The key level to watch on the downside is $1,746. If buyers can hold this level during a retest, ETH/USDT could surge above $1,855. This could open the door for a rally to $1,900 and then to $2,000.
The bears may have other plans. They may try to push the price back below $1,746 and trap the overzealous bulls. The pair could then decline to the 20-day EMA ($1,648). Such a move would suggest the pair may remain range-bound for a while.
BNB price analysis
On Oct. 23, BNB (BNB) surged past the immediate resistance of $223, but the bulls could not sustain the upward momentum and failed to break the resistance at $235.
At present, sellers are attempting to push the price back below $223. If they succeed, it could mean that the BNB/USDT pair could remain in a range between $203 and $235 for a while.
The 20-day EMA ($215) is beginning to turn upwards and the RSI is in the positive territory, which indicates that the bulls are in control. If the price climbs up from $223, it will signify that the bulls are buying on dips. This will increase the chances of the pair surging above $235. The pair might then rally to $250 and eventually to $265.
XRP price analysis
XRP (XRP) has been trading inside a wide range between $0.41 and $0.56 for some time now. On Oct. 24, the bulls managed to push the price above the resistance of the range, but the long wick on the candlestick suggests that the bears are still trying to protect this level.
In a range, traders usually sell near the resistance and this is what is happening in the XRP/USDT pair. If the price reaches the moving averages, it could mean that the pair will remain within the $0.56 to $0.46 range for a few more days.
On the other hand, if the price turns up from the current level and breaks above $0.56, it could signify the start of a new uptrend. The pair could first rise to $0.66 and then attempt a rally to $0.71.
Solana price analysis
On Oct. 23, Solana (SOL) achieved the pattern target of $32.81, which may have prompted traders to take profits. That sparked a short-lived correction on Oct. 24, showing that sentiment remains bullish and every minor dip is being bought up. On Oct. 25, buyers drove the price above $32.81, indicating the start of the next crypto chainlink upswing. The SOL/USDT pair may then soar to $38.79.
The RSI is still in the overbought zone, suggesting that the pair may experience a minor correction or consolidation in the near future. If the price dips below $29.50, the pair could plunge to $27.12. This level is likely to attract strong buying by crypto bloomberg bulls.
Cardano price analysis
Cardano (ADA) went beyond the $0.28 resistance on Oct. 24, but the long wick on the candlestick shows that the bears are still present at higher levels.
The ADA/USDT pair is likely to experience a hard battle close to the $0.28 mark. If the price drops and stays below this level, it will suggest that the markets have refused the breakout. This could keep the pair in the $0.24 to $0.28 range for some more time.
On the other hand, if the price rebounds off $0.28 and rises above $0.30, it will show that the bulls have transformed the level into support. This could initiate a new uptrend toward $0.32. If this level is surpassed, the pair may start its path toward $0.38.
Dogecoin price analysis
Dogecoin’s (DOGE) rally was halted at $0.07 on Oct. 24, as evidenced by the long wick on the day’s candlestick.
The DOGE/USDT pair may enter a period of correction or consolidation in the upcoming weeks. If the pair does not give up much ground during that time, it will suggest that the bulls are not closing their positions quickly. This could pave the way for a break above $0.07, potentially leading to a surge to $0.08.
The bullish crossover on the moving averages and the RSI in the overbought territory indicates that bulls are in control. However, if the bears manage to push the price below $0.06, the advantage will shift in their favor.
Toncoin price analysis
Toncoin (TON) dropped to $2.26 on Oct. 24, which shows that the bears are preventing the resistance at $2.31 from being breached.
The first support is the moving averages. If the price bounces off this level, it will suggest that the sentiment is positive and traders are buying the dips. This could potentially lead to a break above $2.31. If that happens, the TON/USDT pair could revisit the strong resistance at $2.59.
Conversely, if the price drops and breaks below the moving averages, it will indicate that the pair may stay between $1.89 and $2.31 for a while. The bears will regain control if they drive the price below $1.89.
Chainlink price analysis
On Oct. 22, buyers drove the Chainlink (LINK) price above the overhead resistance of $9.50, leading to a breakout from a multi-month consolidation. Subsequently, sellers tried to push the price back below the $9.50 level on Oct. 24, but the long tail on the candlestick indicated aggressive buying at lower levels. The buying resumed on Oct. 25 and the LINK/USDT pair has continued its journey higher, with the pattern target of the breakout being $13.50. If this level is crossed, the pair may reach $15.
In order to prevent the upside, bears will have to pull the price back below $9.50. The overbought levels on the RSI suggest that a minor correction or consolidation is possible in the near term.
Polygon price analysis
On Oct. 22, MATIC/USDT pair surged above the $0.60 resistance, demonstrating accumulation of the crypto at lower levels.
The 20-day EMA ($0.56) has started to rise and the RSI is in the overbought territory, indicating a possible trend reversal. If buyers are able to maintain the price above $0.60, it could be the beginning of a new uptrend. MATIC/USDT pair could reach $0.70 and then $0.80.
The most important level to keep an eye on is $0.60. If the price breaks below this level, it could mean that the rally above $0.60 was a fake-out, which could trap the overly optimistic bulls and lead to a fall to the moving averages.
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