Analyzing Crypto Prices from SPX to DOGE

October is proving to be a great month for Bitcoin (BTC) as the crypto price today is almost reaching the 2023 high of $31,805. Generally, strong resistances are not usually broken in the first try as the bears come out to protect the level. Consequently, a minor dip is expected, but that should not be taken as the beginning of a negative sentiment.

Buyers come back at lower levels and try to form a higher floor. That encourages further buying and starts a rally. This could be the case for Bitcoin, but there are still risks. Although the cooling of the United States dollar index (DXY) is a positive sign, the weakness of the S&P 500 Index (SPX) is a crypto negative.

Another risk to the rising crypto markets could come from the increasing 10-year Treasury yield which is now above 5%. The rise in the yields suggests that the market participants are losing hope that the Federal Reserve will cut rates in the near future.

Could the frustration from the U.S. equities markets drive investors to the crypto game? Will Bitcoin decouple from the S&P 500 Index and extend its up-move? Let’s analyze the charts to find out.

S&P 500 Index price analysis

The bears managed to defend the neckline of the head and shoulders pattern in the S&P 500 Index when tested again. The inability to push the crypto price today above the 50-day simple moving average (4,382) triggered aggressive selling by the bears.

The index dipped below the important support at 4,216 on Oct. 23 but the bulls are attempting to stop the decline. Any recovery effort is likely to be met with strong selling at the 20-day exponential moving average (4,317) and then at the 50-day SMA. The bulls must drive the crypto market latest above 4,400 to show that the correction may be over.

If the crypto negative continues and stays below 4,216, the selling may intensify further and the index could plunge toward the pattern target of 4,088.

U.S. dollar index price analysis

The bulls and the bears are engaged in a tough battle in the U.S. dollar index. The bulls attempted to push the crypto price today to the local high of 107.35, but the bears defended their position.

The sellers are trying to keep the crypto market latest below the breakout level of 106. If they succeed, the index may experience profit booking and drop to the 50-day SMA ($105) and then to 104.50. This zone is expected to attract strong buying from the bulls.

If the crypto future rebounds from this zone, the bulls will try to boost the index above 107.35. If they succeed, the index may surge to 108 and eventually to 111.

On the other hand, if the crypto negative slides below 104.50, it will suggest that the bears are back in the game. The index may then fall to 103.

Bitcoin price analysis

After the crypto market failed to keep the price above $30,000 for the past three days, the bulls made a strong move on Oct. 23 and drove the price to $31,000.

The sharp increase of the past few days has caused the relative strength index (RSI) to enter the overbought territory, suggesting that a consolidation or correction may occur in the short term. On the way down, if the bulls don’t let the price drop below $30,000, it will show that every minor dip is being bought. The bulls will then try one more time to break the resistance at $31,000.

If they succeed, the BTC/USDT pair could rally to $32,400. The bears are likely to fiercely defend this level since a break above $32,400 could push the pair to $40,000.

On the contrary, if the crypto price plunges and falls below $30,000, it will signal that traders are taking profits. This could cause the price to drop to the 20-day EMA ($28,428).

Ether price analysis

Ether (ETH) has surged above the moving averages on Oct. 21, signaling that crypto bulls are buying the dips to the strong support at $1,531.

The 20-day EMA ($1,608) has started to turn up and the RSI is in the positive zone, showing that the crypto negative forces may be losing their grip. The ETH/USDT pair could rise to $1,746 where the crypto market latest may try to stall the up-move.

If bulls do not give up much ground from this level, the possibility of a rally above $1,746 increases. The pair could then move up to $1,880. Conversely, if the crypto price today turns down sharply from $1,746, it will suggest that the range-bound action may continue for a few more days.

BNB price analysis

BNB (BNB) recently broke out of the descending triangle pattern, a positive sign for the crypto market. The BNB/USDT pair has reached the horizontal resistance at $223, and if this is overcome, the pair could rally to $243 and then $250. Bears will attempt to defend this area.

However, if the bears want to regain control, they must push the price back below the moving averages. This could lead to a retest of the key support at $203. If this is breached, the crypto market could see a further decline to $183.

XRP price analysis

XRP (XRP) surged past the moving averages on Oct. 19 and bulls have held the crypto price today above this level since then.

The bulls will attempt to drive the crypto market latest to the overhead resistance at $0.56. In a range, traders usually sell the rally to the resistance. If the crypto negative price plunges significantly from $0.56, it will suggest that the XRP/USDT pair could extend its stay inside the range for some more time.

Both moving averages are rising slowly and the RSI has moved into the positive zone, suggesting that the bulls are in control. If buyers take the crypto positive price above $0.56, the pair could initiate a rally to $0.66 and then to $0.71.

Solana price analysis

The bears attempted to initiate a pullback in Solana (SOL) on Oct. 22, however the bulls refused to give up much ground, suggesting they are confident that the uptrend will continue.

Buying resumed on Oct. 23, and the bulls began to move the price towards the pattern target of $32.81, yet the bears again sold at higher levels.

The strong rally in the last few days has driven the RSI into overbought territory, suggesting a minor correction or consolidation may occur in the near future. If the SOL/USDT pair continues to drop from the current level, the bulls will try to arrest the decline at $27.12 and then at the 20-day EMA ($24.56).

Cardano price analysis

Cardano (ADA) surged from $0.24 on Oct. 19 and climbed above the crypto market latest moving averages on Oct. 21.

The buying intensified and the bulls are attempting to push the price above the overhead zone between $0.27 and $0.28. If successful, the ADA/USDT pair will form a triple bottom pattern, indicating the beginning of a sustained recovery. The pair could rise to $0.32 and then to $0.38.

If the bears want to stop this up-move, they will have to pull the price back below the crypto negative moving averages. The advantage will shift in favor of the bears on a break and close below $0.24.

Dogecoin price analysis

Dogecoin (DOGE) recently broke and closed above the 50-day SMA ($0.06), indicating the start of a crypto positive rally.

The 20-day EMA ($0.06) has started to turn up and the RSI has risen into the positive zone, suggesting that the bulls are trying to take control of the crypto market. If the price sustains above the 50-day SMA, the DOGE/USDT pair could rise to $0.07. This level may again act as a hurdle but if crossed, the pair may jump to $0.08.

The important support to watch on the downside is $0.06. If this level gets taken out, it could indicate that the bears are back in the driver’s seat. The pair may then slide to the critical support at $0.055.

Toncoin price analysis

On Oct. 22, Toncoin (TON) managed to break above the immediate resistance at $2.18, which could be seen as a sign of the corrective phase coming to an end.

Both the moving averages are sloping upwards while the RSI is in the positive territory, indicating that the crypto bulls have a slight edge. The TON/USDT pair could rise to $2.31 and then to $2.59, but this level is likely to be met with strong selling from the bears.

The bulls are expected to defend the moving averages on any dips. If the price breaks and closes below this support, it will suggest that the bulls may be losing their grip, in which case the crypto price might drop to $1.89.