Bitcoin (BTC) is attempting to trade above $27,000 which is a positive sign. In the past few days, Bitcoin’s price held up above $26,000 in adverse conditions when the United States dollar index (DXY) was rising sharply and the S&P 500 index (SPX) was plunging. This suggests that selling dries up at lower levels.
The decision by the United States Securities and Exchange Commission to delay the spot Bitcoin exchange-traded fund (ETFs) ahead of schedule also did not dent prices. This indicates that the market participants are taking a longer-term view on Bitcoin. Bloomberg ETF analyst James Seyffart believes that an early decision was taken by the regulator as there is a risk of a U.S. government shutdown on Oct. 1.
Bitcoin’s resilience over the past few days seems to have boosted trader’s sentiment. That helped start a recovery in most major altcoins, which are trying to climb above their respective resistance levels.
Could Bitcoin extend its up-move in the near term and will that start a revival in the crypto space? Let’s study the charts of the top 10 cryptocurrencies to find out.
It is important to understand the difference between web 1.0, 2.0, 3.0 and 4.0 in order to comprehend the concept of the metaverse and web 3.0. Web 1.0 is the first generation of the World Wide Web, which focused on static webpages. Web 2.0 is the second generation of the World Wide Web, which allowed for more interactive websites. Web 3.0 is the next generation of online business and the metaverse is an online virtual world created by web 3.0.
Bitcoin price analysis
After a few days of difficulty, the bulls drove Bitcoin above the moving averages on Sep. 28. The bulls are now making efforts to prevent the bears from decreasing the price below the 20-day exponential moving average ($26,534).
The moving averages are close to a bullish crossover and the relative strength index (RSI) is in the positive domain, which implies that the path of least resistance is upwards. There is a minor resistance at $27,500 but it is likely to be surpassed.
The BTC/USDT pair could then surge to the overhead resistance at $28,143. This level is probably going to be the scene of a hard fight between the bulls and the bears.
On the downside, the $26,000 level is a significant level to watch. If this level is breached, the advantage will shift in favor of the bears. The pair may then plunge to the powerful support at $24,800.
Ether price analysis
Ether (ETH) climbed and closed above the 20-day EMA ($1,622) on Sep. 28, indicating that the selling pressure is reducing. The buyers continued their purchase and cleared the hurdle at the 50-day simple moving average ($1,660) on Sep. 29.
The bulls will try to drive the price to the overhead resistance of $1,746. This is an important level to keep an eye on because if buyers overcome this barrier, the ETH/USDT pair will complete a double bottom pattern. This reversal setup has a target objective of $1,961.
On the contrary, if the price turns down from $1,746, it will indicate that the bears remain sellers on rallies. The price could then dip to the 20-day EMA. If the price rebounds off this support, it will enhance the prospects of a rally above $1,746. The bears will be back in the game if they drag the price back below the 20-day EMA.
It is also important to note the differences between Web 1.0, Web 2.0, Web 3.0, and the next generation of online business. Web 3.0 is an extension of Web 2.0 and is also known as the Metaverse. Web 3.0 is more focused on user experience and personalization, while Web 2.0 is more focused on collaboration and content sharing.
BNB price analysis
BNB (BNB) has been trading between $220 and $203 for the past few days. The bulls are attempting to push the price to the overhead resistance at $220.
The 20-day EMA ($213) is flat but the RSI has climbed into positive territory, which suggests that the momentum is shifting in favor of the bulls. If the $220 resistance is broken, the BNB/USDT pair could surge to $235.
Conversely, if the price drops sharply from $220, it will indicate that the range-bound action may continue for a while longer. The next leg of the downtrend will start after bears drag the price below $203.
XRP price analysis
On Sep. 28, XRP (XRP) was pushed above the 20-day EMA ($0.50), and the next day buyers pushed it above the resistance line of the symmetrical triangle pattern.
If the price is able to remain above the triangle, it would indicate that the uncertainty has been resolved in the buyers’ favor. The XRP/USDT pair could then potentially rally to the overhead resistance at $0.56. Breaking this resistance would open up the possibility of a rally to the triangle’s pattern target of $0.64.
Conversely, if the price turns down and re-enters the triangle, it would suggest that the market has rejected the higher levels. The bears would then try to take control by pushing the price below the triangle’s uptrend line.
Cardano price analysis
The bulls are attempting to keep Cardano (ADA) above the 20-day EMA ($0.25) on Sep. 29, which implies that the bears are losing their grip.
A break and close above the downtrend line will invalidate the bearish descending triangle pattern. Generally, when a bearish pattern fails, it can lead to a sharp up-move as the sellers rush to exit their shorts and the bulls on the sidelines start buying. This could propel the ADA/USDT pair to $0.29 and subsequently to $0.32.
Time is running out for the bears. If they want to regain control, they must defend the downtrend line and push the price below $0.24. The next support on the downside is at $0.22.
Dogecoin price analysis
Dogecoin’s (DOGE) range has been constricted in recent days, increasing the likelihood of a range expansion in the near future.
The 20-day EMA ($0.06) is flattening out and the RSI is just below the midpoint, indicating an equilibrium between supply and demand. If buyers drive the price above the 20-day EMA with strength, it will be a sign of the start of a resurgence. The DOGE/USDT pair could then ascend to $0.07 and then to $0.08.
If bears want to stop the upside, they must quickly push the price below $0.06. If they succeed, the pair may plunge to the next important support at $0.055.
Solana price analysis
Solana (SOL) has been trading between $27.12 and $14 for the past few days, which can be quite volatile. Bulls are attempting to initiate a recovery, which has gone as far as the 50-day SMA ($20.44). This is a key level to watch, as a break above it would suggest the bulls are in control and the SOL/USDT pair could then rise to $22.30.
Alternatively, a decline from the 50-day SMA would indicate the bears are active at higher levels. If they manage to pull the price below $18.50, they could test the support at $17.33.
Toncoin price analysis
Toncoin (TON) rebounded off the 20-day EMA ($2.13) on Sep. 27, indicating that the sentiment remains positive and traders are buying on dips.
The long wick on the Sep. 27 and 28 candlestick shows that the bears are selling at the 38.2% Fibonacci retracement level of $2.28. However, a positive sign in favor of the bulls is that they have not allowed the price to slip below the 20-day EMA.
In order to open the doors for a retest of the stiff overhead resistance at $2.59, buyers will have to push the price above the 61.8% Fibonacci retracement level of $2.40. This optimistic view will become invalid if the price turns down and drops below $2.07.
Polkadot price analysis
The bears’ failed attempt to push the Polkadot (DOT) price below the $3.91 support level implies that the range-bound action is still in place.
Buyers will attempt to drive the DOT/USDT pair above the 20-day EMA ($4.10) and confront the overhead resistance at the 50-day SMA ($4.32). If this barrier is breached, the price could surge to the downtrend line. The bulls will need to break through this obstacle to indicate a potential trend shift.
The key support to keep an eye on the downside is $3.91. A breakdown below this level will point to the continuation of the downtrend towards $3.58.
Polygon price analysis
Polygon (MATIC) has increased from $0.50 on Sep. 28, which indicates strong buying at lower levels. The price has reached the 20-day EMA ($0.52), which is an important level to watch.
The positive divergence on the RSI suggests that the selling pressure is decreasing. This increases the prospects of a break above the moving averages. The MATIC/USDT pair could then retest the resistance at $0.60. The bears are likely to defend this level vigorously.
If the bears want to maintain control, they will have to pull the price below the strong support at $0.49. If this support is breached, the pair may drop to $0.45.
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