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Price analysis 10/11: BTC, ETH, BNB, XRP, SOL, ADA, DOGE, TON, DOT, MATIC

Buyers are finding it hard to keep Bitcoin (BTC) price above $27,000 due to the increase in selling after the September producer price index rose 0.5% for the month, which was higher than the expected 0.3% increase. This suggests that the inflation pressures in the United States economy are unlikely to ease soon.

The unpredictable near-term outlook has made analysts focus on November and the upcoming halving event expected in April 2024. Crypto analyst Miles Deutscher shared a chart from CryptoCon and said that if history repeats itself, Bitcoin may turn up by November 21 and start its journey higher to its next halving.

Looking further ahead to 2026, BitMEX founder Arthur Hayes is even more bullish. While being a guest on Impact Theory with Tom Bilyeu, Hayes said that Bitcoin’s price could reach between $750,000 and $1 million by 2026. Hayes claims that the continuous money printing by the U.S. government to avoid a financial crisis will cause a massive bull market in multiple asset classes.

Many analysts are positive about the long-term, but the near-term remains uncertain due to several headwinds. Will Bitcoin and altcoins experience a recovery or will they continue to slide? Let’s analyze the charts of the top 10 cryptocurrencies to find out.

Bitcoin price analysis

After finding support at the 20-day exponential moving average ($27,227) for the past two days, Bitcoin broke below the level on Oct. 11. This shows that the bears are trying to seize control.

The next support to watch on the downside is the 50-day simple moving average ($26,615). If this level cracks, it will suggest that the traders are rushing to exit. The BTC/USDT pair could then slump to $26,000 and eventually retest the support at $24,800.

If the price rebounds off the 50-day SMA, the bulls will attempt to propel the price above the 20-day EMA. That could open the doors for a potential rally to $28,143.

The flattish 20-day EMA and the relative strength index (RSI) just below the midpoint suggest a possible range-bound action in the near term.

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Ether price analysis

Ether (ETH) has been trading around the $1,531 support level for the past couple of days, which is a positive sign. Therefore, it is likely that the price will continue to fluctuate between $1,531 and $1,746 for some time.

The bullish divergence on the ETH/USDT pair suggests that the selling pressure may be decreasing near $1,531. This could lead to a bullish rally, which could reach the 20-day EMA ($1,619). If the price then turns down from this level, the bears will likely attempt to push the pair below $1,531 and initiate a downward move to $1,368.

Conversely, if the price rises above the moving averages, it will indicate strong buying at lower levels. The pair may then attempt to rally to $1,746. The bulls may find it difficult to break above this level but if they manage to do so, the pair could climb to $1,961.

BNB price analysis

BNB (BNB) fell below the uptrend line on Oct. 9 but bounced off the strong support at $203. This indicates that the price is range-bound between $203 and $220.

The long wick on the Oct. 10 candlestick indicates that the bears are selling the rallies to the moving averages. The bears again redoubled their efforts to strengthen their position by dragging the price below $203.

The next trending move is likely to begin on a break below $203 or on a rally above $220. If the $203 support gives way, the BNB/USDT pair may crash to $183. On the contrary, a rise above $220 could open the doors for a potential rally to $235 and thereafter to $250.

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XRP price analysis

The attempt to break out of the symmetrical triangle above $0.56 failed, indicating a lack of demand for XRP (XRP).

The price moved downwards and fell below the moving averages on Oct. 9, a sign that the bulls had given up. The selling pressure increased on Oct. 11 and the XRP/USDT pair fell below the uptrend line, suggesting that the pair could remain between $0.41 and $0.56 for some time.

The first support level is at $0.46 and then at $0.41. Conversely, any attempts to recover may find resistance at the moving averages and then at $0.56.

Solana price analysis

Solana (SOL) is currently trading above the immediate support at the 20-day EMA ($21.79), making it one of the stronger major cryptocurrencies.

If the price rebounds from the current level, the SOL/USDT pair may attempt to form a bullish inverted head and shoulders pattern. This reversal setup will be confirmed if the price breaks and closes above the neckline, with the target objective being $32.81. However, its efficacy is slightly reduced due to the formation occurring within a consolidation.

If bulls fail to start a strong rebound soon, the bears will be strengthened. They will then try to push the price towards the 50-day SMA ($20.44). If this level gives way, the next stop may be $18.50 and then $17.33.

Cardano price analysis

The bears have pushed Cardano (ADA) back below the moving averages on Oct. 9, showing a lack of demand at higher levels.

The ADA/USDT pair could test $0.24, which is a key support to watch. The positive divergence on the RSI suggests that the bulls are likely to defend the $0.24 level with strength. They then have to push the price above the moving averages to indicate more strength.

Conversely, a break and close below $0.24 will signal the start of the next leg of the downtrend. The pair may first drop to $0.22 and eventually to $0.20.

Dogecoin price analysis

Dogecoin (DOGE) has experienced a significant drop and closed below the $0.06 support level on Oct. 9, signaling that the bears are in control.

The long tail on the Oct. 9 candlestick reveals that the bulls are strongly defending the support at $0.055. If the buyers wish to regain the upper hand, they must quickly push the price back up above the breakdown level of $0.06 and then extend the recovery over the moving averages.

If they fail to do so, the bears will continue to put pressure on the $0.055 support. If this level is breached, the DOGE/USDT pair could drop to the pivotal support near $0.05. This level is expected to draw strong buying from the bulls.

Toncoin price analysis

The bears managed to prevent Toncoin (TON) from staying above the 20-day EMA ($2.06) on Oct. 7, demonstrating that they are selling during price rallies.

A slight positive for the bulls is that they have kept the TON/USDT pair above the 50-day SMA ($1.96). The buyers will now attempt to surpass the resistance at the 20-day EMA. If they succeed, the TON/USDT pair could rise to $2.18 and then to $2.32.

Conversely, the bears are likely to have other plans. They will try to push and maintain the price below the 50-day SMA. If they achieve this, the pair could begin an downward move towards $1.60.

Polkadot price analysis

On Oct. 9, the bears made their move and pulled the Polkadot (DOT) price below the important support at $3.91. The bulls tried to push the price back up on Oct. 10, but the bears stood their ground.

The selling pressure resumed on Oct. 11 and the bears are trying to take the price down to the next target of $3.50. The downsloping moving averages suggest that the bears remain in control, but the positive divergence on the RSI gives the bulls a glimmer of hope that a reversal is possible.

The first sign of strength will be a break and close above $3.91. This could cause the aggressive bears to be trapped, resulting in a short squeeze. The DOT/USDT pair will then try to rally to the 50-day SMA ($4.16).

Polygon price analysis

Polygon (MATIC) recently dropped below the moving averages on Oct. 9, keeping the $0.49 to $0.60 range intact.

Breaking the 20-day EMA ($0.53) support is a bearish signal and puts the pressure on the bulls to defend the critical support at $0.49. If the price recovers from this level, it will show that the bulls are still buying on dips. This could keep the MATIC/USDT pair in the range for a while longer.

This neutral outlook will be invalidated if the price continues to move lower and falls below $0.49. The pair will then suggest the start of the next leg of the downtrend toward $0.45.

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