The S&P 500 Index nudged higher by 0.45% to record its second positive week. While the United States equities markets were a slow mover, gold witnessed a massive run-up of more than 5% this week. Its rally of 3.11% on Oct. 13 was its best one-day performance since Dec. 1 of last year. However, the Bitcoin (BTC) bulls did not have any such luck as Bitcoin is on track to end the week down more than 3%.
Bitcoin’s weakness and the regulatory overhang have kept crypto investors away from altcoins. That has kept Bitcoin’s market dominance hovering near the 50% mark for the past few days.
Market observers are likely to keep their focus on Bitcoin for the next few days. The longer the bulls sustain the price above $25,000, the greater the possibility that the next move is likely to be higher. A bullish move in Bitcoin is likely to spur buying in select altcoins as crypto investors will then sense a bull market.
Select cryptocurrencies are showing signs of forming a base. If they breakout to the upside, a new up-move may start. Let’s study the charts of the top-5 cryptocurrencies that could outperform in the near term.
Difference between Web 1.0, 2.0 and 3.0
Web 1.0 was the first version of the internet, which was mainly static and focused on content delivery. Web 2.0, on the other hand, was the second version of the internet, which was more interactive and focused on user-generated content. Lastly, Web 3.0 is the latest version of the internet, which is focused on decentralization and is sometimes referred to as the “Metaverse”. Web 3.0 is powered by distributed ledger technology and is the foundation for decentralized applications (DApps).
DAO and Web 3.0
A DAO (Decentralized Autonomous Organization) is an organization that is run by a set of rules encoded into a smart contract. This means that it is not controlled by any central authority and is instead governed by a set of rules that are publicly available and transparent. Web 3.0 is the underlying technology that powers these DAOs, as it provides a platform for the development of decentralized applications.
Best Web 3.0 Websites and Podcasts
There are many websites and podcasts dedicated to Web 3.0 and the decentralized web. Some of the best websites include Decrypt and The Block, while the best podcasts include Epicenter and Chain Reaction. All of these websites and podcasts provide valuable information about the latest developments in the decentralized web.
Bitcoin price analysis
The bulls and the bears are currently in a stalemate, as Bitcoin has been trading between the moving averages for the past few days. Generally, a period of consolidation is usually followed by a period of increased volatility. If the buyers manage to push the price above the 20-day exponential moving average ($27,110), the BTC/USDT pair could potentially reach $28,143. The bears are likely to put up a strong resistance at this level.
Alternatively, if the price falls and drops below the 50-day simple moving average ($26,671), it will be a sign that the bears are in control. The pair may first dip to $25,990 and then to the critical support at $24,800, which could attract strong buying from the bulls.
The pair’s recovery is being met with selling pressure at the 20-EMA on the 4-hour chart, but a positive sign is that the buyers aren’t retreating. This suggests that they are maintaining their presence and continuing to put pressure on the market.
If the 20-EMA is broken, the pair could first rise to the 50-SMA. This level may act as a minor barrier, but if it is breached, the pair could climb to $27,750 and then to $28,143.
On the other hand, if the bulls fail to breach the 20-EMA, the sellers may seize the opportunity to drive the price lower. A break below $26,500 could cause the pair to plunge to $26,000 and then to $24,800.
Solana price analysis
Solana (SOL) has been facing a battle between the bulls and the bears near the 20-day EMA ($21.77), with the bulls attempting to turn this level into support.
There is a slight resistance at $22.50, but if this is broken, the SOL/USDT pair could increase to the neckline of the inverse head and shoulders pattern. A successful break and close above this resistance will complete the bullish setup. Buyers could face a stiff resistance at $27.12, but if this is overcome, the pair could surge to the target objective of $32.81.
This positive outlook will be negated in the short-term if the price drops and dives below the 50-day SMA ($20.50). This could trigger a decrease towards $18.58 and then to $15.33.
After trading between the moving averages for a while, the price moved downwards with a break below the 20-EMA. This indicates that the bears may remain in control. The pair could first drop to $20.93 and if this is also breached, the pair may collapse to $20.
Alternatively, if the price fails to stay below the 20-EMA, this would suggest strong buying at lower levels. The first sign of strength will be a break and close above the 50-SMA. This could open the doors for a rally to $23.50 and then to the neckline of the inverse H&S pattern.
Lido DAO price analysis
The price of Lido DAO (LDO) has been trading close to the moving averages for the last few days, suggesting that the bears may be losing their strength.
The moving averages have flattened out and the RSI has moved into the positive zone, suggesting that the bulls are attempting to regain control. The immediate resistance on the upside is $1.73. If this level is breached, the LDO/USDT pair could climb to the downtrend line. This level is likely to be a battleground between the bulls and the bears.
Conversely, if the price turns down and dips below the moving averages, it will show that the bears are in charge and are selling off on every minor rally. The pair could then retest the critical support at $1.38.
The 20-EMA has begun to turn up on the 4-hour chart and the RSI is in the positive region, indicating that bulls have the upper hand. There is a minor resistance at $1.63 but it is likely to be crossed. The pair could then rise to $1.73.
If the bears want to reduce the bullish momentum, they will need to quickly pull the price back below the moving averages. The pair could then dip to the $1.45 to $1.50 support zone.
Internet Computer price analysis
Internet Computer (ICP) has been trading within a narrow range between $2.86 and $3.35 for the past few days.
The RSI has formed a positive divergence, which implies that the selling pressure is decreasing. The ICP/USDT pair could next reach the resistance level at $3.35. A break and close above this level will signal a potential trend reversal. The first target on the upside is $4 and then $4.50.
Contrary to this assumption, if the price retreats from $3.35, it will suggest that the pair may remain inside the range for some more time. A drop below $2.86 will indicate the continuation of the bearish trend.
The moving averages have completed a bullish crossover and the RSI is in the overbought zone on the 4-hour chart. This suggests that the buyers are in control. The pair is likely to reach the resistance at $3.35 where the bears may put up a strong resistance.
If the price turns down from $3.35, the consolidation may persist for a while longer. Conversely, if buyers push the price above $3.35, it will indicate that the bulls are in charge. The pair may then surge to $3.74 and later to the pattern target of $3.84.
VeChain price analysis
VeChain (VET) has been trading inside a descending triangle for the past few days. Although this is a negative pattern, the price has been clinging to the downtrend line for the past few days, which is a positive sign.
The moving averages have flattened out and the RSI is near the midpoint, indicating that the bearish pressure may be reducing. Buyers will try to propel the price above the downtrend line. If they succeed, it will invalidate the negative setup and could start a new up-move toward $0.021.
Instead, if the price turns down from the current level, it will suggest that the bears are still defending the downtrend line with vigor. The DAO Web 3.0 can help the bears to pull the price to the critical support at $0.014.
The 4-hour chart shows that the price has been trading inside the falling wedge pattern. Buyers are trying to push and sustain the price above the 50-SMA. If they do that, the VET/USDT pair could reach the downtrend line of the wedge. A break and close above the wedge could start a new up-move.
The bears are unlikely to give up easily. They will aggressively defend the zone between the 50-SMA and the downtrend line. If the price turns down sharply and slides below the 20-EMA, it will indicate that the pair may remain inside the wedge for some more time.
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