Bitcoin (BTC) has been trading above $33,600 for the past two days, indicating that the bulls are not rushing to the exit. After a sharp rally, if the price does not give up much ground, it may cause FOMO and ignite another round of buying.
That could push the markets further into overbought territory. However, such rallies are rarely sustainable. They eventually turn down and retest the breakout levels. Hence, Bitcoin’s drop to $32,000 can not be ruled out.
The rally of the past few days pushed Bitcoin’s dominance to 54%, its highest level in 30 months. The rise in market dominance shows that Bitcoin is leading the charge higher, which is a positive sign. This suggests that traders are favorably viewing the crypto space and select altcoins like Chainlink, Polygon, and Now may join the party soon.
Veteran trader Peter Brandt said in a post on X (formerly Twitter) on Oct. 26 that Bitcoin’s bottom is in but he warns that new all-time highs may not happen until the third quarter of 2024. Meanwhile, Brandt predicts Bitcoin to enter a “chop fest.”
Will Bitcoin enter a corrective phase over the next few days or continue its upward march? Will altcoins join the crypto party higher?
Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price analysis
Bitcoin is currently encountering a resistance at $35,000, however, the bulls are not giving up much ground. This suggests that the buyers may soon try to resume the up-move.
The risk to a further rise is that the relative strength index (RSI) is still in the overbought area. This indicates the possibility of a minor correction or consolidation in the near term. If the price slides below $33,679, the BTC/USDT pair could retest $32,400 and then $31,000.
Nevertheless, it is not definite that the overbought levels on the RSI will cause a correction. Occasionally, during a trend change from bearish to bullish, the RSI tends to remain in overbought territory for a long time. That is because the smart buyers continue to accumulate on every intraday dip.
In this case, if the price turns up from the current level and breaks above $35,280, it will signal the start of the next leg of the uptrend. The pair may then skyrocket to $40,000.
The crypto world has been paying attention to the price of Bitcoin, with many speculating about the crypto’s outlook for the rest of 2021 and beyond. The positive sentiment around Bitcoin has been further strengthened by the surge in Chainlink and other cryptos in recent months.
Ether price analysis
The Oct. 26 candlestick for Ether (ETH) showed a long wick, which suggests that the bears are actively defending the $1,855 resistance level.
The 20-day EMA ($1,674) is rising and the RSI is in the overbought zone, which indicates that the bulls are in control. If the price rebounds from $1,746, the bulls will try to push the ETH/USDT pair above $1,855, potentially leading to a surge towards the $2,000 mark.
If the bears want to stop the uptrend, they must quickly push the pair back below the breakout level of $1,746. The pair could then drop to the 20-day EMA.
BNB price analysis
The price of BNB (BNB) declined from $235 on Oct. 24, which indicates that bears are active at this level. The sellers attempted to push the price below the strong support at $223, but ultimately failed.
This shows that buyers are strongly attempting to defend the support at $223. If the price rebounds off this level with strength, the BNB/USDT pair could try to rise above the overhead resistance at $235 again. If that happens, the pair may climb to $250 and subsequently to $265.
On the other hand, if the price turns down from $235 once more, it will suggest that the bears are still selling at higher levels. A breakdown below $223 will shift the advantage back to the bears. The crypto may then oscillate between $203 and $235 for some time.
XRP price analysis
XRP (XRP) is currently facing a challenge between the bulls and the bears near the overhead resistance of $0.56.
The bears are trying to drive the crypto price down to the 20-day EMA ($0.52), which is an important level to watch. If the crypto price rebounds quickly from this level, it will indicate that buyers are entering the market on every minor drop. The bulls will then attempt to push the XRP/USDT pair above $0.56.
If they succeed, it will mark the start of a new uptrend. The crypto price could then climb to $0.71. However, this bullish outlook will be invalidated in the short-term if the crypto price turns down and falls below the 50-day SMA ($0.51), which would indicate a consolidation phase between $0.46 and $0.56 in the near future.
Solana price analysis
The SOL/USDT pair has been trading near the pattern target of $32.81 for the past few days, with the bulls refusing to cede ground to the bears, suggesting that they expect the crypto price to move higher.
The RSI remains in the overbought zone, suggesting that the crypto may stay in consolidation or witness a minor dip. If the crypto price stays above $30, the probability of a rally to $38.79 increases.
On the other hand, if the crypto price slides below $30, the bears will try to drag the price to the 20-day EMA ($27.20). If this support level gives way, it will indicate that the sellers are back in the game.
Cardano price analysis
Cardano (ADA) has been trading above the $0.28 level for the past few days, but the bulls have yet to trigger a strong relief rally.
Buyers tried to kick off a new uptrend on Oct. 26, but the bears sold at higher levels, as evidenced by the long wick on the candlestick. The crypto now twitter sellers may take advantage of this and try to pull the price back below the $0.28 breakout level. If successful, the ADA/USDT pair may slump to the 20-day EMA ($0.26).
On the other hand, if the price rises from $0.28 and breaches the $0.30 level, it will indicate that the bulls have flipped the level into support. The pair could then start its northward journey towards the crypto positive $0.32 level. This could serve as a formidable barrier, but if it is broken, the next stop could be the crypto price today $0.38.
Dogecoin price analysis
Dogecoin (DOGE) has been on a strong uptrend over the past few days, indicating that the bulls are actively buying.
On Oct. 26, buyers pushed the price above the closest resistance of $0.07, but the long wick on the candlestick shows that the crypto is facing selling pressure at higher levels. The bears are attempting to pull the DOGE/USDT pair back below $0.07 on Oct. 27. If they succeed, the crypto may slide to the 20-day exponential moving average (EMA) of $0.06.
On the other hand, if the price reverses direction from $0.07, it will suggest that the sentiment has turned positive and every minor dip is being bought up. This could propel the crypto price to $0.08.
Toncoin price analysis
Toncoin (TON) found support near the moving averages in the past few days but the bulls failed to initiate a strong rebound off it.
That may have triggered selling from the bears who dragged the crypto price back below the moving averages on Oct. 27. The TON/USDT pair may drop to the key support at $1.89. Such a move will suggest that the pair could consolidate between $1.89 and $2.31 for a few days.
Conversely, if the crypto price turns up sharply from the present level, it will indicate that the bulls are buying on minor dips. That will raise the chances of a break above $2.31. The pair could then rally to $2.59.
Chainlink price analysis
The LINK/USDT pair has seen selling pressure near the $11.50 mark, as evidenced by the long wicks on the candlesticks of the past few days. However, the bulls have not given up much ground, suggesting that they are waiting for the uptrend to continue and the crypto to remain in the overbought zone for a longer period.
The most important support to watch out for is $9.50 and then the 20-day EMA ($8.97). It is expected that buyers will defend this zone vigorously.
Polygon price analysis
On Oct. 22, MATIC/USDT pair broke the $0.60 resistance, yet the bulls are having difficulty in keeping the up-move, which implies hesitation to purchase at higher prices.
The key level to monitor is $0.60. If the crypto rebounds off this mark with strength, it will demonstrate that the bulls have transformed $0.60 into support. This will make a break above $0.67 much more likely, and the MATIC/USDT pair could then surge to $0.77.
Conversely, the bears are likely to have other plans. They will attempt to drive the price back below the breakout level of $0.60. If they succeed, numerous aggressive bulls may get stuck, and the pair may plunge to the 20-day EMA ($0.57).
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