The data shows that long dormant Bitcoins have reached their lowest level ever. This is because the currency crisis and the rising US dollar index (DXY) are putting selling pressure on the cryptocurrency markets. So, can Bitcoin and altcoins continue their short-term performance? To answer, let’s examine the charts of SHIB, MATIC and 7 altcoins with analyst Rakesh Upadhyay.
What does the BTC, ETH and SHIB rise mean for the bulls?
Bitcoin (BTC)
Bitcoin recovered from the support zone on September 26. The bulls managed to climb above the 20-day exponential moving average ($19,653) today. A close above this overhead resistance will be the first indication of strength. BTC bulls will then head towards the 50-day simple moving average, $20,960.
The bears are likely to pose a strong challenge in the region between the 50-day SMA and $22,799. Buyers will have to push the price above the zone to pave the way for a possible rally to $25,211. This positive view will be invalidated if the price declines from the moving averages and dips below $17,622.
Ethereum (ETH)
Ethereum has been trading in a tight range of $1,262 and $1,360 for the past three days. The bulls are trying to stay above the range today.
If the bulls push the price above $1,360, ETH price will gain momentum towards $1,430. This is an important level to watch out for. Because a break above this will suggest that the bears have lost control. Conversely, if the price drops from $1,360, it will indicate that the sentiment will remain negative. The bears will then try to push the price back to the support line of the channel.
BNB Coin (BNB)
Buyers pushed BNB above $276 on September 24 and 25. They are now trying to maintain persistence at higher levels.
However, as the price has been trading around $276 for the past few days, the chances of a rally towards the resistance line of the channel increase. This level will witness aggressive selling by the bears. However, if the bulls manage to hold the price, BNB will gain momentum above $289. If the price drops from this level, the bears will try to push BNB to the $258 support level.
XRP
XRP soared to $0.56 on September 23 when profit booking began. The bulls tried to continue the upward move on September 25. Today, the market-wide rise is accompanied by the XRP price +0.50%.
The bears will now try to push the XRP price to $0.44. Strong purchases from this level will be an opportunity for $0.56. The bulls will then continue towards $0.66. Conversely, if the price dips below $0.44, the bears’ next target is $0.41. Therefore, the bulls are likely to defend this support aggressively.
Cardano (ADA)
cryptocoin.com As we covered in our analysis, the ADA price rose above $0.46 on September 23. However, the bulls failed to surpass the 50-day SMA ($0.48). The long wick on the candlestick of the day indicates that the bears are active at higher levels.
Buyers tried to push the price back above $0.46 on September 24 and 25. But the bears held their ground. This pushed the price to the uptrend line. Now, the bears’ next target is the vital support at $0.40. Conversely, if the price breaks out of the uptrend line, the bulls will try to push the pair back above the downtrend line. If they manage to do so, the ADA price could jump to $0.52.
Left (LEFT)
Solana (SOL) managed to break and stay above $33 on September 23. However, the inability to push the price above $35 spurred sales on September 24. SOL price briefly stayed below $33 before settling at $34.
Currently, the bulls are trying to hold the price at $33. If they succeed, the next target will be $35. The bulls will need to break through this hurdle to propel a possible rally to $39. Contrary to this assumption, if the price drops from the moving averages, it will indicate that the bears are not in a softening mood. This increases the risk of a break below $30. If this happens, SOL price will retest the crucial support at $26.
Dogecoin (DOGE)
Dogecoin (DOGE) managed to break $0.06 on September 23. Thus, it gave the first signal that the selling pressure might decrease.
Buyers maintained their momentum and pushed the price above $0.07 on September 24. The price returned to $0.06 on September 25. A small positive point, however, is that the bulls are trying to defend this level. If the bulls turn this level to support, the bulls will head towards $0.08. Alternatively, if the price continues to decline and breaks below the strong support, there are chances that DOGE price could retest the June low of $0.05.
Polkadot (DOT)
Polkadot bounced off critical support at $6 once again on September 26. Thus, it showed that the bulls are aggressively defending this level. The price is struggling to surpass $6.74, where the bears will try to stop the recovery.
If the price declines from $0.06, it will increase the likelihood of a drop below the support at $6. If this happens, sales will gain momentum. Afterwards, DOT price will resume its downtrend. The bears’ next target will be $4. If the bulls want to avoid this drop, they will have to sustain the price above $6. Later, the bulls may continue to the overhead resistance zone between $7.48 and $8, their next target. A break and close above the zone could open the doors for a possible rally to $9.17 and then $10.
Polygon (MATIC)
Polygon’s rally stopped near $0.79 on September 23. It showed that the bears continued to sell in the rallies. The price dropped to the strong support at $0.72, where buyers will step in to stop the decline.
MATIC price will climb 0.84 and then 0.94 if the bulls manage to climb above $0.79. Instead, if the price declines and dips below the $0.72 to $0.69 support zone, it will indicate a downside resolution of the $0.72 to $1.05 range. This could push the price down to $0.62 and then $0.52 later.
Shiba Inu (SHIB)
The bulls pushed the Shiba Inu (SHIB) above $0.000011 on September 24. However, the long wick on the candlestick indicates that the bears are continuing to sell higher.
The bears will try to push the price down to the critical support at $0.0000010. This level has previously acted as a strong support. Therefore, the bulls are likely to defend it strongly. Buyers will have to push the price above the moving averages to suggest selling pressure could drop. The SHIB pair will then rise to $0.000014, where the bears will form strong resistance again. If the bulls break this hurdle, Shiba Inu (SHIB) price will head towards $0.000018. On the downside, a break below $0.0000010 threatens to intensify selling. The price will then head towards the critical support at $0.000007.
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