Bitcoin is spending time above the $50,000 resistance and has been amply accompanied by some altcoins. In addition to SHIB, which has brought its weekly earnings close to 300%, FTM and BSV are showing their first signs of rally, increasing their gains to 30% in the last 24 hours. In the rest of the article, we will take a look at the technical analysis of BTC, ADA, XRP, SOL, DOGE, ETH and 4 altcoins. We start with developments across the market…
What happened to Bitcoin (BTC) and altcoin market?
Bitcoin surpassed the $1 trillion market cap on October 6, bringing the market total closer to $2.3 trillion. This represents a 100% recovery since the bottom on June 22, when the total market cap dropped to $1.15 trillion. According to on-chain data provider Chainalysis, the Central and South Asia and Oceania region saw a massive 706% increase in crypto transactions between July 2020 and June 2021. The total transaction value was $572.5 billion, accounting for 14% of the global transaction value.
Meanwhile, Bank of America Corporation (BoA) subsidiary BofA Securities has released its report that predicts long-term bullishness for cryptocurrencies. The report estimates that approximately 221 million users will have traded cryptocurrencies or used a Blockchain application by June 2021, a massive increase from 66 million users in May 2020. The report also said that the cryptocurrency industry has grown too big to ignore and that Bitcoin could encompass much more. Now, can Bitcoin gain another momentum above $50,000? Could its implementation increase interest in altcoins? Analyst Rakesh Upadhyay answers with his technical analysis…
BTC bulls have two hurdles for ATH of $64,854
Bitcoin gained upside momentum on October 4 and closed above $48,843.20, the first sign that a correction could begin. It may have then caught the bears’ short-term attention and resulted in a rally on October 5-6. The bulls then pushed the price above $52,920 which invalidated the head and shoulders pattern. From the technical indicators, the 20-day EMA ($46,947) is up and the RSI is close to the overbought zone, suggesting that the market is dominated by the bulls. If the bulls can sustain the price above $52,920, BTC price could pick up momentum and rally to $60,000. A strong resistance is likely to be seen from these levels, but if it is exceeded, the bulls will make another move to the ATH level at $64,854. Contrary to this assumption, if the price fails to hold above $52,920 it will show demand drying up at higher levels. According to the analyst, BTC could correct to $48,843.20 later.
BTC and ETH turned critical resistances to support!
Ethereum price retraced the 50-day SMA ($3,317) on October 4 and the bulls extended the recovery on October 5. However, the bears tried to stop the rally on Oct. 6 and the price retreated to the 50-day SMA. The day’s long wicks show aggressive buying near the 50-day SMA. On the technical side, the ascending 20-day EMA ($3,262.50) and the RSI in the positive zone indicate that the bulls are in control. If buyers can push the price above $3,676.28, ETH price could rally to $4,027.88. The bears will then have to push the price below the 20-day EMA for a possible drop to $3,000 and then $2,871.
Binance Coin (BNB) technical analysis
Binance Coin (BNB) broke the $433 resistance, but the bulls could not continue. The bears pushed the price below $433 on Oct. 6, but the bulls continued their aggressive buying. On the technical side, the 20-day EMA ($404) is rising and the RSI is in the positive territory, indicating that the buyers have prevailed. If the bulls can and sustain the price above $444, BNB price could rally to $518.90. A stiff resistance may be encountered at these levels, but if the bulls can break through this hurdle, the analyst thinks BNB could gain upside momentum. On the contrary, if the price drops and dips below the 20-day EMA, the next target for BNB bears could be 377.
ADA will test $2.47 after $2.24 resistance
ADA price failed to clear the $2.24 resistance until the last few days, which confirms selling higher. Long wicks on the day’s candlestick indicate that the bulls prefer to accumulate the ADA at lower levels. One of the technical indicators, the 20-day EMA is flattening, with the RSI just above the midpoint, showing an equilibrium between supply and demand. If ADA price rises above the 20-day EMA, the price could rally to $2.47. Alternatively, if the price drops from the 20-day EMA once again, the bears will attempt to lower the ADA price to $1.94. A close below this support could open the way to $1.60.
Ripple faces tough hurdles in BTC rise!
XRP price has been stuck between $1.02 and $1.10 for the past few days. It shows that the bulls are buying at the 20-day EMA, while the bears defend the 50-day SMA ($1.10). On the technical side, the 20-day EMA has started to rise and the RSI has climbed into the positive zone, indicating a slight superiority of the bulls. According to the analyst, if buyers push the price above the 50-day SMA and sustain it, XRP price could start the $2.41 rally to the upside. On the other hand, if the price drops from the current level and falls below the 20-day EMA, the drop could deepen to $0.91. On a break and close below this level, the analyst thinks the drop will result in $0.70.
SOL tries 20-day EMA hurdle for $216 ATH level!
Solana fell from the 61.8% Fibonacci retracement level at $177.80 to $152 on Oct. The bulls are now trying to defend the 20-day EMA ($152) zone. If the price rises from the current level, the bulls could push the SOL price to $177.80. If it happens, the rise could be extended to $200 and the ATH level could be retested at $216. On the contrary, if the bears pull the price below the 20-day EMA, the following stops of the SOL will be $133 followed by $116. If it fails to find buyers at these levels, a bears target could be $84.
Star SHIB this week, Dogecoin awaits these levels
Dogecoin price appears to be attempting a reversal by breaking above the 20-day EMA ($0.22) on Oct. Buyers pushed the price above $0.25 on Oct. 5, but the bears managed to validate the lower trend. Another attempt by the bulls to break the downtrend met strong resistance on Oct. 6, but the positive sign came as the bulls did not give up on these levels. On the technical side, the 20-day EMA is gradually rising and the RSI is in the positive zone, indicating that the path of least resistance is to the upside. If the bulls can rise and sustain above the downtrend line, DOGE price could rally to $0.31 and $0.35. Alternatively, if the price drops below the 20-day EMA, the DOGE will face the $0.21 and $0.19 supports.
Polkadot (DOT) technical analysis
Polkadot (DOT) rebounded from the 50-day SMA ($30.21) on Oct. 4 but the bulls were unable to sustain higher levels. The bears pulled the price below the 50-day SMA today but the long tail on the day’s candlestick is showing aggressive buying around $28.60. The bulls will now attempt to push the price above the overhead resistance at $33.60. If this happens, the DOT could rally to $38.77. This level could act as a resistance again but if the bulls break the hurdle, it could start its journey towards $49.78. On the contrary, if the price drops from the current level of $33.60, the bears will try to push the price back below the neckline. Such a move would be completed with a head-to-shoulder formation target of $12.23.
Terra (LUNA) technical analysis
LUNA broke the ATH level on October 4, but the long wick on the day’s candlestick showed a profit booking at $50 near the psychological level. LUNA also created an intraday candlestick chart showing indecision between the bulls and bears on Oct. This uncertainty was resolved to the downside on October 6 and LUNA price dropped to $40.38. However, lower levels have attracted aggressive buying, as seen from the long tail on today’s candlestick. The bulls will now make an attempt to push the price above $50 and resume the uptrend. On the other hand, the bears will try to stop the recovery and push the price below the 20-day EMA ($38.57). If this happens, the LUNA could drop to the critical support at $32.50.
Uniswap (UNI) technical analysis
cryptocoin.com The UNI bulls, which we quoted as, have been making aggressive purchases on dips to $24.33 for the last two days. On October 6, the bears pushed the UNI price below the 20-day EMA, but the bulls defended $23.47. On the technical part, there is the slowly rising 20-day EMA and the RSI in the positive zone. This points to a small advantage for buyers. If the UNI bulls close above the neckline, the price will complete a sweat head-and-shoulders pattern with a target of $36.98. On the contrary, if the price drops from the current level and turns below the neckline, it will indicate that demand has established further after $22. The UNI price could drop to $18 later.
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