The cryptocurrency market continues to follow the DOGE and SHIB fight closely. On the other hand, Ethereum, one of the large-volume cryptocurrencies, has come one step closer to Bitcoin. ETH’s strength in the USD and BTC pair may signal to analyst Rakesh Upahyay that the altcoin market is on the verge of a rally. Here are the important technical levels to follow…
What happened to Bitcoin (BTC) and altcoin market?
On October 29, Ethereum reached the ATH level as BTC continues to correct. The successful Altair Beacon upgrade appears to have increased responsiveness and also lays the groundwork for ascension. Meanwhile, MicroStrategy continued to accumulate BTC. The company’s Q3 report shows that it added 8,957 Bitcoins, increasing to 114,042 Bitcoins as of September 30, purchased at an average price of $27,713.
The firm, which continues to buy BTC at low prices, does not appear to be satisfied yet, and CEO Michael Saylor said that the company will “continue to consider additional capital raising opportunities to implement its Bitcoin strategy”. On the other hand, the upward trend felt throughout the cryptocurrency market seems to have increased the demand for employees with crypto or Blockchain experience. A LinkedIn report reveals that job postings with terms like “Blockchain” or “crypto” increased 615% in August compared to the previous year.
Could Ethereum’s (ETH) short-term sharp rally be the start of a new altcoin season? Let’s take a look at the technical analysis of analyst Rakesh Upahyay to find out…
Bitcoin (BTC) technical analysis
Bitcoin fell below the 20-day EMA ($59,389) on October 27, but the bears were unable to sustain the lower levels. The price then quickly rebounded and broke above the 20-day EMA on October 28, indicating strong buying on the dips. The price action of the last few days has formed a bullish flag pattern that will complete on a break and close above the resistance line. Such a move would signal the resumption of the uptrend. According to the analyst, BTC could then target the first upside resistance, the ATH level at $67,000. If the bulls break through this overall hurdle, BTC price could hit the formation target of $89,476.12 on its upward march. On the technical side, the bullish MAs in the positive zone and the relatively strong RSI suggest that the bulls are at the advantage. The bears will need to pull and sustain the price below the flag to invalidate the bullish setup. In this case, BTC could drop to $52,920.
Ethereum surpasses Bitcoin (BTC)
Ethereum (ETH) rebounded sharply at $3,953 on October 28, showing that bottom buyers are using the recent pullback to accumulate. The largest altcoin rose to the ATH level on October 29, signaling the resumption of the uptrend. On the technical side, the 20-day EMA and the RSI in the positive zone indicate that the bulls are in command. If buyers can hold the price above $4,375, ETH price could start its journey towards the formation target at $4,657 and then rally to $5,000. Contrary to this assumption, if the price fails to stay above $4,375, it could confirm demand drying up higher. Afterwards, ETH could consolidate between $4,375 and $3,888 for a few days. A break and close below this range would suggest the start of a deeper correction.
Binance Coin (BNB) tries to stay above $500
BNB bulls successfully defended the neckline of an inverted head and shoulders pattern on October 27, which is a positive sign. This may have led to buying from traders who pushed BNB price above the overhead resistance at $518.90. On the technical side, the 20-day EMA ($470) is rising and the RSI is in the positive zone, indicating that the buyers are in control. If the bulls can sustain the price above $518.90, BNB price could resume its uptrend towards the formation target at $554. On the contrary, if the price fails to stay above $518.90, it will indicate that traders have booked profits at higher levels. On the contrary, if BNB fails to stay above $518.90, it will confirm that traders have booked profits at higher levels. BNB could then drop to the neckline, which is an important support for the bulls’ defense.
Cardano (ADA) technical analysis
Cardano (ADA) bulls defended the strong support at $1.87 on Oct. 27 but the recovery is lacking in strength. This shows that traders are hesitant to buy at higher levels. On the technical side, both MAs are sloping down and the RSI is in the negative territory, indicating that the path of least resistance is to the downside. If the price drops from the current level or 2.12, the bears will attempt to break and close ADA price below the $1.87 support. Such a move could indicate the start of a deeper correction to $1.58. This negative view will be invalidated if the bulls push and sustain the price above the MAs. According to the analyst, ADA could rise to $2.47 later.
Solana (SOL) consolidates for $218 ATH
Solana (SOL) gained momentum on October 27 at $180, showing that the mood is positive and traders are buying on the dips. The bulls will now attempt to push the price above the overhead resistance zone between $216 and $218.93. On the technical side, the ascending 20-day EMA and the RSI in the positive zone suggest that the bulls have the upper hand. A break and close above $218.93 will signal a resumption of the uptrend and could push SOL price higher to $239.83. However, bears are not expected to give up easily. If the price declines from the current level or below the overhead resistance, the SOL could consolidate between $171.47 and $218.93 for a few days. A break below $171.47 could mark the start of a deeper correction.
Ripple (XRP) technical analysis
Ripple (XRP) breached the $1 support on Oct. 27 but the bears failed to continue lower. This indicates that the bulls are accumulating near the critical support. Buyers will now try to keep and sustain the price above the downtrend line. If they are successful, XRP price could rally to $1.24, where the bears could form stiff resistance. If the price drops from this level, XRP price could spend a few days in the region. The MAs and the RSI just below the midpoint indicate a balance between supply and demand. If the XRP price rises above $1.24, this balance will shift in favor of the bulls. Conversely, a break below $1 could bring XRP down to the strong support zone at $0.88 to $0.85.
Polkadot (DOT) technical analysis
Polkadot (DOT) gained momentum from the breakout level of $38.77 on Oct. 27, which shows that sentiment continues to rise and traders are buying on the dips. The bulls will now try to push the price above the overhead barrier at $46.39 and retest the ATH level at $49.78. If this resistance is broken, DOT price could climb to the next pattern target at $53.90. Contrary to this assumption, if the price drops from the current level or overhead resistance, the bears’ next move will try to push the price below $40.90. If this level is breached, DOT could retest the critical support at $38.77. If this level is broken, the next stop of the DOT could be $35.68 at the 50-day SMA.
Dogecoin (DOGE) remains silent as BTC rises
cryptocoin.com The price of Dogecoin (DOGE), which we quoted as the coin, fell below the 50-day SMA ($0.23) on October 27, but today’s long wick candles indicate aggressive buyers at lower levels. The bulls continued to build up buying pressure on Oct. 28, which may have caught a few aggressive bears off guard. The combination of bears’ short-term close and bulls hunting to the bottom pushed DOGE price above the $0.27 resistance on Oct. 28. However, the long wick of the day may have caused traders to take profits at higher levels. The bulls and bears are likely to witness a tough battle at $0.27. If buyers turn this level to support, DOGE could try to rise again towards $0.35. A break and close above this level could clear the way for a possible move to $0.45. Conversely, a break and close below $0.27 could push the price down to the 20-day EMA ($0.25).
Shiba Inu (SHIB) technical analysis
The Shiba Inu (SHIB) jumped above the 200% Fibonacci extension level from $0.000007586 on October 27 and reached the ATM level at $0.00008854 on October 28. The strong rally over the past few days pushed the RSI to 91.66 on October 27 and caused a pullback on October 28. SHIB formed an intraday candlestick pattern on October 29, signaling the uncertainty between the bulls and bears. Although the uptrend remains intact, the process of consolidation or correction may continue to absorb the gains of the past few days. The 50% Fibonacci retracement level at $0.00005778 is a critical level to watch out for as a break below it could intensify selling and force the SHIB to the 61.8% retracement from the $0.00005052 high. Alternatively, if the price rises from the current level and rises above $0.00008854, SHIB could rise to the 300% Fibonacci extension level at $0.00010349.
Terra (LUNA) technical analysis
LUNA gained momentum from the 50-day daily SMA ($38.69) on Oct. 27, confirming strong buyers at the lower levels. Price action over the past few days has resulted in the formation of a symmetrical triangle. The bulls will now try to push the price above the triangle. If they manage to do so, the LUNA price could resume its uptrend. The bears could pose a fierce challenge at ATH at $49.54, but if this level is surpassed, LUNA could hit its formation target of $62.59. Conversely, if the price declines from overhead resistance, it will indicate that the bears continue to sell on rallies. According to the analyst, in this case, LUNA may extend its stay in the triangle for a few more days.
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