Crypto bulls are trying to make a comeback. Can altcoins including Bitcoin and DOGE continue their rise in the near term and this could spark a revival in the crypto space? Crypto analyst Rakesh Upadhyay examines the charts of the top 10 cryptocurrencies to find out.
An overview of the cryptocurrency market
Bitcoin is struggling to trade above $27,000, which is a positive sign. Over the past few days, the US Dollar Index has risen sharply. Additionally, the S&P 500 index fell. Bitcoin’s price remained above $26,000 in adverse conditions. This shows that sales are decreasing at lower levels. The SEC’s decision to postpone filings for multiple spot Bitcoin exchange-traded funds (ETFs) ahead of schedule didn’t hurt prices either. This shows that market participants are approaching Bitcoin from a longer-term perspective. Bloomberg ETF analyst James Seyffart believes the regulator made a premature decision due to the risk of a US government shutdown on October 1.
Bitcoin’s resistance over the last few days has increased traders’ sentiment. This helped spark a recovery in most major altcoins as they attempted to break above their respective resistance levels.
BTC, ETH, BNB, XRP and ADA analysis
Bitcoin (BTC) price analysis
After struggling for several days, the bulls finally pushed Bitcoin above the moving averages on September 28. The bulls are currently trying to thwart the bears’ attempts to push the price below the 20-day exponential moving average ($26,534).
The moving averages are on the verge of a bullish crossover. Also, the relative strength index (RSI) is in positive territory. This shows that the path of least resistance is upward. A minor resistance lies at $27,500. However, it is likely to exceed this. It is possible for BTC to rally further towards the overhead resistance at $28,143. This level is again likely to witness a tough battle between bulls and bears. On the downside, it is necessary to keep an eye on the $26,000 level. If this level gives way, the advantage will turn in favor of the bears. BTC is likely to fall to the formidable support at $24,800 later.
Ethereum (ETH) price analysis
ETH broke above the 20-day EMA ($1,622) on September 28, indicating that selling pressure is easing. Buyers continued their purchases. Thus, it broke the barrier at the 50-day simple moving average ($1,660) on September 29.
The bulls will try to push the price towards the overhead resistance at $1,746. This is an important level to consider. Because if buyers break this barrier, ETH will complete the double bottom formation. The target target of this reversal pattern is $1,961. Conversely, if the price turns down from $1,746, it will indicate that the bears remain sellers in the rallies. It is possible that the price may then drop to the 20-day EMA. If the price recovers from this support, it will increase the chances of a rally above $1,746. The bears will get back into the game if they pull the price below the 20-day EMA.
Binance Coin (BNB) price analysis
BNB has been trading in the range of $220 to $203 for the past few days. The bulls are trying to push the price towards the overhead resistance at $220.
The 20-day EMA ($213) is trending sideways. However, the RSI has risen to positive territory. This shows that the momentum has turned in favor of the bulls. If it clears the $220 resistance, it is possible for BNB to rally as high as $235. Contrary to this assumption, a sharp decline in the price from $220 would indicate that the range-bound move could continue for a while. The next leg of the downtrend will begin after the bears sink the price below $203.
Ripple (XRP) price analysis
Buyers pushed XRP above the 20-day EMA ($0.50) on September 28. This was followed by a move above the resistance line of the symmetrical triangle formation on September 29.
If the price remains above the triangle, it will indicate that the uncertainty has been resolved in favor of buyers. It is possible for XRP to then rally towards the overhead resistance at $0.56. This is an important resistor to pay attention to. Because a break above it would pave the way for a potential rally to the $0.64 model target. Conversely, if the price falls and re-enters the triangle, it will indicate that the markets have rejected higher levels. The bears will then try to take advantage by pulling the price below the uptrend line of the triangle.
Cardano (ADA) price analysis
The bulls are trying to keep Cardano above the 20-day EMA ($0.25) on September 29. This shows that the bears have lost control.
A breakout and close above the downtrend line will invalidate the descending triangle formation. Generally, the failure of a bearish pattern results in a sharp upward move as sellers rush to exit the shorts and the bulls waiting on the sidelines begin to buy. It is possible that this could push ADA higher to $0.29 and then to $0.32. Time is running out for the bears. If they want to regain control, they will need to defend the downtrend line and push the price below $0.24. The next support on the downside is at $0.22.
DOGE, SOL, TON, DOT and MATIC analysis
Dogecoin (DOGE) price analysis
DOGE price range has narrowed in the last few days. This has increased the likelihood of range expansion in the next few days.
The 20-day EMA ($0.06) is flattening. Also, the RSI is just below the midpoint. This shows that there is a balance between supply and demand. If buyers push the DOGE price strongly above the 20-day EMA, this will signal the beginning of a recovery. It is possible for the DOGE price to rise first to $0.07 and then to $0.08. If the bears want to stem the upside move, they need to push the price below $0.06 quickly. If they do so, DOGE price is likely to drop to the next critical support at $0.055.
Solana (SOL) price analysis
Solana has been stuck in the wide range between $27.12 and $14 for the past few days. Bulls often buy near support and sell near resistance. Therefore, trading within a range can be random and volatile.
The bulls are trying to start a relief rally reaching the 50-day SMA ($20.44). This is an important level to pay attention to. Because a break above will indicate that the bulls are back in the game. It is possible for SOL to rise to $22.30 later. Instead, if the price turns down from the 50-day SMA, it will indicate that the bears are active at higher levels. Sellers will need to push the price below $18.50 to open the doors for a retest of $17.33.
Toncoin (TON) price analysis
Toncoin (TON) rebounded from the 20-day EMA ($2.13) on September 27, indicating that sentiment remained positive and traders were buying on dips.
The long wick on the September 27 and 28 candlestick shows the bears selling at the 38.2% Fibonacci retracement level at $2.28. However, a positive sign in favor of the bulls is that they did not allow the price to fall below the 20-day EMA. Buyers will need to push the price above the 61.8% Fibonacci retracement level at $2.40 to open the doors for a retest of the stiff overhead resistance at $2.59. This positive view will be invalidated if the price declines and drops below $2.07.
Polkadot (DOT) price analysis
The bears failed to push DOT below the support at $3.91. This shows that range-dependent motion remains intact.
Buyers will try to push the price above the 20-day EMA ($4.10). It will also challenge the overhead resistance at the 50-day SMA ($4.32). If they break this level, it is possible for DOT to rise to the downtrend line. The bulls will need to overcome this barrier to signal a potential trend change. The important support to watch on the downside is $3.91. A break below this level would indicate a resumption of the downtrend towards $3.58.
Polygon (MATIC) price analysis
MATIC rose at $0.50 on September 28. Thus, it pointed to solid buying at lower levels. The price has reached the 20-day EMA ($0.52), which is an important level to keep an eye on.
A positive divergence on the RSI indicates that selling pressure is easing. This increases the possibility of a breakout above the moving averages. It is possible for MATIC to retest the overhead resistance at $0.60 later. The bears will likely defend this level fiercely. If the bears want to maintain their control, they will need to sink the price below the strong support at $0.49. If the bears break this support, MATIC is likely to drop to $0.45.
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