US September PPI rose to 0.5%, exceeding market expectations. Following this, major altcoins, including Bitcoin and DOGE, came under pressure. Many analysts are bullish on the long term. However, uncertainty continues in the short term due to various negativities. Can Bitcoin and altcoins recover or will they continue to decline? Crypto analyst Rakesh Upadhyay examines the charts of the top 10 cryptocurrencies to find out.
An overview of the cryptocurrency market
Buyers are struggling to keep Bitcoin price above $27,000. Sales increased after the US September PPI increased by 0.5% against the expectation of a 0.3% increase. This suggests that inflationary pressures are unlikely to ease hastily for the US economy. The uncertain environment in the near term has shifted analysts’ focus to November and the halving event expected in April 2024. Crypto analyst Miles Deutscher says it’s possible for Bitcoin to rise by November 21 if history repeats itself.
BitMEX founder Arthur Hayes is getting even more bullish as we head towards 2026. Hayes suggests that Bitcoin’s price could reach $750,000 to $1 million by 2026. Additionally, Hayes argues that the US government’s incessant printing of money to avoid a financial crisis will trigger a massive bull market across various asset classes.
BTC, ETH, BNB, XRP and SOL analysis
Bitcoin (BTC) price analysis
Bitcoin has been finding support at the 20-day exponential moving average ($27,227) for the past two days. However, BTC fell below this level on October 11. This shows that the bears are trying to take control.
The next support to watch on the downside is the 50-day simple moving average ($26,615). If it breaks this level, it will indicate that traders are in a hurry to exit. It is possible for BTC to drop to $26,000 later. Then, it is likely to retest the support at $24,800. If the price recovers from the 50-day SMA, the bulls will try to push the price above the 20-day EMA. This could open the doors for a potential rally to $28,143. The 20-day EMA is flat. Additionally, the relative strength index (RSI) is just below the midpoint. This suggests a possible range-bound action in the near term.
Ethereum (ETH) price analysis
Ether has been finding buyers near the $1,531 support for the last two days. So this is a positive sign. This suggests that the price will continue to oscillate between $1,531 and $1,746 for a while.
The positive divergence in ETH suggests that the selling pressure will ease around $1,531. It is possible that this could start a relief rally that will reach the 20-day EMA ($1,619). If the price turns down from this level, the bears will make another attempt to sink ETH below $1,531. Thus, it will start a downside move towards $1.368. Conversely, a rise above the moving averages will indicate strong accumulation at lower levels. It is possible that ETH may try to rise to $1,746 later. Bulls may have difficulty moving above this level. However, if they do this, ETH is likely to rise to $1,961.
Binance Coin (BNB) price analysis
BNB fell below the uptrend line on October 9. However, it bounced from the strong support at $203. This shows that the price varies between $203 and $220.
The long wick on the October 10 candlestick indicates that the bears are selling rallies towards the moving averages. The bears again redoubled their efforts to strengthen their position by pushing the price below $203. The next trend move is likely to start with a break below $203 or a rally above $220. If it breaks the $203 support, BNB is likely to drop as low as $183. Conversely, a rally above $220 could open the doors for a potential rally to $235 and then to $250.
Ripple (XRP) price analysis
Buyers failed to build on the breakout above the symmetrical triangle. Therefore, it could not overcome the barrier at $0.56. This shows that XRP demand has dried up at higher levels.
The price turned down on October 9 and broke below the moving averages. This was the first indication that the bulls were giving up. Sales increased further on October 11. Thus, the bears pulled XRP below the uptrend line. This shows that XRP will extend its stay between $ 0.41 and $ 0.56 for a while. On the downside, initial support is $0.46 and then $0.41. Conversely, attempts to initiate a recovery are likely to face selling at the moving averages and then at $0.56.
Solana (SOL) price analysis
Solana is trading above immediate support at the 20-day EMA ($21.79). Therefore, it is one of the stronger major cryptocurrencies on the market.
If the price turns up from the current level, SOL will attempt to form an inverse ‘head and shoulders’ formation. This reversal pattern will be completed with a breakout and close above the neckline. The target point of this formation is $32.81. However, since it is formed within a consolidation, its effectiveness decreases slightly. If the bulls fail to initiate a strong rebound from the 20-day EMA soon, the bears will gain strength. They will then try to pull the price back towards the 50-day SMA ($20.44). If this level gives way, the next stop could be $18.50 and then $17.33.
Cardano (ADA) price analysis
The bears pulled ADA below the moving averages on October 9. Thus, it pointed to a lack of demand at higher levels.
It is possible that ADA could retest the $0.24 level, which is a key support level. The positive divergence on the RSI indicates that the bulls will fiercely protect the $0.24 level. They will then need to push the price above the moving averages to signal more strength. Conversely, a breakout and close below $0.24 will indicate the beginning of the next leg of the downtrend. It is possible that ADA may drop first to $0.22 and eventually to $0.20.
ADA, DOGE, TON, DOT and MATIC analysis
Dogecoin (DOGE) price analysis
DOGE price fell below the $0.06 support on October 9 and closed the day this way. This shows that the bears are in control.
The long tail on the October 9 candlestick indicates that the bulls are aggressively defending the $0.055 support. If buyers want to stage a comeback, they will need to quickly push the DOGE price above the $0.06 breakdown level and then extend the recovery above the moving averages. If they fail to do so, the bears will continue to put pressure on the $0.055 support. If it breaks this level, DOGE price is likely to retest the important support near $0.05. This level is again expected to attract solid buying by DOGE bulls.
Toncoin (TON) price analysis
The bulls failed to keep Toncoin (TON) above the 20-day EMA ($2.06) on October 7. This suggests that bears are selling in relief rallies.
A small positive development in favor of the bulls is that they managed to keep TON above the 50-day SMA ($1.96). Buyers will then attempt to clear the overhead barrier at the 20-day EMA. If they achieve this, it is possible for TON to rise to $2.18 and then to $2.32. Meanwhile, the bears are likely to have other plans. They will try to sink the price below the 50-day SMA and sustain it. If they are successful, TON is likely to initiate a downside move towards $1.60.
Polkadot (DOT) price analysis
The bears made a move on October 9, pulling DOT below the vital support at $3.91. The bulls attempted to push the price above the breakdown level again on October 10. But the bears held their ground.
Sales resumed on October 11. Now the bears are trying to pull the price towards the next target of $3.50. Falling moving averages indicate that the bears continue to dominate. However, the positive divergence in the RSI offers a small glimmer of hope for the bulls that a reversal is possible. The first sign of strength would be a break and close above $3.91. It’s possible this could trap aggressive bears and open the door to a ‘short squeeze’. DOT will then attempt to rise to the 50-day SMA ($4.16).
Polygon (MATIC) price analysis
MATIC turned bearish on October 9 and broke below the moving averages. This shows that the $0.49 to $0.60 range remains intact.
Losing the support of the 20-day EMA ($0.53) is a negative sign. This puts the onus on the bulls to defend the important support at $0.49. If the price recovers from this level, it will indicate that the bulls continue to be buyers on dips. This will likely cause MATIC to remain stuck in the range for a while longer. This neutral view will be invalidated in the near term if the price continues to decline and breaks below $0.49. This will indicate MATIC will then start the next leg of the downtrend towards $0.45.
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