The cryptocurrency market shined at the weekly open. However, it is unclear whether this will continue. What are the important overhead resistance levels that need to be overcome to start an uptrend in altcoins including Bitcoin and XRP? Cryptocurrency analyst Rakesh Upadhyay Cryptocurrency analyst Rakesh Upadhyay examines the charts to find out.
An overview of the cryptocurrency market
It is possible that sensitivity to risk may increase buying interest in certain cryptocurrencies. cryptokoin.comAs you follow from , one of the areas where bullish activity is seen is Grayscale Bitcoin Trust (GBTC). Grayscale’s legal victories reduced the discount on GBTC to its lowest level since 2021. This suggests that investors are factoring in the possibility that the trust could finally evolve into a spot Bitcoin ETF.
When the price fails to fall below support levels on bad news and rises above overhead resistance on positive news, it indicates shorts’ confidence has diminished. This increases the likelihood of an upward move in the near term.
BTC, ETH, BNB and XRP analysis
Bitcoin (BTC) price analysis
Bitcoin, which has been trading between moving averages for the past few days, made a decisive move on October 16 when the bulls pushed the price above the 20-day EMA ($27,224). The momentum increased further and BTC surged above the $28,143 resistance.
However, the euphoria was short-lived as the bears aggressively sold higher and pushed the price below $28,143. The 20-day EMA started to rise and the RSI jumped into positive territory. This shows that the bulls have a slight advantage. If buyers make a close above $28,143, it is possible for BTC to move towards $30,000 and then $31,000. On the downside, a break and close below the 50-day SMA ($26,715) would tip the advantage in favor of the bears. BTC is likely to drop first to $26,000 and then to $24,800.
Ethereum (ETH) price analysis
ETH has been fluctuating between $1,531 and $1,746 for the last few days. Generally, in a range, traders buy near support and sell at resistance.
Buyers started a relief rally by buying the dip as low as $1,521 on October 12. The bulls attempted to push the price above the moving averages on October 16. However, the long wick on the candlestick shows that the bears are selling aggressively. If the price turns down from the current level, the bears will make another attempt to sink and sustain the price below $1,521. If they are successful, it is possible for ETH to drop as low as $1,368. On the contrary, the bulls will again try to push the price above the moving averages and sustain it. If they achieve this, ETH is likely to jump to $1,746. At this level, it is likely that the bears will again make strong sales.
Binance Coin (BNB) price analysis
BNB rebounded from the strong support at $203 and broke above the downtrend line on October 16. However, the long wick on the candlestick indicates that the bears are selling in rallies.
The 20-day EMA ($210) has flattened out and the RSI is above the midpoint. This shows that the downward momentum is weakening. The bulls will again try to take advantage of this situation and push the price above the downtrend line. If they hold higher levels, it is possible that this could invalidate the descending triangle formation. BNB is likely to rise to $235 and then to $250. This bullish view will be rejected if the price declines and declines below the vital support at $203. It is possible that BNB will drop to $183 later.
Ripple (XRP) price analysis
XRP has been stuck in the wide range between $0.41 and $0.56 for the past few days. The bulls are attempting to initiate a pullback, which is likely to face stiff resistance at the moving averages.
If the XRP price turns down from the moving averages, it will indicate that every small relief rally has been sold. This will increase the possibility of the XRP price falling to $0.46. If this level cannot be held, it is possible for the XRP price to drop to $0.41. Conversely, if the bulls push the price above the moving averages, this will indicate solid buying at lower levels. The bulls will then try to push the XRP price higher to $0.56. However, bears are expected to fiercely defend this level.
SOL, ADA, DOGE and TON analysis
Solana (SOL) price analysis
Solana broke above the short-term resistance at $22.50 on October 16. Thus, it showed that the bulls were trying to take control.
The bulls pushed the price to the neckline of the inverted head and shoulders formation. However, he failed to surpass the level. This is an important resistance to consider. Because a close above it will complete the bullish setup. It is possible for SOL to then initiate an upward move towards $27.12 and then towards the formation target of $32.81. If the bears want to stem the upside move, they will need to quickly push the price below the 50-day SMA ($20.56). SOL is then likely to drop to $18.50.
Cardano (ADA) price analysis
Cardano’s bounce from strong support near $0.24 indicates that the bulls are fiercely defending this level.
The closest resistance to the upside comes from the moving averages. Buyers attempted to overcome this obstacle on October 16. However, the long wick on the candlestick indicates selling at higher levels. If the bulls do not move too far from the current level, the chances of a rally above $0.28 will increase. This level may again act as a resistance. However, if the bulls clear, ADA is likely to reach $0.30. The important level to watch on the downside is $0.24. If the price turns down from the moving averages, it will increase the chances of a decline below $0.24. A break below this important support could sink ADA to $0.22 and then to $0.20.
Dogecoin (DOGE) price analysis
Dogecoin recovered to the breakout level of $0.06 on October 14. This shows that lower levels are attracting buyers.
The 20-day EMA ($0.06) is flattening out and the RSI is near the midpoint. This probably indicates that selling pressure will decrease. If buyers push the price above the moving averages and maintain it, it will indicate the beginning of a new rise to $0.07. This level is likely to act as a hard barrier again. However, if the bulls clear, it is possible for DOGE to reach $0.08. Alternatively, if the price turns down from the current level, it will indicate that DOGE will extend its stay in the $0.055 to $0.06 range for some more time.
Toncoin (TON) price analysis
Toncoin (TON) has been trading below the moving averages since October 12. However, the fact that the bears were not able to take advantage of this weakness is a positive sign. This indicates a lack of selling at lower levels.
The bulls tried to push the price back above the moving averages. However, the long wick on the candlestick shows that the bears are in no mood to relax. Sellers will again try to push the price below $1.89. Additionally, it will initiate a deeper correction. The next support on the downside is $1.80 followed by $1.60. If the bulls want to signal a reversal, they will have to push the price above the moving averages and sustain it. It is possible for TON to rise first to $2.20 and then to $2.31.
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