Bitcoin, Ethereum, Binance Coin, Ripple, Solana, Cardano, Dogecoin, Toncoin, Chainlink, Polygon Price Analysis
Bitcoin (BTC) had an impressive 28.5% surge in October, making it the second-best monthly gain of the year. This has left investors wondering whether the bullish momentum will continue and if Bitcoin will extend its recovery in the coming months.
According to Bernstein, Bitcoin could potentially reach $150,000 by 2025. The firm believes that the United States Securities and Exchange Commission will approve a spot Bitcoin exchange-traded fund (ETF) by the first quarter of 2024, and these ETFs could attract up to 10% of Bitcoin’s circulating supply.
While the long-term outlook is bullish, there may be increased volatility in the near term. On-chain monitoring resource Material Indicators suggests that the bullish momentum is weakening, and there may be a retest of $33,000 before further price advances. However, the analysts anticipate an attempt at $36,000 before a potential pullback.
Bitcoin Price Analysis
Bitcoin attempted to break above $35,280 on November 1 but faced resistance from the bears. This indicates profit-booking at higher levels. With the relative strength index (RSI) still in the overbought zone, the consolidation phase may continue for a few more days. The key levels to watch are $35,280 on the upside and $33,390 on the downside.
If the price breaks below the support, the BTC/USDT pair could drop to the 20-day exponential moving average ($32,012), where a battle between the bulls and the bears is expected. On the upside, a break and close above the overhead resistance of $35,280 will signal the resumption of the uptrend, potentially pushing the pair to $40,000.
Ethereum Price Analysis
Ethereum (ETH) has been holding above the breakout level of $1,746, but the bulls are struggling to start the next leg of the uptrend. This indicates resistance from the bears trying to regain control. The crucial level to watch on the downside is $1,746. If this level holds as support, it will indicate a positive sentiment and enhance the possibility of a break above $1,865. The ETH/USDT pair may then surge to $2,000, which is expected to act as a challenging resistance level.
On the other hand, if the price falls below the 20-day exponential moving average ($1,723), it will suggest that the bears have gained control. The pair may then decline to the 50-day simple moving average ($1,648).
Binance Coin Price Analysis
Binance Coin (BNB) is facing difficulties in maintaining its position above $230, suggesting a lack of buying interest at higher levels. The BNB/USDT pair has turned down and is approaching the breakout level of $223. Buyers are likely to defend the zone between $223 and the 20-day exponential moving average ($220). If the price bounces back from this zone, the bulls will attempt to push the pair toward the overhead resistance of $235.
However, if the price continues lower and breaks below the 20-day exponential moving average, it will signal that the bears are regaining control. The pair may then decline to the 50-day simple moving average ($214).
Ripple Price Analysis
Ripple (XRP) successfully broke and closed above the overhead resistance of $0.56 on October 30, indicating the start of a new upward movement. The 20-day exponential moving average ($0.54) has turned up, and the RSI is in the overbought zone, indicating a slight advantage for the bulls. Buyers will aim to push the price towards $0.67.
If the bears manage to pull the price back below the breakout level of $0.56 and the 20-day exponential moving average, the XRP/USDT pair may fall to the 50-day simple moving average ($0.52).
Solana Price Analysis
Solana (SOL) has been in a strong recovery phase, breaking above the resistance level near $34. The buying pressure continued, and the bulls successfully surpassed the overhead resistance at $38.79. If the price remains above $38.79, the SOL/USDT pair could attempt to rally towards $48.
However, the overbought levels on the RSI suggest that the rally may be overextended in the near term. If the price breaks and closes below $38.79, short-term traders may be tempted to book profits, leading to a potential decline towards $34.
Cardano Price Analysis
Cardano (ADA) faced resistance from the minor level at $0.30 on October 31, indicating profit-booking from short-term traders. The support level to watch on the downside is the 20-day exponential moving average ($0.28). Buyers are expected to defend this level, potentially pushing the ADA/USDT pair towards $0.30 once again.
If the price continues lower and falls below the 20-day exponential moving average, the pair may oscillate within the range of $0.24 and $0.30 for some time.
Dogecoin Price Analysis
Dogecoin (DOGE) has struggled to sustain itself above the $0.07 resistance level, indicating selling pressure at higher levels. The bulls initially bought the dip to the 20-day exponential moving average ($0.06) on October 31, but they were unable to build upon that strength. Sellers are now attempting to push the price below the 20-day exponential moving average, which could indicate a loss of bullish control. If successful, the DOGE/USDT pair may decline towards $0.06.
Alternatively, if the price rebounds strongly from the 20-day exponential moving average, it will suggest that the bulls are buying on dips. They will then make another attempt to break the overhead hurdle at $0.07 and propel the pair towards $0.08.
Toncoin Price Analysis
Toncoin (TON) has been trading within a range of $1.89 and $2.31 for the past few days. The price turned down from $2.27 on October 31, indicating that bears continue to sell near the resistance level. The TON/USDT pair has now reached the immediate support at the moving averages. If the price rebounds strongly from this level, it will suggest a positive sentiment and potential buying interest at lower levels. This would improve the chances of a rally above the overhead resistance at $2.31, potentially pushing the pair towards $2.59. However, if the price continues to decline and falls below the moving averages, the pair may continue with the range-bound action for a while longer.
Chainlink Price Analysis
Chainlink (LINK) has seen attempts by the bulls to break above the overhead resistance at $11.50. However, the long wicks on the candlesticks indicate the presence of bears at higher levels. The drop on November 1 suggests that bears are attempting to pull the price towards the 20-day exponential moving average ($9.80), which is an important level to watch. If the price rebounds from this level, the bulls will once again aim to push the LINK/USDT pair above $11.50, potentially leading to further gains towards $13.50 and $15.
Sellers will regain control if they manage to sustain the price below $9.50, potentially opening the door for a further decline towards the 50-day simple moving average ($8.06).
Polygon Price Analysis
Buyers have tried to push Polygon (MATIC) above the overhead resistance at $0.66, but the bears have held their ground. This suggests that the MATIC/USDT pair may consolidate within a tight range between $0.60 and $0.66 for some time. The rising moving averages and the positive territory on the RSI indicate an advantage for the bulls.
If buyers can successfully push the price above $0.66, the pair may start the next leg of the relief rally towards $0.77. However, the bears are expected to attempt to push the price below $0.60 and trap aggressive bulls.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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