S&P 500 Index nudge It rose 0.45%, rising for the second consecutive week. Despite slow moves in U.S. stocks, gold surged more than 5% this week. On October 13, its increase was 3.11%, which was the best single-day performance since December 1 last year. However, there is no such luck for Bitcoin (BTC) bulls, as Bitcoin is expected to end the week down more than 3%.
Bitcoin’s weakness and regulatory uncertainty are keeping cryptocurrency investors away from altcoins. This has left Bitcoin’s market dominance hovering around 50% for the past few days.
Market watchers are likely to continue to focus on Bitcoin in the coming days. The longer the bulls keep the price above $25,000, the more likely a move higher is likely next. Bitcoin’s bullish move may spur buying of certain altcoins as cryptocurrency investors will then feel the bullish market.
Some cryptocurrencies are showing signs of forming a foundation. If they break out to the upside, a new uptrend could begin. Let’s examine the charts of the top 5 cryptocurrencies that are likely to outperform in the near future.
Bitcoin Price Analysis
Bitcoin has been trading between moving averages over the past few days, indicating indecision between bulls and bears about where to move next.
Typically, a contractionary consolidation is followed by range expansion. In this case, if buyers push the price above the 20-day exponential moving average ($27,110), the BTC/USDT pair could rise to $28,143. Bears are expected to mount a strong defense at this level.
Alternatively, if the price declines and falls below the 50-day simple moving average ($26,671), it will signal that the bears have established their supremacy. The pair is likely to fall first to $25,990 and then to the key support at $24,800. This level is likely to attract aggressive buying from the bulls.
On the 4-hour chart, the pair’s recovery faces a sell-off at the 20-day EMA, but a positive sign is that bulls have not given up too much ground. This shows that buyers are not rushing to exit but are continuing to apply pressure.
If it breaks above the 20 EMA, the pair may move towards the 50 EMA first. This level could be a minor hurdle, but if overcome, the pair could climb to $27,750 and then to $28,143.
Conversely, if the bulls fail to break above the 20 EMA, sellers will sense an opportunity to pull the price lower. A break below $26,500 could push the pair to $26,000 and then to $24,800.
Solana Price Analysis
Solana (SOL) is witnessing a tough battle between bulls and bears near the 20-day EMA ($21.77). This suggests that bulls are trying to turn this level into support.
There is a small resistance at $22.50, but if this level is exceeded, the SOL/USDT pair could rise towards the neckline of the inverse head and shoulders pattern. A breakout and close above this resistance would complete a bullish setup. Buyers are likely to face strong resistance at $27.12, but if this hurdle is cleared, the pair could surge towards the $32.81 target.
This positive view will be negated in the short term if the price declines and falls below the 50-day moving average ($20.50). This could start a decline to $18.58 and then drop to $15.33.
After trading between the moving averages for a while, the price fell below the 20 EMA and finally turned lower. This suggests that the bears may still be in control. The pair may first drop to $20.93 and if this level is also breached, the pair may drop to $20.
Conversely, if the price fails to sustain below the 20 EMA, it would indicate strong buying at lower levels. The first sign of strength will be a breakout and close above the 50 EMA. This could open the door for a rally to $23.50 and then to the neckline of the inverse H&S pattern.
Lido DAO Price Analysis
Lido DAO (LDO) has been trading near its moving averages for the past few days, indicating that bears may be losing control.
The moving averages have flattened and the RSI has jumped into positive territory, suggesting bulls are attempting a comeback. Immediate resistance on the upside is $1.73. If this level is breached, the LDO/USDT pair could climb towards the downtrend line. This level is likely to once again witness a tough battle between bulls and bears.
On the contrary, if the price falls and falls below the moving average, it means that the bears are taking control and selling on every small bounce. Subsequently, the pair may retest the important support level of $1.38.
On the 4-hour chart, the 20 EMA has begun to rise, and the RSI is in the positive zone, indicating that bulls have the upper hand. There is a small resistance at $1.63, but it is likely to be breached. The pair may then rise to $1.73.
If the bears want to dent the bullish momentum, they will have to quickly pull the price back below the moving average. The pair may then fall towards the $1.45 to $1.50 support area.
related: Bitcoin traders eye weekly closing moves, BTC on radar at $27,000
Internet computer price analysis
Internet Computer (ICP) has been trading within a tight range between $2.86 and $3.35 over the past few days.
The RSI has formed a positive divergence, indicating that selling pressure is easing. The ICP/USDT pair is likely to hit overhead resistance at $3.35 next. A breakout and close above this level would signal a potential trend change. The first target on the upside is $4, then $4.50.
Contrary to this assumption, if the price declines from $3.35, it would suggest that the pair is likely to stay in this range for some time. A break below $2.86 would signal a resumption of the downtrend.
The moving averages have completed a bullish crossover and the RSI is in overbought territory on the 4-hour chart. This shows that buyers have the upper hand. The pair may hit overhead resistance at $3.35, where bears may pose a strong challenge.
If the price declines from $3.35, the consolidation may continue for a while. On the other hand, if buyers push the price above $3.35, it will indicate that bulls are in control. The pair could then surge to $3.74, followed by a rise to the pattern target of $3.84.
VeChain Price Analysis
VeChain (VET) has been trading within a descending triangle over the past few days. Although this is a negative pattern, the price has been holding on to the downtrend line for the past few days, which is a positive sign.
The moving averages have flattened and the RSI is approaching its midpoint, suggesting bearish pressure may be easing. Buyers will try to push the price above the downtrend line. If they succeed, the negative setting will fail. This could start a fresh rise towards $0.021.
On the contrary, if the price declines from current levels, it means that the bears continue to vigorously defend the descending trendline. The bears will then make another attempt to drag the price towards the key support level at $0.014.
The 4-hour chart shows that price has been trading within a descending wedge pattern. Buyers are trying to push the price higher and sustain it above the 50 EMA. If they do, the VET/USDT pair could hit the wedge’s downward trendline. A breakout and close above the wedge could start a new uptrend.
The bears are unlikely to give up easily. They will aggressively defend the area between the 50 moving average and the downtrend line. If the price declines significantly and falls below the 20 EMA, it means that the pair may stay within the wedge for some time.
This article does not contain investment advice or recommendations. Every investment and trading activity involves risks, and readers should do their own research when making decisions.
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