Bitcoin (BTC) managed to stay above $26,000 despite the S&P 500 falling to a three-month low and the U.S. dollar index (DXY) rising to a new year-to-date high. This is a mildly positive sign as it indicates a lack of aggressive selling at lower levels.
Bitcoin remains stuck in a range, with directionless price action keeping traders on the sidelines. According to the latest research from on-chain analysis platform CryptoQuant, Bitcoin’s daily spot trading volume exceeded 600,000 in March, but dropped to 8,000-15,000 last week. Low liquidity can cause swings in either direction, so traders should be careful and wait for confirmation rather than entering a position on every intraday breakout.
Near-term price action remains uncertain, but that hasn’t stopped long-term bulls from adding Bitcoin to their portfolios. MicroStrategy co-founder and executive chairman Michael Saylor announced on X (formerly Twitter) that the company had acquired 5,445 Bitcoins at an average price of $27,053 per Bitcoin.
Could Bitcoin and some altcoins start a short-term rally? Let’s study a chart of the top 10 cryptocurrencies to find out.
Bitcoin Price Analysis
Bitcoin is witnessing an intense battle between bulls and bears near the 20-day exponential moving average ($26,436). On September 27, bulls pushed the price above the 20-day EMA but failed to break above the 50-day simple moving average ($26,757).
This suggests that bears have not given up yet and are selling on a bounce back from the 50-day EMA. The bears have to pull the price below $25,990 to clear the way for a possible drop to $24,800. This level is likely to attract heavy buying from the bulls.
On the bright side, the first sign of strength will be a breakout and close above the 50-day moving average. The BTC/USDT pair is likely to rise towards $27,500 and then towards the overhead resistance at $28,143. Bears are expected to fight tooth and nail to defend this level.
Ethereum Price Analysis
Ethereum (ETH) is trying to start a recovery. On September 27, the price rose above the 20-day EMA ($1,614), but bulls were unable to hold on to the intraday gains. This suggests that higher levels continue to attract sellers.
Bullish divergence on the relative strength index (RSI) favors buyers. If the price holds above the 20-day EMA, the ETH/USDT pair may first rise to the 50-day EMA ($1,668) before attempting to rebound towards the overhead resistance at $1,746.
Contrary to this assumption, if the price remains below the 20-day EMA, it would indicate that bears are in control. Sellers will then try to sink the price below the important support at $1,531. If this happens, the pair could drop to $1,368.
BNB price analysis
BNB (BNB) remains below the $220 breakdown level, but a positive sign is that bulls are not allowing the price to fall below $203.
The 20-day EMA ($213) is flattened and the RSI is just below the midpoint, indicating a balance between supply and demand. If the bulls push the price above $220, this equilibrium will tip in favor of the bulls. The BNB/USDT currency pair may rise towards $235.
On the contrary, if the price continues lower and breaks below $203, it will mean that the bears have established their supremacy. Subsequently, the pair may start the next leg of its downward trend towards the strong support at $183.
Ripple Price Analysis
Buyers attempted to push XRP (XRP) above the 20-day EMA ($0.50) on September 25, but bears held their ground.
The price action over the past few days has formed a symmetrical triangle pattern, showing indecision between bulls and bears.
Sellers will try to gain the upper hand by dragging the price below the uptrend line. If successful, the XRP/USDT pair could drop to $0.46 and then to $0.41.
On the contrary, if the price rises and breaks the resistance line, it means that the bulls are trying to seize control. The pair may then climb towards the overhead resistance at $0.56.
Cardano Price Analysis
Cardano (ADA) bounced off important support at $0.24 on September 25, but bulls are struggling to push the price above the 20-day EMA. This may lead to more sales.
The $0.24 level is likely to witness a tough battle between bulls and bears. If the support at $0.24 disappears, the ADA/USDT pair will complete a bearish descending triangle pattern. The pair may then start to decline towards $0.22, followed by the pattern target of $0.19.
Contrary to this assumption, if the price rises and breaks the downtrend line, the bearish setup will be invalid. The pair may then start to rise towards $0.29.
Dogecoin Price Analysis
Bears pulled Dogecoin (DOGE) below the $0.06 support on September 26, but the long tail on the candlestick suggested buying at lower levels.
However, the declining 20-day EMA ($0.06) and the RSI in negative territory suggest that bears remain in control. Sellers will once again try to push the price lower and maintain it below $0.06. If they are successful, the DOGE/USDT pair could crash towards the next important support level at $0.055.
Alternatively, if the price rises from current levels and rises above the 20-day EMA, it will indicate that bulls are mounting a comeback. The pair may first rebound to $0.07 and then rush towards $0.08.
Solana Price Analysis
Bulls have been unable to push Solana (SOL) above the 20-day EMA ($19.42) over the past few days, suggesting that bears are actively protecting this level.
Prices have declined from the 20-day EMA and bears will attempt to extend their advantage by pulling the SOL/USDT pair below the nearest support at $18.50. If this level is breached, the sell-off is likely to intensify and $17.33 may be the next stop.
On the contrary, if the price rebounds from $18.50, buying on dips is recommended. The bulls will then try again to push the price above the moving average. If they do, the pair could jump to $22.30.
related: Analysts say Bitcoin price rose 2% in October, price rising to $30,000
Coin price analysis
Toncoin (TON) has fallen to the 20-day EMA ($2.11), which is an important level to watch. In an uptrend, buyers typically buy the 20-day moving average on dips.
Here, bulls also bought into the September 27 drop to the 20-day EMA, but the long shadow on the candlestick suggests that bears are selling at higher levels. If buyers sustain the price above the 20-day EMA, the TON/USDT pair will attempt to rebound towards the 61.8% Fibonacci retracement level at $2.40.
In the meantime, the seller may have other plans. They will attempt to sink the price below $2.07 and extend the correction to the next major support level at the 50-day moving average ($1.76).
Polkadot price analysis
Polkadot (DOT) has been stuck below the 20-day EMA ($4.10) for the past few days, indicating that bears are fiercely defending this level.
The RSI is showing signs of forming a bullish divergence, but buyers must clear the overhead barrier at $4.22 to alleviate selling pressure. If this does not happen, the risk of further declines remains.
If the DOT/USDT pair continues lower and breaks below the immediate support at $3.91, it will signal the beginning of the next phase of the downtrend. The next downside support is $3.58.
Polygon price analysis
Polygon (MATIC) rebounded from key support at $0.51 on September 25, but bulls were unable to push the price above the 20-day EMA ($0.53).
This shows that market sentiment remains negative and traders are selling on higher prices. The bears will attempt to sink the price below the September 11 intraday low of $0.49. A breakdown of this support level will signal the resumption of the downtrend.
The silver lining for bulls is that the RSI is forming a bullish divergence. Buyers must push and sustain prices above the 20-day EMA to signal the beginning of a sustained recovery. Subsequently, the MATIC/USDT pair is likely to rebound towards the 50-day moving average ($0.56).
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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