Bitcoin (BTC) is trying to break above $27,000, which is a positive sign. In the past few days, despite the negative environment of the US dollar index (DXY) rising sharply and the S&P 500 index (SPX) plummeting, the price of Bitcoin has remained above $26,000. This suggests that the selling is drying up at lower levels.
The U.S. Securities and Exchange Commission’s decision to delay spot Bitcoin exchange-traded funds (ETFs) early hasn’t hurt prices either. This suggests that market participants are taking a longer-term view on Bitcoin. Bloomberg ETF analyst James Seyffart believes that regulators made the decision in advance because of the risk of the U.S. government shutting down on October 1.
Bitcoin’s rally over the past few days appears to have boosted trader sentiment. This has helped most major altcoins start a recovery, which are trying to break above their respective resistance levels.
Can Bitcoin continue its upward trend in the short term and spark a resurgence in the cryptocurrency space? Let’s study a chart of the top 10 cryptocurrencies to find out.
Bitcoin Price Analysis
After struggling for several days, bulls finally pushed Bitcoin above the moving averages on September 28. Bulls are currently trying to thwart bears’ attempts to pull the price back below the 20-day exponential moving average ($26,534).
The moving averages are on the verge of a bullish crossover and the relative strength index (RSI) is in positive territory, indicating the path of least resistance is to the upside. There is a small resistance level at $27,500, but it is likely to be breached.
Subsequently, the BTC/USDT pair is likely to rebound towards the overhead resistance at $28,143. This level is likely to once again witness a tough battle between bulls and bears.
On the downside, $26,000 is an important level to watch. If this level gives way, the advantage will tilt in favor of the bears. The pair may then crash towards the strong support at $24,800.
Ethereum Price Analysis
Ethereum (ETH) climbed higher on September 28 and closed above the 20-day moving average ($1,622), indicating that selling pressure is easing. Buyers continued to buy and it cleared the 50-day simple moving average ($1,660) barrier on September 29.
Bulls will try to push the price towards the overhead resistance at $1,746. This is an important level to watch because if buyers overcome this hurdle, the ETH/USDT pair will complete a double bottom pattern. The reversal sets a price target of $1,961.
On the contrary, if the price declines from $1,746, it would indicate that the bears are still selling on the strength. The price may then drop to the 20-day EMA. If the price rebounds from this support, it will enhance the prospects of a rebound above $1,746. If the bears pull the price back below the 20-day EMA, they will get back in the game.
BNB price analysis
BNB (BNB) has been trading within a range of $220 to $203 over the past few days. Bulls are trying to push the price towards the overhead resistance at $220.
The 20-day EMA ($213) is flat, but the RSI has moved into positive territory, suggesting momentum is shifting in favor of the bulls. If the $220 resistance is exceeded, the BNB/USDT pair could surge to $235.
Contrary to this assumption, if the price declines significantly from $220, it would indicate that the range-bound movement may continue for some time. After the bears pulled the price below $203, the next phase of the downtrend will begin.
Ripple Price Analysis
On September 28, buyers pushed XRP (XRP) above the 20-day EMA ($0.50) and later broke the resistance line of the symmetrical triangle pattern on September 29.
If price remains above the triangle, it means uncertainty has been resolved in favor of buyers. Subsequently, the XRP/USDT pair is likely to rebound towards the overhead resistance at $0.56. This is an important resistance level to watch, as a break above it would clear the way for a potential rally to the pattern target of $0.64.
Conversely, if the price declines and re-enters the triangle, it indicates that the market has rejected higher levels. The bears will then try to gain an advantage by pulling the price below the triangle’s uptrend line.
Cardano Price Analysis
Bulls are trying to hold Cardano (ADA) above the 20-day EMA ($0.25) on September 29, which indicates that bears are losing control.
A breakout and close above the downtrend line will invalidate the bearish descending triangle pattern. Generally speaking, a failure of a bearish pattern results in a sharp price increase as sellers rush to exit short positions and bulls on the sidelines begin buying. This could push the ADA/USDT pair to $0.29 and subsequently to $0.32.
Time is running out for the bears. If they want to regain control, they will have to defend the descending trendline and pull the price below $0.24. The next downside support is $0.22.
Dogecoin Price Analysis
Dogecoin (DOGE) has seen a narrower range of volatility over the past few days, raising the possibility of wider ranges in the coming days.
The 20-day EMA ($0.06) is flattened and the RSI is just below the midpoint, indicating a balance between supply and demand. If buyers forcefully push the price above the 20-day EMA, it will mark the beginning of a recovery. The DOGE/USDT currency pair may rise first to $0.07 and then to $0.08.
If the bears want to stop the rise, they will have to quickly pull the price below $0.06. If they do, the pair could fall to the next key support level at $0.055.
Solana Price Analysis
Solana (SOL) has remained trading within a wide range between $27.12 and $14 over the past few days. Trading within a range can be random and volatile, as bulls typically buy near support and sell near resistance.
Bulls are trying to start easing the rebound, which has now reached the 50-day moving average ($20.44). This is an important level to watch as a break above it will signal that bulls are back in the game. The SOL/USDT pair may then rise towards $22.30.
Conversely, if the price pulls back from the 50-day moving average, it indicates that bears are active at higher levels. Sellers must push the price below $18.50 to retest $17.33.
related: Why is Ethereum (ETH) price rising today?
Coin price analysis
Toncoin (TON) rebounded from the 20-day EMA ($2.13) on September 27, showing that market sentiment remained positive, with traders buying dips.
The long shadows on the September 27 and 28 candlesticks indicate that bears are selling at the 38.2% Fibonacci retracement level at $2.28. However, a positive sign for the bulls is that they did not allow the price to fall below the 20-day EMA.
Buyers would have to push the price above the 61.8% Fibonacci retracement level at $2.40 to open the door for a retest of the overhead resistance at $2.59. This positive view will be invalidated if the price declines and falls below $2.07.
Polkadot price analysis
Bears failed to sink Polkadot (DOT) below the $3.91 support, showing that the range-bound trend remains intact.
Buyers will try to push the price above the 20-day EMA ($4.10) and challenge the overhead resistance at the 50-day EMA ($4.32). If this level clears, the DOT/USDT pair could surge towards the downtrend line. Bulls must overcome this hurdle to signal a potential trend change.
An important support level to watch on the downside is $3.91. A break below this level would signal a resumption of losses to $3.58.
Polygon price analysis
Polygon (MATIC) rose from $0.50 on September 28, showing strong buying on the lower side. The price has reached the 20-day EMA ($0.52), which is an important level to watch.
Positive divergence on the RSI indicates that selling pressure is easing. This strengthens the prospects of a breakout of the moving averages. The MATIC/USDT pair may then retest the overhead resistance at $0.60. Bears are expected to defend this level vigorously.
If the bears want to maintain control, they will have to sink the price below the strong support at $0.49. If this support disappears, the pair could drop to $0.45.
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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