Buyers are finding it difficult to sustain Bitcoin (BTC) prices above $27,000. Producer price index rose 0.5% in September, higher than expected 0.3%, and the selling increased. This suggests that inflationary pressures on the U.S. economy are unlikely to ease quickly.
The uncertain near-term environment has turned analysts’ attention to November and the upcoming halving event expected in April 2024. Citing a chart from CryptoCon, cryptocurrency analyst Miles Deutscher said that if history repeats itself, then Bitcoin could see a rally on November 21 and begin its journey higher to the next halving.
Looking forward to 2026, BitMEX founder Arthur Hayes is more optimistic. Speaking on Impact Theory with Tom Bilyeu, Hayes said that by 2026, the price of Bitcoin could reach $750,000 to $1 million. Hayes believes that the U.S. government’s continuous printing of money to avoid a financial crisis will trigger a large-scale bull market in a variety of assets.
Some analysts are optimistic about the long-term outlook, but near-term uncertainty remains due to various headwinds. Will Bitcoin and Altcoins recover or continue lower? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin Price Analysis
After finding support at the 20-day exponential moving average ($27,227) over the past two days, Bitcoin fell below that level on October 11. This shows that the bears are trying to seize control.
The next downside support to watch is the 50-day simple moving average ($26,615). If this level breaks, it means traders are rushing to exit. Subsequently, the BTC/USDT pair may drop towards $26,000 and eventually retest the $24,800 support.
If the price rebounds from the 50-day EMA, bulls will try to push the price above the 20-day EMA. This could open the door for the price to rise to $28,143.
The flat 20-day moving average and the relative strength index (RSI) just below the midpoint point to the possibility of range-bound action in the near term.
Ethereum Price Analysis
Ethereum (ETH) has found buyers near the $1,531 support over the past two days, which is a positive sign. This suggests that the price will continue to fluctuate between $1,531 and $1,746 for some time.
The positive divergence in the ETH/USDT pair suggests that selling pressure may be easing around $1,531. This could trigger a relief rally that could lead to a move towards the 20-day EMA ($1,619). If the price declines from this level, the bears will once again try to pull the pair below $1,531 and initiate a decline towards $1,368.
Conversely, a rise above the moving averages would indicate strong accumulation at lower levels. The pair may then attempt a rebound towards $1,746. Bulls may find it difficult to break above this level, but if they do, the pair could climb towards $1,961.
BNB price analysis
BNB (BNB) fell below the uptrend line on October 9 but rebounded from strong support at $203. This means that the price fluctuated between $203 and $220.
The long shadow on the October 10 candlestick indicates that bears are selling off the rebound towards the moving averages. The bears once again doubled down on their efforts to consolidate their position, dragging the price below $203.
The next trend move is likely to begin on a break below $203 or a rebound above $220. If the $203 support fails, the BNB/USDT pair may drop to $183. Conversely, a move above $220 could open the door for a rebound to $235 and subsequently to $250.
Ripple Price Analysis
Buyers were unable to break above the symmetrical triangle and break the $0.56 barrier. This indicates that demand for Ripple (XRP) is drying up at higher levels.
On October 9, the price declined and fell below the moving average. This is the first sign that bulls are giving up. The sell-off intensified further on October 11, with bears pulling the XRP/USDT pair below the uptrend line. This suggests that the pair may stay between $0.41 and $0.56 for some time.
On the downside, first support is seen at $0.46, followed by $0.41. Instead, attempts to start a recovery may face a sell-off at the moving averages and $0.56.
Solana Price Analysis
Solana (SOL) was one of the major cryptocurrencies on the strength side as it traded above immediate support at the 20-day EMA ($21.79).
If the price rises from current levels, the SOL/USDT pair will attempt to form a bullish inverted head and shoulders pattern. This reversal setup will be complete on a breakout and close above the neckline. The set target is $32.81, but since it was formed in consolidation, its efficacy is slightly reduced.
If the bulls fail to rebound strongly from the 20-day EMA soon, the bears will intensify. They will then try to pull the price back to the 50-day moving average ($20.44). If this level gives way, the next stop could be $18.50, followed by $17.33.
Cardano Price Analysis
On October 9, bears dragged Cardano (ADA) back below the moving averages, showing a lack of demand at higher levels.
The ADA/USDT pair may retest $0.24, which is an important support to watch. The positive divergence in the RSI suggests that bulls may be heavily protective of the $0.24 level. They will then have to push the price above the moving average to signal further strength.
Conversely, a breakout and close below $0.24 would signal the beginning of the next phase of the downtrend. The pair may fall first to $0.22 and eventually to $0.20.
Dogecoin Price Analysis
Dogecoin (DOGE) plunged and closed below the $0.06 support on October 9, indicating that bears were in control.
The long tail on the October 9 candlestick suggests that bulls are actively defending the $0.055 support. If buyers want to stage a comeback, they will have to quickly push the price back above the $0.06 breakout level and then extend the recovery above the moving averages.
If they fail to do so, the bears will continue to exert pressure on the $0.055 support. If this level breaks, the DOGE/USDT pair may retest key support near $0.05. This level is expected to once again attract strong buying from the bulls.
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Coin price analysis
On October 7, bulls failed to sustain Toncoin (TON) above the 20-day EMA ($2.06), suggesting that bears were selling on the highs.
A small positive for the bulls is that they managed to keep the TON/USDT pair above the 50-day moving average ($1.96). Next, buyers will try to clear the overhead barrier of the 20-day EMA. If they succeed in doing this, the TON/USDT pair could rise to $2.18 and subsequently $2.32.
Meanwhile, bears may have other plans. They will try to push the price lower and hold it below the 50-day moving average. If successful, the pair could start falling towards $1.60.
Polkadot price analysis
Bears took action on October 9, pulling Polkadot (DOT) below the crucial support level at $3.91. Bulls are trying to push prices back above the October 10 breakout levels, but bears are holding on.
The sell-off resumed on October 11 as bears attempted to push the price towards the next target of $3.50. While the downward sloping moving averages suggest that bears remain in control, the positive RSI divergence gives bulls a glimmer of hope that a reversal is possible.
The first sign of strength will be a breakout and close above $3.91. This could trap aggressive shorts, leading to a short squeeze. The DOT/USDT pair will then attempt to rebound towards the 50-day moving average ($4.16).
Polygon Price Analysis
Polygon (MATIC) declined on October 9 and broke below its moving averages, indicating a range of $0.49 to $0.60.
Losing support at the 20-day EMA ($0.53) is a negative sign and the onus is on the bulls to defend the key support at $0.49. If the price rebounds from this level, it means bulls are still buying the dip. This could keep the MATIC/USDT pair stuck in this range for a while.
If the price continues lower and falls below $0.49, this neutral view will become invalid in the short term. The pair will then indicate the start of the next downtrend towards $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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