Bitcoin (BTC) has been trading above $33,600 for the past two days, indicating that bulls are in no rush to exit. After a sharp rise, if the price does not come back significantly, it may trigger FOMO and trigger a new round of buying.
This could push the market further into overbought territory. However, such rallies rarely last. They eventually rejected and retested the breakout level. Therefore, the possibility of Bitcoin falling to $32,000 cannot be ruled out.
The gains over the past few days have pushed Bitcoin’s dominance to 54%, its highest level in 30 months. The rise in market dominance suggests that Bitcoin is leading the rally, which is a positive sign. This shows that traders are positive about the cryptocurrency space and that certain altcoins may soon join the ranks.
Senior trader Peter Brandt posted on X (formerly Twitter) on October 26 that Bitcoin has hit bottom, but he warned that new historical highs may not occur until the third quarter of 2024. At the same time, Brandt predicts that Bitcoin will enter a “cutback period.”
Will Bitcoin enter a correction phase or continue to rise in the coming days? Will altcoins join the higher ranks?
Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin Price Analysis
Bitcoin faces resistance at $35,000, but bulls are not giving up much ground. This suggests that buyers may soon try to resume the uptrend.
The risk to further upside is that the Relative Strength Index (RSI) remains in overbought territory. This suggests a minor correction or consolidation is likely in the short term. If the price falls below $33,679, the BTC/USDT pair may retest $32,400 and then $31,000.
However, it is uncertain whether the RSI’s overbought levels will lead to a pullback. Sometimes, during a trend shift from bearish to bullish, the RSI tends to stay in overbought territory for long periods of time. This is because smart buyers continue to add to their holdings on every intraday dip.
In this case, if the price rises from current levels and breaks $35,280, it will mark the beginning of the next phase of the uptrend. The pair may then surge to $40,000.
Ethereum price analysis
The long shadow on the Ethereum (ETH) October 26 candlestick suggests that bears are actively protecting the minor overhead resistance at $1,855.
The rising 20-day EMA ($1,674) and the RSI approaching overbought territory suggest that bulls have the upper hand. If the price rises from $1,746, the bulls will once again try to push the ETH/USDT pair above $1,855. A break above this level could see the pair surge towards the psychologically important $2,000 level.
If the bears want to halt the rise, they will have to quickly pull the price back below the $1,746 breakout. The pair may then drop towards the 20-day EMA.
BNB price analysis
BNB (BNB) fell from $235 on October 24, indicating that bears are active at this level. Sellers tried to sustain the price below the strong support at $223, but failed.
This suggests that buyers are fiercely trying to defend the $223 support. If the price rebounds strongly from this level, the BNB/USDT pair may once again attempt to move towards the overhead resistance at $235. If this happens, the pair could climb to $250 and then to $265.
On the contrary, if the price declines from $235 again, it will indicate that the bears are continuing to sell at higher levels. A move below $223 would tip the odds back in favor of the bears. The pair may then trade between $203 and $235 for some time.
Ripple Price Analysis
XRP (XRP) witnessed an intense battle between bulls and bears near the upper resistance at $0.56.
The bears are trying to pull the price towards the 20-day EMA ($0.52), which is an important level to watch. If the price bounces back significantly from this level, it means every minor dip is bought. The bulls will then make another attempt to push the price above $0.56.
If they succeed, it will mark the beginning of a new leg higher. The XRP/USDT pair could surge to $0.71. This positive view will be negated in the short term if the price declines and falls below the 50-day moving average ($0.51). This would indicate a range of $0.46 to $0.56 in the short term.
Solana Price Analysis
Solana (SOL) has been trading around the $32.81 target over the past few days. The bulls are yet to cede ground to the bears, suggesting they expect further gains.
The RSI remains in overbought territory, suggesting that the SOL/USDT pair may take more time to consolidate or post a minor decline. If the price remains above $30, the likelihood of a rally to $38.79 increases.
On the other hand, if the price falls below $30, the bears will try to push the price towards the 20-day EMA ($27.20). If this support disappears, it would be a sign that sellers are back in the game.
Cardano Price Analysis
Cardano (ADA) has been trading above $0.28 over the past few days, but bulls have failed to initiate a strong relief rally.
On October 26, buyers attempted to start a new uptrend, but bears sold at higher levels, as seen by the long shadow on the candlestick. Encouraged by this, sellers will try to pull the price back below the $0.28 breakout level. If they are successful, the ADA/USDT pair could drop to the 20-day EMA ($0.26).
On the contrary, if the price rises from $0.28 and rises above $0.30, it will indicate that the bulls have turned this level into support. The pair may then start heading north towards $0.32. This level is likely to act as a tight barrier, but if broken, the next stop could be $0.38.
Dogecoin Price Analysis
Dogecoin (DOGE) has been recovering strongly over the past few days, showing active buying by bulls.
On October 26, buyers pushed the price up to the nearest resistance at $0.07, but the long shadow on the candlestick indicated a sell-off at higher levels. The bears attempted to pull the price back below $0.07 on October 27. If they succeed, the DOGE/USDT pair could slide towards the 20-day EMA ($0.06).
On the contrary, if the price rises from $0.07, it means that the market sentiment has turned positive, and every small dip will be bought. This could push the price as high as $0.08.
related: FLOKI price soared 140% in a week – have DOGE, PEPE and other meme coins finally woken up?
Coin price analysis
Toncoin (TON) has found support at the moving average over the past few days, but bulls have been unable to initiate a strong rebound from there.
This may have attracted selling from the bears, who pulled the price back below the October 27 moving average. The TON/USDT pair may slide towards the key support level at $1.89. This move suggests that the pair may consolidate between $1.89 and $2.31 for a few days.
Contrary to this assumption, if the price rises significantly from current levels, it would suggest that bulls are buying the dip slightly. This would improve prospects for a break above $2.31. The pair could then surge to $2.59.
Chainlink Price Analysis
Chainlink (LINK) has been facing a sell-off near $11.50, as evident from the long shadow on the candlestick over the past few days.
One small positive is that the bulls didn’t give up much ground. This suggests that buyers are in no rush to take profits as they expect the uptrend to continue. Sometimes, when an asset breaks out of a long-term consolidation, it can remain in overbought territory for an extended period of time. This is a possibility with the LINK/USDT currency pair.
Important support to watch on the downside is $9.50, followed by the 20-day EMA ($8.97). Buyers are expected to defend the area vigorously.
Polygon price analysis
Polygon (MATIC) broke above $0.60 resistance on October 22, but bulls are struggling to maintain the upward momentum. This suggests hesitancy to continue buying at higher levels.
An important level to watch on the downside is $0.60. If the price rebounds strongly from this level, it would mean that the bulls have moved $0.60 into support. This would increase the likelihood of a break above $0.67. The MATIC/USDT pair could surge to $0.77.
Meanwhile, bears may have other plans. They will try to push the price back below the $0.60 breakout level. If they do, some aggressive bulls could get trapped and the pair could plummet towards the 20-day EMA ($0.57).
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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