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Analyst Jason Pizzino Unveils Top Altcoin Picks, Says Several Cryptos Primed To Hit All-Time Highs

Digital asset analyst Jason Pizzino thinks a handful of altcoins have the potential to surge to new peaks. In an interview with the YouTube channel Crypto Tips, Pizzino says he’s bullish on DOT, the native asset for smart contract platform Polkadot. DOT is trading at $40.48 at time of writing and hit its all-time high […]

The post Analyst Jason Pizzino Unveils Top Altcoin Picks, Says Several Cryptos Primed To Hit All-Time Highs appeared first on The Daily Hodl.

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Price analysis 10/27: BTC, ETH, BNB, ADA, SOL, XRP, DOT, DOGE, SHIB, LUNA

Bitcoin and Ether may witness a deeper pullback over the coming days and this move could shake weaker hands out of altcoins and other high risk positions.

Bitcoin (BTC) has broken back below the psychological support at $60,000. While this seems to be negative in the short term, the price action has continued to mirror its movement in 2017. If the similarity continues for the remainder of the year, Bitcoin bulls may be in for a party.

PlanB, creator of the popular Bitcoin Stock-to-Flow (S2F) model, recently proclaimed in a tweet that the second leg of Bitcoin’s bull market has begun. If Bitcoin’s price action continues to follow the S2F model, the analyst believes a rally to $100,000 to $135,000 may be possible by the end of the year.

Daily cryptocurrency market performance. Source: Coin360

Although Bitcoin garners the lion’s share of attention, cryptocurrency exchange Okcoin said in a recent report that institutional investors’ appetite for non-Bitcoin crypto assets has been growing. The report said that 53% of the purchases by institutional investors in September were in altcoins.

Is the current fall in Bitcoin a buying opportunity or the start of a deeper correction? How are the altcoins expected to react? Let’s analyze the charts of the top 10 cryptocurrencies to find out.

BTC/USDT

Bitcoin failed to retest the overhead resistance zone at $64,854 to $67,000 on Oct. 25, which may have prompted short-term traders to book profits. That has pulled the price down to the strong support at the 20-day exponential moving average (EMA) ($58,948).

BTC/USDT daily chart. Source: TradingView

A break and close below the 20-day EMA will be the first sign that the bullish momentum may be weakening. If bulls fail to reclaim the level quickly, the selling could accelerate and the BTC/USDT pair could slide to $52,920.

The relative strength index (RSI) has dropped to the midpoint and the 20-day EMA is flattening out, suggesting a balance between supply and demand.

This advantage will tilt in favor of the bears if the pair slides and sustains below the 50-day simple moving average (SMA) ($51,556). On the other hand, a breakout to a new all-time high will indicate that bulls are back in command.

ETH/USDT

The bulls tried to resume the uptrend in Ether (ETH) on Oct. 26 and 27 but could not sustain the price above $4,200. This suggests that bears are active at higher levels.

ETH/USDT daily chart. Source: TradingView

The sellers have pulled the price to the 20-day EMA ($3,869), which is an important support to keep an eye on. A strong bounce off the 20-day EMA will suggest that the sentiment remains positive and traders are buying the dips. The bulls will then again try to resume the uptrend.

On the contrary, if the 20-day EMA cracks, it will signal that traders may be booking profits and supply exceeds demand. The bears will then try to pull the price to the 50-day SMA ($3,488).

BNB/USDT

Binance Coin (BNB) turned down from the overhead resistance and broke below the 20-day EMA ($462) today. This is the first sign that the bullish sentiment could be weakening.

BNB/USDT daily chart. Source: TradingView

The long tail on today’s candlestick shows that bulls are attempting to defend the neckline of the inverse head and shoulders pattern.

If they succeed, the BNB/USDT pair could again try to rally to the overhead resistance at $518.90. A break and close above this resistance could signal the resumption of the uptrend.

Conversely, a close below the neckline could pull the price to the 50-day SMA ($423). If this support is breached, the next stop could be $392.20. The flattish moving averages and the RSI near the midpoint do not indicate a clear advantage to either bulls or bears.

ADA/USDT

Cardano’s (ADA) tight range trading between the 20-day EMA ($2.15) and the support line of the symmetrical triangle resolved to the downside on Oct. 27. This suggests that bears have asserted their supremacy.

ADA/USDT daily chart. Source: TradingView

The sellers pulled the price below $1.87 on Oct. 27 but the long tail on the candlestick suggests that bulls are attempting to defend the support. The recovery attempt is likely to face strong resistance at the 20-day EMA.

If the price turns down from the 20-day EMA, the bears will again try to break the $1.87 support. If that happens, the ADA/USDT pair could resume the down move toward the pattern target at $1.58.

The bulls will have to push and sustain the price above the resistance line of the triangle to invalidate the negative view.

SOL/USDT

Solana (SOL) broke above the overhead resistance at $216 on Oct. 25 but the bulls could not sustain the breakout. This may have attracted profit-booking by short-term traders, pulling the price to the 20-day EMA ($177).

SOL/USDT daily chart. Source: TradingView

The long tail on Oct. 27’s candlestick suggests that sentiment remains positive and bulls are buying on dips to the 20-day EMA. The buyers will now again try to push the price above the overhead resistance.

If they succeed, the SOL/USDT pair could resume the uptrend with the next target objective at $239.83. Contrary to this assumption, if bears pull the price below $171.47, the pair could extend the drop to the trendline. A break below this support will signal a possible trend change.

XRP/USDT

The bulls pushed Ripple (XRP) above the downtrend line on Oct. 26 but could not sustain the higher levels as seen from the long wick on the day’s candlestick. This may have trapped the aggressive bulls, resulting in strong selling on Oct. 27.

XRP/USDT daily chart. Source: TradingView

A close below the $1 support will complete a descending triangle pattern that could pull the price down to the strong support zone at $0.88 to $0.85. If this zone fails to arrest the decline, the XRP/USDT pair could extend the slide to the pattern target at $0.77.

The 20-day EMA ($1.08) is flat but the RSI has dropped into the negative zone, indicating that the bears are attending a strong comeback. This negative view will invalidate if bulls push and sustain the price above the downtrend line. That could clear the path for a possible rally to $1.24.

DOT/USDT

Polkadot’s (DOT) failure to rise above the overhead resistance at $46.39 on Oct. 26 may have prompted selling by short-term traders. This pulled the price down to the strong support at $38.77 on Oct. 27.

DOT/USDT daily chart. Source: TradingView

The long tail on Oct. 27’s candlestick shows that bulls are defending the support with vigor. If buyers push the price above $46.39, the DOT/USDT pair could resume its up-move and challenge the all-time high at $49.78.

Alternatively, if bulls fail to clear the overhead hurdle, the pair may consolidate between $46.39 and $38.77 for a few days. A break and close below $38.77 could signal the start of a deeper correction to the 50-day SMA ($35.14).

Related: Shiba Inu could surpass Dogecoin after a 700% SHIB price rally in October

DOGE/USDT

Dogecoin (DOGE) turned down from $0.28 on Oct. 24, indicating that traders are liquidating positions on rallies. The bulls again tried to push the price above the $0.27 overhead resistance on Oct. 26 but failed.

DOGE/USDT daily chart. Source: TradingView

The selling accelerated on Oct. 27 after bears pulled the price below the 20-day EMA ($0.24). This resulted in a decline close to the strong support zone at $0.21 to $0.19. The long tail on the day’s candlestick suggests that traders continue to defend the support zone.

The 20-day EMA has flattened out and the RSI is just below the midpoint, suggesting a possible range-bound action in the near term. The next trending move could start on a break above $0.28 or a close below $0.19.

SHIB/USDT

SHIBA INU (SHIB) is in a strong uptrend. The long wick on the Oct. 24 candlestick shows that bears tried to stall the up-move at $0.00004465 but they could not sustain the selling pressure. Buying resumed on Oct. 25 and the meme coin resumed its northward march.

SHIB/USDT daily chart. Source: TradingView

The strong up-move has pushed the RSI near the 90 level, which suggests that the rally may be overextended in the short term. However, this does not guarantee the start of a correction because the RSI had reached above 93 on Oct. 6 before a pullback happened.

The bulls have pushed the SHIB/USDT pair above the 161.8% Fibonacci extension level at $0.00006531. If the price sustains above this level, the next stop could be the 200% extension level at $0.00007586.

Vertical rallies are rarely sustainable and they usually end with waterfall declines. Therefore, chasing prices higher after the recent rally may be risky.

LUNA/USDT

Terra protocol’s LUNA token broke above the overhead resistance at $45.01 on Oct. 26 but the bulls could not sustain the higher levels as seen from the long wick on the day’s candlestick.

LUNA/USDT daily chart. Source: TradingView

The bears sensed an opportunity and pulled the price below the $39.75 support on Oct. 27, but a minor positive is that bulls bought the dip to the 50-day SMA ($38.16). If the price sustains above $39.75, the bulls may again try to push the LUNA/USDT pair toward $45.01.

Conversely, if the price breaks below the 50-day SMA, the pair could drop to the strong support zone at $34.86 to $32.50. This is an important zone for the bulls to defend because a break below it could accelerate selling.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

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Price analysis 10/25: BTC, ETH, BNB, ADA, XRP, SOL, DOT, DOGE, LUNA, UNI

Bitcoin and several altcoins are attempting to resume their uptrend, but higher levels are likely to witness strong resistance from the bears.

Bitcoin (BTC) has recovered from the dip below $60,000, indicating strong buying at lower levels. CryptoQuant CEO Ki Young Ju said that investors used market orders to buy $840 million worth of Bitcoin futures on dips to $60,000.

This suggests that analysts are positive for the rest of the year and anticipate the bull run to continue. Analyst TechDev believes that Bitcoin’s price action in 2021 is following the same trajectory as in 2017. If that were to happen, Bitcoin could be getting ready for a sharp move higher in the remainder of the year.

Daily cryptocurrency market performance. Source: Coin360

In a step that could boost the adoption of cryptocurrencies further, Mastercard is expected to announce that its banking partners and merchants on its payment networks may soon be able to add crypto services. Mastercard has tied up with the Bakkt platform to enable its U.S.-based customers to buy, sell and hold cryptocurrencies through custodial wallets.

Is the correction in Bitcoin over and could it rise to a new all-time high? If that happens, will the altcoins also resume their uptrends? Let’s study the charts of the top-10 cryptocurrencies to find out.

BTC/USDT

The long tail on the Oct. 23 and Oct. 24 candlestick suggests that bulls are attempting to defend the psychologically important support at $60,000. Bitcoin has resumed its up-move and will now attempt to challenge the overhead resistance zone at $64,854 to $67,000.

BTC/USDT daily chart. Source: TradingView

The rising 20-day exponential moving average ($58,794) and the relative strength index (RSI) in the positive zone suggest that bulls are in control. The bullish momentum could pick up further if the BTC/USDT pair closes above $67,000.

That could open the doors for a possible rally to $75,000 and later to the target objective at $85,756.75.

This bullish view will invalidate if the price once again turns down from the overhead resistance and plummets below the 20-day EMA. That could result in panic selling by short-term traders and may pull the price down to the 50-day simple moving average ($51,160).

ETH/USDT

Ether (ETH) dropped below $4,027.88 on Oct. 22 but the bears could not capitalize on this advantage. The bulls quickly reclaimed the level on Oct. 23, indicating strong buying on dips.

ETH/USDT daily chart. Source: TradingView

The bulls thwarted another attempt by the bears to pull the price below $4,027.88 on Oct. 24, as seen from the long tail on the day’s candlestick. If bulls sustain the price above $4,027.88, the ETH/USDT pair could rise to the all-time high at $4,375.

A break and close above this resistance could start the pair’s journey toward the psychologically important level at $5,000.

Contrary to this assumption, if the price turns down from the current level, the bears will try to pull the pair below the 20-day EMA ($3,826). This is the first sign that the bullish momentum may be weakening. The pair could then drop to the 50-day SMA ($3,473).

BNB/USDT

The bulls are buying on dips to the 20-day EMA ($461), indicating that the sentiment remains positive. Binance Coin (BNB) could now rise to the stiff overhead resistance at $518.90.

BNB/USDT daily chart. Source: TradingView

A breakout and close above $518.90 will suggest the start of a new up-move. The BNB/USDT pair could then attempt to rally to the pattern target at $554. A break above this level could push the pair to $600.

The upsloping 20-day EMA and the RSI in the positive zone indicate the path of least resistance is to the upside. This bullish view will invalidate if the price turns down from the current level or the overhead resistance and plummets below the 50-day SMA ($423).

ADA/USDT

Cardano (ADA) broke and closed marginally below the support line of the symmetrical triangle pattern on Oct. 24. This suggests that the uncertainty of the past few days may be resolving in favor of the bears.

ADA/USDT daily chart. Source: TradingView

If bears pull the price below $1.09, the ADA/USDT pair could start its southward journey toward the strong support at $1.87. The marginally downsloping 20-day EMA and the RSI just below the midpoint suggest that sellers have a slight advantage.

This negative view will invalidate if the price turns up from the current level and breaks above the resistance line of the triangle. That could trap the aggressive bears, resulting in a rally to $2.47 and then to the pattern target at $2.80.

XRP/USDT

XRP slipped below the 20-day EMA ($1.09) on Oct. 24 but the long tail on the day’s candlestick suggests that bulls are buying at lower levels. The buyers will now try to push the price above the downtrend line.

XRP/USDT daily chart. Source: TradingView

If they manage to do that, it will suggest a change in the short-term trend. The XRP/USDT pair could then rally to $1.24 where the bears may again mount a stiff resistance. If the price turns down from this level, the pair could remain range-bound between $1.24 and $1 for a few days.

A break and close below $1 could tilt the advantage in favor of bears, resulting in a decline to the strong support zone at $0.88 to $0.85. Conversely, a break and close above $1.24 could push the pair to $1.41.

SOL/USDT

The long tail on Solana’s (SOL) Oct. 24 candlestick shows that traders aggressively bought at lower levels. Sustained buying has pushed the price to a new all-time high at $218.93 today.

SOL/USDT daily chart. Source: TradingView

If bulls sustain the price above $216, the SOL/USDT pair could start its journey toward $239.83. The rising 20-day EMA ($173) and the RSI in the overbought territory indicate that buyers have the upper hand.

However, if the price turns down from the current level, it will suggest that bears are in no mood to relent. The pair could then drop to $177.70 and remain range-bound between these levels for a few days.

A break and close below $171.47 will be the first sign of weakness, which could pull the pair down to the trendline.

DOT/USDT

Polkadot’s (DOT) shallow correction from $46.39 suggests that bulls are not rushing to the exit as they anticipate the up-move to continue. The rising moving averages and the RSI above 63 indicate that bulls are in command.

DOT/USDT daily chart. Source: TradingView

The buyers will now try to push the price above $46.39 and retest the all-time high at $49.78. A breakout and close above this resistance could signal the start of a new uptrend, which has a target objective at $53.90.

If the price turns down from the current level or the overhead resistance, it will suggest that demand dries up at higher levels. The bears will then attempt to pull the DOT/USDT pair below $38.77. If that happens, the decline could extend to the 50-day SMA ($34.65).

Related: Bitcoin charges toward $64K as Tesla ATH boosts Elon Musk to $250B net worth

DOGE/USDT

Dogecoin’s (DOGE) tight range trading between the downtrend line and the 20-day EMA ($0.24) resolved to the upside on Oct. 24. The strong momentum on the day pushed the price above the overhead resistance at $0.27 but the bulls are struggling to sustain the higher levels. This suggests that bears are defending the overhead resistance.

DOGE/USDT daily chart. Source: TradingView

The DOGE/USDT pair could now drop to the 20-day EMA. If the price rebounds off this support, it will suggest that the sentiment has turned positive and traders are buying on dips. That will increase the likelihood of a break above $0.28.

If that happens, the pair could climb to $0.32 and then $0.35. Conversely, if bears pull the price below the moving averages, the pair could drop to the strong support zone at $0.21 to $0.19. A bounce off this zone could keep the pair range-bound for a few days.

LUNA/USDT

Terra protocol’s LUNA token turned down from the overhead resistance at $45.01 on Oct. 22 and bounced off the 20-day EMA ($40.03) on Oct. 24, indicating that the price is stuck between these two levels.

LUNA/USDT daily chart. Source: TradingView

The gradually upsloping moving averages and the RSI in the positive territory indicate a slight advantage to buyers. If bulls thrust and sustain the price above $45.01, the LUNA/USDT pair could challenge the all-time high at $49.54.

A break and close above this resistance could clear the path for a further rally to $60.57. Alternatively, a drop below $40 could sink the pair to the strong support zone at $34.86 to $32.50. The selling could accelerate if this zone cracks.

UNI/USDT

Uniswap (UNI) continues to trade in a narrow range between the neckline of the inverse H&S pattern and the 20-day EMA ($25.68). This suggests that bears are defending the neckline while bulls are refusing to give up the 20-day EMA support.

UNI/USDT daily chart. Source: TradingView

Tight ranges usually result in a strong trending move. A break and close above the neckline will complete the inverse head and shoulder pattern. The UNI/USDT pair could first rise to $31.41 before heading for the pattern target at $36.98.

The gradually rising 20-day EMA and the RSI just above the midpoint suggests a minor advantage to buyers. Contrary to this assumption, if the price plummets and sustains below the moving averages, a drop to $22 is possible.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

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Solana and Cardano Dominate As Crypto Sees Largest Weekly Institutional Inflows in History

Digital asset manager CoinShares says that last week, the crypto markets saw the biggest inflow of institutional capital ever recorded. The crypto firm says that digital asset investment products have shattered the record for both weekly and yearly capital flows by a huge margin. “Digital asset investment products saw inflows last week totaling US$1.47bn, the […]

The post Solana and Cardano Dominate As Crypto Sees Largest Weekly Institutional Inflows in History appeared first on The Daily Hodl.

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Solana reclaims $200 — 3 reasons why SOL price is up 35% in seven days

SOL price continues to climb, with Solana’s TVL also hitting a new high of nearly $14 billion.

The price of Solana’s native SOL coin edged up on Oct. 25 in the wake of a marketwide rally led by Bitcoin (BTC), with the total value locked (TVL) on Solana hitting record highs and SOL’s price seeing a promising technical setup.

Bitcoin triggers marketwide rally

SOL climbed by more than 6% to hit an intraday high of around $214. The price of SOL is now up a little over 35% over the past week, pushing it closer to its record high of about $222 set in early September.

Bitcoin’s run-up to its new record high of $67,000 last week resulted in the total crypto market capitalization passing the $2.5-trillion mark, a new milestone for the cryptocurrency.

Top 10 cryptocurrencies and their performance over the last seven days. Source: Messari

That helped push SOL higher, with rival cryptocurrencies Ether (ETH) and Cardano’s ADA also jumping by over 10% and 1% in the past week, respectively.

Solana TVL hits record high 

The SOL price rally also appeared as the TVL of all the decentralized finance (DeFi) projects built on the Solana blockchain reached a new record high of $13.53 billion, as per data aggregator service DeFi Llama.

Solana TVL hits another high. Source: Defi Llama

The most dominant DeFi project on the Solana blockchain is Saber, an automated market maker (AMM) protocol that enables Solana users and applications to trade between stable pairs of assets efficiently and earn yields by providing liquidity to the platform.

Its contribution to the Solana liquidity pool was $2.05 billion at press time.

Meanwhile, there are four other DeFi projects with a TVL of more than $1 billion. These include Raydium ($1.91 billion), Sunny ($1.73 billion), Serum ($1.69 billion), and Marinade Finance ($1.63 billion).

Solana also declared that it would add more DeFi projects to its list after the completion of its “Ignition” hackathon on Oct. 18. Users would need to hold SOL tokens to use these applications, to pay for transaction fees, thus raising the prospect of the token’s higher demand in the future.

SOL price technicals

SOL’s latest price rally came as part of a breakout move out of what appears like a Bullish Pennant. As Cointelegraph reported earlier, the technical outlook aims to send SOL to levels equal to the maximum distance between the Pennant’s upper and lower trendline around $85.

SOL/USD daily price chart featuring Pennant breakout. Source: TradingView

As a result, adding $85 to the breakout level around $158, the SOL price’s Pennant target is $243, i.e., almost $250. Meanwhile, a retest of the pennant’s upper trendline as support would risk invalidating the bullish setup.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Solana Moves Into 6th Largest Crypto Market Cap Position — SOL Valuation Targets Cardano’s Rank

Solana Moves Into 6th Largest Crypto Market Cap Position — SOL Valuation Targets Cardano’s RankThe crypto asset solana has managed to capture more than 12% in gains during the last 24 hours and has recently positioned itself as the sixth-largest cryptocurrency market capitalization. The crypto asset’s overall market cap is around $62.2 billion, only 11% away from surpassing cardano’s market valuation at $69 million. Solana Takes the 6th Spot, […]

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Price analysis 10/22: BTC, ETH, BNB, ADA, XRP, SOL, DOT, DOGE, LUNA, UNI

BTC and ETH reversed course as both assets search for underlying support, suggesting that bears are attempting to trap over-leveraged bulls.

Bitcoin (BTC) and Ether (ETH) have both witnessed aggressive profit-booking after hitting their respective new all-time high. This suggests that traders who had bought on rumors of a Bitcoin exchange-traded fund booked profits following the successful launch of the ProShares’ Bitcoin Strategy ETF (BITO).

The bulls tried to stage a recovery in Bitcoin after the launch of the second BTC futures-linked ETF by digital asset manager Valkyrie on Oct. 22 but met with strong selling pressure at higher levels. The selling has pulled the greed level on the Crypto Fear and Greed Index from 84 on Oct. 21 to 75 on Oct. 22.

Daily cryptocurrency market performance. Source: Coin360

JPMorgan Chase strategists said in a note that BITO was “unlikely to trigger a new phase of significantly more fresh capital entering Bitcoin” and the hype in the product may wane after a week. The strategists pointed out that capital was shifting away from gold ETFs into Bitcoin funds since September and that “supports a bullish outlook for Bitcoin into year-end.”

Could Bitcoin and Ether witness a deep correction and what are the critical support levels to watch out for? Let’s study the charts of the top-10 cryptocurrencies to find out.

BTC/USDT

Bitcoin made a new all-time high at $67,000 on Oct. 20 but the bulls could not sustain the breakout as bears pulled the price back below the breakout level at $64,854 on Oct. 21. This suggests that sellers are attempting to trap the aggressive bulls.

BTC/USDT daily chart. Source: TradingView

The bears tried to start a recovery today but the long wick on the day’s candlestick shows that traders are selling on minor rallies. The strong support to watch on the downside is the 20-day exponential moving average ($57,778).

If the price rebounds off this support, it will suggest that sentiment remains positive and traders are buying on dips. That will increase the possibility of a break above the overhead resistance zone between $64,854 and $67,000. The pair could then rally to $75,000.

On the other hand, if the price breaks below the 20-day EMA, the selling may accelerate and the BTC/USDT pair could drop to the 50-day simple moving average ($50,496).

ETH/USDT

Ether broke and closed above the overhead resistance at $4,027.88 on Oct. 20. That was followed by another sharp up-move on Oct. 21 which pushed the price to $4,375, just above the previous all-time high at $4,372.72.

ETH/USDT daily chart. Source: TradingView

However, the long wick and the negative close on Oct. 21 show that traders may have sold aggressively near the all-time high. The bears are attempting to sustain the price below the breakout level at $4,027.88.

The upsloping 20-day EMA ($3,712) and the relative strength index (RSI) in the positive zone suggest that bulls remain in command. If the price bounces off the current level, the bulls will make one more attempt to thrust the ETH/USDT pair to a new all-time high.

A break and close below the neckline of the inverse head and shoulders (H&S) pattern could signal the possible start of a deeper correction to $3,200.

BNB/USDT

Binance Coin (BNB) turned down from $505.90, which shows that bears are defending the overhead resistance at $518.90. The altcoin could not drop to the 20-day EMA ($455), which is expected to act as a strong support.

BNB/USDT daily chart. Source: TradingView

If the price bounces off the 20-day EMA, the BNB/USDT pair could make one more attempt to clear the overhead hurdle at $518.90. If they manage to do that, the pair could rally toward the pattern target at $554.

The rising 20-day EMA and the RSI in the positive zone indicate that bulls have the upper hand. This advantage could shift in favor of the bears if the price turns down and slips below the moving averages. The selling could intensify further on a break below $392.20.

ADA/USDT

Cardano (ADA) broke above the 20-day EMA ($2.18) on Oct. 21 but the bulls could not push the price above the resistance line of the symmetrical triangle pattern. This indicates that bears are vigorously defending this level.

ADA/USDT daily chart. Source: TradingView

The sellers are currently trying to sink the price below the support line of the triangle. If they succeed, it will suggest that the equilibrium between the bulls and the bears has resolved to the downside.

The ADA/USDT pair could then slide to the strong support at $1.87. A break and close below this level could result in panic selling. The break and close above the triangle will be the first indication that bulls are back in the game. The pair may then rally to $2.47 and pick up momentum above this resistance.

XRP/USDT

XRP returned from the downtrend line on Oct. 21, indicating that bears are defending this level aggressively. On the downside, the bulls are attempting to sustain the price above the moving averages.

XRP/USDT daily chart. Source: TradingView

If the price rebounds off the current level, the bulls will again try to push the XRP/USDT pair above the downtrend line. If they manage to do that, the pair could rally to $1.41. A break and close above this resistance could push the price to $1.66.

The flat moving averages and the RSI near the midpoint suggest the pair may remain range-bound for a few days. A break and close below $1 will clear the path for a possible drop to the strong support at $0.85.

SOL/USDT

Solana (SOL) broke and closed above the overhead resistance zone between $171.47 and $177.79 on Oct. 21. This completed a bullish ascending triangle pattern, which has a target objective at $226.94.

SOL/USDT daily chart. Source: TradingView

The bears may pose a stiff challenge at the current all-time high at $216 but the strong momentum of the past three days shows that bulls are aggressively buying at higher levels. A break and close above $216 will signal the resumption of the uptrend.

Conversely, if the SOL/USDT pair turns down from $216, a retest of $177.79 is possible. If the price rebounds off this level, it will indicate that bulls continue to buy on dips. The bulls will then again try to resume the uptrend.

A break and close below $171.47 will signal that the bullish momentum has possibly weakened.

DOT/USDT

Polkadot (DOT) broke above the immediate resistance at $44.78 on Oct. 20, indicating the possible resumption of the up-move. The bears tried to trap the aggressive bulls by pulling the price toward the breakout level at $39.02 on Oct. 21 but buyers had other plans.

DOT/USDT daily chart. Source: TradingView

The upsloping 20-day EMA ($38.88) and the RSI near the overbought zone suggest that bulls have the upper hand. If buyers sustain the price above $45, the DOT/USDT pair could retest the all-time high at $49.78.

This level may act as a stiff hurdle but if bulls do not give up much ground, the pair could extend the up-move to $53.90. The bears will have to pull the price below the breakout level at $38.77 to turn the advantage in their favor. The pair could then decline to the 50-day SMA ($34.07).

Related: PayPal logs its largest Bitcoin volume since May BTC price crash

DOGE/USDT

Dogecoin (DOGE) continues to face stiff resistance at the downtrend line, indicating that bears are defending this level aggressively. A minor positive is that bulls have not allowed the price to break and sustain below the 20-day EMA ($0.23).

DOGE/USDT daily chart. Source: TradingView

If bulls fail to push and sustain the price above the downtrend line, the likelihood of a break below the 20-day EMA will increase. That could pull the price to the strong support zone at $0.21 to $0.19. The bulls are expected to defend this zone vigorously.

A strong rebound off this support zone will point to a possible range-bound action between $0.19 and $0.27 for a few days. The trend will tilt in favor of the bulls if the DOGE/USDT pair rises and closes above $0.27. The pair could thereafter rise to $0.32 and then to $0.35.

LUNA/USDT

Terra protocol’s LUNA token rallied close to the overhead resistance at $45.01 on Oct. 20 where bears attempted to stall the up-move. The price turned down from the overhead resistance but the bulls defended the breakout level at $39.75 on Oct. 21. This shows that the sentiment has turned positive and traders are buying on dips.

LUNA/USDT daily chart. Source: TradingView

If bulls thrust and sustain the price above $45.01, the LUNA/USDT pair could retest the all-time high at $49.54. This level may again act as an obstacle but if bulls arrest the next decline above $45.01, the prospects of a new all-time high increase. The pair could then rally to $60.57.

Contrary to this assumption, if the price turns down from the current level or the overhead resistance and breaks below the 20-day EMA ($39.18), the decline could extend to $34.86. The selling could intensify below $32.50.

UNI/USDT

Uniswap (UNI) broke and closed above the neckline of the inverse H&S pattern on Oct. 20 but the bulls could not build on this advantage. The bears pulled the price back below the neckline on Oct. 21.

UNI/USDT daily chart. Source: TradingView

However, a minor positive is that bulls did not allow the price to slip below the 20-day EMA ($25.46). This shows that buyers are accumulating on every minor dip. If bulls drive the price above $28, the UNI/USDT pair could jump to $31.41.

This level may again act as a stiff resistance but if bulls overcome this barrier, the pair could rally to the pattern target at $36.98. Conversely, a break below the moving averages could pull the price down to the strong support at $22. The short-term trend will turn negative if this support is breached.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

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Price analysis 10/20: BTC, ETH, BNB, ADA, XRP, SOL, DOT, DOGE, LUNA, UNI

Bitcoin’s breakout to $67,000 also sent the total crypto market capitalization to a new all-time high and is a signal that altcoins could soon embark on a new uptrend.

Bitcoin (BTC) surged to a new all-time high today, hitting close to $67,000. Ether (ETH) also broke above its immediate resistance and has started its march toward the all-time high. This pushed the total market capitalization of the crypto sector to a new all-time high above $2.64 trillion.

The successful debut of the ProShares’ Bitcoin Strategy exchange-traded fund (BITO) acted as the trigger to boost sentiment in the crypto space. The ProShares’ ETF trading volume on the first day of the launch exceeded $1 billion, making it the second-most successful ETF debut based on the trading volume on day one.

Daily cryptocurrency market performance. Source: Coin360

A panel of 50 fintech industry specialists, commissioned by Finder, believes that strong on-chain fundamentals, a favorable macro environment, and approval of the Bitcoin ETF could send Bitcoin to $80,000 by the end of the year.

Could Bitcoin piggyback on the positive sentiment created due to the successful launch of the Bitcoin ETF and continue its northward march? Will altcoins also resume their up-move? Let’s study the charts of the top-10 cryptocurrencies to find out.

BTC/USDT

Bitcoin broke above the immediate resistance at $62,933 on Oct. 19 and that was followed by another sharp up-move today, thrusting the price above the previous all-time high at $64,854 made on April 14.

BTC/USDT daily chart. Source: TradingView

If bulls sustain the price above the breakout level at $64,854, the bullish momentum could pick up further. The BTC/USDT pair could then rally to the overhead resistance at $75,000.

The sharp up-move of the past few days has pushed the relative strength index (RSI) above 78, suggesting that the rally may be overextended in the short term. This could result in a few days of consolidation or a minor correction.

If bulls do not give up much ground from the current level, it will suggest strength and improve the prospects of the continuation of the uptrend.

The critical level to watch on the downside is $60,000. A break and close below this support will be the first sign that traders are aggressively booking profits at higher levels.

ETH/USDT

Ether bounced off the neckline of the inverse head and shoulders (H&S) pattern on Oct. 19, suggesting that bulls are buying on dips to this support. Strong buying has pushed the price above the overhead resistance at $4,027.88 today.

ETH/USDT daily chart. Source: TradingView

The rising moving averages and the RSI in the positive territory indicate advantage to the bulls. If buyers sustain the price above $4,027.88, the ETH/USDT pair could rally to the all-time high at $4,372.72.

This level may again act as a stiff resistance but if bulls clear the hurdle, the pair could reach the pattern target at $4,657 and then challenge the psychological level at $5,000.

This positive view will invalidate if the price turns down from the current level and breaks below $3,200.

BNB/USDT

Binance Coin (BNB) is gradually moving higher toward $518.90, which had acted as a tough barrier on two previous occasions. Hence, the bears may again try to defend this level with vigor.

BNB/USDT daily chart. Source: TradingView

If the price turns down from $518.90, the BNB/USDT pair could drop to the 20-day EMA ($450). A strong rebound off this level will suggest that the sentiment has turned positive and traders are buying the dips.

That will increase the likelihood of a break and close above $518.90. The pair could then start its northward march to the pattern target at $554. This bullish view will invalidate if the price turns down and breaks below the right shoulder at $392.20.

ADA/USDT

Cardano (ADA) is attempting to bounce off the support line of the symmetrical triangle pattern. If bulls push the price above the 20-day EMA ($2.19) the altcoin could rally to the resistance line of the triangle.

ADA/USDT daily chart. Source: TradingView

A break and close above the triangle will signal that the uncertainty has resolved in favor of the buyers. The ADA/USDT pair could then rally to $2.47 and if this level is crossed, the up-move could reach $2.80.

Alternatively, if the price turns down from the current level or the overhead resistance and breaks below the triangle, it will suggest that supply exceeds demand. The pair could then decline to the critical support at $1.87.

XRP/USDT

XRP formed an inside-day candlestick pattern on Oct. 18 and 19, suggesting indecision among the bulls and the bears. This uncertainty resolved to the upside today with a break above $1.10.

XRP/USDT daily chart. Source: TradingView

The bulls will now try to push the price above the downtrend line. If they manage to do that, the XRP/USDT pair could rise to $1.24 and if this resistance is crossed, the next stop could be the critical level at $1.41.

If the price turns down from the downtrend line, the pair could again drop to $1. A break and close below this support will complete a bearish descending triangle pattern that could result in a decline to $0.85.

SOL/USDT

The bulls have successfully defended the moving averages in the past few days, indicating accumulation at lower levels. The buyers will now try to push Solana (SOL) above the overhead resistance zone between $171.47 and $177.79.

SOL/USDT daily chart. Source: TradingView

A close above $177.79 will complete an ascending triangle pattern, which has a target objective at $226.94. The rally may not be linear as bears are expected to pose a stiff challenge at the psychological level at $200 and then at the all-time high at $216.

On the other hand, if the price turns down from the current level, it will suggest that bears are aggressively selling on rallies. A break and close below the trendline will invalidate the bullish setup. The SOL/USDT pair could then drop to the critical support at $116.

DOT/USDT

The bulls have successfully held Polkadot (DOT) above the breakout level at $38.77 for the past few days. This suggests strong accumulation by the bulls as they anticipate the rally to resume.

DOT/USDT daily chart. Source: TradingView

The upsloping moving averages and the RSI just below the overbought territory indicate that buyers have the upper hand. A break and close above $44.78 could push the price to the all-time high at $49.78.

On the other hand, if the price turns down from the current level and breaks below the 20-day EMA ($37.84), it will suggest that bears have made a strong comeback. The DOT/USDT pair could then drop to the 50-day SMA ($33.63).

Related: Cointelegraph Consulting: ETFs listed — What’s next for Bitcoin?

DOGE/USDT

The bulls pushed Dogecoin (DOGE) above the downtrend line on Oct. 18 but could not sustain the higher levels as seen from the long wick on the day’s candlestick. The buyers again tried to clear the overhead hurdle at the downtrend line on Oct. 19 but failed.

DOGE/USDT daily chart. Source: TradingView

After twice being unsuccessful, the bulls are again trying to drive and sustain the price above the downtrend line today. Such a move will invalidate the developing descending triangle pattern, clearing the path for a possible rally to $0.32 and then $0.35.

Contrary to this assumption, if the price turns down from the downtrend line and breaks below the 20-day EMA ($0.23), it will suggest that bears are aggressively defending the downtrend line.

If bears sink the price below the 20-day EMA, the DOGE/USDT pair could drop to the strong support zone at $0.21 to $0.19.

LUNA/USDT

Terra protocol’s LUNA token broke below the 50-day SMA ($36.66) on Oct. 17 but the bears could not pull the price below the strong support at $34.86. The failure to do so seems to have attracted buying from aggressive bulls who have pushed the price above the overhead resistance at $39.75 today.

LUNA/USDT daily chart. Source: TradingView

The LUNA/USDT pair could now rise to $45.01 where the bears are likely to offer a stiff resistance. If the price turns down from this level but rebounds off the breakout level at $39.75, it will suggest that bulls have the upper hand.

A breakout and close above $45.01 could push the pair to the all-time high at $49.54. On the contrary, if the price turns down from the current level and breaks below $39.75, it will signal strong selling at higher levels. The pair could then drop to $34.86.

UNI/USDT

Uniswap (UNI) has been trading in a tight range between the neckline of the possible inverse H&S and the 20-day EMA ($25.32). This indicates indecision among the bulls and the bears about the next directional move.

UNI/USDT daily chart. Source: TradingView

A breakout and close above the neckline will complete the bullish setup. The UNI/USDT pair could then rally to $31.41 and if this level is crossed, the up-move may reach the pattern target at $36.98.

Conversely, if the price turns down from the current level and plummets below the moving averages, the decline may extend to $22. This is an important level for the bulls to defend because a break below it could sink the pair to $18.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

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