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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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Top 5 cryptocurrencies to watch this week: BTC, SOL, AVAX, ALGO, AXS

Traders are watching to see if BTC’s bounce of the 20-day moving average resumes the uptrend. Meanwhile, SOL, AVAX, ALGO and AXS are preparing for a move higher.

Bitcoin (BTC) continues to face strong selling as bulls attempt to flip the psychological level at $60,000 into support. Some analysts believe that Bitcoin could enter a correction as traders book profits following the successful launch of last week's Bitcoin exchange-traded funds.

In the past, the launch of the Bitcoin Futures product by the Chicago Mercantile Exchange on Dec. 18, 2017, ended a strong bull run and marked the start of a multi-year bear market. A similar crash of a lesser magnitude was seen after the Coinbase IPO (COIN) on April 4, 2021. This suggests that the old adage “buy the rumor, sell the news” could be at risk of repeating once again.

Crypto market data daily view. Source: Coin360

However, several analysts are unperturbed by the pullback. Crypto market intelligence firm Decentrader said that “there are zero instances of Bitcoin breaking significant previous all-time highs and failing to continue higher.” They anticipate the Bitcoin bull run to continue with a possible target objective at $72,000 and then $88,000.

Not that every metric is flashing bullish at the moment. Data from Bybt shows that Bitcoin reserves rose to 400,000 Bitcoin on Binance, suggesting that traders may be looking at closing their positions.

Could Bitcoin stage a strong comeback that boosts sentiment in the crypto sector? Let’s analyze the charts of the top-5 cryptocurrencies that could remain in focus in the next few days.

BTC/USDT

Bitcoin has faced a strong rejection in the $64,854 to $67,000 zone. The price could drop to the 20-day exponential moving average ($58,315) which is a key level to watch out for. If the price bounces off this level with strength, it will signal that sentiment remains positive and traders are buying on dips.

BTC/USDT daily chart. Source: TradingView

The bulls will then make one more attempt to push the price above the overhead zone. If they can pull it off, the BTC/USDT pair may resume its uptrend. The pair could then rally to its target objective at $84,533.12.

The upsloping moving averages and the relative strength index (RSI) in the positive zone indicate that buyers have the upper hand.

Contrary to this assumption, if the price turns down and breaks below the 20-day EMA, it will suggest that the break above $64,854 may have been a bull trap. The pair could then continue its slide to the 50-day simple moving average ($50,927).

BTC/USDT 4-hour chart. Source: TradingView

The pair is correcting inside a descending channel. The immediate support is at $58,739.17 and if this level cracks, the pair could drop to the support line of the channel. This is an important level for the bulls to defend because a break below it could intensify selling.

The 20-EMA has turned down and the RSI has dipped into the negative territory, indicating that bears have the upper hand. This negative view will invalidate if the price breaks above the channel and the moving averages. Such a move will increase the possibility of a retest of the overhead zone.

SOL/USDT

The long wick on Solana’s (SOL) Oct. 22 candlestick suggests that bears are aggressively defending the overhead resistance at $216. The altcoin formed an inside-day candlestick pattern on Oct. 23, indicating indecision among the bulls and the bears.

SOL/USDT daily chart. Source: TradingView

This uncertainty resolved to the downside today and the price could drop to the breakout level at $177.79. If the price rebounds off this level, it will suggest that sentiment remains bullish and traders are buying on dips.

The bulls will then again try to drive the price above $216. If they succeed, the SOL/USDT pair could rise to $239.83. The marginally rising 20-day EMA ($168) and the RSI in the positive territory indicate advantage to buyers.

This positive view will be negated if the price continues lower and breaks below the 20-day EMA. That could pull the price down to the trendline of the triangle.

SOL/USDT 4-hour chart. Source: TradingView

The bears have pulled the price below the 20-EMA on the 4-hour chart. If sellers sustain the price below the 20-EMA, it will suggest that the bullish momentum has weakened. The pair could then slide to $177.79 where buying may emerge.

The first sign of strength will be a break and close above the downtrend line. Such a move will suggest that traders are buying on dips. That could push the price to $205.78 and if this resistance is crossed, the pair may rally to the all-time high.

AVAX/USDT

Avalanche (AVAX) broke and closed above the descending channel on Oct. 21, suggesting that the correction may be over. The bulls will now try to resume the uptrend.

AVAX/USDT daily chart. Source: TradingView

The long wick on the Oct. 22 and 23 candlestick suggests that demand dries up at higher levels. The AVAX/USDT pair could decline to the moving averages.

A strong rebound off this support will suggest that traders continue to buy on dips. The bulls will then make one more attempt to resume the up-move by pushing the price above $69.18. If they succeed, the pair could rally to $73.41 and then retest the all-time high at $79.80.

Contrary to this assumption, if the price breaks below the moving averages, the pair could drop to the strong support at $51.04. If this level also gives way, the next stop could be the support line of the channel.

AVAX/USDT 4-hour chart. Source: TradingView

The bulls pushed the price above the downtrend line of the descending triangle, invalidating the bearish setup. However, the recovery was short-lived as bears have pulled the price back below the 20-EMA. This suggests selling at higher levels.

The pair could now drop to the 50-SMA. If this support is breached, the bears will try to pull the price back into the triangle. If that happens, it will suggest that the breakout above the triangle was a bull trap.

On the contrary, if the price rises from the current level or rebounds off the downtrend line, it will indicate that bulls are accumulating on dips. The buyers will then try to propel the price above $69.18. A break and close above this resistance will signal that bulls have the upper hand. The pair could then start its journey toward the all-time high.

Related: Shiba Inu surges over 45% in two days to reach an all-time high

ALGO/USDT

Algorand (ALGO) has been trading inside a symmetrical triangle for the past few days. The price has turned down from the resistance line of the triangle today, indicating that bears are unwilling to let bulls have their way.

ALGO/USDT daily chart. Source: TradingView

If the price dips below the moving averages, the ALGO/USDT pair could drop to the support line of the triangle. This is an important level for the bulls to defend because if it cracks, the bears will try to pull the price to $1.51 and then to $1.20.

Alternatively, if the price turns up from the current level or the support line and breaks above the triangle, it will suggest that bulls are in control. The pair could then rally to $2.22 and later retest the all-time high at $2.55.

ALGO/USDT 4-hour chart. Source: TradingView

The price is getting squeezed inside the triangle, indicating that the pair could be getting ready for a strong directional move. The crisscrossing moving averages and the RSI near the midpoint do not project a clear advantage either to the bulls or the bears.

A break above the triangle will suggest that bulls have absorbed the selling by the bears and that could set the pair for the resumption of the up-move. Conversely, a break below the triangle will suggest that supply exceeds demand and that could start a deeper correction.

AXS/USDT

Axie Infinity (AXS) has formed a symmetrical triangle pattern, which indicates indecision among the bulls and the bears. It is difficult to predict the direction of the breakout but usually, the triangle acts as a continuation pattern.

AXS/USDT daily chart. Source: TradingView

If the price rebounds off the support line, the bulls will make one more attempt to push the AXS/USDT pair above the triangle. If they succeed, it will signal a resumption of the uptrend. The pair may then retest the all-time high at $155.27.

The bullish momentum could pick up if buyers clear this overhead hurdle. The pair may then rally toward the pattern target at $186.05.

Conversely, a break and close below the triangle will be the first sign of a deeper correction. The pair may first drop to $103.22 and then to the breakout level at $94.67.

AXS/USDT 4-hour chart. Source: TradingView

The moving averages have flattened out on the 4-hour chart and the RSI has been oscillating between 40 and 62. This suggests a state of equilibrium where traders are buying on dips to $115 and selling near $140.

A break and close below $115 could signal that the uncertainty has resolved to the downside. That could pull the price down to the pattern target at $90. On the contrary, a break above $140 will signal that bulls are back in the game. The pair may rally to $155.27 and then to the pattern target at $165.

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.

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Shiba Inu surges over 45% in two days to reach an all-time high

The latest price jump of SHIB token is attributed to an ongoing bullish trend from Oct. 15, which was followed by a week-long support at roughly $0.00002796.

Shiba Inu (SHIB), a spin-off to Dogecoin (DOGE) token, reached an all-time high following a price surge of more than 46% in just two days. The SHIB/USD trading pair was valued highest at $0.00003941 during press time. 

The latest price jump of SHIB token is attributed to an ongoing bullish trend from Oct. 15, which helped the cryptocurrency’s value rally by more than 26%. Since Oct. 17, SHIB maintained week-long support at roughly $0.00002796 before resuming to bull run to its all-time high.

In the last seven days, Shiba Inu’s market value surged over 50% and currently stands as the 13th biggest cryptocurrency in terms of market capitalization, just three positions away from Dogecoin.

Currently, Shiba Inu holds the biggest circulating supply of nearly 395 trillion. Back in September, the Dogecoin-inspired token jumped 40% after Elon Musk, CEO of Tesla, tweeted about the arrival of a new Shiba Inu puppy called Floki.

A Cointelegraph analysis from Oct. 18 foresees SHIB token to target the $0.00005200 mark, determined by an expected rebound after the selloff season.

Related: Crypto is impossible to destroy, says Tesla CEO Elon Musk

The growth of Dogecoin and Shiba Inu is primarily attributed to support from Tesla CEO Elon Musk. In a recent conference hosted in California, Musk said:

“It is not possible to, I think, destroy crypto, but it is possible for governments to slow down its advancement.”

Moreover, the entrepreneur believes that the United States government should “do nothing” for regulating cryptocurrencies.

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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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Inflation fears or ETF driving Bitcoin price? The Market Report is live with Big Cheds

“The Market Report” with Cointelegraph is live right now with special guest Big Cheds, a professional trader and one of the founding analysts of Bitcoin Live.

Join Cointelegraph host and analyst Benton Yaun alongside resident market experts Jordan Finneseth and Marcel Pechman as they break down the latest news in the markets this week. Here’s what to expect in this week’s markets news breakdown:

Then, special guest Big Cheds shares some technical analysis on trending charts, the factors he looks at when making trades and altcoins to keep an eye on.

Using insights from Cointelegraph Markets Pro, a platform for crypto traders who want to stay one step ahead of the market, the Cointelegraph experts identify two altcoins that stood out this week: Elrond eGold (EGLD) and Ampleforth’s AMPL token.

Next up, Pechman explains what the Bitcoin futures ETF actually means and how it functions. Using easy-to-understand examples, he explains how futures contracts allow investors to leverage their bets.

Do you have a question about a coin or topic not covered here? Don’t worry! Join the YouTube chat room, and write your questions there. The Cointelegraph experts will do their best to make sure you get the answer you’re looking for.

“The Market Report” streams live every Thursday at 4:00 pm UTC, so be sure to head on over to Cointelegraph’s YouTube page, and smash that like and subscribe button for all our future videos and updates.

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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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Price analysis 10/18: BTC, ETH, BNB, ADA, XRP, SOL, DOT, DOGE, LUNA, UNI

Altcoins are selling off ahead of this week’s Bitcoin ETF launch, perhaps a sign that traders are anxious about this historic listing.

ProShares Bitcoin Strategy ETF will enter the history books on Oct. 19 when it starts trading on the New York Stock Exchange under the ticker BITO.

Market participants are likely to watch the volumes on the ETF closely to gauge the amount of participation from institutional investors. If the response is tepid for a few days, short-term traders may be tempted to book profits, but the bullish momentum may pick up further if demand remains strong.

Daily cryptocurrency market performance. Source: Coin360

The latest CoinShares report for the week ending Oct. 17 shows that institutional inflows into crypto products has pushed the total assets held by institutional managers to a new record high of $72.3 billion. Of the total inflow of $80 million during the week, Bitcoin products attracted the lion’s share at $70 million.

Could the launch of a new ETF boost sentiment and push Bitcoin to a new all-time high or will short-term traders book profits? Is it time for money to flow out of Bitcoin and into altcoins? Let’s study the charts of the top-10 cryptocurrencies to find out.

BTC/USDT

The long tail on Bitcoin’s Oct. 17 candlestick shows strong buying on dips. The bulls attempted to push the price above the Oct. 15 high at $62,933 today but failed. This suggests that bears are defending the zone between $62,933 and $64,854 with vigor.

BTC/USDT daily chart. Source: TradingView

If sellers sink the price below $58,963, the BTC/USDT pair could drop to the 20-week exponential moving average ($55,118). A strong rebound off this support will indicate that sentiment remains positive and traders are buying on dips.

The bulls will then make one more attempt to clear the overhead obstacle. If they succeed, the pair could start the next leg of the uptrend that could reach $70,000 and then $75,000.

If the 20-day EMA support is breached, the pair could drop to the breakout level at $52,920. This is an important support to keep an eye on because if it cracks, the pair may plummet to the 50-day simple moving average ($49,270).

ETH/USDT

The bulls successfully defended the neckline of the inverse head and shoulders (H&S) pattern on Oct. 17 but they could not sustain the rebound. This suggests that demand dries up at higher levels. The bears have again pulled Ether (ETH) to the neckline of the setup today.

ETH/USDT daily chart. Source: TradingView

A break below the neckline could result in a decline to the 20-day EMA ($3,563). The rising moving averages and the relative strength index (RSI) in the positive territory indicate that buyers have the upper hand.

If the price rebounds off the 20-day EMA with strength, it will suggest that traders continue to accumulate on dips. The buyers will then make one more attempt to clear the overhead hurdle at $4,027.88.

If they manage to do that, the ETH/USDT pair could retest the all-time high at $4,372.72. Alternatively, if bears sink the price below the moving averages, the pair could correct to $3,200.

BNB/USDT

Binance Coin (BNB) is struggling to take off after completing the inverse H&S pattern on Oct. 13 but a minor positive is that bulls have not allowed the price to sustain below the neckline of the setup.

BNB/USDT daily chart. Source: TradingView

The 20-day EMA ($439) is rising and the RSI is above 64, signaling that the path of least resistance is to the upside. If bulls push the price above $484.70, the BNB/USDT pair could rise to $518.90.

This level may act as a stiff resistance but if bulls overcome this obstacle, the pair could rally to the pattern target at $554.

Contrary to this assumption, if the price turns down and breaks below the moving averages, it will suggest that bears are back in the game. The pair could then drop to $392.20.

ADA/USDT

Cardano (ADA) is trading inside a symmetrical triangle pattern, which suggests indecision among the bulls and the bears about the next directional move.

ADA/USDT daily chart. Source: TradingView

The 20-day EMA ($2.20) is sloping down gradually and the RSI has dropped near 43, suggesting a minor advantage to bears. If sellers sink the piece below the support line of the triangle, the ADA/USDT pair could drop to $1.87.

This level could attract strong buying from the bulls. A breakout and close above the resistance line of the triangle will indicate that bulls have absorbed the supply and made a strong comeback.

The pair could then rally to $2.47, which may act as a resistance but if the bulls overcome this obstacle, the up-move may extend to $2.80.

XRP/USDT

XRP’s attempt to rise above the overhead resistance at $1.24 fizzled out at $1.18 on Oct. 16. This may have attracted profit-booking by short-term traders, resulting in a drop below the moving averages on Oct. 17.

XRP/USDT daily chart. Source: TradingView

The long tail on the day’s candlestick shows that bulls are aggressively defending the psychological level at $1. Both moving averages have flattened out and the RSI is near the midpoint, suggesting a range-bound action in the short term.

The XRP/USDT pair could consolidate between $1 and $1.24 for a few days. A break and close above $1.24 could clear the path for a possible up-move to $1.41 while a drop below $1 may pull the pair down to $0.85.

SOL/USDT

Solana (SOL) has been sustaining above the downtrend line for the past three days but the bulls are struggling to start an up-move. This suggests that bears have not thrown in the towel yet and are selling on rallies.

SOL/USDT daily chart. Source: TradingView

If bears pull and sustain the price below the 50-day SMA ($151), the SOL/USDT pair could drop to $137.61. A break and close below this support could clear the path for a further decline to the important level at $116.

Conversely, if the price rebounds off the current level and sustains above $167.65, it will suggest that buyers are back in the game. The pair could thereafter rally to the 61.80% Fibonacci retracement level at $177.80.

DOT/USDT

Polkadot (DOT) broke above the $38.77 overhead resistance on Oct. 13 but the bulls could not capitalize on this strength. This indicates that bears are unwilling to relent and are selling on every rise.

DOT/USDT daily chart. Source: TradingView

The first sign of weakness will be a drop and close below the breakout level at $38.77 and the 20-day EMA ($36.64). The DOT/USDT pair could then drop to the 50-day SMA ($33.05).

The uptrending 20-day EMA and the RSI in the positive zone indicate that the path of least resistance is to the upside.

If the price rebounds off the current level or $38.77 and breaks above $44.78, it will suggest that bulls are back in the game. The pair may then retest the all-time high at $49.78.

Related: Lushsux: A decade of ass-whoopin’ and skullduggery in a single NFT

DOGE/USDT

The bears pulled the price below the 20-day EMA ($0.23) on Oct. 17 but the long tail on the day’s candlestick suggests accumulation at lower levels. Strong buying today pushed Dogecoin (DOGE) above the downtrend line.

DOGE/USDT daily chart. Source: TradingView

The long wick on today’s candlestick shows that bears are defending the downtrend line aggressively. If bulls fail to sustain the price above the downtrend line, the DOGE/USDT pair could again drop to $0.21.

A bounce off this strong support could keep the pair stuck between $0.21 and the downtrend line for the next few days.

If buyers sustain the price above the downtrend line, it will suggest that correction may have ended. The pair may then rally to $0.32, followed by an up-move to $0.35.

LUNA/USDT

Terra protocol’s LUNA token failed to break above the 20-day EMA ($38.13) in the past few days, suggesting that sentiment has turned negative and bears are selling on rallies.

LUNA/USDT daily chart. Source: TradingView

The bears will now try to sustain the price below the 50-day SMA ($36.38). The moving averages are on the verge of a bearish crossover, indicating that the trend favors the bears.

If the price breaks below $34.86, the LUNA/USDT pair could drop to $32.34. This is an important support to keep an eye on because if it gives way, the selling could intensify. The pair could then drop to $25.

The bulls will have to push and sustain the price above the 20-day EMA to indicate that the correction may be over.

UNI/USDT

Uniswap (UNI) broke and closed above the neckline on Oct. 16 but the breakout proved to be a bull trap as bears quickly pulled the price back below the neckline on Oct. 17.

UNI/USDT daily chart. Source: TradingView

If bears sink the price below the moving averages, the UNI/USDT pair could drop to $22.15. The selling could accelerate if this support is breached and the pair could next drop to $18.

The moving averages are flat and the RSI is just above the midpoint, suggesting a balance between supply and demand.

This equilibrium could tilt in favor of the bulls if they push and sustain the price above the neckline for a couple of days. The pair could thereafter rise to $31.41 and if this resistance is scaled, the rally may reach the pattern target at $36.98.

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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Top 5 cryptocurrencies to watch this week: BTC, ETH, SOL, MATIC, FTM

Bitcoin’s shallow pullback increases the prospect of a new all-time high in the short term and altcoins like ETH, SOL, MATIC and FTM could move higher while BTC prepares for its next move.

On Oct. 15, news that a Bitcoin (BTC) exchange-traded fund (ETF) could start trading as early as next week sent Bitcoin price to $62,933 but the rally has cooled off since then.

Some market participants believe that traders who bought the rumor of approval for a Bitcoin ETF product may sell on the news. Crypto trading firm QCP Capital said in an update that the approval of futures-based ETFs is unlikely to provide a long-term boost for Bitcoin prices similar to the one seen in the fourth quarter of 2020.

While high volatility cannot be ruled out in the near term, investors should focus on the major trend and not get caught in minor corrections that are part of the path to new all-time highs.

Crypto market data daily view. Source: Coin360

According to Foxbit founder João Canhada, his daughter has earned a 6,500% profit on the one Bitcoin gift she received when she was born in 2017. Although she couldn’t have traded the coin at such a young age, the returns show that patient investors who are not perturbed by a minor fall can end up with huge returns.

Could Bitcoin's rally to a new all-time high pull altcoins along with it? Let’s study the charts of the top-5 cryptocurrencies that could outperform in the short term.

BTC/USDT

Bitcoin soared above the $58,000 resistance and the psychological mark at $60,000 on Oct. 15. The bears are attempting to stall the up-move at $62,933 but the positive sign is that bulls have not given up much ground. This suggests that traders are not closing their positions after the recent up-move because they anticipate another leg up.

BTC/USDT daily chart. Source: TradingView

Both moving averages are sloping up and the relative strength index (RSI) is in the overbought zone, indicating that bulls are in control. If the price turns up from the current level and breaks above the $62,933 to $64,854 resistance zone, the BTC/USDT pair may rally to $75,000.

The immediate support to watch on the downside is $58,000. A break and close below this level could prompt short-term traders to book profits, pulling the price down to the 20-day exponential moving average ($54,336).

A bounce off the 20-day EMA will suggest that sentiment remains positive and traders are buying on dips. The bulls will then make one more attempt to resume the uptrend. On the contrary, a break and close below the 20-day EMA will suggest that the bullish momentum has weakened.

BTC/USDT 4-hour chart. Source: TradingView

The pair has been rising in a steady uptrend on the 4-hour chart. The bears have not been able to sink and sustain the price below the 50-simple moving average since the pair broke above the symmetrical triangle.

If the price rebounds off the 20-EMA, the possibility of a break above $62,933 may increase because it will suggest that traders are not waiting for a deeper correction to buy. This bullish assumption will invalidate if bears sink and sustain the pair below the 50-SMA. Such a move could open the doors for a drop to $54,000 and then to $52,290.

ETH/USDT

Ether’s (ETH) break and close above the neckline on Oct. 14 completed the inverse head and shoulders pattern. The long wick on the Oct. 16 candlestick suggests that bears are attempting to stall the up-move in the $4,000 to $4,027.88 zone.

ETH/USDT daily chart. Source: TradingView

If the price turns down from the current level, the ETH/USDT pair could drop to the breakout level at the neckline. This is an important support for the bulls to defend. If the price rebounds off this level, the bulls will again try to clear the overhead hurdle.

A breakout and close above $4,027.88 could clear the path for a rally to the all-time high at $4,372.72 and next to the pattern target at $4,657. Conversely, a break below the moving averages could sink the price to $3,257. The bears will gain the upper hand if this support is breached.

ETH/USDT 4-hour chart. Source: TradingView

The bears are defending the psychological resistance at $4,000 while bulls are trying to keep the price above the 20-EMA. The RSI has dropped close to the midpoint and the 20-EMA is flattening out, suggesting a possible consolidation in the near term.

A break and close above $4,000 could signal the resumption of the up-move. Conversely, a break below the neckline of the setup will be the first sign that the momentum may be weakening. The pair could then decline to $3,400.

SOL/USDT

Solana (SOL) broke out and closed above the downtrend line on Oct. 15 which is the first sign that bulls are attempting a comeback. The bears tried to pull the price back below the downtrend line on Oct. 16 but failed.

SOL/USDT daily chart. Source: TradingView

If bulls sustain the price above the downtrend line, the SOL/USDT pair could rise to the 61.80% resistance at $177.80. This is an important level for the bears to defend because if bulls clear this hurdle, the pair could rise to the 78.6% retracement level at $194.60 and later retest the all-time high at $216.

Contrary to this assumption, if the price turns down from the current level or the overhead resistance and breaks below the moving averages, it will suggest that traders are closing their positions on pullbacks. The pair could then drop to the critical support at $116.

SOL/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows that the pair has been trading between $156.36 and $165.61 since breaking out of the downtrend line. If buyers propel and sustain the price above $165.61, the uptrend may resume.

The first target is the overhead zone between $174.86 and $177.79. Alternatively, a break and close below $156.36 could open the doors for a decline to $147.11. Until then, the pair may continue to consolidate in the tight range.

Related: Why HODL for 48 hours? Because your altcoin wallet will thank you

MATIC/USDT

Polygon (MATIC) has been trading in a large range between $1 and $1.80 for the past few days. The 20-day EMA ($1.32) has started to turn up and the RSI has risen into the positive territory, indicating that bulls are attempting to gain the upper hand.

MATIC/USDT daily chart. Source: TradingView

The MATIC/USDT pair could rise to $1.80 which is likely to act as a tough obstacle. If the price turns down from this resistance, the pair could drop to the 20-day EMA.

A strong rebound off this support will suggest that sentiment has turned positive and traders are buying on dips. That will increase the possibility of a break and close above $1.80.

If that happens, the pair could start a new uptrend to $2.40 and then retest the all-time high at $2.70. Conversely, if the price turns down from the current level and breaks below the moving averages, the pair could slide to $1.20 and then to $1.

MATIC/USDT 4-hour chart. Source: TradingView

Both moving averages are sloping up and the RSI is in the positive zone, suggesting that bulls have the upper hand in the short term. The bulls pushed the price above the overhead resistance zone at $1.45 to $1.50 but selling at higher levels has pulled the price back into the zone.

If the price rebounds off the 20-EMA, the bulls will make one more attempt to resume the up-move. A breakout and close above $1.63 could clear the path for a rally to $1.80. This positive view will invalidate if the price turns down and breaks below $1.45.

FTM/USDT

Fantom’s FTM token is in a strong uptrend. The bulls successfully defended the breakout level at $1.94, indicating that sentiment remains positive and traders are buying on dips.

FTM/USDT daily chart. Source: TradingView

The upsloping moving averages indicate advantage to buyers but the negative divergence on the RSI is warning that the bullish momentum may be weakening. If bulls push the price above $2.45, the uptrend may continue, with the next target objective at $3.20.

On the other hand, if the price turns down from $2.45, the FTM/USDT pair may drop to $1.94 and consolidate between these two levels for a few days. A break and close below the 20-day EMA ($1.85) may signal the start of a deeper correction.

FTM/USDT 4-hour chart. Source: TradingView

The bulls are currently attempting to sustain the price above the descending channel. If they manage to do that, the pair could rise to $2.45. This level may act as stiff resistance but if bulls overcome it, the uptrend may resume.

Alternatively, if the price fails to sustain above the channel, it will suggest that demand dries up at higher levels. The pair may then continue to trade inside the channel. A break and close below the channel could pull the pair down to $1.50.

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.

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Price analysis 10/15: BTC, ETH, BNB, ADA, XRP, SOL, DOT, DOGE, LUNA, UNI

Hopes of a BTC ETF approval sent Bitcoin charging toward a new all-time high and several altcoins are also breaking out of bullish setups.

Bitcoin (BTC) rose within a few steps of $63,000 today for the first time since April 18. The recent surge in the price may have been caused after various documents pointed to the eventual approval of a futures-based BTC ETF by the United States Securities and Exchange Commission. According to these documents, the regulator may be close to green lighting the application to list Valkyrie’s Bitcoin Strategy exchange-traded fund ETF for listing on Nasdaq. 

Analysts pointed out that gold’s price had risen sharply leading up to the launch of the first U.S.-based gold ETF in 2004. Thereafter, the rally continued and gold’s price rose more than 300% since the ETF was approved, before forming a major top. The similarity between gold and Bitcoin being stores of value appear to have generated huge excitement for the launch of a Bitcoin ETF.

Daily cryptocurrency market performance. Source: Coin360

Traders seem to have aggressively accumulated Bitcoin before the announcement of a Bitcoin ETF. The Bitcoin futures open interest in the Chicago Mercantile Exchange hit a new all-time high on Oct. 14, surpassing the previous high of $3.02 billion made on April 14.

Could Bitcoin break above the all-time high and continue its northward journey and will altcoins also join the party? Let’s study the charts of the top-10 cryptocurrencies to find out.

BTC/USDT

Bitcoin formed a Doji candlestick pattern on Oct. 14, indicating indecision among the bulls and the bears above the $58,000 level. This uncertainty resolved to the upside today and the rally has resumed.

BTC/USDT daily chart. Source: TradingView

The 20-day exponential moving average ($52,868) is sloping up and the relative strength index (RSI) is in the overbought zone, suggesting that bulls are in control. However, the all-time high at $64,854 may prove to be a difficult hurdle to cross.

If the BTC/USDT pair turns down from this resistance, the first support to watch on the downside is the 20-day EMA. A strong rebound off this support will suggest that sentiment remains positive and traders are buying the dips.

That will increase the possibility of the resumption of the uptrend with the target at $75,000. The first sign of weakness will be a break and close below the 20-day EMA, which could result in a decline to the 50-day simple moving average ($48,514).

ETH/USDT

Ether (ETH) bounced off the 20-day EMA ($3,479) on Oct. 13 and broke above the neckline of the inverse head and shoulders (H&S) pattern on Oct. 14. This completed the bullish setup which has a target objective at $4,657.

ETH/USDT daily chart. Source: TradingView

Both moving averages are sloping up and the RSI has broken above the downtrend line, suggesting that bulls are back in control. The ETH/USDT pair could now rally to $4,027.88 and then retest the all-time high at $4,372.72.

Contrary to this assumption, if the price turns down from the current level or the overhead resistance and breaks below the neckline, it will suggest that bears continue to sell on rallies. The pair could then drop to the moving averages. A break and close below $3,257 will indicate that bulls may be losing their grip.

BNB/USDT

Binance Coin (BNB) broke and closed above the neckline on Oct. 13, completing an inverse H&S pattern. This bullish setup has a pattern target at $554.

BNB/USDT daily chart. Source: TradingView

The bears attempted to pull the price back below the breakout level but the long tail on the day’s candlestick indicates buying at lower levels. The moving averages have completed a bullish crossover and the RSI is in the positive zone, indicating that bulls have the upper hand.

If the price rises from the current level and breaks above $518.90, it will signal the resumption of the uptrend. The bears will have to pull and sustain the BNB/USDT pair below the moving averages to weaken the bullish momentum.

ADA/USDT

The bulls are attempting to push Cardano (ADA) back into the symmetrical triangle pattern but the bears are not relenting. They are defending the support line and the 20-day EMA ($2.21) with vigor.

ADA/USDT daily chart. Source: TradingView

If the price turns down from the current level and breaks below $2.07, the ADA/USDT pair could drop to $2 and next to $1.87. A breach below this important level may pull the pair down to the pattern target of $1.63

Alternatively, if bulls push and sustain the price above the 20-day EMA, the pair could rise to the resistance line of the triangle. A breakout and close above the triangle could clear the path for a rally to $2.47, followed by a move to $2.80.

XRP/USDT

XRP has been holding above the 20-day EMA ($1.08) for the past few days but the bulls have not been able to push the price to the overhead resistance at $1.24. This suggests a shortage of demand at higher levels.

XRP/USDT daily chart. Source: TradingView

If the price turns down and breaks below the 20-day EMA, the XRP/USDT pair could drop to $1. This level could again attract buyers but if they fail to push the price above $1.24, the bearish momentum could pick up and the slide could deepen to $0.85.

Conversely, if the price rises from the current level and breaks above $1.24, it will signal that the selling pressure may be easing. The pair could then rise to $1.41 and if bulls clear this barrier, the next stop could be $1.66.

SOL/USDT

The failure of the bears to sink Solana (SOL) below the 50-day SMA ($147) in the past few days indicates accumulation by the bulls. The buyers are currently attempting to sustain the price above the downtrend line.

SOL/USDT daily chart. Source: TradingView

If they succeed, the SOL/USDT pair could rise to the 61.8% Fibonacci retracement level at $177.80. This level may act as stiff resistance but if bulls overcome this hurdle, the pair may rally to $200 and then retest the all-time high at $216.

The first sign of weakness will be a break and close below the 50-day SMA. That could pull the price down to $116. This is an important level to keep an eye on because a break below it could intensify the selling.

DOT/USDT

Polkadot (DOT) skyrocketed and closed above the $38.77 overhead resistance on Oct. 13, suggesting that the consolidation has resolved in favor of the bulls.

DOT/USDT daily chart. Source: TradingView

The bears tried to pull the price back below $38.77 on Oct. 14 and today but failed. This shows that buyers are aggressively defending the breakout level. If bulls drive the price above $43.22, the DOT/USDT pair could retest the all-time high at $49.78.

If the price turns down from the current level and breaks below $38.77, the pair could drop to the 20-day EMA ($34.84). A strong bounce off this support will suggest that sentiment remains positive and traders are buying on dips.

Alternatively, if bears sink the price below the moving averages, the pair could drop to $25.50. Such a move will suggest that the breakout above $38.77 may have been a bull trap.

Related: CFTC slaps Tether and Bitfinex with a combined $42.5 million fine

DOGE/USDT

The bulls are struggling to sustain Dogecoin (DOGE) above the 20-day EMA ($0.23), which suggests that buying dries up at higher levels. A minor positive is that bulls have not allowed the price to sustain below $0.22.

DOGE/USDT daily chart. Source: TradingView

The 20-day EMA has flattened out and the RSI is just above the midpoint, suggesting a balance between supply and demand. This equilibrium will tilt in favor of the bears if the $0.21 support cracks. That may result in a decline to $0.19.

If the price turns up from the current level, the bulls will try to push the price to the downtrend line. A breakout and close above this level will suggest that the decline could be over. The DOGE/USDT pair may next rise to $0.32 and then to $0.35.

LUNA/USDT

Terra protocol’s LUNA token is finding support at the 50-day SMA ($36.24) for the past three days but the bulls have not been able to drive the price above the 20-day EMA ($38.86). This suggests that demand dries up at higher levels.

LUNA/USDT daily chart. Source: TradingView

The 20-day EMA is sloping down marginally and the RSI is just below the midpoint, indicating a minor advantage to bears. A break and close below the 50-day SMA could pull the price down to $32.50 and if this support cracks, the correction could deepen to $25.

Conversely, if bulls drive the price above the 20-day EMA, the LUNA/USDT pair could pick up momentum and advance to $45.01 where bears may again try to mount a stiff resistance. A retest of the all-time high at $49.54 is likely if bulls overcome this obstacle.

UNI/USDT

Uniswap (UNI) rose above the moving averages on Oct. 13 and reached the neckline of the inverse H&S pattern on Oct. 14. The bears are currently attempting to stall the recovery at the neckline.

UNI/USDT daily chart. Source: TradingView

The moving averages are on the verge of a bullish crossover and the RSI has climbed into the positive territory, indicating that bulls have the upper hand. If the price rebounds off the moving averages, the bulls will make one more attempt to propel the UNI/USDT pair above the neckline.

If they succeed, it will complete the inverse H&S setup, starting a possible rally to $31.41 and later to the pattern target at $36.98. This bullish view will invalidate if the price continues lower and breaks below $22. The pair could then drop to the strong support at $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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