Originally published on: October 30, 2024
The crypto market continues to show strength as bulls hold their ground against bears in the latest price analysis. Despite Bitcoin failing to reach a new all-time high, positive signs suggest a potential move higher, supported by significant inflows into US Bitcoin exchange-traded funds.
Speculation around an impending breakout amid the US presidential election continues, with traders cautiously optimistic. However, experienced traders advise caution as the market often follows the “buy the rumor, sell the news” trend.
In the midst of this uncertainty, let’s dive into the charts of the top 10 cryptocurrencies to gauge potential price movements and trends.
Bitcoin (BTC) Price Analysis:
Bitcoin’s recent breakout above the $69,520 resistance signals a bullish trend, with a potential target of $93,554 if it breaks above $73,777. Support levels at $70,000 and the 20-day EMA ($67,617) will be critical in determining the next direction for the BTC/USDT pair.
Ethereum (ETH) Price Analysis:
ETH has been trading within an ascending channel pattern, with resistance near the current price levels. A breakout above the resistance line could indicate a shift in momentum and a potential uptrend continuation.
Binance Coin (BNB) Price Analysis:
BNB faces resistance at $635, with support at the 20-day EMA ($589). A successful break above resistance could pave the way for a rally towards $722, while a breakdown could lead to a test of the 50-day SMA ($527).
Solana (SOL) Price Analysis:
SOL’s recent surge above $179 may see a retracement to the 20-day EMA ($165) before another attempt at higher levels. A decisive move above $189 could signal further upside potential for the SOL/USDT pair.
Ripple (XRP) Price Analysis:
XRP struggles to overcome selling pressure at the 20-day EMA ($0.53), with key support levels at $0.50 and $0.46. A breakout above the 50-day SMA ($0.55) could signal a bullish reversal for XRP/USDT.
Dogecoin (DOGE) Price Analysis:
DOGE’s breakout above $0.15 faces resistance at $0.18, with support at $0.15 and the 20-day EMA ($0.14). A sustained move above resistance could lead to a rally towards $0.23 for the DOGE/USDT pair.
TON coin (TON) Price Analysis:
TON finds support at $4.44 to $4.72, with resistance at the 20-day EMA ($5.12). A break above the 50-day SMA ($5.37) could signal a bullish reversal, while a breakdown could lead to further downside towards $3.50.
Cardano (ADA) Price Analysis:
ADA rebounds from strong support at $0.31, with resistance at $0.40 and potential targets at $0.45 and $0.50. Price action around these levels will determine the next direction for the ADA/USDT pair.
Avalanche (AVAX) Price Analysis:
AVAX struggles to regain bullish momentum after a breakdown below the symmetrical triangle support. Support at $24 and resistance at the moving averages will be critical in determining the next move for the AVAX/USDT pair.
Shiba Inu (SHIB) Price Analysis:
SHIB finds support at the 50-day SMA ($0.000017) and resistance at $0.000020. A breakout above resistance could lead to targets at $0.000026 and $0.000030, while a breakdown below support could keep the pair range-bound.
Stay tuned for more updates on cryptocurrency price movements and trends. Remember to conduct your research and trade responsibly in the volatile crypto market.
