Originally published on: November 03, 2024
As Bitcoin faced rejection near its all-time high, analysts are optimistic about a potential rebound for the cryptocurrency market. Despite a drop in price to around $68,000, experts anticipate Bitcoin finding support between $65,000 and $68,000.
With the United States elections on the horizon, volatility in the crypto market may increase if the results are contested. However, WonderFi President Dean Skurka believes that regardless of the election outcome, Bitcoin’s long-term growth is inevitable, driven by interest rate cuts in the U.S. and Canada.
If Bitcoin surpasses $70,000, investor sentiment could see a boost, leading to increased interest in alternative cryptocurrencies. Let’s explore the potential of the top 5 cryptocurrencies currently showing strength in the market.
Bitcoin has reached a crucial support level at the 20-day exponential moving average ($68,194), indicating a potential rebound. A breakout above $70,000 could signal a new uptrend, with targets set at $72,000, $73,777, and potentially $93,554.
On the other hand, Ethereum has dropped to the support line of a symmetrical triangle pattern, attracting buyers. A move above the 20-day EMA ($2,540) could drive ETH towards $2,850 and $3,400.
Dogecoin recently retraced to the 20-day EMA ($0.14) after facing resistance at $0.18. An upward movement from the EMA could lead DOGE to rally to $0.21.
Litecoin is trading within an ascending channel pattern, with potential resistance near $77. A break below the support line could shift the short-term trend, pushing LTC towards $59.
Monero is consolidating in a range between $135 and $180, with bulls attempting to push the price back above moving averages. A break above $166 could signal a potential rally towards $180.
While the cryptocurrency market remains volatile, these top contenders show promise for a potential rebound. Stay tuned for more updates on Bitcoin and altcoins as market dynamics continue to evolve.
