Originally published on: November 03, 2024
Bitcoin recently faced a setback near its all-time high, prompting some profit-taking from short-term traders. However, market analysts remain optimistic, expecting Bitcoin to find support between $65,000 and $68,000. The upcoming United States elections are anticipated to inject volatility into the cryptocurrency markets, particularly if results are contested.
FalconX’s head of research, David Lawant, suggests that prolonged uncertainty in election outcomes could lead to increased market turbulence. Despite this, WonderFi’s President and CEO, Dean Skurka, remains bullish on Bitcoin’s long-term prospects, citing potential interest rate cuts in the US and Canada as key drivers for a price surge in the coming months.
In the immediate term, a rise above $70,000 for Bitcoin could boost investor sentiment and trigger increased buying in select altcoins. Let’s delve into the technical analysis of the top 5 cryptocurrencies poised for a rebound.
Bitcoin (BTC):
Bitcoin’s pullback has brought it close to the 20-day exponential moving average ($68,194), a critical support level for short-term price action. A rebound from this level and a move above $70,000 would indicate renewed buyer interest, setting the stage for a potential rally towards $73,777.
Ethereum (ETH):
Ethereum has retraced to the support line of a symmetrical triangle pattern, offering a buying opportunity for traders. A bounce from this level could propel ETH towards $3,400, with resistance expected near $2,850. Alternatively, a breakdown below the support line could lead to a decline towards $2,111.
Dogecoin (DOGE):
DOGE has retraced to the 20-day EMA ($0.14) after facing resistance at $0.18. A bounce from the EMA could drive prices towards $0.21, while a breakdown below this level may trigger a decline to $0.12.
Litecoin (LTC):
Litecoin is trading within an ascending channel pattern, with support near $66 and resistance near $77. A break above the 20-day EMA ($69.65) could open the door for a rally towards the channel resistance, while a breakdown below the support line may lead to a drop towards $59.
Monero (XMR):
Monero is trading in a range between $135 and $180, with buyers stepping in on dips and sellers on rallies. The short-term outlook hinges on a break above $166 for a move towards $180, or a breakdown below $150 signaling a potential decline towards $135.
Conclusion:
The cryptocurrency market is poised for a rebound, with Bitcoin leading the charge alongside ETH, DOGE, LTC, and XMR. Investors should closely monitor key technical levels for potential entry or exit points amidst ongoing market volatility. Stay tuned for more insights and analysis in the dynamic world of cryptocurrencies.
