Originally published on: November 03, 2024
After a recent pullback, Bitcoin is poised for a potential rebound as analysts remain optimistic about price support levels between $65,000 and $68,000. The upcoming U.S. elections could bring increased volatility to the cryptocurrency markets as uncertainty looms over the outcome.
WonderFi’s President and CEO Dean Skurka believes Bitcoin’s long-term outlook remains positive, driven by potential interest rate cuts in the U.S. and Canada. A break above $70,000 could boost investor sentiment and lead to increased buying in select altcoins.
Let’s take a closer look at the top 5 cryptocurrencies in the market:
Bitcoin (BTC): The price is currently hovering near the crucial 20-day EMA at $68,194. A bounce above $70,000 could signal a bullish comeback with targets at $72,000 and $73,777.
Ethereum (ETH): Ethereum is testing support around $2,462 and could rally towards $2,850 if it breaks above the 20-day EMA at $2,540.
Dogecoin (DOGE): DOGE is finding support at the 20-day EMA at $0.14 and may target $0.18 if buyers maintain control.
Litecoin (LTC): LTC is in an ascending channel pattern, with support at $66.56 and resistance at $77. A breakdown below the support line could lead to a slide towards $62.
Monero (XMR): XMR is trading within a range of $135 to $180, with potential bullish momentum if it surpasses $166.
As the cryptocurrency market remains dynamic, investors should conduct their own research and stay informed about potential risks and opportunities. Subscribe to our Markets Outlook newsletter for weekly insights on investment strategies and market updates.
