Originally published on: October 09, 2024
Bitcoin is currently struggling to maintain support at $62,000, showcasing signs of weakening demand at higher levels. Despite attempts to break resistance, short-term traders are closing positions, leading to downward pressure on the asset. However, analysts from Bitfinex believe that Bitcoin’s recent 10% dip was a necessary correction, reducing the risk of a significant fall in the near future.
As Bitcoin hovers near the crucial $60,000 mark, the broader cryptocurrency market is also experiencing fluctuations. Let’s delve into the top 10 cryptocurrencies to see where they might be headed next.
Starting with Bitcoin, the number one cryptocurrency is attempting to bounce off the 20-day exponential moving average. A successful move above $65,000 could pave the way for a rally to $70,000. On the flip side, a drop below $60,000 could see support at $57,500.
Ethereum, the second-largest cryptocurrency, is facing resistance above the moving averages. A break below $2,390 could send ETH to the support line, while a move above could target $2,850.
Binance Coin is eyeing the $635 resistance level, with $527 as critical support. A breach of either level could determine the future trend for BNB.
Solana is currently defending the 50-day moving average, with a potential rally to $164 on the cards if it breaks above $153. However, a dip below the 50-day SMA could bring downside pressure to $133.
XRP is struggling to gain traction above $0.50, with support at $0.46. A move above the resistance could signal a run towards $0.64.
Dogecoin is fighting to stay above the 50-day SMA, with a potential rally to $0.19 if it breaks the triangle resistance. However, a drop below the support line could lead to a decline to $0.08.
TON is pinned below the moving averages, with $5.10 as a critical support level. A breach of this level could signal a downtrend towards $3.50.
Cardano is facing resistance at $0.35, with strong support at $0.31. A move above the 20-day EMA could target a rally towards $0.40.
Avalanche has formed a symmetrical triangle pattern, with a potential move to $46 if it breaks the resistance line. However, a drop below the 50-day SMA could lead to a slide towards $17.
Shiba Inu is finding support at the 20-day EMA, aiming for a rally above $0.000020. A move below this level could keep the coin range-bound between $0.000012 and $0.000020.
As the cryptocurrency market continues to fluctuate, investors and traders need to stay vigilant to capitalize on potential opportunities and mitigate risks. Keep an eye on these top coins to navigate the ever-changing landscape of digital assets.
