Originally published on: November 03, 2024
Bitcoin recently faced a setback near its all-time high, prompting short-term traders to book profits. However, market analysts maintain an optimistic outlook, expecting Bitcoin to stabilize between $65,000 and $68,000.
With the upcoming United States elections serving as a major market trigger, volatility is likely to surge if the results are inconclusive. Despite this uncertainty, experts like FalconX’s David Lawant and WonderFi’s Dean Skurka believe in Bitcoin’s long-term potential post-elections.
In the short term, a rise beyond $70,000 could boost investor sentiment and drive interest in select altcoins. Let’s delve into the top five cryptocurrencies showing positive trends on the charts:
Bitcoin has retraced to the 20-day exponential moving average, a crucial support level. A rebound above $70,000 could signal a potential uptrend with targets at $72,000, $73,777, and a long-term goal of $93,554.
Ethereum has reached the support line of a symmetrical triangle pattern, attracting buyer interest. A move above the 20-day EMA could lead to a rally towards $2,850 and $3,400, while a breakdown may see prices at $2,150 and $2,111.
Dogecoin’s recent dip to the 20-day EMA around $0.14 may encourage buyers to target $0.18 and potentially $0.21. Conversely, sustained weakness could push prices to the 50-day SMA near $0.12.
Litecoin’s ascending channel pattern favors buyers, with a potential rally towards $77 if prices rebound from the support line. A breakdown, however, could lead to a decline towards $62 and $59.
Monero’s range-bound trading between $135 and $180 suggests buying on dips and selling on rallies. A move above $166 might indicate a push towards $180, while a breakdown below $150 could bring prices to $144 and $135.
Despite short-term fluctuations, these cryptocurrencies show resilience and potential for growth. Stay tuned to seize investment opportunities and refine your trading strategies in the ever-evolving crypto market.
