Originally published on: October 30, 2024
The Bitcoin bulls experienced a setback on October 29 as they failed to reach a new all-time high. Despite this, they managed to hold their ground against the bears, hinting at a potential upward move in the near future.
Noteworthy data reveals that the United States Bitcoin exchange-traded funds received a whopping $827 million in inflows on the same day, indicating investor confidence in a positive price direction. Additionally, experts at 10x Research predict that Bitcoin could soar to $100,000 by January 2025.
As the market gears up for potential volatility surrounding the United States presidential election, traders are eyeing a breakout, especially amid speculations of a Donald Trump victory on November 5. However, seasoned traders advise caution, as market dynamics often involve the principle of “buy the rumor and sell the news.”
The big question on everyone’s minds is whether Bitcoin can maintain the $70,000 level during any pullbacks and if altcoins will continue their upward momentum or enter a consolidation phase. To shed light on these queries, let’s delve into an insightful analysis of the top 10 cryptocurrencies.
Bitcoin (BTC) made significant strides after breaching the $69,520 resistance, inching closer to a new all-time high. With indicators like the 20-day exponential moving average and relative strength index signaling bullish momentum, a breakout above $73,777 could pave the way for an uptrend with a target of $93,554.
Ethereum (ETH) has been trading within an ascending channel pattern, with buyers seizing opportunities at key support levels and eyeing a breakout above the resistance line for a possible momentum shift towards the downtrend line.
Binance Coin (BNB) faced selling pressure near $612 but maintains a slight advantage as it hovers above moving averages. A rally to $635 and potentially $722 could be in the cards if buyers sustain their efforts.
Solana (SOL) experienced selling near the $179 level, with a retreat to the 20-day EMA critical for maintaining bullish sentiment. A bounce off this support could lead to another attempt at breaching $189.
Ripple (XRP) struggles to surpass the 20-day EMA, with bears in control unless the price breaks above $0.55. Support near $0.46 to $0.41 will be crucial for the bulls to stage a comeback.
Dogecoin (DOGE) surged past the $0.15 resistance but faces resistance at $0.18. A breakout could propel the price to $0.23, while support at $0.15 remains pivotal for sustaining the uptrend.
Toncoin (TON) rebounded off key support levels, with the 20-day EMA acting as a barrier for further gains. A breakthrough above the moving averages could set the stage for a rally towards $6.
Cardano (ADA) exhibits resilience above support at $0.31, with a potential rally to $0.40 on the horizon. overcoming this resistance could lead to further gains towards $0.50.
Avalanche (AVAX) teeters on the edge of a breakdown below key support levels, but a move above the moving averages could signal a reversal in fortunes, with resistance at $24 to $24 being pivotal.
Shiba Inu (SHIB) shows signs of a bullish reversal, with a potential target of $0.000030 if the bulls maintain control. Support at $0.000020 remains crucial for an extended rally.
Exploring these coins’ price actions provides valuable insights into potential trading opportunities amidst a dynamic cryptocurrency landscape. Stay tuned for more updates on these trends to inform your investment decisions effectively.
