Buyers are finding it difficult to keep the price of Bitcoin (BTC) above $27,000. Selling increased after the producer price index for September rose 0.5% during the month versus expectations for a 0.3% increase. This indicates that inflationary pressures are unlikely to ease quickly for the US economy.
The uncertain near-term environment has shifted analysts’ focus to November and the next expected halving event in April 2024. Cryptocurrency analyst Miles Deutscher cited a chart from CryptoCon and said that if history repeats itself, bitcoin could emerge by November 21 and begin its journey higher to the next halving.
Moving forward to 2026, BitMEX founder Arthur Hayes is even more optimistic. While speaking as a guest on Impact Theory with Tom Bilyeu, Hayes said that the price of Bitcoin could reach $750,000 to $1 million by 2026. Hayes argues that the continued printing of money by the US government to avoid a financial crisis will lead to a massive bull market in many countries. Assets. Layers.
Many analysts are optimistic about the long term but the near term remains uncertain due to various headwinds. Can Bitcoin and altcoins make a recovery or will they continue to decline? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price analysis
After finding support at the 20-day EMA ($27,227) over the past two days, Bitcoin broke below the level on October 11. This indicates that the bears are trying to take control.
The next support to watch on the downside is the 50-day simple moving average ($26,615). If it breaks this level, it will signal that traders are rushing out. BTC/USDT could then fall to $26,000 and eventually retest the support at $24,800.
If the price bounces off the 50-day SMA, the bulls will try to push the price above the 20-day SMA. This could open the doors to a potential rise to $28,143.
The flat 20-day EMA and the Relative Strength Index (RSI) just below the midpoint indicate the potential for a range-bound move in the near term.
Ethereum price analysis
Ethereum (ETH) has found buyers near the $1,531 support level over the past two days, which is a positive sign. This indicates that the price will continue to fluctuate between $1,531 and $1,746 for some time.
Positive divergence in the ETH/USDT pair indicates that selling pressure may decline near $1,531. This could start a comfortable rally, which could reach the 20-day EMA ($1,619). If the price drops from this level, the bears will make another attempt to pull the pair below $1,531 and start moving down to $1,368.
Conversely, a rise above the moving averages will indicate a strong accumulation at lower levels. The pair may then try to rise to the $1,746 level. The bulls may find it difficult to break above this level but if they do, the pair could rise to $1,961.
BNB price analysis
BNB Coin (BNB) price fell below the uptrend line on October 9, but rebounded from the strong support level at $203. This suggests a price range between $203 and $220.
The long wick on the October 10 candle indicates that bears are selling the rallies to the moving averages. The bears once again redoubled their efforts to consolidate their positions by pulling the price below $203.
The next trend move is likely to start on a break below $203 or on a break above $220. If the $203 support breaks, BNB/USDT could collapse to $183. Conversely, a rise above $220 could open doors to a potential rise to $235 and later to $250.
XRP price analysis
Buyers were unable to build on the break above the symmetrical triangle and overcome the barrier at $0.56. This indicates that demand for XRP (XRP) is drying up at higher levels.
The price fell and broke below the moving averages on October 9. This was the first sign that the bulls were capitulating. The sell-off increased further on October 11 and bears pulled the XRP/USDT pair below the uptrend line. This indicates that the pair may extend its stay between $0.41 and $0.56 for some time.
On the downside, the first support is located at $0.46 and then at $0.41. In contrast, attempts to start a recovery are likely to face selling at the moving averages and then at $0.56.
Solana price analysis
Solana (SOL) is one of the strongest major cryptocurrencies as it is trading above immediate support at the 20-day EMA ($21.79).
If the price rises from the current level, the SOL/USDT pair will attempt to form a bullish inverted head and shoulders pattern. This reversal setup will complete on a breakout and close above the neckline. The target target for this setup is $32.81, but its effectiveness decreases slightly as it forms within the consolidation.
If the bulls fail to initiate a strong recovery from the 20-day EMA soon, the bears will be boosted. They will then try to push the price up to the 50-day simple moving average ($20.44). If it breaks this level, the next stop could be $18.50 and then $17.33.
Cardano price analysis
The bears pulled Cardano (ADA) back below the moving averages on October 9, indicating a lack of demand at higher levels.
ADA/USDT could retest $0.24, which is an important support to watch. A positive divergence in the RSI indicates that the bulls are likely to protect the $0.24 level aggressively. They would then have to push the price above the moving averages to indicate further strength.
Conversely, a breakout and close below $0.24 will signal the beginning of the next phase of the downtrend. The pair may slide first to $0.22 and eventually to $0.20.
Dogecoin price analysis
Dogecoin (DOGE) fell and closed below the $0.06 support level on October 9, suggesting that the bears were to blame.
The long tail on the October 9 candlestick shows that the bulls are aggressively defending the support at $0.055. If buyers want to come back, they will have to quickly push the price back above the $0.06 breakdown level and then extend the recovery on the moving averages.
If they fail to do so, the bears will continue to press the $0.055 support level. If it breaks this level, DOGE/USDT may retest the pivotal support near $0.05. This level is again expected to attract aggressive buying by bulls.
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Toncoin price analysis
The bulls failed to sustain TON Coin (TON) above the 20-day EMA ($2.06) on October 7, suggesting that the bears are selling into relief rallies.
The slight positive in favor of the bulls is that they were able to keep the TON/USDT pair above the 50-day simple moving average ($1.96). Buyers will then attempt to clear the general hurdle at the 20-day EMA. If they manage to do this, the TON/USDT pair could rise to $2.18 and then to $2.32.
Meanwhile, the Bears likely have other plans. They will try to sink the price and keep it below the 50-day simple moving average. If they succeed, the pair could start moving lower towards the $1.60 level.
Polkadot price analysis
The bears made their move on October 9 and took Polkadot (DOT) below the vital support level at $3.91. The bulls tried to push the price back above the October 10 breakdown level, but the bears held their ground.
The selling resumed on October 11 and the bears are trying to push the price towards the next target target at $3.50. Although the sloping moving averages suggest that the bears are still in control, the positive divergence in the RSI provides a small glimmer of hope to the bulls that a reversal is possible.
The first sign of strength will be a breakout and close above $3.91. This could trap aggressive bears, resulting in a short squeeze. The DOT/USDT pair will then attempt to rise to the 50-day simple moving average ($4.16).
Polygon price analysis
Polygon (MATIC) price fell and broke below the moving averages on October 9, indicating that the $0.49 to $0.60 range remains intact.
Missing the 20-day EMA support ($0.53) is a negative sign and puts the onus on the bulls to defend the crucial support at $0.49. If the price bounces off this level, it will indicate that the bulls are still buyers on the dips. This could keep the MATIC/USDT pair stuck within the range for a longer period.
This neutral view will be invalidated in the near term if the price continues to decline and drops below $0.49. The pair will then mark the beginning of the next phase of the downtrend towards $0.45.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.