Bitcoin (BTC) managed to stay above $26,000 even as the S&P 500 fell to a three-month low and the US Dollar Index (DXY) rose to a new year-to-date high. This is a somewhat positive sign as it shows a lack of strong selling at lower levels.
Bitcoin remains stuck within a range and directionless price action has kept traders on the sidelines. Bitcoin’s daily spot exchange transactions topped 600,000 in March but dwindled to 8,000-15,000 last week, according to new research from on-chain analytics platform CryptoQuant. Low liquidity may lead to volatile movements in either direction, hence traders should be cautious and wait for confirmations rather than opening trades on every breakout during the day.
The near-term price action remains uncertain, but that has not stopped long-term bulls from adding Bitcoin to their portfolio. Michael Saylor, co-founder and CEO of MicroStrategy, announced on X (formerly Twitter) that the company had acquired 5,445 bitcoins at an average price of $27,053 per bitcoin.
Could Bitcoin and selected altcoins start a short-term upward movement? Let’s study the charts of the top 10 cryptocurrencies to find out.
Bitcoin price analysis
Bitcoin is witnessing a tough battle between the bulls and the bears near the 20-day EMA ($26,436). The bulls pushed the price above the 20-day EMA on September 27, but were unable to clear the 50-day SMA ($26,757).
This indicates that the bears have not given up and are selling the rallies to the 50-day SMA. The bears will have to cut the price below $25,990 to pave the way for a possible drop to $24,800. This level is likely to attract aggressive buying by bulls.
On the upside, the first sign of strength will be a breakout and close above the 50-day simple moving average. The BTC/USDT pair may then rise to $27,500 and then to the general resistance at $28,143. The bears are expected to defend this level with all their might.
Ethereum price analysis
Ethereum (ETH) is trying to start a recovery. The price rose above the 20-day EMA ($1,614) on September 27, but the bulls were unable to hold on to the rally during the day. This indicates that higher levels continue to attract sellers.
The bullish divergence on the Relative Strength Index (RSI) is in favor of buyers. If they hold the price above the 20-day EMA, ETH/USDT may first rise to the 50-day SMA ($1,668) and then try to rise to the general resistance at $1,746.
Contrary to this assumption, if the price remains below the 20-day EMA, it will indicate that the bears are in control. Sellers will then try to bring the price below the important support level at $1,531. If that happens, the pair could collapse to the $1,368 level.
BNB price analysis
BNB (BNB) is still below the $220 breakdown level, but a positive sign is that the bulls did not allow the price to fall below $203.
The 20-day moving average ($213) is flattening and the RSI is just below the midpoint, indicating a balance between supply and demand. This balance will tip in favor of the bulls if they push the price above $220. BNB/USDT could then rise to $235.
Conversely, if the price continues to decline and drops below $203, it will indicate that the bears have asserted their superiority. The pair may then start the next phase of the downtrend to the strong support level at $183.
XRP price analysis
Buyers tried to push XRP (XRP) above the 20-day EMA ($0.50) on September 25, but the bears held their ground.
The price action in the past few days has formed a symmetrical triangle pattern, indicating indecision between the bulls and the bears.
Sellers will try to get the upper hand by pulling the price below the uptrend line. If they succeed, the XRP/USDT pair could fall to $0.46 and then to $0.41.
Conversely, if the price rises and breaks above the resistance line, it will indicate that the bulls are trying to take control. The pair may then rise to the upper resistance level at $0.56.
Cardano price analysis
Cardano (ADA) bounced off the vital support level at $0.24 on September 25, but the bulls are struggling to push the price above the 20-day EMA. This may lead to more sales.
The $0.24 level is likely to witness a tough battle between the bulls and the bears. If the support at $0.24 breaks, the ADA/USDT pair will complete the bearish triangle pattern. The pair may then start moving down to $0.22 and then to the target pattern of $0.19.
Contrary to this assumption, if the price rises and breaks above the downtrend line, it will invalidate the bearish setup. The pair may then start moving up to $0.29.
Dogecoin price analysis
The bears pulled Dogecoin (DOGE) below the $0.06 support level on September 26, but the long tail on the candlestick shows buying at lower levels.
However, the 20-day EMA ($0.06) that is gradually sloping and the RSI in negative territory indicate that the bearish move is still in control. Sellers will make another attempt to sink the price and keep it below $0.06. If they can achieve this, the DOGE/USDT pair could fall to the next important support level at $0.055.
Alternatively, if the price rises from the current level and rises above the 20-day EMA, it will signal that the bulls are on their way back. The pair could first rise to $0.07 and then rally towards $0.08.
Solana price analysis
The failure of the bulls to push Solana (SOL) above the 20-day EMA ($19.42) in the past few days shows that the bears are aggressively protecting this level.
The price has fallen from the 20-day EMA and the bears will try to capitalize on their outperformance by pulling the SOL/USDT pair below the nearest support at $18.50. If it breaks this level, selling could pick up and the next stop would likely be at $17.33.
Conversely, if the price bounces off the $18.50 level, it will suggest buying on the dips. The bulls will once again try to push the price above the moving averages. If they do, the pair could jump to $22.30.
Related: Bitcoin price hits $30,000 in October, analyst says as Bitcoin price rises 2%
Toncoin price analysis
Toncoin (TON) has fallen to the 20-day EMA ($2.11) which is an important level to watch. In an uptrend, buyers generally buy dips to the 20-day EMA.
Here too, the bulls bought the dip to the 20-day EMA on September 27, but the long wick in the candle shows that the bears are selling at higher levels. If buyers maintain the price above the 20-day EMA, the MT/USDT pair will attempt to rise to the 61.8% Fibonacci retracement level at $2.40.
Meanwhile, sellers likely have other plans. They will try to cut the price below $2.07 and extend the correction to the next major support level at the 50-day simple moving average ($1.76).
Polkadot price analysis
Polkadot (DOT) has been stuck below the 20-day EMA ($4.10) over the past few days, suggesting that the bears are aggressively defending this level.
The RSI is showing signs of forming a bullish divergence but buyers will have to clear the general hurdle at $4.22 to reduce selling pressure. If this does not happen, the risk of further decline remains.
If the DOT/USDT pair continues to decline and slips below the immediate support at $3.91, it will signal the beginning of the next phase of the downtrend. The next support on the downside is at $3.58.
Polygon price analysis
Polygon (MATIC) bounced off the crucial support at $0.51 on September 25, but the bulls were unable to push the price above the 20-day EMA ($0.53).
This indicates that sentiment remains negative and traders are selling on rallies. The bears will try to take the price below the September 11th intraday low of $0.49. A breakdown of this support will indicate a resumption of the downtrend.
A slight ray of hope for the bulls is that the RSI is forming a bullish divergence. Buyers will have to push and maintain the price above the 20-day EMA to signal the beginning of a sustained recovery. The MATIC/USDT pair could then rise to the 50-day simple moving average ($0.56).
This article does not contain investment advice or recommendations. Every investment and trading move involves risks, and readers should conduct their own research when making a decision.
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