The crypto market is growing fast, but it’s still prone to volatility. With the financial world showing a lack of interest in bitcoin and cryptocurrency mainstream adoption moving slowly, here are some alternate cryptocurrencies you should know about.
The “shiba price” is a cryptocurrency that has been around for a while. It’s the smallest cryptocurrency in the world and it’s also one of the most popular cryptocurrencies.
Bitcoin (BTC) has gone below the psychological support level of $60,000 for the second time. While this may seem to be bad in the near term, the price action has mirrored that of 2017. Bitcoin bulls may be in for a party if the resemblance persists for the rest of the year.
In a recent tweet, PlanB, the developer of the famous Bitcoin Stock-to-Flow (S2F) model, said that the second leg of Bitcoin’s bull market had started. The expert thinks that if Bitcoin’s price movement continues to follow the S2F model, a rise to $100,000 to $135,000 by the end of the year is likely.
Performance of the bitcoin market on a daily basis. Coin360 is the source of this information.
Despite the fact that Bitcoin receives the majority of the attention, cryptocurrency exchange Okcoin has reported that institutional investors’ desire for non-Bitcoin crypto assets is expanding. According to the research, institutional investors bought cryptocurrencies for 53% of their purchases in September.
Is Bitcoin’s recent decline a buying opportunity or the start of a more serious correction? What is the predicted reaction of altcoins? To discover out, let’s look at the charts of the top ten cryptocurrencies.
On Oct. 25, Bitcoin failed to retest the overhead resistance zone of $64,854 to $67,000, prompting short-term traders to take gains. This has dragged the price down to the 20-day exponential moving average ($58,948), which is a solid support level.
Daily chart of BTC/USDT. TradingView is the source of this information.
The first indicator that the bullish momentum is fading will be a break and closure below the 20-day EMA. If bulls do not swiftly regain the level, selling might pick up and the BTC/USDT pair could fall below $52,920.
The relative strength index (RSI) has fallen to the middle, and the 20-day exponential moving average (EMA) is flattening down, indicating a supply-demand equilibrium.
If the pair falls and stays below the 50-day simple moving average ($51,556), the bears will have an edge. A breakout to a new all-time high, on the other hand, will signal that the bulls have reclaimed control.
On Oct. 26 and 27, bulls attempted to restart the rally in Ether (ETH), but were unable to keep the price above $4,200. This indicates that bears are more active at higher altitudes.
Daily chart of ETH/USDT. TradingView is the source of this information.
The price has been dragged down below the 20-day EMA ($3,869), which is a key support level to monitor. A robust rebound off the 20-day EMA indicates that traders are buying the dips and sentiment is still favorable. The bulls will attempt to restore the upswing at that point.
If, on the other hand, the 20-day EMA cracks, it might indicate that traders are taking gains and supply is outpacing demand. The bears will next attempt to drive the stock down below the 50-day SMA ($3,488).
Today, Binance Coin (BNB) fell below the 20-day EMA ($462) after breaking through overhead resistance. This is the first indication that bullish enthusiasm is waning.
Daily chart of the BNB/USDT currency pair. TradingView is the source of this information.
Bulls are attempting to defend the neckline of the inverse head and shoulders pattern, as evidenced by the long tail on today’s candlestick.
If they succeed, the BNB/USDT pair may attempt to rise to the $518.90 overhead resistance level once again. The return of the uptrend might be signaled by a break and closure above this barrier.
A closure below the neckline, on the other hand, might push the price to the 50-day SMA ($423). The next halt might be $392.20 if this support is broken. The RSI at the midway and the flattish moving averages do not show a clear edge for bulls or bears.
Today, Cardano’s (ADA) tight range trading between the 20-day EMA ($2.15) and the symmetrical triangle’s support line resolved to the downside. This indicates that bears have established their dominance.
Daily chart of the ADA/USDT currency pair. TradingView is the source of this information.
Today, sellers pushed the price below $1.87, but the candlestick’s extended tail indicates that bulls are fighting to defend the support. At the 20-day EMA, the recovery effort is expected to meet heavy resistance.
The bears will attempt to break the $1.87 support if the price falls below the 20-day EMA. If this occurs, the ADA/USDT pair may continue its downward trend toward the $1.58 pattern objective.
To invalidate the bearish view, the bulls will have to push the price above the triangle’s resistance line and keep it there.
On Oct. 25, Solana (SOL) broke over the overhead barrier at $216, but the bulls were unable to maintain the breakthrough. Short-term traders may have been enticed to book profits, causing the price to drop to the 20-day EMA ($177).
Daily chart of SOL/USDT. TradingView is the source of this information.
The extended tail on today’s candlestick implies that bulls are buying on falls to the 20-day EMA, indicating that sentiment is still optimistic. Buyers will attempt to push the price over the overhead barrier once again.
If they succeed, the SOL/USDT pair may restart its ascent, with $239.83 as the next target. In contrast to popular belief, if bears push the price below $171.47, the pair may drop below the trendline. A break below this level of support might suggest a shift in the trend.
On Oct. 26, bulls pushed XRP above the downtrend line, but the higher levels were not sustained, as seen by the lengthy wick on the day’s candlestick. This might have caught the aggressive bulls off guard, resulting in today’s high selling.
Daily chart of XRP/USDT. TradingView is the source of this information.
A closure below the $1 level will complete a descending triangle pattern, perhaps dragging the price down to the $0.88 to $0.85 strong support zone. If this zone fails to stop the downward trend, the XRP/USDT pair may continue to fall to the pattern objective of $0.77.
The 20-day EMA ($1.08) is unchanged, but the RSI has slipped into the negative territory, suggesting that the bears are poised to make a major recovery. If bulls lift the price above the downtrend line and keep it there, this bearish view will be invalidated. This might pave the way for a probable $1.24 rally.
Short-term traders may have sold Polkadot (DOT) as it failed to climb above the overhead resistance at $46.39 on Oct. 26. This sent the price down to $38.77 today, which is a good support level.
Daily DOT/USDT chart. TradingView is the source of this information.
Bulls are defending the support with gusto, as seen by the extended tail on today’s candlestick. The DOT/USDT pair might restart its uptrend and test the all-time high of $49.78 if buyers push the price over $46.39.
If bulls fail to break through the overhead resistance, the pair may settle for a few days between $46.39 and $38.77. The commencement of a deeper decline below the 50-day SMA ($35.14) might be signaled by a break and closing below $38.77.
After a 700 percent price increase in October, Shiba Inu might overtake Dogecoin.
Dogecoin (DOGE) has dropped from $0.28 on October 24, signaling that traders are cashing in on rallies. On Oct. 26, the bulls attempted but failed to push the price over the $0.27 overhead barrier.
Daily chart of DOGE/USDT. TradingView is the source of this information.
Bears pushed the price below the 20-day EMA ($0.24) today, accelerating the selling. This resulted in a drop from $0.21 to $0.19, near to the strong support zone. The day’s candlestick has a lengthy tail, indicating that traders are still defending the support zone.
The 20-day EMA has flattened down, and the RSI is slightly below the midway, indicating near-term range-bound behavior. A break over $0.28 or a closure below $0.19 might signal the start of the next trending move.
SHIBA INU (SHIB) is on an upward trajectory. The lengthy wick on the Oct. 24 candlestick indicates that bears attempted to halt the uptrend at $0.00004465 but were unable to maintain their selling pressure. On Oct. 25, buying resumed, and the meme coin continued its northward march.
Daily chart of SHIB/USDT. TradingView is the source of this information.
The robust uptrend has pushed the RSI close to 90, indicating that the rally may be overbought in the short term. However, considering the RSI had gone over 93 on Oct. 6 before a retreat, this does not imply the commencement of a downturn.
The bulls have pushed the SHIB/USDT pair over the 161.8 percent Fibonacci extension level of $0.00006531, putting it above the 161.8 percent Fibonacci extension barrier. If the price remains above this level, the 200 percent extension mark at $0.00007586 might be the next halt.
Vertical rallies are seldom long-lasting and generally finish in a cascade downfall. As a result, pursuing higher prices following the current increase might be dangerous.
On Oct. 26, the Terra protocol’s LUNA token broke over overhead resistance at $45.01, but the bulls were unable to maintain the higher levels, as seen by the lengthy wick on the day’s candlestick.
Daily chart of the LUNA/USDT pair. TradingView is the source of this information.
The bears saw an opportunity and pushed the price below the $39.75 support today, but bulls purchased the fall to the 50-day SMA ($38.16), which is a slight positive. Bulls may aim to push the LUNA/USDT pair above $45.01 if the price stays above $39.75.
If the price falls below the 50-day SMA, the pair might drop to $34.86 to $32.50, which is a solid support zone. This is a crucial area for the bulls to defend since a break below it might speed up the selling.
The author’s thoughts and opinions are purely his or her own and do not necessarily represent those of Cointelegraph. Every investing and trading decision has some level of risk. When making a choice, you should do your own research.
HitBTC exchange provides market statistics.
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