Top Ten Crypto Market Capitalizations Shifted a Great Deal Since the Last Time BTC Hit $60K

Top Ten Crypto Market Capitalizations Shifted a Great Deal Since the Last Time BTC Hit $60KThe price of bitcoin recently jumped above the $60,000 per unit mark on October 15, and the leading crypto asset has not seen prices this high since mid-April six months ago. However, as far as the top digital assets are concerned, in terms of market capitalization, things are a whole lot different. For instance, ether […]
Continue reading

Price analysis 10/15: BTC, ETH, BNB, ADA, XRP, SOL, DOT, DOGE, LUNA, UNI

Hopes of a BTC ETF approval sent Bitcoin charging toward a new all-time high and several altcoins are also breaking out of bullish setups.

Bitcoin (BTC) rose within a few steps of $63,000 today for the first time since April 18. The recent surge in the price may have been caused after various documents pointed to the eventual approval of a futures-based BTC ETF by the United States Securities and Exchange Commission. According to these documents, the regulator may be close to green lighting the application to list Valkyrie’s Bitcoin Strategy exchange-traded fund ETF for listing on Nasdaq. 

Analysts pointed out that gold’s price had risen sharply leading up to the launch of the first U.S.-based gold ETF in 2004. Thereafter, the rally continued and gold’s price rose more than 300% since the ETF was approved, before forming a major top. The similarity between gold and Bitcoin being stores of value appear to have generated huge excitement for the launch of a Bitcoin ETF.

Daily cryptocurrency market performance. Source: Coin360

Traders seem to have aggressively accumulated Bitcoin before the announcement of a Bitcoin ETF. The Bitcoin futures open interest in the Chicago Mercantile Exchange hit a new all-time high on Oct. 14, surpassing the previous high of $3.02 billion made on April 14.

Could Bitcoin break above the all-time high and continue its northward journey and will altcoins also join the party? Let’s study the charts of the top-10 cryptocurrencies to find out.

BTC/USDT

Bitcoin formed a Doji candlestick pattern on Oct. 14, indicating indecision among the bulls and the bears above the $58,000 level. This uncertainty resolved to the upside today and the rally has resumed.

BTC/USDT daily chart. Source: TradingView

The 20-day exponential moving average ($52,868) is sloping up and the relative strength index (RSI) is in the overbought zone, suggesting that bulls are in control. However, the all-time high at $64,854 may prove to be a difficult hurdle to cross.

If the BTC/USDT pair turns down from this resistance, the first support to watch on the downside is the 20-day EMA. A strong rebound off this support will suggest that sentiment remains positive and traders are buying the dips.

That will increase the possibility of the resumption of the uptrend with the target at $75,000. The first sign of weakness will be a break and close below the 20-day EMA, which could result in a decline to the 50-day simple moving average ($48,514).

ETH/USDT

Ether (ETH) bounced off the 20-day EMA ($3,479) on Oct. 13 and broke above the neckline of the inverse head and shoulders (H&S) pattern on Oct. 14. This completed the bullish setup which has a target objective at $4,657.

ETH/USDT daily chart. Source: TradingView

Both moving averages are sloping up and the RSI has broken above the downtrend line, suggesting that bulls are back in control. The ETH/USDT pair could now rally to $4,027.88 and then retest the all-time high at $4,372.72.

Contrary to this assumption, if the price turns down from the current level or the overhead resistance and breaks below the neckline, it will suggest that bears continue to sell on rallies. The pair could then drop to the moving averages. A break and close below $3,257 will indicate that bulls may be losing their grip.

BNB/USDT

Binance Coin (BNB) broke and closed above the neckline on Oct. 13, completing an inverse H&S pattern. This bullish setup has a pattern target at $554.

BNB/USDT daily chart. Source: TradingView

The bears attempted to pull the price back below the breakout level but the long tail on the day’s candlestick indicates buying at lower levels. The moving averages have completed a bullish crossover and the RSI is in the positive zone, indicating that bulls have the upper hand.

If the price rises from the current level and breaks above $518.90, it will signal the resumption of the uptrend. The bears will have to pull and sustain the BNB/USDT pair below the moving averages to weaken the bullish momentum.

ADA/USDT

The bulls are attempting to push Cardano (ADA) back into the symmetrical triangle pattern but the bears are not relenting. They are defending the support line and the 20-day EMA ($2.21) with vigor.

ADA/USDT daily chart. Source: TradingView

If the price turns down from the current level and breaks below $2.07, the ADA/USDT pair could drop to $2 and next to $1.87. A breach below this important level may pull the pair down to the pattern target of $1.63

Alternatively, if bulls push and sustain the price above the 20-day EMA, the pair could rise to the resistance line of the triangle. A breakout and close above the triangle could clear the path for a rally to $2.47, followed by a move to $2.80.

XRP/USDT

XRP has been holding above the 20-day EMA ($1.08) for the past few days but the bulls have not been able to push the price to the overhead resistance at $1.24. This suggests a shortage of demand at higher levels.

XRP/USDT daily chart. Source: TradingView

If the price turns down and breaks below the 20-day EMA, the XRP/USDT pair could drop to $1. This level could again attract buyers but if they fail to push the price above $1.24, the bearish momentum could pick up and the slide could deepen to $0.85.

Conversely, if the price rises from the current level and breaks above $1.24, it will signal that the selling pressure may be easing. The pair could then rise to $1.41 and if bulls clear this barrier, the next stop could be $1.66.

SOL/USDT

The failure of the bears to sink Solana (SOL) below the 50-day SMA ($147) in the past few days indicates accumulation by the bulls. The buyers are currently attempting to sustain the price above the downtrend line.

SOL/USDT daily chart. Source: TradingView

If they succeed, the SOL/USDT pair could rise to the 61.8% Fibonacci retracement level at $177.80. This level may act as stiff resistance but if bulls overcome this hurdle, the pair may rally to $200 and then retest the all-time high at $216.

The first sign of weakness will be a break and close below the 50-day SMA. That could pull the price down to $116. This is an important level to keep an eye on because a break below it could intensify the selling.

DOT/USDT

Polkadot (DOT) skyrocketed and closed above the $38.77 overhead resistance on Oct. 13, suggesting that the consolidation has resolved in favor of the bulls.

DOT/USDT daily chart. Source: TradingView

The bears tried to pull the price back below $38.77 on Oct. 14 and today but failed. This shows that buyers are aggressively defending the breakout level. If bulls drive the price above $43.22, the DOT/USDT pair could retest the all-time high at $49.78.

If the price turns down from the current level and breaks below $38.77, the pair could drop to the 20-day EMA ($34.84). A strong bounce off this support will suggest that sentiment remains positive and traders are buying on dips.

Alternatively, if bears sink the price below the moving averages, the pair could drop to $25.50. Such a move will suggest that the breakout above $38.77 may have been a bull trap.

Related: CFTC slaps Tether and Bitfinex with a combined $42.5 million fine

DOGE/USDT

The bulls are struggling to sustain Dogecoin (DOGE) above the 20-day EMA ($0.23), which suggests that buying dries up at higher levels. A minor positive is that bulls have not allowed the price to sustain below $0.22.

DOGE/USDT daily chart. Source: TradingView

The 20-day EMA has flattened out and the RSI is just above the midpoint, suggesting a balance between supply and demand. This equilibrium will tilt in favor of the bears if the $0.21 support cracks. That may result in a decline to $0.19.

If the price turns up from the current level, the bulls will try to push the price to the downtrend line. A breakout and close above this level will suggest that the decline could be over. The DOGE/USDT pair may next rise to $0.32 and then to $0.35.

LUNA/USDT

Terra protocol’s LUNA token is finding support at the 50-day SMA ($36.24) for the past three days but the bulls have not been able to drive the price above the 20-day EMA ($38.86). This suggests that demand dries up at higher levels.

LUNA/USDT daily chart. Source: TradingView

The 20-day EMA is sloping down marginally and the RSI is just below the midpoint, indicating a minor advantage to bears. A break and close below the 50-day SMA could pull the price down to $32.50 and if this support cracks, the correction could deepen to $25.

Conversely, if bulls drive the price above the 20-day EMA, the LUNA/USDT pair could pick up momentum and advance to $45.01 where bears may again try to mount a stiff resistance. A retest of the all-time high at $49.54 is likely if bulls overcome this obstacle.

UNI/USDT

Uniswap (UNI) rose above the moving averages on Oct. 13 and reached the neckline of the inverse H&S pattern on Oct. 14. The bears are currently attempting to stall the recovery at the neckline.

UNI/USDT daily chart. Source: TradingView

The moving averages are on the verge of a bullish crossover and the RSI has climbed into the positive territory, indicating that bulls have the upper hand. If the price rebounds off the moving averages, the bulls will make one more attempt to propel the UNI/USDT pair above the neckline.

If they succeed, it will complete the inverse H&S setup, starting a possible rally to $31.41 and later to the pattern target at $36.98. This bullish view will invalidate if the price continues lower and breaks below $22. The pair could then drop to the strong support at $18.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

Continue reading

Price analysis 10/11: BTC, ETH, BNB, ADA, XRP, SOL, DOGE, DOT, LUNA, UNI

Analysts say Bitcoin has started its journey toward a new all-time high and the sideways action from altcoins suggests traders are shifting funds into BTC.

Bitcoin (BTC) resumed its rally on Oct. 11 and climbed close to $58,000. This marks an almost 100% recovery from the May plunge and shows that any regulatory action by China is having only a temporary effect.

The strong rally in Bitcoin in the past few days has boosted sentiment and analysts are back with their six-figure projections. Geoffrey Kendrick, head of emerging market currency research at Standard Chartered, anticipates Bitcoin to rally to $100,000 by early next year.

Daily cryptocurrency market performance. Source: Coin360

David Gokhshtein, the founder of Gokhshtein Media and PAC Global, was even more bullish as he expects Bitcoin to reach $100,000 before the end of the year. Analyst and trader Rekt Capital believes that Bitcoin will rise much higher than $100,000 in the current cycle.

Could Bitcoin break above the stiff overhead resistance and challenge the all-time high and will altcoins play catch up? Let’s study the charts of the top 10 cryptocurrencies to find out.

BTC/USDT

Bitcoin’s long wick on the Oct. 10 candlestick shows that bears sold at higher levels but their failure to pull the price below the breakout level at $52,920 seems to have energized the bulls.

BTC/USDT daily chart. Source: TradingView

Aggressive buying on Oct. 11 has pushed the price above the Oct. 10 intraday high at $56,561.31, clearing the path for a possible rally to $60,000. The rising 20-day exponential moving average (EMA) ($50,196) and the relative strength index (RSI) in the overbought zone indicate that bulls are in control.

If bulls thrust the price above $60,000, the BTC/USDT pair could challenge the all-time high at $64,854. The bullish momentum could pick up further if buyers clear this barrier.

The first sign of weakness will be a break and close below the breakout level at $52,920. This will suggest that traders are booking profits at higher levels. The bears will then sense an opportunity and try to pull the price below the 50-day simple moving average (SMA) ($47,727).

ETH/USDT

Ether’s (ETH) turned down sharply on Oct. 10 but the bulls aggressively purchased the drop to the 20-day EMA ($3,369) on Oct. 11. This is a positive sign as it shows that the sentiment remains bullish and traders are buying on dips.

ETH/USDT daily chart. Source: TradingView

If bulls push and close the price above the neckline, the inverse head and shoulders (H&S) pattern will complete. This reversal setup has a pattern target at $4,657 but the bears are likely to have other plans as they will try to mount a strong resistance at $4,027.88 and then at the all-time high at $4,372.72.

This bullish view will be negated if the price turns down from the overhead resistance and plummets below the 50-day SMA ($3,351). The ETH/USDT pair could then drop to psychological support at $3,000.

BNB/USDT

Binance Coin (BNB) broke and closed below the 50-day SMA ($425) on Oct. 8. The bulls tried to push the price back above the 50-day SMA on Oct. 9 but failed, inviting selling by short-term traders.

BNB/USDT daily chart. Source: TradingView

The BNB/USDT pair plunged below the 20-day EMA ($409) on Oct. 10 but the bears could not take advantage of this opportunity. Strong buying at lower levels has pushed the price back above the 20-day EMA on Oct. 11.

If bulls propel the price above the 50-day SMA, the pair could rise to the neckline. A break and close above this level will complete the inverse H&S pattern. The pair may then rally to $518.90 and if this level is crossed, the rally may extend to the pattern target at $554.

Conversely, if the price turns down from the 50-day SMA or the neckline and plunges below the 100-day SMA ($383), the next stop could be $320.

ADA/USDT

Cardano (ADA) is trading inside a symmetrical triangle, which generally acts as a continuation pattern. If bears sink and sustain the price below the support line of the triangle, the correction could resume.

ADA/USDT daily chart. Source: TradingView

The flattish 20-day EMA ($2.24) and the RSI just below the midpoint, do not give a clear advantage either to the bulls or the bears. The bulls will try to arrest the decline at $1.94 but if they fail to do so, the selling could accelerate and the ADA/USDT pair could drop to $1.60.

Alternatively, if the price rebounds off the support line of the triangle and rises above the 20-day EMA, the bulls will try to push the pair above the resistance line of the triangle. If they succeed, the pair could rise to $2.47 and then rally to $2.80.

XRP/USDT

The tight range trading in Ripple (XRP) resolved to the upside on Oct. 9 with a break and close above the 50-day SMA ($1.08). However, the long wick on the Oct. 10 candlestick shows that bears are defending the minor resistance at $1.24.

XRP/USDT daily chart. Source: TradingView

If bulls do not give up much ground from the current level, the possibility of a break above $1.24 increases. The 20-day EMA ($1.06) is sloping up marginally and the RSI is above 60, signaling advantage to buyers.

A break and close above $1.24 could push the XRP/USDT pair to $1.41. This may prove to be a difficult obstacle to overcome but if crossed, the pair could rally to $1.66. This bullish view will invalidate if the price turns down and breaks below the 20-day EMA. That could pull the price down to $1 and then to the 100-day SMA ($0.93).

SOL/USDT

Solana’s (SOL) weak bounce off the 20-day EMA ($151) on Oct. 8 and 9 suggests a lack of aggressive buying by the bulls. Supply exceeded demand on Oct. 10 and the price slipped below the 20-day EMA.

SOL/USDT daily chart. Source: TradingView

The bulls will now try to defend the 50-day SMA ($141). They will have to push and sustain the price above the downtrend line to signal that the selling pressure is easing. The bullish momentum could pick up on a breakout and close above the 61.8% Fibonacci retracement level at $177.80.

Conversely, if the price turns down and breaks below the 50-day SMA, the SOL/USDT pair could drop to the strong support at $116. This is an important level for the bulls to defend because if it cracks, the pair could plummet to the 100-day SMA ($90).

DOGE/USDT

Although bulls defended the 100-day SMA ($0.24) on Oct. 8 and 9, they could not push Dogecoin (DOGE) above the 50-day SMA ($0.24). This suggested that demand dries up at higher levels. The bears took advantage of this situation and pulled the price below the moving averages on Oct. 10.

DOGE/USDT daily chart. Source: TradingView

If bulls fail to push the price back above the moving averages quickly, the DOGE/USDT pair could drop to the $0.21 to $0.19 support zone. The bears will have to break this support zone to gain the upper hand.

On the contrary, if the price turns up and breaks above the moving averages, the bulls will make another attempt to push the price above the downtrend line. If they pull it off, the pair could start an up-move $0.32 and later to $0.35.

Related: Billionaire Bill Miller advocates for Bitcoin, but doubtful on altcoins

DOT/USDT

Polkadot (DOT) has been range-bound between $25.50 and $38.77 for the past many days. The price turned down from $37.45 on Oct. 10, suggesting that bears are defending the overhead resistance.

DOT/USDT daily chart. Source: TradingView

The gradually upsloping moving averages and the RSI in the positive territory signal a modest edge to the buyers. A breakout and close above $38.77 will be the first sign of the resumption of the up-move.

The pattern target of the breakout from the rectangle pattern is $52.04. Alternatively, if bears sink the price below the moving averages, it will indicate that the DOT/USDT pair could extend its stay inside the range for a few more days.

LUNA/USDT

Terra protocol’s LUNA token turned down from $48.56 on Oct. 8, indicating that bears are aggressively defending the overhead resistance at $50. The failure to break above the resistance may have prompted short-term traders to book profits.

LUNA/USDT daily chart. Source: TradingView

The LUNA/USDT pair slipped and closed below the 20-day EMA ($39.64) on Oct. 10. Efforts by the bulls to reclaim the level met with strong selling on Oct. 11, indicating that the sentiment has turned negative and traders are closing positions on every minor rally.

The next support on the downside is the 50-day SMA ($35.58) and if this level gives way, the decline could extend to $32.50. Conversely, if the price turns up from the current level and rises above the 20-day EMA, the bulls may again try to push the pair above the overhead resistance.

UNI/USDT

Uniswap (UNI) broke and closed below the 20-day EMA ($24.45) on Oct. 10 but the bulls are trying to defend the 100-day SMA ($23.76). The buyers will now try to push the price back above the 50-day SMA ($25.05).

UNI/USDT daily chart. Source: TradingView

If they succeed, the UNI/USDT pair could rise to the neckline of the inverted H&S pattern. The bullish momentum could pick up if buyers push and sustain the price above this resistance. The pair could then begin its ascent toward the pattern target at $36.98.

Contrary to this assumption, if bears pull the price below the 100-day SMA, the pair could drop to $22. This is an important level for the bulls to defend because if it is breached, the selling could intensify and the pair may drop to $18.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

Continue reading

Price analysis 10/1: BTC, ETH, ADA, BNB, XRP, SOL, DOT, DOGE, LUNA, UNI

Historical data suggests that October is a good month for Bitcoin bulls, and Oct. 1’s push above $47,600 could be a signal of what’s to come for BTC and altcoins.

The month of September stayed true to its billing as a historically weak period for cryptocurrencies. Bitcoin (BTC) closed the month with a loss of about 7%. However, October may bring cheer to the bulls because Bitcoin has risen in six of the past eight years, falling only in 2014 and 2018.

The bulls started the month on a positive note as bears scurried to close their short positions. Data shows that more than $270 million worth of short positions were liquidated within minutes. Bitcoin’s enthusiasm was also shared by several altcoins which have surged higher today.

Daily cryptocurrency market performance. Source: Coin360

Bitcoin has closely followed PlanB’s Stock-to-Flow model projections in the past two months. If PlanB is lucky enough to be right for the third time, then Bitcoin could rally to $63,000, which is the model’s prediction for October.

Although the start to the month has been strong, will bulls be able to sustain the momentum and boost crypto prices further, or will higher levels attract selling by the bears?

Let’s study the charts of the top 10 cryptocurrencies to find out.

BTC/USDT

The repeated failure of the bears to sink Bitcoin below the 100-day simple moving average ($41,470) in the past few days could have attracted buying from aggressive bulls and short-covering from short-term traders.

BTC/USDT daily chart. Source: TradingView

The bullish momentum picked up on Oct. 1 after bulls pushed the price above the 20-day exponential moving average (EMA) ($44,485). Sustained buying has driven the price above the 50-day SMA ($46,604).

If the price sustains above the 50-day SMA, the bulls will try to push the BTC/USDT pair above the right shoulder at $48,843.20. This could open the doors for an up-move to the stiff resistance at $52,920.

If the pair turns down from the current level or the overhead resistance but does not dip below the 20-day EMA, it will suggest that the sentiment has turned positive and traders are buying on dips. The bears will have to pull the price back below the 20-day EMA to gain the upper hand.

ETH/USDT

The long wick on Ether’s (ETH) Sept. 29 candlestick shows that bears sold at higher levels but a positive sign is that bulls did not allow the price to break below the 100-day SMA ($2,794). This shows that bulls continued to accumulate at lower levels.

ETH/USDT daily chart. Source: TradingView

Aggressive buying in the past two days has pushed the price to the 50-day SMA ($3,290). The zone between the 50-day SMA and the downtrend line is critical for the bears to defend because if bulls push the price above it, the ETH/USDT pair could rise to $3,676.28.

The 20-day EMA has flattened out and the relative strength index (RSI) has risen into the positive territory, suggesting that bulls are making a comeback. This view will be negated if the price turns down from the current level and plunges below the 100-day SMA.

ADA/USDT

Cardano (ADA) bounced off the $2.02 level on Sept. 29, indicating that bulls are attempting to defend the zone between the psychological level at $2 and $1.94. The recovery could face stiff resistance at the 20-day EMA ($2.26).

ADA/USDT daily chart. Source: TradingView

If the price turns down from the 20-day EMA, it will suggest that sentiment remains negative and traders are selling on rallies. The bears will then make one more attempt to sink the price below the 100-day SMA ($1.89).

On the contrary, if bulls drive and sustain the price above the 20-day EMA, it will indicate that demand exceeds supply. The ADA/USDT pair could then rise to the 50-day SMA ($2.45), which is again likely to act as a stiff resistance. A break and close above this resistance could result in the bullish momentum picking up.

BNB/USDT

The sharp rally in Binance Coin (BNB) in the past two days suggests short-covering by the bears and buying by the aggressive bulls. The buyers have cleared the hurdle at the 20-day EMA ($384) and may now challenge the overhead resistance at $433.

BNB/USDT daily chart. Source: TradingView

If the price turns down from $433 but rebounds off the 20-day EMA, it will suggest that the sentiment has turned positive and traders are buying on dips.

A break and close above $433 could clear the path for a possible rally to $518.90. The 20-day EMA has started to turn up and the RSI has jumped into the positive territory, indicating that bulls are attempting a comeback.

Conversely, if the price turns down from the current level and breaks below the 20-day EMA, the BNB/USDT pair could drop to $340.

XRP/USDT

Ripple’s (XRP) tight range trading between the 20-day EMA ($0.99) and the 100-day SMA ($0.89) resolved to the upside on Oct. 1. The flattening 20-day EMA and the RSI near the midpoint suggest that bulls are back in the game.

XRP/USDT daily chart. Source: TradingView

However, the long wick on today’s candlestick suggests that the bears have not yet given up and are trying to defend the 50-day SMA ($1.11). If the price turns down from the current level, the bears will try to pull the price to the 100-day SMA.

On the other hand, if bulls thrust and sustain the price above the 50-day SMA, it will suggest that the correction may be over. The XRP/USDT pair could then start its northward march toward the stiff resistance at $1.41.

SOL/USDT

Although bears successfully defended the 20-day EMA ($142) in the past few days, they could not pull Solana (SOL) below the support zone between the 50-day SMA ($122) and $116. This suggests that selling dried up at lower levels.

SOL/USDT daily chart. Source: TradingView

The bulls have pushed the price above the 20-day EMA on Oct. 1, indicating that the corrective phase may be over. The SOL/USDT pair could now rise to the 50% Fibonacci retracement level at $166 and above it to the 61.8% retracement level at $177.80.

If the price turns down from either resistance but bounces off the 20-day EMA, it will suggest that the sentiment has turned positive and traders are viewing the dips as a buying opportunity. The bears will have to pull the price below $116 to gain the upper hand.

DOT/USDT

The bulls have pushed Polkadot (DOT) above the 20-day EMA ($30.11) and the downtrend line on Oct. 1, which is the first indication that the selling pressure may be reducing.

DOT/USDT daily chart. Source: TradingView

The flattening 20-day EMA and the RSI just above the midpoint suggest that bulls have a slight edge. If buyers sustain the price above the downtrend line, the DOT/USDT pair could rise to $33.60.

A break and close above this resistance could attract aggressive buying and the pair may rally to $38.77. Contrary to this assumption, if the price turns down from the current level or the overhead resistance and breaks below the neckline, the pair could enter a downtrend.

Related: Why NFTs can be a riskier investment than cryptocurrencies, report

DOGE/USDT

Dogecoin’s (DOGE) tight range trading between $0.19 and $0.21 resolved to the upside on Oct. 1, indicating that bulls have absorbed the selling. The bulls will next try to push the price above the 20-day EMA ($0.22), which could act as a stiff resistance.

DOGE/USDT daily chart. Source: TradingView

If the price turns down from the 20-day EMA but does not slip below $0.21, it will suggest that traders are buying on dips. That will increase the likelihood of a break above the 20-day EMA. If that happens, the DOGE/USDT pair could rise to the downtrend line.

Contrary to this assumption, if the price turns down from the 20-day EMA and slips below $0.21 it will suggest that demand dries up at higher levels. The bearish momentum could pick up on a close below $0.19.

LUNA/USDT

Terra protocol’s LUNA token broke below the 20-day EMA ($35.02) on Sept. 28 but the bears could not capitalize on this breakdown. The bulls purchased at lower levels and pushed the price back above the 20-day EMA on Sept. 30.

LUNA/USDT daily chart. Source: TradingView

The LUNA/USDT pair is currently facing stiff resistance at the downtrend line but the long tail on the day’s candlestick suggests that bulls are accumulating on dips. This increases the possibility of a break above the downtrend line.

If the price closes above the downtrend line, it will suggest that the correction may be over. The pair could then retest the all-time high at $45.01. This bullish view will be invalidated if the price turns down from the current level and plummets below the 50-day SMA ($32).

UNI/USDT

The bulls repeatedly failed to sustain Uniswap’s (UNI) price above the downtrend line of the descending channel in the past few days but the positive sign is that they did not give up much ground.

UNI/USDT daily chart. Source: TradingView

Strong buying on Oct. 1 has propelled the price above the channel and to the overhead resistance at the 50-day SMA ($25.72). This is an important level for the bears to defend because if this resistance cracks, the UNI/USDT pair could pick up momentum.

The pair could then rise to $27.62, followed by a rally to the critical resistance at $31.41. Conversely, if the price turns down from the 50-day SMA, the bears will make one more attempt to sink the pair below $22.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

Continue reading

Price analysis 9/3: BTC, ETH, ADA, BNB, XRP, SOL, DOGE, DOT, UNI, LINK

This week’s sharp rally in Bitcoin and Ether signals that bulls are back in control and altcoins are likely to follow.

Bitcoin (BTC) finally broke above the $50,500 resistance and Ether (ETH) has risen above the $4,000 mark. This suggests that there is growing interest in cryptocurrencies and several legacy finance companies are initiating steps to tap into this increasing demand.

One of the world’s largest independent asset managers, Franklin Templeton, has posted fresh job applications for medium to senior-level positions in crypto trading and research, according to Linkedin job postings.

Meanwhile, in Japan, financial conglomerate SBI Holdings is planning to set up one of the first crypto funds in the country by the end of November. Tomoya Asakura, the director and senior managing executive officer at SBI, said that the launch of a second fund will be explored depending on the success of the first one.

Daily cryptocurrency market performance. Source: Coin360

While crypto traders are cheering the recent run-up in several altcoins, JPMorgan analysts have warned their clients that the altcoin rally and nonfungible tokens (NFT) are getting frothy.

The analysts said that the altcoins share of the crypto market trading surged from 22% at the beginning of August, to 33%, which is high compared to historical standards. They believe the reason is “froth and retail investor ‘mania’ rather than a reflection of a structural uptrend.”

Could Bitcoin sustain above $50,500 and resume its uptrend or will altcoins remain in focus? Let’s study the charts of the top-10 cryptocurrencies to find out.

BTC/USDT

The bears successfully defended the $50,500 resistance on Sep. 2 but they could not pull and sustain the price back below the downtrend line. This could have attracted buying from the bulls who have pushed Bitcoin above $50,500 today.

BTC/USDT daily chart. Source: TradingView

If buyers sustain the price above $50,500, the BTC/USDT pair could rally to $60,000. This level may again act as a stiff resistance but if bulls can thrust the price above it, the pair could challenge the all-time high at $64,854.

If bulls drive the relative strength index (RSI) above the downtrend line, it will invalidate the negative divergence. That along with the upsloping 20-day exponential moving average ($47,584) indicate that the path of least resistance is to the upside.

This bullish view will invalidate if the price turns down from the current level and breaks below the 200-day simple moving average ($46,083). That could pull the price down to $42,451.67.

ETH/USDT

Ether picked up momentum after breaking above $3,377.89 and hit the $4,000 mark today. If bulls sustain the price above this psychological level, the biggest altcoin could challenge the all-time high at $4,372.72.

ETH/USDT daily chart. Source: TradingView

The upsloping 20-day EMA ($3,344) and the RSI in the overbought zone suggest that bulls are in control. If buyers push the price above $4,372.72, the ETH/USDT pair could start its journey toward the critical level at $5,000.

This may not be easy as bears are likely to have other plans. They are likely to mount a stiff resistance in the $4,000 to $4,372.72 zone. If the price turns down from this zone and breaks below $3,700, the pair may drop to the 20-day EMA.

A strong rebound off this support will suggest that the sentiment remains bullish. The buyers will then try to resume the up-move. Conversely, a break and close below the 20-day EMA will be the first sign that bulls may be losing their grip.

ADA/USDT

Cardano (ADA) broke above the $3 mark on Sep. 2 but the bulls could not sustain the higher levels as seen from the long wick on the day’s candlestick. Although the price dipped back below $2.97 today, the bulls bought the dip and are again trying to drive the price above $3.

ADA/USDT daily chart. Source: TradingView

A breakout and close above $3.10 will signal the resumption of the uptrend. The ADA/USDT pair could then rally to $3.50. The 20-day EMA ($2.58) favors the bulls but the negative divergence on the RSI indicates that the bullish momentum may be weakening.

If bulls fail to drive the price above the overhead resistance, the pair may drop to the 20-day EMA. This is an important level for the bulls to defend. A strong rebound off it will suggest that the sentiment remains positive.

Conversely, a break below the 20-day EMA may pull the price to the breakout level at $2.47. A break below this support could start a deeper correction.

BNB/USDT

Binance Coin (BNB) has been trading between the 20-day EMA ($456) and the overhead resistance at $518.90. The long wick on the Sep. 2 candlestick suggests that bears are selling above $500 but the positive sign is that bulls are not giving up much ground.

BNB/USDT daily chart. Source: TradingView

The buyers will again try to push and sustain the price above $518.90. If they manage to do that, the BNB/USDT pair could pick up momentum and rally to $600. This psychological level may act as a resistance but if bulls clear this hurdle, the rally may extend to $680.

Conversely, if the price turns down from the overhead resistance and dips below the 20-day EMA, the pair may slide to $433. A break below this level will suggest that bears have overpowered the bulls. The pair may then decline to the 200-day SMA ($375).

XRP/USDT

The bulls pushed XRP above the downtrend line on Sep. 2, invalidating the developing bearish descending triangle pattern. The bears tried to pull and sustain the price below the downtrend line today but failed.

XRP/USDT daily chart. Source: TradingView

If bulls sustain the price above the downtrend line, the XRP/USDT pair could rally to $1.35. This level may act as a resistance and if the price turns down from it, the pair may trade between $1.05 and $1.35 for a few days.

The 20-day EMA ($1.15) has turned up and the RSI has risen above 64, indicating that bulls have the upper hand. A breakout and close above $1.35 could clear the path for a rally to $1.66. The bears will have to pull the price below $1.05 to signal a comeback.

SOL/USDT

The bears attempted to stall Solana’s (SOL) uptrend at $130 but the bulls were in no mood to relent. The buyers did not allow the price to break below the psychological support at $100.

SOL/USDT daily chart. Source: TradingView

Buying resumed on Sep. 2 and the bulls have extended the SOL/USDT pair to a new all-time high today. Vertical rallies are rarely sustainable and they usually result in sharp declines. The RSI above 88 also indicates the pair is overextended in the short term.

If the price turns down from the current level or $150, the first support is at the 38.2% Fibonacci retracement level at $115.75.

A strong rebound off this level will suggest strength and increase the possibility of a break above $150. The next target on the upside is $166.97. On the contrary, a break below $115.75 could pull the price down to the 50% retracement level at $106.29.

DOGE/USDT

Dogecoin (DOGE) broke above the 20-day EMA ($0.28) on Sept. 1 and bulls pushed the price above the downtrend line of the falling wedge pattern on Sept. 2. However, the long wick on the day’s candlestick showed that bears were selling at higher levels.

DOGE/USDT daily chart. Source: TradingView

The DOGE/USDT pair has bounced off the 20-day EMA and the bulls have pushed the price above the wedge. If buyers sustain the price above $0.31, the pair could rally to $0.35. This level is likely to act as a strong resistance.

If the price turns down from $0.35, the pair may again drop to the 20-day EMA. A strong rebound off it will suggest that the sentiment is positive. A breakout and close above $0.35 could clear the path for an up-move to $0.45.

On the other hand, if the price turns down and breaks below the 20-day EMA, the pair may drop to the support line of the wedge.

DOT/USDT

Polkadot (DOT) has been sustaining above the breakout level at $28.60 for the past three days, indicating the start of a new uptrend. The rising moving averages and the RSI in the overbought territory indicate advantage to buyers.

DOT/USDT daily chart. Source: TradingView

If bulls drive the price above $33.84, the DOT/USDT pair could start its northward journey toward $41.40 and then to the pattern target at $46.83.

On the other hand, if the price turns down from the current level, the price may retest the breakout level at $28.60. If bulls flip this level into support, it may act as a launchpad for the next leg of the up-move.

A break and close below the 20-day EMA ($27.12) will be the first sign that the current breakout may have been a bull trap.

Related: How to prepare for the end of the bull run, Part 1: Timing

UNI/USDT

Uniswap’s (UNI) up-move turned down from $31.41 on Sept. 2, suggesting that the bears have not thrown in the towel yet. The price action of the past few days has formed a negative divergence on the RSI, indicating that the bullish momentum may be weakening.

UNI/USDT daily chart. Source: TradingView

If the price rebounds off the 20-day EMA ($27.91), the bulls will make one more attempt to push the UNI/USDT pair above the overhead resistance at $31.41. If they succeed, the pair may start its journey to $37.52 and then to $42.25.

Alternatively, if bears sink the price below the moving averages, the pair may drop to $25 and remain range-bound for a few more days. A break and close below the $25 to $23.45 support zone will signal that bears are back in the game.

LINK/USDT

Chainlink (LINK) had been range-bound between $24 and $30 for the past few days. The bulls pushed the price above the overhead resistance on Sept. 2 but they could not sustain the higher levels.

LINK/USDT daily chart. Source: TradingView

The bulls again bought the dip today and have propelled the price above the overhead resistance. If buyers sustain the price above $30, the LINK/USDT pair could rally to $36 and if that level is crossed, the up-move may reach $43.50, which is the May 19 intraday high.

The 20-day EMA ($26.99) has started to turn up and the RSI is in the positive territory, indicating that buyers have the upper hand. Contrary to this assumption, if the price turns down and breaks below $30, it will suggest that the range-bound action may continue for a few more days.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

Continue reading