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.

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Top 5 cryptocurrencies to watch this week: BTC, DOT, UNI, LINK, XMR

Bitcoin could pick up momentum above $56,100 and that could attract buying in DOT, UNI, LINK, and XMR.

Bitcoin (BTC) has continued to trade near the $55,000 level. The sharp rally in Bitcoin has pushed its market dominance from 40.70% on Sep. 12 to about 45% today. This shows that the strong recovery in cryptocurrencies has largely been led by Bitcoin. 

This sharp run-up in Bitcoin has pushed the Fear and Greed indicator into the Greed zone. Although this indicator suggests that markets may have run up quickly in a short time, it does not necessarily signal a confirmed short-term top.

Crypto market data daily view. Source: Coin360

History suggests that traders who sold their Bitcoin positions on this metric alone could have missed strong gains before the correction set in, as highlighted by Cointelegraph Marke analyst Marcel Pechman.

Could bulls extend the up-move and push the price closer to the all-time high in Bitcoin? If that happens, select altcoins may rally to the upside. Let’s study the charts of the top-five cryptocurrencies that could remain strong in the short term.

BTC/USDT

Bitcoin soared above the stiff overhead resistance at $52,920 on Oct. 6 and the bulls have held the price above the breakout level since then. This is a positive sign as it indicates that buyers may be holding on to their positions expecting higher levels in the short term.

BTC/USDT daily chart. Source: TradingView

The moving averages have completed a bullish crossover and the relative strength index (RSI) is near the overbought zone, suggesting that the path of least resistance is to the upside.

If buyers push the price above $56,100, the uptrend could resume and the BTC/USDT pair may rally to $60,000. Above this level, a retest of the all-time high at $64,854 is possible.

Contrary to this assumption, if bears pull the price below $52,920, the pair could drop to the 20-day exponential moving average ($49,504). This is an important support for the bulls to defend because a break below it could signal a change in the short-term sentiment.

The pair could then drop to the 50-day simple moving average ($47,578) and next to $40,000.

BTC/USDT 4-hour chart. Source: TradingView

The bulls are facing selling in the $55,750 to $56,100 zone but a positive sign is that buyers have not allowed the price to dip below the 20-EMA. This indicates that bulls anticipate a break above the overhead zone.

If that happens, the pair could resume its uptrend. The first sign of weakness will be a break and close below the 20-EMA. The RSI is forming a negative divergence, signaling that the momentum may be weakening.

A break and close below the 20-EMA could pull the price to the 50-SMA. A break below this support could start a deeper correction.

DOT/USDT

Polkadot (DOT) has been gradually moving higher toward the overhead resistance at $38.77. The RSI has broken out of the downtrend line and the 20-day EMA ($32.15) has started to turn up, indicating an advantage to buyers.

DOT/USDT daily chart. Source: TradingView

If bulls thrust the price above $38.77, it will invalidate the head and shoulders pattern. The failure of a bearish setup is a bullish sign as it may trap the aggressive bears who then try to cover their positions, resulting in a short-squeeze.

The DOT/USDT pair could then start its journey toward $49.78. Alternatively, if the price turns down from the current level or the overhead resistance and breaks below the moving averages, the pair could drop to $28.60.

A bounce off this support could keep the pair range-bound for a few days. The bears will have to pull the price below the neckline to signal their supremacy.

DOT/USDT 4-hour chart. Source: TradingView

Both moving averages are sloping up and the RSI is in the positive territory, suggesting that buyers are in control. The pair could drop to the 20-EMA, which is likely to act as a strong support. If the price turns up from this support, the bulls will try to push the pair to $38.77.

This level may again act as a stiff resistance but if bulls do not give up much ground from it, the possibility of a break above it increases.

Conversely, if bears pull the price below the 20-EMA, the pair could drop to the 50-SMA. A break and close below this support could result in a decline to $31 and then $29.

UNI/USDT

Uniswap (UNI) has been holding above the 20-day EMA (24.55) for the past few days, which shows that bulls are trying to defend this support. However, the bears are in no mood to relent as they have not allowed the price to rise above the neckline.

UNI/USDT daily chart. Source: TradingView

The buyers will have to push and close the price above the neckline to complete an inverse H&S pattern. This bullish reversal setup has a pattern target at $36.98 but the rally may not be linear as bears will try to defend the level at $31.41.

The 20-day EMA is gradually rising and the RSI is just above the midpoint, suggesting that bulls have a slight edge. This advantage will be lost if the price breaks and closes below the 20-day EMA.

In such a case, the UNI/USDT pair could drop to $22. This level may act as a support but if bears sink the price below it, the pair could extend the decline to $17.73.

UNI/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows that the price has roughly been consolidating in a tight range between $24 and $26 for some time. Usually, such tight ranges result in the start of a directional move.

If buyers drive and sustain the price above $26, the possibility of a break above the neckline increases. That could start the march toward the next overhead resistance at $30 and then to $31.

On the other hand, if the price breaks below $24, the short-term trend may turn in favor of bears. The pair could then drop to $22.

Related: XRP price eyes $1.50 next after bouncing 30% in just 10 days

LINK/USDT

Chainlink (LINK) broke above the downtrend line on Oct. 1, but the bulls have not been able to capitalize on this move. The altcoin has been stuck in a tight range between $25.20 and $26.19 for the past few days.

LINK/USDT daily chart. Source: TradingView

Both moving averages are flat and the RSI has been trading just above the midpoint, suggesting a balance between supply and demand. This equilibrium will tilt in favor of buyers if the price breaks and closes above $28.19.

The LINK/USDT pair could then rally to $32.11 and later challenge the stiff overhead resistance at $35.33.

Alternatively, a break and close below $25.20 could signal that supply exceeds demand. The pair could then drop to the $22 to $20.82 support zone.

LINK/USDT 4-hour chart. Source: TradingView

The price turned down from the overhead resistance and bears have pulled the price below the moving averages. If sellers sustain the lower levels, the pair could drop to the support at $25.20. A break below this level could signal that bears are back in command.

Conversely, if the price turns up from the current level and rises back above the moving averages, it will suggest that traders are buying on dips. The bulls will have to push and sustain the price above $28.19 to signal that they are back in the driver’s seat. Thereafter, the pair could rally to $32.11.

XMR/USDT

Monero (XMR) rose above the 50-day SMA ($271) on Oct. 5 and reached the downtrend line on Oct. 6. The bears are aggressively defending the downtrend line for the past few days but a minor positive is that bulls have not allowed the price to dip back below the 50-day SMA.

XMR/USDT daily chart. Source: TradingView

The 20-day EMA ($263) is sloping up gradually and the RSI is in the positive zone, indicating a minor advantage to buyers. A break and close above the psychological mark at $300 could open the doors for an up-move to $325 and then to $339.70.

On the contrary, if the price turns down and breaks below the 20-day EMA, it will suggest that short-term traders may have dumped their positions. That could pull the price down to $250 and later to $225.

XMR/USDT 4-hour chart. Source: TradingView

The bulls have repeatedly pushed the price above the downtrend line but the bears have not allowed the pair to sustain above it. The 20-EMA has flattened out and the RSI is close to the center, suggesting a balance between supply and demand.

If the price breaks below the 50-SMA, the short-term bulls may rush to the exit. That could pull the price down to $260 and next to $250.

Conversely, if bulls push the price above $286.8, the pair could rise to $296.80. The bullish momentum may pick up if bulls thrust the price above this resistance.

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.

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Bitcoin price pushes through $51K, extending bulls’ short-term target to $56K

BTC price broke out of its multi-month long range, securing a daily close above $50,000 and prompting traders to extend their short-term target to $56,000.

The early morning momentum that pushed Bitcoin (BTC) above $50,000 on Oct. 5 continued throughout the day after bulls took control of the market and bid the price of BTC up near the $51,900.

Data from Cointelegraph Markets Pro and TradingView shows that after a brief period of consolidation, bulls resumed their drive higher and many analysts are watching to see if BTC price holds the $50,000 level as support.

BTC/USDT 4-hour chart. Source: TradingView

Since touching $40,885 on Sept. 29, BTC price has rallied 26.8% and reignited traders’ hope for a year-end close above the $100,000 mark, a level which has become the de facto price target for the end of 2021.

Hold your horses, bulls stil need to reclaim $55,000

Tuesday’s price action was a welcome sight for David Lifchitz, managing partner and chief investment officer at ExoAlpha, who saw the 10% increase on Oct. 1 as a short squeeze that had “no genuine reason to trigger unless it had been fabricated by a large player that wanted to profit from the quiet illiquid market environment.”

Despite the move higher, Lifchitz warned that BTC is not out of the woods yet even though “technical indicators are all pointing to a move up, they have been tricked by the sudden spike of October 1st, just 3 days ago.”

Lifchitz said:

“At this point there are 2 possibilities: either bulls get back in the game, push BTC (the barometer…) above $55,000 and we can expect a reach toward the $64,000 all-time high soon after, or they remain skeptical about the move from $44,000 to $48,000 in just 2 minutes and may not have enough firepower to go past $53,000-$55,000, at which point BTC could just go back in the middle of its 5-month-old $40,000-$50,000 range.”

Related: Bitcoin price is back at $50K, but exactly how ‘bullish’ are the bulls?

Long term range high targets $320,000 and above

A more macro, long-term perspective was provided by crypto trader and pseudonymous Twitter user ‘Pentoshi’, who posted the following chart highlighting t multi-year trading range for BTC.

BTC/USD 1-week chart. Source: Twitter

Pentoshi said:

“Range trading is clean but when BTC trends hard, it trends. These are my ranges on the macro. Looking to take the range highs.”

According to the chart provided, BTC price could reach a range high of $323,216 sometime in 2022.

The overall cryptocurrency market cap now stands at $2.229 trillion and Bitcoin’s dominance rate is 43.5%.

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

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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.

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Here’s why Avalanche, OriginTrail and Coti hardly budged as Bitcoin fell to $40K

Market corrections are scary, but savvy altcoin traders also know it is an opportunity to secure hefty gains — here’s how.

Admittedly, the last few days have not been not the most pleasant time for crypto traders as the price of Bitcoin (BTC) price fell short of breaking the $50,000 threshold, then slid to the low-$40,000 range and pulled the majority of altcoins down with it.

Despite this sharp downturn, a handful of tokens seemed to do much better than the rest of the market by posting weekly gains in their BTC and U.S. dollar-denominated pairs.

Some traders looking to rack up their Bitcoin holdings cannot be bothered to follow an altcoins’ price dynamics against the dollar. For them, BTC slumps like the recent one can be seen as a profit opportunity, but how does one tell what coins are likely to perform well when BTC is on its way down?

AVAX: Powered by the news

Avalanche (AVAX) has added 28.19% in its dollar pair and 43.46% against BTC over the past week. Furthermore, on Sept. 17, the price of AVAX rose from 128,600 satoshis (sats) to 153,600 sats on the news of a partnership between the Avalanche Foundation and DeFi liquidity hub Kyber Network.

AVAX price vs. VORTECS™ Score. Source: Cointelegraph Markets Pro

As AVAX’s price was coming down from this first peak, the pattern of market and social conditions around the asset’s price movement, trading volume, tweet volume and sentiment began to strongly resemble the patterns observed in previous dramatic price increases.

This was indicated by the coin’s algorithmic VORTECS™ Score — an indicator exclusively available to CT Markets Pro subscribers — going above 80, which can be seen on the dark green line marked by a red circle on the chart.

Scores of 80 and above indicate the model’s high confidence that the pattern is consistent.

Indeed, several hours after the VORTECS™ Score line had turned dark green, AVAX’s rally resumed. It was undercut by the market-wide slump in the early hours of Sept. 20, but the token’s individual bullish momentum was so strong that it rebounded in less than a day, trading at 156,900 sats on Sept. 22.

TRAC: A long turnaround

In the last seven days, OriginTrail’s Trace (TRAC) token has been up 6.02% against the U.S. dollar and 18.11% against Bitcoin.

TRAC price vs. VORTECS™ Score. Source: Cointelegraph Markets Pro

On Sept. 16, social and market variables around TRAC formed a historically favorable arrangement, and the coin’s VORTECS™ Score reached the value of 85 against the price of 852 sats. The algorithm is trained to detect conditions that have consistently preceded previous rallies by 12 to 72 hours, so sometimes price movement action can come days after a favorable score is registered.

This turned out to be the case with TRAC’s price action this week. Roughly 70 hours after the peak VORTECS™ Score showed up, the coin soared from 740 to 1088 sats in 24 hours. The Sept. 20 market flash crash took its toll on TRAC, but it recovered quicker and harder than most and secured positive weekly returns against both BTC and the dollar.

COTI: Enough momentum to weather the storm

COTI generated an extra 12.55% against the dollar and 26.51% versus BTC this past week.

COTI price vs. VORTECS™ Score. Source: Cointelegraph Markets Pro

The coin’s VORTECS™ Score briefly went beyond 80 briefly on Sept. 17 in the middle of a rally that took it from 668 to 926 Sats. COTI’s momentum began to recede before the Sept. 20 rout, with the asset trading at around 800 sats early that day. Yet, the robust market and social outlook detected earlier ensured that the asset’s recovery was smooth: The coin recouped much of the losses over the next two days.

While the VORTECS™ Score is by no means a prediction of future price movement, it can alert investors to historical trends that can be profitably incorporated into a trading strategy. 

Cointelegraph is a publisher of financial information, not an investment adviser. We do not provide personalized or individualized investment advice. Cryptocurrencies are volatile investments and carry significant risks including the risk of permanent and total loss. Past performance is not indicative of future results. Figures and charts are correct at the time of writing or as otherwise specified. Live-tested strategies are not recommendations. Consult your financial advisor before making financial decisions.

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