Important points:
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Bitcoin is in danger of ending October in the red for the first time in seven years.
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Several altcoins have fallen to important support levels, indicating a sell-off in the bull market.
Bitcoin (BTC) bulls are trying to keep the price above $110,000, while the bears are keeping the pressure on. This increases the risk that BTC will record its first red October closing price in seven years. After October’s dismal performance, all eyes are on November, where the average return was 46.02%, according to Coinglass data.
Several analysts have turned bearish on BTC, hinting at a potential cycle peak based on the four-year halving cycle. However, some, such as BitMEX’s Arthur Hayes, believe that BTC’s four-year cycle is over.
While it is difficult to predict with certainty whether the four-year cycle will end, the net outflow of $959.1 million from spot BTC exchange-traded funds over the past two days, according to data from Pharcyde Investors, indicates that institutional investors are cautious in the short term.
What are the important support levels to watch out for in BTC and major altcoins? To find out, let’s analyze the charts of the top 10 cryptocurrencies.
Bitcoin price prediction
BTC has rebounded from the lower end of the range near $107,000 on Thursday, indicating that the bulls are actively defending that level.
A bailout rebound is expected to face selling at the 20-day exponential moving average ($111,557). If the price falls sharply from the 20-day EMA, there is an increased chance of a drop below $107,000. If this happens, the BTC/USDT pair could complete a double top pattern and plummet to $100,000.
Conversely, a break and close above the 20-day EMA suggests that Bitcoin price may remain within the $107,000 to $126,199 range for some time.
Ether price prediction
Ether (ETH) bounced off the support line of a descending channel pattern on Thursday, suggesting buying at lower levels.
A recovery could face selling at the moving averages. If this happens, the bears will once again try to push the Ether price below the support level. If they can pull it off, the ETH/USDT pair could plummet to $3,350.
Buyers need to push the price above the moving average to keep the pair within the channel. The next leg of the rally will likely start with a break and close above the resistance line.
BNB price prediction
BNB (BNB) is witnessing a tough battle between bulls and bears at its 50-day simple moving average ($1,084).
If the price declines from the 20-day EMA ($1,113) and closes below the 50-day SMA, it would signal the beginning of a deeper correction. The BNB/USDT pair could fall to $1,021 and then $932.
Conversely, if the price closes above the 20-day EMA, it would suggest that the bulls are attempting a comeback. Thereafter, BNB price could rise to the 38.2% Fibonacci retracement level of $1,156, which could attract sellers. A close above $1,156 would open the way for a rally to the 61.8% retracement level at $1,239.
XRP price prediction
XRP (XRP) fell below the 20-day EMA ($2.54) on Thursday, indicating that the bears are looking to maintain their dominance.
Sellers will try to strengthen their positions by increasing the XRP price to the $2.32 to $2.19 support zone. Buyers are expected to defend the support zone vigorously, as a closing price below the support zone could lead to stronger selling. After that, the XRP/USDT pair could plummet to $1.90.
Time is running out for the bull. They will need to quickly push prices above the moving averages to gain momentum. A potential trend change is signaled by a close above the downtrend line.
Solana price prediction
Solana (SOL) is trading within a symmetrical triangle pattern, indicating that it is undecided about its next direction.
If the price breaks below the uptrend line, the SOL/USDT pair could fall to the solid support at $155. Buyers are expected to fiercely defend the $155 level, below which a fall to $140 is possible.
If the price moves up from the uptrend line and breaks above the 20-day EMA ($194), it would suggest that the pair may remain within the triangle for some time. After pushing Solana price above the resistance line, buyers will be back in the driver’s seat again.
Dogecoin price prediction
Buyers are trying to hold Dogecoin (DOGE) above the support at $0.17, but the shallow pullback suggests the bears are keeping the pressure on.
If the $0.17 level breaks, the DOGE/USDT pair could fall to the support at $0.14. Buyers will try to keep Dogecoin price range-bound at the $0.14 level, but if their efforts fail, it could fall to the $0.10 level.
The first sign of strength will be a breakout and close above the overhead resistance at $0.21. Thereafter, the pair could rally to the 50-day SMA ($0.22) before attempting a rally to the severe overhead resistance at $0.29.
Cardano price prediction
Cardano (ADA) continued to fall and broke below the $0.59 support on Thursday, suggesting that the bears are still in control.
If the price remains below the $0.59 level, the ADA/USDT pair could plummet to the solid support at $0.50. Buyers are expected to fiercely defend the $0.50 level, below which a new downtrend could begin.
On the upside, the price closed above the 20-day EMA ($0.66), suggesting that the bears are losing control. After that, Cardano price may rise to the $0.75 breakdown level and then rise to the downtrend line.
Related: XRP price continues to stall despite upcoming Ripple swell event
Super liquidity price prediction
Sellers once again thwarted the bulls’ attempt to push Hyper Liquid (HYPE) price above the overhead resistance level at $51.50 on Thursday. This caused the price to fall to the 20-day EMA ($43.10).
While buyers are trying to protect the 20-day EMA, the bears are continuing their selling pressure. If the price falls below the 20-day EMA, the HYPE/USDT pair could fall to the neckline and then to $35.50.
This negative view will be invalidated in the short term if HyperLiquid price rises above $51.50. Thereafter, the pair could soar to an all-time high of $59.41.
Chainlink price prediction
On Wednesday, buyers attempted to push Chainlink (LINK) above the 20-day EMA ($18.24), but the bears held back.
The downward slope of the moving averages and the negative relative strength index suggest that the bears remain in control. Thereafter, Chainlink price could plummet to the support at $15.43, where the bulls are expected to intervene.
Buyers will need to push and sustain the price above the 20-day EMA to show strength. The LINK/USDT pair may then rise to the resistance line, which is an important level to watch out for.
Bitcoin Cash Price Prediction
Bitcoin Cash (BCH) has been stuck between the 20-day EMA ($530) and the resistance line for the past few days.
Bulls need to push and sustain Bitcoin Cash price above the resistance line to signal a potential trend change. After that, the BCH/USDT pair could rise to $615 and then $651.
Rather, if the price declines and breaks below the 20-day EMA, it would suggest that the pair could remain within a descending wedge pattern for several more days. The pair could fall to $500 and then $475.
This article does not contain investment advice or recommendations. All investment and trading moves involve risk and readers should conduct their own research when making decisions.
