Important points:
Bitcoin and most major altcoins have rebounded from support levels, indicating solid demand at lower levels.
Buyers may find it difficult to sustain the recovery as the bears are expected to sell on the rebound.
Bitcoin (BTC) returned strongly on Monday, climbing above $111,000. Traders turned bullish after US President Donald Trump confirmed he will hold a summit with Chinese President Xi Jinping on October 31st. This raised hopes for a possible U.S.-China trade deal.
Despite the recent correction, some institutional investors are still positive on BTC. A Coinbase institutional investor survey of 124 respondents found that 67% of investors are positive about BTC over the next 3-6 months. However, 45% of financial institutions believe the market is in the late stages of a bull market.
In addition to BTC, analysts also have a bullish view on some altcoins. Renowned technical analyst John Bollinger said in a post on He added: “It’s about time we paid attention.”
Could BTC and altcoins grow based on the recovery, or will higher levels attract sellers? To find out, let’s analyze the charts of the top 10 cryptocurrencies.
S&P 500 index price prediction
Buyers stopped the decline in the S&P 500 Index (SPX) at its 50-day simple moving average (6,570), indicating buy-on-the-touch.
The bulls will look to push the price above the all-time high of $6,764 and pave the way for a resumption of the uptrend. If that happens, the index could move towards the psychological resistance level at 7,000.
This optimism will be negated in the short term if the price declines sharply and falls below the 50-day SMA. The index could then begin a deeper correction to 6,350 and then 6,200.
US dollar index price prediction
The US Dollar Index (DXY) is witnessing a tough battle between bulls and bears on the downtrend line.
Sellers pulled the price below the downtrend line on Wednesday, but the bulls stopped the decline at the 50-day SMA (98.03). Buyers are once again trying to push the price above the downtrend line. If it is successful, the index could rise to the 100.50 level.
Instead, if the price continues to fall and falls below the 50-day SMA, it would suggest that the market has rejected a breakout above the downtrend line. The index is at risk of falling to 97.46 and then to 97.19.
Bitcoin price prediction
The failure of the bears to sustain the price below the $107,000 support led to strong buying by the bulls.
Bitcoin price may reach the moving averages and the bears are expected to mount a strong defense. If buyers overcome the barrier, it suggests the correction may be over. The BTC/USDT pair will then attempt to rally to an all-time high of $126,199.
Sellers will need to defend the moving averages fiercely to maintain their advantage and quickly push the price below the $107,000 support. Such a move increases the risk of a break below the $100,000 support.
Ether price prediction
ETH has rebounded from the support line on Friday, indicating that the bulls are trying to keep the price within a descending channel pattern.
Sellers will try to halt the rescue rally at the moving averages, but if the bulls have the upper hand, the ETH/USDT pair could rise to the resistance line. Buyers need to push Ether price above the resistance line to signal the start of a new rally. There is resistance at $4,957, but a break above is likely.
Time is running out for the bears. To accelerate the sell-off, the price will need to fall below the support line quickly. The pair could then plummet to the solid support at $3,354.
BNB price prediction
BNB (BNB) has moved up from Friday’s 50-day SMA ($1,032), showing that the bulls are active below.
There is resistance at the 20-day exponential moving average ($1,135), but above this level the BNB/USDT pair could rally to the 50% Fibonacci retracement level at $1,198. The bulls will have the upper hand if the BNB price moves above the 61.8% retracement level of $1,239. This opens the door to retesting the all-time high of $1,375.
This positivity will be invalidated in the short term if the price declines below the support at $1,021. This suggests that the pair may have topped out in the short term.
XRP price prediction
XRP (XRP) fell below the $2.30 support on Friday, but the long tail of the candlestick indicates solid buying at lower levels.
A relief rebound could face resistance in the zone between the 20-day EMA ($2.57) and the breakdown level of $2.69. If the price falls from the overhead zone, the bears will try to push the XRP/USDT pair down to $1.90.
Conversely, a close above $2.69 suggests the bulls are back in the game. The upward momentum is expected to accelerate after buyers push the XRP price above the downtrend line. The pair could rise to $3.20 and then $3.38.
Solana price prediction
SOL bounced off the support line of a descending channel pattern on Friday, suggesting demand at lower levels.
A recovery could face selling at the 20-day EMA ($201), which is on the downslope. If the price drops sharply from the 20-day EMA, the bears will once again try to sink the SOL/USDT pair below the support line. If they can pull it off, Solana’s price risks dropping to $155.
Conversely, if the price closes above the 20-day EMA, it indicates that selling pressure is decreasing. The pair could rise to the resistance line where the bears are expected to intervene. A close above the resistance line will put buyers back in the driver’s seat. After that, the pair could rise to $238 and then $260.
Related: Number of whale wallets hits new all-time high, XRP price target hits $3
Dogecoin price prediction
Dogecoin (DOGE) is stuck in a wide range between $0.14 and $0.29, showing indecision between bulls and bears.
The downsloping 20-day EMA ($0.21) and the RSI in negative territory indicate that the bears have the advantage. If the price drops sharply from the 20-day EMA, sellers will try to drag the DOGE/USDT pair to the bottom of the range at $0.14.
Conversely, if buyers push the price above the 20-day EMA, it would suggest that the bulls are attempting a comeback. After that, Dogecoin price may rise to the $0.29 to $0.31 resistance zone.
Cardano price prediction
Cardano (ADA) fell below the $0.61 support on Friday, but the bears were unable to sustain the downside.
The ADA/USDT pair has started a recovery and is expected to face selling at the 20-day EMA ($0.72) and then at the breakdown level of $0.75. If the price turns down from the overhead resistance, the bears will try to drag the pair below $0.60. If they succeed, Cardano’s price could drop to $0.50.
The first sign of strength would be a breakout above the 50-day SMA ($0.80). The pair may then rise to the downtrend line, which is an important level for the bears to protect. If sellers’ efforts fail, the pair could soar towards $1.02.
Super liquidity price prediction
Hyper Liquid (HYPE) fell below the $35.50 support on Friday, but the long tail of the candlestick indicates solid buying at lower levels.
The HYPE/USDT pair could reach the 20-day EMA ($41.13), which is an important short-term resistance to watch. If buyers push the price above the 20-day EMA, the pair can rise to the 50-day SMA ($46.77) and $51 thereafter.
If, contrary to this assumption, the price falls sharply from the 20-day EMA, it would suggest that sentiment remains negative. After that, the bears will try to push the HyperLiquid price down to $30.50.
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.
