Price analysis 10/17: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, SHIB

The new week has seen a bullish start for the US equities markets. The S&P 500 has risen by about 2.60%, while the Nasdaq Composite is up more than 3%. This is a sign that markets have moved on from September’s high inflation readings and are now focusing on the third quarter earnings.

Bitcoin (BTC), which has been trapped in a range for several days, could see its recovery paving the way for a break from the range it’s been stuck in over the past few days. According to Glassnode data, this is a positive sign for bulls. The amount of Bitcoin that has been lost or stored in cold storage has reached a five year high.

Everyday cryptocurrency market performance. Source: Coin360

Long-term investors don’t seem to want to sell at lower prices, but smaller investors seem to be taking advantage of the low prices. Glassnode data has shown that wallets with one or more Bitcoins have increased sharply since 2022.

What levels should you be watching for signs of a sustained rise in Bitcoin and other altcoins? Let’s look at the charts for the top 10 cryptocurrencies to see what we can find.

BTC/USDT

Bitcoin broke above the 20 day exponential moving average ($19.410) Oct. 17, and the bulls are trying extend the recovery beyond the zone between the 50 day simple moving average ($19.691) and downtrend line.

Daily chart of BTC/USDT Source: TradingView

If they succeed, the BTC/USDT pairing could reach stiff resistance at $20,000. Since Sept. 14, this level has been a strong barrier. A break or close above $20,000.500 could signal that selling pressure is decreasing. As there is no resistance between, the pair could sprint to $22,800.

If the price falls below $18,843, this positive outlook could be retracted. This will signal that bears are selling at higher levels. The pair could drop to the support zone of $18,125 to $17,622.

ETH/USDT

The breakdown level of the triangle has seen Ether (ETH) recover. The bears will defend this level aggressively as the 20-day EMA ($1,323) lies close by.

Daily chart of ETH/USDT Source: TradingView

The Oct. 13 intraday low of $1,190 could be retested if the price falls below the current level. If the price falls below $1,263, the pair could retest the Oct. 13 intraday low at $1,190.

However, if buyers push the price higher than the overhead resistance at 20-day EMA, then the pair may rise to the downtrendline of the channel. If bulls want to signal a possible trend change, this is a critical obstacle.

BNB/USDT

BNB (BNB), has been consolidating between $2508 and $300 over the past few days. Bulls are trying push the price higher than the Oct. 17 moving averages.

Daily chart BNB/USDT TradingView

If they are able to pull it off the BNB/USDT pair may attempt a rally towards the resistance at $300. This level is likely to be defended by the bears. If the bears reject this level, it may mean that they will not be allowed to cross the line for a while.

To gain an upper hand, the bears must lower the price to $258. The pair could fall to $216 if they fail to do so. However, buyers could push the price higher than $300 and the pair could reach $338.

XRP/USDT

In XRP (XRP), the price action over the last few days has created a large, symmetrical triangle. The resistance line on Oct. 14 was pushed by buyers, but the candlestick’s long wick shows that aggressive selling took place at higher levels.

Daily chart of XRP/USDT Source: TradingView

The XRP/USDT price could slip to the support line if it falls below the $20-day EMA ($0.47) This level may attract buyers, and a strong rebound from it could suggest that the pair will continue trading within the triangle. A break below the support line could lead to the pair sinking to $0.41.

A triangle can be volatile and random. The triangle is a continuation pattern. However, it is best to wait until the price breaks above the triangle before placing large trades.

DA/USDT

Cardano (ADA), has formed a falling wedge formation. The wedge support line was broken on Oct. 13, and bulls attempted to push the price up to the 20-day EMA ($0.40).

Daily chart ADA/USDT Source: TradingView

The bears will vigorously defend the 20 day EMA in a downtrend. The ADA/USDT currency pair could drop back to the support line if the price falls below this resistance. The bears have control of the market, as indicated by the RSI in oversold territory and the moving averages that are downsloping.

Buyers will need to push the price higher than the 20-day EMA in order to gain an advantage in the short term. The downtrend line could be reached by the pair. This could be a strong resistance level, but bulls could push the price higher than it to make the pair reach $0.52.

SOL/USDT

Solana (SOL), fell below $30 on Oct. 15, but the bears couldn’t capitalize on this weakness. This indicates that selling tends to dry up at lower levels.

Daily chart of SOL/USDT Source: TradingView

The price climbed back above $30 on Oct. 16, and buyers are trying to prolong the recovery to the downtrend. At this level, the bears will likely mount a strong defense.

The SOL/USDT currency pair could fall to $29.42 if the price moves away from the downtrend line. The pair could drop to $27.87 if it falls below this level. The upside is that buyers could push the price higher than the downtrend line to increase the chances of the pair rallying to $35.50.

DOGE/USDT

Dogecoin (DOGE), is close to the moving averages in its recovery. This is an important level that bears must defend as a break above 50-day SMA ($0.06) could open the way for a rally to $0.07.

Daily chart of DOGE/USDT Source: TradingView

The DOGE/USDT pair may drop back to $0.06 if the price drops below $0.07. This could mean that the pair will remain between these levels for at least a few days. The flattening 20 day EMA ($0.06), and the RSI just above the midpoint indicate a consolidation in near term.

Bulls could break through the $0.07 overhead resistance and attempt a rally up to $0.09. This would bring the $0.05-$09.09 range into play. There is another possibility that the price drops sharply below the moving averages. If this happens, bears will attempt to pull the pair back to $0.05.

Related: Post-midterm elections dump? If this 2018 BTC chart is correct, Bitcoin will reach $12K

DOT/USDT

Polkadot (DOT), which was below $6 on October 13 by the bears, started a recovery that reached the 20-day EMA ($6.29) Oct 17. This level will likely see a fierce battle between the bears and bulls.

Daily chart of DOT/USDT Source: TradingView

If bulls win, the DOT/USDT pairing could gain momentum and rally towards the overhead resistance at the SMA (50-day) ($6.69). The bears could sell at this level again. The pair could stay within the $6-$6.44 range if the price breaks through this resistance.

If the bears or bulls drop the pair below $6, the next trending move will likely be to start. The price could fall to $6 below the 50-day SMA, or even lower to $5.36.

MATIC/USDT

After many unsuccessful attempts over the past few days, the bulls finally succeeded in pushing Polygon (MATIC), above the downtrendline on Oct. 17. This is the first sign that there may be a trend shift.

Daily chart MATIC/USDT Source: TradingView

The MATIC/USDT pair could rise first to $0.86, and if that level is reached, the relief rally might reach $0.94. The flattish moving averages indicate a balance between supply & demand. However, the positive RSI suggests that bulls could be gaining momentum.

Contrary to the assumption, buyers who fail to maintain the price above the downtrendline will indicate that bears are active at higher levels. To gain an advantage in the near term, the sellers will need to lower the price to $0.75.

SHIB/USDT

Shiba Inu, (SHIB), is trying to rebound from the support at $0.000010, but the recovery is weak. This indicates that traders are not in a hurry to buy at current levels.

Daily chart of SHIB/USDT TradingView

Both moving averages are falling and the RSI is in negative territory. This indicates that sellers have an advantage. The bears will attempt to lower the SHIB/USDT price below $0.000010 if the price drops from their current level. If they succeed, selling could increase and the pair may fall towards the critical support of $0.000007.

If buyers push the price higher than the moving averages, then the pair may reach the overhead resistance of $0.000014. If the price breaks above this level, it could indicate that bulls are making a comeback. This could lead to the pair rising to $0.000018.

com. You should do your research before making any investment or trading decision.

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Eileen Wilson

Eileen Wilson –Technology and Energy My Name is Eileen Wilson with more than 5 years of experience in the Stock market industry, I am energetic about Technology news, started my career as an author then, later climbing my way up towards success into senior positions. I can consider myself as the backbone behind the success and growth of topmagazinewire.com with a dream to expand the reach out of the industry on a global scale. I am also a contributor and an editor of the Technology and Energy category. I experienced a critical analysis of companies and extracted the most noteworthy information for our vibrant investor network.

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