Price analysis 10/19: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, SHIB

The absence of a catalyst and the strength of the United States Dollar Index has kept risky assets from recovering. Bitcoin (BTC), which is still stuck in a tight range and searching for the elusive breakout, remains hopeful. The greater the chance of Bitcoin escaping the range, the longer it stays there.

Institutional investors’ long-term outlook seems to not have been affected by the short-term uncertainty surrounding cryptocurrencies. Robin Vince, CEO of BNY Mellon, stated that 91% institutional investors wanted to invest in tokenized assets over the next few years in a survey they had commissioned.

Everyday cryptocurrency market performance. Source: Coin360

John D’Agostino, Coinbase senior advisor, believes that institutional inertia has been slow to adopt crypto. In an interview with SALT D’Agostino stated that although institutional inertia can be a real problem, institutional adoption is moving very quickly in the case digital assets.

What are the key support levels that bulls must defend in order to prevent a collapse of Bitcoin and other altcoins like it? Let’s look at the charts for the top 10 cryptocurrencies to learn more.

BTC/USDT

On Oct. 17, and 18, the bears successfully defended a 50-day simple moving Average ($19,659). This hurdle was not cleared by the bears, which may have encouraged the bulls to book profits while the bears took short positions. This caused the price to fall below the Oct. 18 20-day exponential moving median ($19,384)

Daily chart of BTC/USDT Source: TradingView

The immediate support of $18,843 will be challenged by the sellers once more. The sellers could try to break this support level, and the BTC/USDT exchange rate could fall to the critical support zone of $18,125 and $17.622. This zone is expected to be defended by the bears as a possible entry point for the next downtrend.

A break above the downtrend line will signal strength. This could bring in more buyers and increase the price to $20,000. To signal a potential trend change, the bulls will need to overcome this obstacle. The pair could then move towards $22,800 as resistance.

ETH/USDT

The bulls failed to sustain the recovery of Ether (ETH), which re-entered the symmetrical triangular pattern on Oct. 17. On Oct. 18, the price fell and the bears tried to bring it down to $1,263.

Daily chart of ETH/USDT Source: TradingView

The RSI in negative territory and the 20-day EMA that is slowly declining ($1,320) suggest that bears have a slight advantage. The ETH/USDT pair may drop to $1,190 if the price falls below $1,263.

However, buyers are attracted to lower levels if the price rises above the $1,263 support or current level. The bulls will attempt to push it above the resistance line.

If they can do so, the pair may rise to the downtrendline of the descending channel. Breaking above this resistance could signal the end of the downtrend.

BNB/USDT

BNB (BNB), which has been consolidating between $250 and $300 over the past few days, is now trying to get the upper hand.

Daily chart BNB/USDT TradingView

Now, the sellers will try to bring the price below the support level at $258. A support level tends to be weakened if it is repeatedly tested within a short period. The BNB/USDT pair could fall to $216 if this support level is breached. Bears may have a slight advantage due to the RSI close to 45 and the 20-day EMA ($275) that is slowly falling.

Contrary to what you might think, if the price rises and breaks above the moving averages the pair could prolong its stay within the range and reach the overhead resistance of $300.

XRP/USDT

XRP (XRP), which closed above the 20 day EMA ($0.47) Oct. 17, but the bulls couldn’t build on this advantage. This is a sign that bears are buying rallies.

Daily chart of XRP/USDT Source: TradingView

The price fell sharply, and it was below the 20-day EMA Oct. 18. Selling intensified, and the XRP/USDT price pair fell to the support line at the triangle. This level is important to monitor in the short term as a break below could lead to a plunge to $0.41.

The upside is that the bulls will attempt to drive the price above $0.49 as the first sign of strength. The bulls will attempt to push the price towards the overhead zone, which is located between $0.56 and the resistance line. The resumption or continuation of the uptrend could be indicated by a break and close above the zone.

DA/USDT

A relief rally in a strong trend usually lasts one to three days. This is exactly what happened in Cardano, (ADA). After a two-day recovery, the price fell on Oct. 18, indicating that bears are selling at every minor rally.

Daily chart ADA/USDT Source: TradingView

Bears will attempt to capitalize on their advantage and sink ADA/USDT to the support line for the falling wedge. The selling could accelerate if this support is also broken, and the pair could plunge to $0.30.

Bulls will need to push the price higher than the 20-day EMA ($0.39) if they want to avoid a collapse. The resistance line of the wedge could be reached and the pair could rise. A break above the resistance line could signal a possible trend change.

SOL/USDT

As the bears ended the recovery at the 20 day EMA (31.40), on Oct. 18, the bulls were unable to push the price towards the downtrend line. Solana (SOL), has fallen back to the strong support zone of $30 and $29.42.

Daily chart of SOL/USDT Source: TradingView

If the price recovers from its current level, bulls will attempt to push the SOL/USDT pairs to the downtrend line. To open the door to a rally to $35.50, buyers will need to overcome this obstacle.

The bears could have other ideas. They will try to bring the price down below $29.42, and they may challenge the Oct. 13 intraday low of $27.87. Bulls will likely buy this level, but bears could break the support to move to $26.

DOGE/USDT

Dogecoin (DOGE), which pierced Oct. 18’s 20-day EMA ($0.06) but was met with fierce opposition at the 50 day SMA ($0.06). This indicates that traders are still selling on minor rallies and the sentiment is negative.

Daily chart of DOGE/USDT Source: TradingView

The bears will attempt to bring the price down to $0.06 support. This level was successfully held by the bulls on two occasions before. They will attempt to lower it again.

The pair could rise again to the moving averages if it bounces off of the support. To create a rally of $0.07, buyers will need to get past this obstacle.

Contrarily, if the price falls below the support, then the DOGE/USDT exchange could fall to the June low at $0.05. This level is expected to be defended by the bulls.

Related: Bitcoin holds onto $19K, and this could set off a huge BTC rally.

DOT/USDT

On Oct. 17-18, Polkadot was not pushed above the 20-day EMA ($6.27) by buyers. This indicates that the bears are fiercely defending the level.

Daily chart of DOT/USDT Source: TradingView

Sellers will attempt to cement their advantage by lowering the price below $6. If they succeed, selling could accelerate and the USDT/DOTT pair could fall to $5.68. The next stop for the DOT/USDT pair could be $5.36 if this level cracks.

If the price bounces off $6 with force it could indicate that bulls are buying dips. The overhead hurdle at the 20 day EMA will be cleared by buyers and the price will rise to $6.64.

MATIC/USDT

Polygon (MATIC), broke above the downtrend line and closed above it on Oct. 17. This signals a start to a long-term recovery.

Daily chart MATIC/USDT Source: TradingView

The MATIC/USDT exchange rate could reach $0.94, where bears might mount a strong defense. It will indicate that traders are buying dips and the sentiment is positive if the price falls below this level. This could increase the chances of a rally up to $1.05.

Or, the price could fall below the moving averages and indicate that the breakout of recent weeks may have been a bear trap. This could lead to a drop in the pair to $0.69

SHIB/USDT

Shiba Inu (SHIB), recovery has stalled near the 20-day EMA ($0.000011), and the price is now at $0.000010.

Daily chart of SHIB/USDT TradingView

Bears are the dominant force, as evidenced by the RSI below 37 and downsloping moving Averages. The SHIB/USDT pairing could fall to $0.000010 if the price drops below $0.000010. After that, it will drop to $0.000009 and then to the critical support of $0.000007.

Bulls will need to push the price higher than the 20-day EMA if they want to stop the pair going downhill. The price could rise to the 50 day SMA (0.000011), and then to $0.000014.

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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