In any financial market, a trending movement attracts traders and investors, while an unclear price action pushes them away from the market. This explains why there has been a decline in spot trading volumes over the past months, as Bitcoin continues to trade in a range. This week’s Bloomberg report indicated that spot trading volume on Coinbase dropped 53% in the last quarter compared to the same period in 2022.
Nonetheless, there is still hope that a trending move on the upside will come soon, given that the bulls have not let Bitcoin drop below the critical support of $25,000 over the last few months. When speaking to CNBC, prominent investor Paul Tudor recently expressed optimism for a bullish momentum. He said the ongoing war between Israel and terror group Hamas may prompt risk-off sentiment, which could cause Gold and crypto assets to rally.
Now, let’s find out whether major cryptocurrencies will rally in the short term or plummet toward key support levels.
Price Analysis for Bitcoin
The bulls have protected the 50-day SMA (Simple Moving Average) of $26,629 since Bitcoin dropped below the 20-day EMA (Exponential Moving Average) of $27,098 earlier this week. However, starting a recovery has been a massive challenge for buyers over the past few days, suggesting a low demand at high prices.
Try GPT Definity AI today, the #1 crypto trading robot! Click here to learn more. Artificial intelligence trading robots are taking over the trading eco-system, you can join this revolution and profit from daily revenues! Get ahead of the trading game with Artificial Intelligence crypto trading software today!
The sellers must force a decline below $26,629 to gain control of the market. If they do, the first destination for Bitcoin will be at the $25,964 support level. The buyers’ failure to mount strong buying pressure at this price will fuel a deeper drop to $25,000. Conversely, if recovery starts at $25,964, a rally to $27,098 becomes possible.
Price Analysis for Ethereum
Although ETH bulls successfully defended the $1,530.72 support level on Wednesday, they have yet to cause a massive rally. However, it may happen soon, given that the Relative Strength Index is slowly forming a bullish divergence, suggesting a weakening bearish momentum. If the buyers push Ethereum above the 20-day Exponential Moving Average of $1,605.38, we could witness a rally toward the $1,743.82 resistance level. A sell-off is expected from there.
If ETH turns down and breaks below $1,530.72, it may touch $1,410.84 or even $1,364.98.
Price Analysis for BNB
BNB managed to turn up when it reached the $202.98 support level on October 11. It’s now priced at $208.04. The bulls have to get the token above $210.67, the 20-day Exponential Moving Average, if they wish to drive it toward the $248.47 resistance level. But they will first have to defeat the bears at the breakdown level of $221.92.
On the other hand, we are staring at a deep drop to $181.33 if the buyers fail to guard $202.98.
Price Analysis for XRP
Among the top ten crypto assets that have taken a massive hit this week is XRP. The token is down 6.4% over the past seven days. The latest drop pulled XRP below the upward trend line, suggesting reduced buying pressure. The digital asset is predicted to continue trading between the $0.416618 and $0.569427 range over the coming days. XRP is now priced at $0.484352, according to CoinGecko’s data. If it breaks above the 50-day SMA of $0.508375, it may reach $0.569427. Conversely, a break below $0.466287 will cause XRP to hit $0.416618.
Price Analysis for Solana
SOL trades at $21.71, near the 20-day Exponential Moving Average of $21.73. If it continues to rise and cross above $22.51, the buyers will become the key market drivers and may push Solana to $27.42 after breaking a minor hurdle at $24.05. On the contrary, if SOL bulls fail to guard $20.46, the 50-day SMA, the token could retest the $17.28 support level.
It is worth mentioning that Solana witnessed a sell-off in midweek when it was mentioned in court during Sam Bankman-Fried’s trial.
Price Analysis for Toncoin
TON is still in a price correction phase. The sellers have continued to book profits this week, pulling the crypto asset below $1.97, the 50-day SMA. More selling pressure could prompt a deeper correction to $1.62, a level we anticipate massive buying activity that may cause a rally to $204, the 20-day EMA.
Disclaimer: Mining Plus Crypto specializes in amplifying content for dozens of cryptocurrency and blockchain firms, and your company could be next on the list! For inquiries, please reach out to us through or Telegram Chat. Given the unpredictable nature of cryptocurrencies, we advise you to thoroughly research before investing. A portion of the content available on our website, including broker reviews, is paid content or content contributed by guest writers and does not necessarily represent the opinions of Mining Plus Crypto. We claim no liability for the accuracy, quality, and content of advertisements, products, or any other materials, including ad spaces displayed on our site. For a comprehensive understanding, please review our full terms and conditions, and disclaimer.