bitcoin (btc) has been trading above $33,600 for the past two days, indicating that the bulls are not rushing towards the exit. After a strong rally, if the price does not give up much ground, it can cause FOMO and trigger another round of buying.
That could push markets further into overbought territory. However, these protests are rarely sustainable. They eventually go down and retest the breakout levels. Therefore, a fall in bitcoin to $32,000 cannot be ruled out.
The rally in recent days took bitcoin‘s dominance to 54%, its highest level in 30 months. The increase in market dominance shows that bitcoin is leading the bullish trend, which is a positive sign. This suggests that traders are viewing the cryptocurrency space favorably and that some select altcoins could join the party soon.
Veteran trader Peter Brandt said in a post on bitcoin will enter a “Cock Party”.
Will bitcoin enter a corrective phase over the next few days or continue its upward march? Will altcoins join the party?
Let’s analyze the charts of the top 10 cryptocurrencies to find out.
bitcoin price analysis
bitcoin is facing resistance at $35,000, but the bulls have not given up much ground. This suggests that buyers could soon try to resume the bullish movement.
The risk of a new rise is that the relative strength index (RSI) remains in the overbought zone. This indicates the possibility of a minor correction or consolidation in the short term. If the price falls below $33,679, the btc/USDT pair could retest $32,400 and then $31,000.
However, it is not certain that the overbought levels of the RSI will cause a correction. Sometimes during a trend change from bearish to bullish, the RSI tends to stay in overbought territory for a long time. This is because smart buyers continue to accumulate on each intraday dip.
In this case, if the price rises from the current level and surpasses $35,280, it will signal the start of the next leg of the uptrend. The pair can then shoot up to $40,000.
Ether Price Analysis
The long Ether (eth) wick on the October 26 candle shows that the bears are aggressively protecting the minor overhead resistance at $1,855.
The rising 20-day EMA ($1,674) and the RSI near the overbought zone indicate that the bulls have the upper hand. If the price rises from $1,746, the bulls will again try to push the eth/USDT pair above $1,855. If this level is broken, the pair may shoot towards the psychologically important level of $2,000.
If the bears want to avoid the bullish move, they will have to quickly send the price back below the breakout level of $1,746. Then, the pair could fall to the 20-day EMA.
BNB Price Analysis
BNB (BNB) dropped from $235 on October 24, indicating that the bears are active at this level. Sellers tried but failed to keep the price below the strong support at $223.
This indicates that buyers are fiercely trying to defend the $223 support. If the price bounces strongly off this level, the BNB/USDT pair could once again attempt to break above the overhead resistance at $235. If that happens, the pair may rise to $250 and subsequently $265.
On the contrary, if the price declines again from $235, it will suggest that the bears continue to sell at higher levels. A drop below $223 will tilt the advantage back in favor of the bears. The pair may then fluctuate between $203 and $235 for a while longer.
XRP Price Analysis
XRP (XRP) has witnessed a tough battle between bulls and bears near the overhead resistance of $0.56.
The bears are trying to push the price towards the 20-day EMA ($0.52), which is an important level to pay attention to. If the price rebounds sharply from this level, it will suggest that every minor dip is being bought. The bulls will again try to push the price above $0.56.
If they achieve this, it will be the signal of the beginning of a new upward movement. The XRP/USDT pair could soar to $0.71. This positive view will be nullified in the short term if the price declines and falls below the 50-day SMA ($0.51). That will indicate a range-bound stock between $0.46 and $0.56 in the near term.
Solana Price Analysis
Solana (SOL) has been trading near the pattern target of $32.81 for the past few days. The bulls have not given ground to the bears, indicating that they anticipate another leg higher.
The RSI remains in the overbought zone, indicating that the SOL/USDT pair may spend more time consolidating or witness a minor decline. If the price stays above $30, the possibility of a rally to $38.79 increases.
On the other hand, if the price falls below $30, the bears will try to push the price to the 20-day EMA ($27.20). If this support gives way, it will indicate that sellers are back in the game.
Cardano Price Analysis
Cardano (ADA) has been trading above the $0.28 level for the past few days, but the bulls have been unable to initiate a strong relief rally.
Buyers tried to start a new bullish move on October 26, but bears sold at higher levels, as seen from the long wick of the candle. Encouraged by this, sellers will try to push the price back below the breakout level of $0.28. If they can achieve this, the ADA/USDT pair may fall to the 20-day EMA ($0.26).
Instead, if the price rises from $0.28 and rises above $0.30, it will indicate that the bulls have turned the level into support. The pair could then begin its march north towards $0.32. This level may act as a rigid barrier, but if it is broken, the next stop is likely to be $0.38.
Dogecoin Price Analysis
Dogecoin (DOGE) has seen a strong recovery over the past few days, indicating aggressive buying by bulls.
Buyers pushed the price above the nearest resistance at $0.07 on October 26, but the long wick of the candle shows selling at higher levels. The bears are trying to push the price back below $0.07 on October 27. If they succeed, the DOGE/USDT pair could fall to the 20-day EMA ($0.06).
Conversely, if the price rises from $0.07, it will suggest that sentiment has turned positive and that every small dip is being bought. That could push the price to $0.08.
Related: FLOKI Price Soars 140% in One Week: Are Memecoins Like DOGE and PEPE Finally Waking Up?
Toncoin Price Analysis
Toncoin (TON) found support on the moving averages of the past few days, but the bulls failed to initiate a strong rebound.
That may have attracted selling by the bears that dragged the price back below the moving averages on October 27. The TON/USDT pair may slide towards the crucial support of $1.89. Such a move will suggest that the pair may consolidate between $1.89 and $2.31 for a few days.
Contrary to this assumption, if the price rises sharply from the current level, it will indicate that the bulls are buying on minor dips. That will improve the prospects of a break above $2.31. The pair could then rise to $2.59.
Chain price analysis
Chainlink (LINK) has faced selling near the $11.50 mark, as seen from the long candle wick of the past few days.
A minor positive is that the bulls have not given up much ground. This suggests that buyers are in no rush to book profits as they anticipate the uptrend will continue. Sometimes when an asset breaks out of a long consolidation, it can remain in the overbought zone for an extended period. That is a possibility with the LINK/USDT pair.
Important support to watch on the downside is $9.50 and then the 20-day EMA ($8.97). Buyers are expected to defend this area vigorously.
Polygon price analysis
Polygon (MATIC) broke through the $0.60 resistance on October 22, but the bulls are struggling to maintain the upward movement. This suggests hesitation to continue buying at higher levels.
The important level to watch on the downside is $0.60. If the price bounces strongly off this level, it will indicate that the bulls have turned $0.60 into support. That will increase the probability of a break above $0.67. The MATIC/USDT pair may shoot up to $0.77.
Meanwhile, the bears likely have other plans. They will try to push the price back below the breakout level of $0.60. If they do, several aggressive bulls may get trapped and the pair may plummet to the 20-day EMA ($0.57).
This article does not contain investment advice or recommendations. Every investment and trading move involves risks, and readers should conduct their own research when making a decision.
