DOGE, MATIC, SHIB, BTC and Trade Levels for These 6 Altcoins!

Crypto analyst Rakesh Upadhyay says that many altcoins such as Bitcoin and MATIC will witness an increase in volatility following the CPI data on October 13. What are the critical upsides and downsides that could signal the beginning of a trending move in bitcoin and altcoins? The analyst examines the charts of the top 10 cryptos to find out the answer to this question.

An overview of the cryptocurrency market

Koindeks.com As you follow, the Fed is aggressively raising interest rates to cool down inflation. This puts the US stock markets under pressure. Investors are watching inflation numbers closely for signs of early exit. But in vain.

Wholesale prices rose 0.4% in September, beating Dow Jones’ forecast of 0.2% increase. This suggests that inflation is now not responding to the Fed’s fiscal tightening. All eyes are now on the Consumer Price Index (CPI) data, which will be announced on October 13.

Daily cryptocurrency market performance / Source: Coin360

Stock investors can expect volatility to increase following the release of the numbers. But for crypto investors, it’s hard to argue whether this trigger is enough for Bitcoin (BTC) to break out of the $18,500-$24,500 range it has been stuck in for the past few days. Now it’s time for analysis…

BTC, ETH, BNB, XRP and ADA analysis

Bitcoin (BTC)

Bitcoin is trying to bounce off the first pillar at $18,843. But the relief rally is expected to hit a wall at the 20-day exponential moving average (EMA) ($19,482). If the price breaks down from this resistance, it will indicate that the bears are selling on the rallies.

A break and close below $18,843 is possible to push the price into the $18,125 and $17,622 support zone. The bulls are expected to defend this area with all their might. Because if they do not do this, it is expected that BTC will continue its downtrend. It is possible for BTC to drop to $15,800 and subsequently to $15,000 later on. The first sign of relief for the bulls will be a break above the downtrend line. BTC’s recovery could gain momentum once it climbs above $20,500. It is also possible that this could prepare room for a rally to $22,800.

Ethereum (ETH)

ETH fell below the symmetrical triangle on October 11. But a positive sign is that the bulls are buying the dip and trying to push the price back into the triangle on Oct.

The 20-day EMA ($1.339) is sloping down and the relative strength index (RSI) is in negative territory. This shows that the bears are under control. Sellers will try to stop the recovery at the 20-day EMA. If the price breaks from the current level or the 20-day EMA and dips below $1,267, it will suggest a resumption of the downward move. It is possible for ETH to drop to the next reinforcement at $1,109 later. The first sign of strength will be a breakout and closing above the triangle. This is expected to pave the way for a possible rally to the resistance limit of the channel.

Binance Coin (BNB)

BNB formed a Doji candlestick pattern on October 11, signaling indecision amid the bulls and bears. Buyers are attempting to start a recovery from the $266 foothold.

In the moving averages, the bounce is expected to meet with stiff resistance. If the price declines from the current level or moving averages, a drop to the strong reinforcement at $258 is possible for BNB. The bulls are expected to fiercely defend this level. Because a break below this and a close is possible to bring BNB down to $216. Another possibility is for the price to rise above the moving averages. This is expected to clear the way for a potential rally to the hard overhead resistance of $300.

Ripple (XRP)

The failure of XRP to break through the overall consumption bump at $0.56 on Oct. 9 likely drew short-term traders profit bookings. This brought the price down to the 20-day EMA ($0.47) on Oct.

If the rebound fails to break above $0.51, it indicates that the bulls are not seeing the dip as a buying opportunity. It is possible that this increases the likelihood of a break below the 20-day EMA. If that happens, the selloff is likely to weigh heavily and XRP is likely to drop to the $0.41 breakout level. It is possible for the bulls to forcibly defend this level. Contrary to this assumption, if the price rises and rises above $0.51, the bulls will again strive to push XRP above $0.56. If they can achieve this, it is possible for XRP to rally to $0.66.

Cardano (ADA)

ADA fell sharply and fell below the critical support of $0.40 on October 10. More sales followed on October 11. This brought the price down to $0.38. A break and close below $0.40 marks the start of the next leg of the downtrend.

Buyers have the opportunity to salvage the situation by quickly pushing the price above the $0.40 breakdown level. It is possible that this will trap aggressive bears and the ADA rises to the 20-day EMA ($0.42). On the contrary, if the price drops from $0.40, it indicates that the bears have turned the level into resistance. This is likely to increase the chances of a continuation of the downtrend towards the next major reinforcement at $0.33.

SOL, DOGE, DOT, MATIC and SHIB analysis

Left (LEFT)

SOL broke above the moving averages on October 10. But this proved to be a bear trap. The price quickly dropped and settled below the support at $31.65 on October 11.

Buyers bought the dip and are attempting to push the price above the $31.65 breakout level. If they succeed, the SOL will rise back to the moving averages. It is possible that the bears will try to stop the recovery at this level again. The falling moving averages and the RSI in the negative territory suggest that the bears have the upper hand. Breaking and closing below $30 increases the probability of the vital support to drop from $26.

Dogecoin (DOGE)

DOGE fell close to the reinforcement line on October 11. This made the bulls buy as seen from the long tail on the candlestick. Buyers are trying to push the price above the moving averages on October 12.

If successful, DOGE is likely to rise to the overhead resistance at $0.07. It is possible that this level will again act as a strong barrier. However, if the bulls surpass this, it is possible for DOGE to gain momentum and rise to $0.09. Alternatively, if the price drops from the moving averages, it will indicate that the bears continue to sell in the rallies. It is possible that this could push the price back below $0.06 for real reinforcements. If this level gives way, it is possible for DOGE to listen to June’s base level near $0.05.

Polkadot (DOT)

The DOT broke above the 20-day EMA ($6.40) on Oct. However, the bears aggressively sold at higher levels. This brought the price below the close reinforcement at $6.25.

The bears will now try to push the price down to the critical $6 level. This is a precious level that the bulls must defend. Because if the foothold is broken, it will likely signal the resumption of the downtrend of the DOT at $6.25. The next reinforcement on the downside is $5.36. The 20-day EMA remains short-term resistance on the upside to watch out for. If the bulls push the price above this drawback, the DOT is likely to rally into the overhead zone amid $6.64 and the 50-day easy moving average (SMA) ($6.79). A break above this zone would likely lead to a strong rebound.

Polygon (MATIC)

MATIC failed to break above the downtrend line on October 10. This shows that the bears continue to defend the level in a lively form. Also, it’s possible that this pulled the profit booking from short-term traders who pushed the price below the 20-day EMA ($0.80) on Oct.

MATIC buyers are trying to stop the decline and push the price above the moving averages. If they do, the bulls are likely to make another attempt to break through the general drawback of the downtrend line. Repeated testing of a resistance level tends to weaken it. If the price breaks above the downtrend line and sustains, the MATIC could attempt a rise to $0.94. On the other hand, if the price breaks from the moving averages or downtrend line, the MATIC could drop to $0.75 and subsequently to $0.69.

Shiba Inu (SHIB)

SHIB fell sharply from the 20-day EMA ($0.00011) on Oct. As such, it broke below the close support of $0.000010 on Oct.

The 20-day EMA is sloping down and the RSI is in the negative territory. This shows an advantage for the bears. The current recovery is likely to face strong selling again at the 20-day EMA. If the price turns down from this resistance, the possibility of a break below $0.000010 increases. It is possible for SHIB to start real decline to $0.000007 later. To avoid this bearish outlook, buyers will need to push and sustain the price above the moving averages. It is possible that this could open the doors for a possible increase to $0.000014.

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