Bitcoin price continues to trade in a narrow range. According to crypto analyst Rakesh Upadhyay, this constitutes a possible short-term breakout for MATIC, HT, QNT and OKB. Crypto analyst James Obande states that BNB and ETH should be watched carefully. We have compiled the analysts’ altcoin analyzes for our readers.
MATIC, HT, QNT and OCD analysis
MATIC has been trying to break above the downtrend line for the past few days. Although the bears successfully defended the general resistance, they were unable to keep the price low on October 13. This suggests that the bulls are buying the dips as they expect a higher move.
If the price rises above the downtrend line, it is possible that the short-term trend will turn in favor of the bulls. MATIC is likely to attempt a rally to $0.94 later. This level is likely to act as a strong barrier again. However, if the bulls surpass this, a MATIC rise to $1.05 is possible. Alternatively, if the price breaks down from the downtrend line once again, the bulls are likely to give up. Thus, MATIC is expected to drop to $0.69 later. The bears will need to push the price below this level to start a deeper correction at $0.62 and then $0.52.
Huobi Token (HT)
HT started a strong upper move from $4.07 on October 10 to $8.20 on October 14, a 101% move in five days. This indicates that the bulls are in control.
The sharp rally over the past few days has pushed the RSI into the very buy zone. This is expected to encourage short-term traders to make profits. This started a correction that could reach the 38.2% Fibonacci retracement level of $6.61. If the price bounces back from this support, the bulls will try to continue the upward move, pushing HT above $8.20. If they are successful, it is possible for HT to rise to $10. Contrary to this assumption, if the price dips below $6.64, HT is likely to drop to the 50% retracement level of $6.12 and then the 61.8% retracement level of $5.63. A deeper drop delays the start of the next leg of the upper move.
QNT climbed above the overhead resistance at $162. Also, it continued to rise, showing the always demand from the bulls.
The rising 20-day EMA ($149) points to the advantage for buyers. However, the RSI in the very overbought zone points to a possible minor correction or consolidation in the near term. Buyers are expected to defend the dip to the $162 breakout level. If the price bounces back from this level, it is possible for QNT to rise to $200. It is then possible for him to attempt a rally at $230 for the purpose. This positive view will be invalidated in the short term if the price drops and dips below the 20-day EMA. QNT is expected to drop to the 50-day SMA ($120) later on.
OCD has been trading above the moving averages for the past few days. Also, the RSI jumps into the positive zone, giving buyers an advantage.
OKB is facing stiff resistance at the overhead resistance at $17.50. However, one small plus is that the bulls did not leave room for the bears. This indicates that the bulls are waiting for the OCD to break above the overall resistance. If this happens, OKB could rally to $20 and subsequently to $23.22. On the downside, reinforcement one is $16.39. If the price drops and breaks below this level, a slide to the moving averages and then to $15 is possible for the OKB.
Analysis of leading altcoin Ethereum (ETH) and Binance Coin (BNB)
Koindeks.com As you follow, the altcoin has outperformed BTC in recent months, rising from $ 1,000 to $ 2,024. However, in recent weeks, it has failed to sustain its upward trend. So, after the successful form of “Ethereum Merge, it became its own shadow.
ETH price was rejected at $2,030. Moreover, it continued its downward trend. ETH price was rejected when the price tried to flip $1,400. The altcoin has dropped to a region of $1,270, which acts as a key reinforcement. ETH is trading below the 50 and 200 Exponential Moving Average (EMA) on the daily timeframe. If ETH maintains its bearish structure, it is possible to test $1,000 again as a demand zone. ETH needs to turn $1,400 into support for the price to appear confident.
Binance Coin (BNB)
BNB was rejected at the $300 resistance. It is currently trading at $270. BNB lost its bullish structure despite showing strength. The altcoin dropped to $268 as it bounced to reclaim the reinforcement zone at $270. BNB must rise to the $280-290 zone for the price to stay on faith.
BNB’s price is trading below the 50 and 200 Exponential Moving Averages (EMA) at $272. Also, the $280 and $300 levels are acting as resistance for BNB price.