Price Analysis September 26th, 2024 – BTC, AVAX, SOL, BNB, and ETH
After trading sideways for two days, Bitcoin crossed above $64,000 on Thursday morning. All eyes are now on the $65,000 resistance. If this level crumbles, the journey to the upside will have fewer hurdles. There are several signs supporting a bullish move in the coming days.
For instance, Bitcoin’s Puell Multiple metric just touched the “green” territory for the time in nearly two years. According to CryptoQuant analyst Darkfost, Bitcoin has surged massively in the past when this metric reached the green zone.
Prominent trader Rekt Capital, on the other hand, says BTC has historically broken out from a reaccumulation phase about 160 days after the halving event. Considering the most recent halving happened on April 20th, 158 days ago, Bitcoin could be on the brink of a breakout.
Meanwhile, investors in Bitcoin spot exchange-fund traded (ETFs) could be making a comeback. According to data published by Farside Investors, Bitcoin ETFs have seen net inflows since the start of the week. Bitfinex analysts say Bitcoin could trend upward if investors continue to pour funds into these ETFs.
So, what’s the next possible destination if Bitcoin crosses $65k? Let’s explore the charts to find out.
Bitcoin Price Analysis
As stated, Bitcoin has yet to cross $65,000. However, a bullish sign is that vital support levels haven’t crumbled, indicating that the buyers are determined to keep the coin at higher prices and potentially start a solid rally.
Furthermore, the 20-day Exponential Moving Average of $61,256 continues to rise as the Relative Strength Index nears the positive zone. These positive factors are likely to propel BTC above $65,000 and cause a move toward $70,052, where we expect the bears to stand their ground.
A reversal from $70,052 could make the $64,162 support crumble, prompting a dip to $61,256.
Ethereum Price Analysis
Ethereum couldn’t stay above $2,700.65 on September 23rd, signaling that the sellers aimed to prevent a rally to the $2,849.37 overhead resistance. The good news for the bulls is that ETH’s price is way above the 50-say Simple Moving Average of $2,512.89, improving the chances of an uptrend.
That said, if the bulls push and sustain Ethereum above $2,700.65, the bears will likely be overpowered, thus allowing a rally above $2,849.37 to the $3480.11 resistance. However, a drop below $2,512.89 could indicate the start of a downtrend to $2,300.29.
BNB Price Analysis
BNB is consolidating within a small range of $580.32 – $610. Some analysts have predicted that the token could break out and rally above the $635.73 resistance on September 29th when Binance’s former CEO Changpeng Zhao is released from prison. Breaking above $635.73 would allow BNB to surge to $721 for the first time in four months.
Conversely, if the bears tug the Binance Coin below the 20-day Exponential Moving Average of $564.02, a correction to the 50-day Simple Moving Average of $541.29 or even $500.50 seems possible.
Solana Price Analysis
SOL has stayed above the moving averages for the better part of the week, signaling intense buying of the dips. Investor interest in the token has increased significantly following Solana Labs’ announcement that a new crypto smartphone called Seeker was coming.
If the current bullish momentum persists, we should monitor what happens at $164.39. In case the bears successfully defend this level, Solana could reverse and dip below the 20-day Exponential Moving Average of $141.59, then head toward $129. On the positive side, thrusting and keeping SOL above $164.39 will enable the buyers to push the price to $191.28.
Avalanche Price Analysis
The $29.17 breakdown level remains a vital resistance point for the bears to protect. However, if the bulls overpower them, Avalanche could climb to $33.54 and later to $37.40 if buying pressure intensifies. On the other hand, if AVAX reaches $29.17 and reverses, it may plunge below the 20-day Exponential Moving Average of $25.52. As such, the token could drop further to find support at $21.74.
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