Price Analysis October 15th, 2024 – BTC, BNB, SOL, ETH, and XRP
Bitcoin began the week with positive momentum, rallying above the $63,450 hurdle to trade at $65,504 as of this writing. The coin’s current performance indicates that the bulls have taken the driver’s seat and are looking to challenge the bears at the $66,640 resistance.
Several factors suggest an extended bullish move. For instance, most investors in short Bitcoin investment funds (crypto products that allow traders to place short positions) have withdrawn over $400 million in the last three days, signaling they no longer hold a bearish view on BTC.
Furthermore, analysts are optimistic that Bitcoin will still be in the green by the end of October, as has been the case over the past nine years. They anticipate a stronger bullish move once the coin crosses the barrier at $70,050.
Meanwhile, sentiment on Bitcoin spot ETFs has turned positive again following a massive improvement in Donald Trump’s election odds. According to data from decentralized prediction market Polymarket, Trump, who presents himself as a pro-crypto candidate, has seen his winning odds surge to 55% ahead of the presidential election on November 5th.
This development, according to asset manager CoinShares, has boosted investor confidence, prompting $419 million worth of inflows into various spot ETFs.
Top altcoins have mirrored Bitcoin’s performance since Monday. So, which resistance levels should traders monitor if the coins keep surging? Let’s analyze the price charts to get answers.
Bitcoin Price Analysis
Bears’ failure to pull Bitcoin below the 20-day Exponential Moving Average of $62,489 suggested that higher levels had become attractive for buying the dip. As stated, BTC has risen above $65,000. The bulls will likely attempt to push the asset to $66,640. Defeating the bears here will fuel a move to $70,050.
Conversely, if $62,489 gives way, Bitcoin sellers could drag the crypto asset to the 50-day Simple Moving Average of $60,759 and later to the support at $59,611.
Ethereum Price Analysis
The advantage shifted to the bulls’ side after Ethereum crossed the 20-day Exponential Moving of $2,486.90 on October 14th. That means the chances of ETH breaking out of the symmetrical triangle and rallying to the $2,856 breakdown level have increased.
However, the bears could negate our bullish view if they tug and keep Ethereum below $2,486.90. That way, the coin might plunge below the 50-day Simple Moving Average of $2,465.26 and head toward $2,317.
BNB Price Analysis
BNB has remained above the 50-day Simple Moving Average of $552.19 in the past few days. However, the advantage had proven insufficient for the bulls to start a significant rally. But if bullish momentum eventually picks up, BNB could break the barrier at $601.48 and then rally to the $635.83 resistance.
On the other hand, a break below $552.19 will likely put selling pressure on the Binance Coin. As such, the bears could sink the asset to the $528.04 support and later drag it to $500.14.
Solana Price Analysis
SOL is almost breaking out of the ascending triangle. If it closes above this pattern, we anticipate a move to $163.92, a level that has been tough for Solana to cross since early September. However, if the bulls intensify buying there, the journey to $182 and later to $210 will likely start.
It is worth mentioning that pullbacks from $163.92 have been massive. So, if Solana reaches this level and reverses, it may drop below the 50-day Simple Moving Average of $141.83 and head to $134.28.
XRP Price Analysis
While most top crypto tokens have rallied massively since the start of the week, XRP hasn’t posted significant gains. Some analysts believe that the US Securities and Exchange Commission’s move to file an appeal against a court verdict that favored XRP’s issuer, Ripple, has left many investors uncertain over the token’s future performance.
Nonetheless, XRP trades above $0.50. With increased buying, it could head to the 50-day Simple Moving Average of $0.5691, while a break below $0.50 might fuel a downtrend to $0.4612.
Tokenhell produces content exposure for over 5,000 crypto companies and you can be one of them too! Contact at info@tokenhell.com if you have any questions. Cryptocurrencies are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by Tokenhell authors (namely Crypto Cable , Sponsored Articles and Press Release content) and the views expressed in these types of posts do not reflect the views of this website. Tokenhell is not responsible for the content, accuracy, quality, advertising, products or any other content or banners (ad space) posted on the site. Read full terms and conditions / disclaimer.
