Price Analysis October 21st, 2024 – BTC, BNB, ETH, DOGE, XRP, and SOL
Bitcoin has traded above $68,000 in the past 24 hours, indicating the resumption of its upward movement. The latest rally has triggered massive inflows into spot Bitcoin ETFs, according to Eric Balchunas. The prominent ETF research said on X that investors have poured over $2 billion into Bitcoin ETFs since October 16th.
While Balchunas believes Bitcoin could cross $73,736 to record a new high before the end of October, some crypto analysts predict a sharp pullback from $70,000 due to the growing open interest in the futures market.
Meanwhile, analysts at CoinGlass have cautioned long traders to tread carefully when Bitcoin hits its current all-time high, arguing that sellers’ presence will likely be strong in that area.
That said, if BTC remains above $68,000 for longer, investor sentiment on crypto could improve, thus prompting a marketwide rally. So, if that’s the case, which vital resistance areas must traders monitor? Let’s find out by analyzing the price charts.
Bitcoin Price Analysis
The bears pulled BTC below $68,000 on October 17th but couldn’t sustain it at lower prices as the bulls mounted pressure, pushing the coin to $69,103 on October 20th. However, Bitcoin’s price has slid to $68,253 as of this writing, indicating an intense fight at higher levels.
If $69,103 is violated, Bitcoin will likely head toward $70,021 and later to $73,736, where selling pressure could intensify. But if the bulls do not give much ground, a journey to $80,000 will begin.
On the downside, a pullback below the 20-day Exponential Moving Average of $64,372 could signal weakening bullish momentum. In that case, Bitcoin’s price action might turn bearish, leading to a move to the $60,074 support.
Ethereum Price Analysis
The resistance line of the ascending triangle has been crossed following Ethereum’s rally to $2,704.83. This milestone means the bulls have gained a significant advantage, which could enable them to fuel a surge to the $2,848.36 resistance. If ETH goes above this level, we anticipate an upward movement to $3,402.
However, a reversal from $2,848.36 could signal the start of a massive downtrend to the 20-day Exponential Moving Average of $2,531 and then to the 50-day Simple Moving Average of $2,465.11.
BNB Price Analysis
With the $600.32 resistance level now violated, BNB bulls seem determined to drive the token to the $634.29 barrier. A battle is expected in this area. However, if the bears don’t put up a fight, BNB could grow to $719 and later rally to the $812 resistance.
Our bullish view will be invalid if the bears drag BNB below the 20-day Exponential Moving Average of $580.63. As such, the 50-day Simple Moving Average of $557.89 could collapse, thus leading to a price drop to the $500.73 support.
Solana Price Analysis
After buying the dip near the 20-day Exponential Moving Average of $149.03 on October 18th, the bulls have pushed Solana above the $163.91 crucial resistance to $165.85. The rally has formed a bullish setup, suggesting a move toward $186.22 in the coming days.
On the negative side, a drop below $149.03 will weaken the bullish momentum and shift the advantage to the bears. As such, a downturn to the 50-day Simple Moving Average of $141.27 and then to the $132.84 support could happen.
XRP Price Analysis
Despite its regulatory issues with the US Securities and Exchange Commission, XRP has trended upward, crossing the 20-day Exponential Moving Average of $0.5429 to sit at $0.5507 as of this writing. The bulls are trying to thrust the token above the 50-day Simple Moving Average of $0.5617 to improve the chances of a growth to $0.6402.
Meanwhile, if XRP starts trading below $0.5429, traders must closely monitor the $0.5055 support. If it collapses, a journey to $0.4642 begins.
Dogecoin Price Analysis
DOGE has now crossed the downtrend line, giving signs of a continuation of its uptrend. If it crosses $0.1524, we might see a move to $0.1702. On the other hand, a fall below the $0.1160 support increases the possibility of a plunge to $0.1004.
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