Price Analysis October 28th, 2024 – BTC, BNB, ETH, SOL, and DOGE
Bitcoin has faced tough resistance near $68,500 over the past few days, suggesting that the bears are active at higher prices and looking to book profits on every minor rally. The good news for the bulls is that the $65,055 support hasn’t collapsed, thus boosting the chances of an upward move.
Several analysts are optimistic that the $70,000 barrier will likely crumble after the US elections. Geoff Kendrick, an analyst at Standard Chartered Bank, has said that Bitcoin could hit $120,000 by December 31st if Republican presidential candidate Donald Trump defeats his rival Kamala Harris.
Similarly, Jeff Park, head of alpha strategies at Bitwise, claims that Trump’s victory could propel BTC to $90,000 by December.
Meanwhile, crypto investment company Hashkey Capital says the altcoin season will only start when Bitcoin crosses the $80,000 mark. As such, top altcoins, led by Ethereum, are expected to record new all-time highs.
That said, let’s study the charts to find key obstacles that need to be monitored over the coming few days.
Bitcoin Price Analysis
BTC plummeted to $65,108 on October 23rd after rumors that US regulators had opened investigations into stablecoin issuer Tether started making rounds on the internet. Despite the negative development, the bulls succeeded in keeping Bitcoin above vital support ($65,055), suggesting that investors viewed lower levels as a perfect opportunity for buying the dip.
Bitcoin is, as of this writing, valued at $67,963, according to data from CoinGecko. With the Relative Strength Index now at 59.28 and the 20-day Exponential Moving Average rising to $66,538, this indicates that buyers are strengthening. If they can thrust the coin above $68,500, it could cross $70,000 to rally toward an all-time high of $73,728.
On the bearish side, Bitcoin might plunge to the 50-day Simple Moving Average of $62,803 if the sellers pull it below $65,055.
Ethereum Price Analysis
After several days of defending the 50-day Simple Moving Average of $2,493, the bulls seem to have given in to pressure from the bears and allowed Ethereum to drop to $2,486 at press time. If bearish momentum picks up now, the $2,400.48 support could be the next step for ETH. The bulls’ failure to guard that level might fuel a dip to $2,350.
On the other hand, Ethereum could retest the $2,848.22 breakdown level if its price crosses and closes above the 20-day Exponential Moving Average of $2,567. A breakout at $2,848.22 increases the possibility of an explosive move toward $3,402.
BNB Price Analysis
BNB trades slightly above the 20-day Exponential Moving Average of $586.92. If it reaches that crucial level and the buyers fail to mount pressure, a bearish movement toward the 50-day Simple Moving Average of $568.70 seems likely. The buyers are expected to defend $568.70, but if they don’t, sellers will be happy to pull BNB to $529.
Conversely, a rebound from $586.92 improves the prospects of a bullish move above the $613 resistance toward $634.18. If the bears are defeated at $634.18, BNB could continue rallying, reaching $722.10 in the process.
Solana Price Analysis
SOL bulls successfully defended the $164.03 breakout level on October 23rd to form a higher low. This positive development, along with the rising 20-day Exponential Moving Average ($160.27), has boosted the possibility of a move to $181.29 and then to $192 if the bears fail to exert enough pressure.
However, our optimistic perspective will be negated if Solana drops and closes below $164.03. As such, the coin could plunge below $160.27 and dip to the 50-day Simple Moving Average of $147.19.
Dogecoin Price Analysis
Dogecoin has remained above the symmetrical triangle in the past seven days, indicating that the breakout is solid. To strengthen their advantage, the bulls need to push the meme coin above $0.15072. As such, we could see a move to $0.17358. On the contrary, if Dogecoin’s price re-enters the symmetrical triangle, it would mean that sentiments have turned negative. In this scenario, a downturn to the 50-day Simple Moving Average of $0.11086 is possible.
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