Price Analysis October 31st, 2024 – BTC, BNB, ETH, SOL, XRP, and DOGE
Bitcoin rose near its peak price on October 29th, but the bears couldn’t allow the bulls to push it to new levels. Despite blocking a move to $73,779, Bitcoin’s all-time high, the bears haven’t started any significant downtrend, suggesting that the bulls have retained their advantage as they anticipate the resumption of Bitcoin’s uptrend in the coming days.
One of the factors expected to propel Bitcoin above the current all-time high is the expected positive employment data to be realized tomorrow. Furthermore, some analysts say Donald Trump’s victory could be another catalyst that might push Bitcoin to $100,000 in early 2025.
Meanwhile, CoinGlass analysts claim that the rising BTC price has caused FOMO among institutional investors, who have injected over $3 billion into spot Bitcoin Exchange-Traded Funds since October 28th.
So, which support levels must traders keep an eye on if Bitcoin bulls fail to guard $70,100? Let’s explore the price charts to find out.
Bitcoin Price Analysis
BTC crossed above the $69,478 barrier on October 28th and rallied to $73,552 the following day before reversing to $72,194 at press time. Both the relative Strength Index (64.12) and the 20-day Exponential Moving Average ($67,712) have risen this week, suggesting that the bullish momentum remains strong.
If Bitcoin crosses and stays above $73,779, the rally after this breakout is expected to meet resistance at $93,598. On the other hand, if the $70,100 support collapses, then $67,712 must be monitored closely because a drop below that level could fuel a dip to the 50-day Simple Moving Average of $64,259.
Ethereum Price Analysis
ETH has yet to break out of the ascending channel, where it has traded since late August. The chances of a breakout at the channel’s resistance line increased on August 28th when Ethereum crossed and closed above the 20-day Exponential Moving Average of $2,563. If the coin closes above the $2,702.48 resistance, bullish momentum could become stronger, prompting a move to $2,854.
Conversely, if selling picks up at $2,702.48, Ethereum could plunge below $2,600, reaching the 50-day Simple Moving Average of $2,512 in the process.
BNB Price Analysis
The resistance at $611.85 has yet to crumble despite intense buying from the bulls at higher levels. However, if that key level eventually gives way, BNB could cross $634.75 and rally to another major resistance at $721.44.
On the downside, if the bulls fail to defend the 20-day Exponential Moving Average of $586.25 and allow the bear to tug BNB below that level, selling activity could intensify, driving the Binance Coin to the 50-day Simple Moving Average of $576.83 and then to $550.17, where buying is anticipated.
Solana Price Analysis
Prices at the $180.02 resistance have attracted selling since Tuesday. The pressure from the bears has pulled Solana to $174.32 as of this writing. If $170 collapses, the coin could slump to the 20-day Exponential Moving Average of $165.38 and later to $160.20, where we expect the bulls to mount a solid defense to prevent SOL from plummeting to $151.35, the 50-day Simple Moving Average.
On the upside, thrusting and keeping Solana above $180.02 may allow the bulls to push the token’s price to $188.37 and even to $200.29.
XRP Price Analysis
Solid sellers’ presence at the 20-day Exponential Moving Average of $0.5319 has blocked XRP from rallying toward the 50-day Simple Moving Average of $0.5502. However, if the bulls eventually push and keep the coin above $0.5319, $0.5502 could crumble and give way to $0.60. On the contrary, a drop to $0.4617 would look likely if the support at $0.5008 isn’t guarded.
Dogecoin Price Analysis
The rising optimism that Donald Trump will win the presidential election next week and allow Dogecoin’s top fan Elon Musk to run the Department of Government Efficiency (D.O.G.E) has helped the meme coin rally to $0.1703 at press time. The bulls’ immediate target is the $0.1846 resistance. Meanwhile, if Dogecoin starts reversing now and the bears pull it below $0.1538, a move to $0.1306 is likely.
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