Although the bears have been in control over the last few days, the Bitcoin bulls haven’t let them tug the oldest digital currency below $26,000, a crucial support level. Buyers are attempting to break the history by closing this month on a high for the very first time since 2017. In the past five years, the bears have dominated in September. So if the bulls can change this trend, it will serve as a massive sentiment booster, given that October is known to favor buyers.
However, the Securities and Exchange Commission’s decision in regard to Bitcoin spot ETFs, which is expected later next month, could make it difficult for the bulls to sustain an upward momentum if the agency fails to approve a single ETF.
Another factor that might hinder an uptrend in the crypto market is the rising US Dollar Index (DXY), which has grown for ten consecutive weeks. And considering that there is a golden cross formed on the DXY price chart, an upward move in the short term is likely.
With that said, can the bulls overcome the bears in the last week of this month? We now analyze the price charts to find out.
Bitcoin Price Analysis
Earlier today, Bitcoin reached near the 50-day SMA (Simple Moving Average) of $26,839, and then the bears began booking profits, pulling the coin to $26,165 at press time. The current price means BTC is valued below the 20-day EMA (Exponential Moving Average) of $26,411. If the bears defeat the bulls at $26,000, they may tug Bitcoin toward the $24,922 support level.
Meanwhile, we are looking at an upward move to $28,137 if the bulls thrust BTC above $26,839.
Ethereum Price Analysis
ETH has been falling over the past three days until today, when it rallied briefly to $1,632. It’s now priced at $1,599.84. The declining buying pressure at higher prices suggests that the bears are still in charge. In addition, the Relative Strength Index is almost forming a bearish divergence, indicating that a downward move in the next few days is more likely. If it happens, Ethereum could reach $1,532.05 and then possibly reverse toward the 20-day EMA of $1,621.27.
BNB Price Analysis
BNB continues to swing between $208.52 and $219.04. That means the buyers are purchasing the dip near key support points while sellers are booking profits near major resistance levels. However, if the bulls thrust BNB past $219.04, the digital currency could grow to $237.77. On the other hand, BNB’s value may plummet to $193.74 if the bears cause $208.52 to crack.
XRP Price Analysis
XRP fell below the 20-day EMA of $0.50118 earlier today, but the bears couldn’t build up on the downward momentum. The token is now changing hands for $0.50136, according to data from CoinGecko. A sign of strong recovery will be when XRP crosses above the 50-day SMA of $0.53464. If that becomes a reality, the token could rally toward the $0.59967 resistance level. On the contrary, XRP may reach $0.46348 if the bears manage to sustain its price below $0.50118.
Dogecoin Price Analysis
DOGE buyers have continued to protect the 20-day EMA of $0.060544 from cracking since the start of this month. However, there hasn’t been enough buying interest to stage a massive rally. Nonetheless, if Dogecoin crosses above the $0.062184 resistance level, it will suggest an increased buying activity, which may cause the meme coin to hit the 50-day SMA of $0.065341. Conversely, a break below $0.060544 will pull DOGE to $0.056337.
Toncoin Price Analysis
TON’s price is still in the correction phase. It is down 12.9% over the last seven days to trade at $2.17 as of this writing. The 20-day EMA of $2.12, which serves as a support, is a crucial level to watch over the next few days. If it crumbles, Toncoin is likely to head toward the 50-day SMA of $1.78 after breaking below a minor support at $2.02. Conversely, a rebound from $2.12 could motivate the buyers to cause a rally towards the $2.38 resistance level.
Tokenhell produces content exposure for over 5,000 crypto companies and you can be one of them too! Contact at firstname.lastname@example.org 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.