Highlights:
Bitcoin and several major altcoins have rebounded from their support levels, signaling robust demand at lower prices.
Buyers may struggle to maintain the upward momentum, as sellers are likely to capitalize on price increases.
Bitcoin (BTC) surged strongly on Monday, surpassing $111,000. Traders’ optimism grew after US President Donald Trump confirmed a meeting with Chinese President Xi Jinping on October 31, raising hopes for a potential trade agreement between the two nations.
Despite the recent pullback, many institutional investors remain optimistic about BTC. A survey conducted by Coinbase involving 124 institutional investors revealed that 67% hold a positive outlook on BTC for the next three to six months. However, 45% believe that the markets are in the later phases of the current bull cycle.
Alongside BTC, analysts express optimism for specific altcoins. Prominent technical analyst John Bollinger noted in a post on X that Ether (ETH) and Solana (SOL) are exhibiting potential W bottoms according to Bollinger Band analysis, whereas BTC has yet to form one. He emphasized that it’s “time to pay attention soon.”
Will BTC and altcoins continue this recovery, or will ascending prices attract fresh selling? Let’s delve into the charts of the top 10 cryptocurrencies to explore this further.
S&P 500 Index Forecast
Buyers managed to halt the decline of the S&P 500 Index (SPX) at the 50-day simple moving average (6,570), indicating buying interest on dips.
The bulls will aim to push the price above the all-time high of 6,764, paving the way for an uptrend to resume. If successful, the index could target the psychological resistance at 7,000.
This positive outlook will be invalidated if the price sharply declines below the 50-day SMA, which could lead to deeper corrections towards 6,350 and subsequently 6,200.
US Dollar Index Forecast
The US Dollar Index (DXY) is currently experiencing a tough contest between bulls and bears at the downtrend line.
Sellers drove the price below the downtrend line on Wednesday, but bulls halted the drop at the 50-day SMA (98.03). Buyers are once again attempting to push the price above the downtrend line; if they succeed, the index may rise to the 100.50 level.
If the price continues to decline and breaches the 50-day SMA, it suggests the market rejected the breakout above the downtrend line. In that scenario, the index risks falling to 97.46 and then 97.19.
Bitcoin Forecast
The inability of the bears to maintain the price below the $107,000 support resulted in strong buying from the bulls.
The price of Bitcoin could approach the moving averages, where strong resistance from bears is anticipated. Should buyers surpass this barrier, it indicates the end of the correction. The BTC/USDT pair would then aim for a rally to the all-time high of $126,199.
Sellers need to defend the moving averages aggressively and push the price below the $107,000 support to maintain their advantage. Such a move increases the risk of a drop below the $100,000 threshold.
Ether Forecast
ETH recovered from the support line on Friday, indicating bulls are attempting to sustain the price within the descending channel pattern.
Sellers will attempt to curb the relief rally at the moving averages, but if bulls prevail, the ETH/USDT pair may climb to the resistance line. Buyers need to propel Ether’s price above this resistance to signal the beginning of a new upward movement. Resistance awaits at $4,957, although crossing it seems plausible.
Time is of the essence for the bears. They must promptly pull the price below the support line to stimulate selling, potentially driving the pair down to solid support at $3,354.
BNB Forecast
BNB (BNB) rebounded from the 50-day SMA ($1,032) on Friday, indicating that bulls are active at lower levels.
Resistance lies at the 20-day exponential moving average ($1,135), but if surpassed, the BNB/USDT pair may reach the 50% Fibonacci retracement level of $1,198. Bulls will gain a significant advantage if they propel the BNB price above the 61.8% retracement level of $1,239, potentially setting the stage for a retest of the all-time high at $1,375.
This favorable outlook will be negated if the price declines and breaks below the $1,021 support, suggesting a potential peak in the short term.
XRP Forecast
XRP (XRP) dipped below the $2.30 support on Friday, but the long tail on the candlestick indicates robust buying at lower prices.
The relief rally might encounter resistance between the 20-day EMA ($2.57) and the breakdown level of $2.69. A decline from this region could prompt bears to push the XRP/USDT pair down to $1.90.
Conversely, closing above $2.69 indicates bulls are regaining control. An uptrend is expected to gain momentum as buyers drive the XRP price above the downtrend line. The pair might ascend to $3.20 and subsequently $3.38.
Solana Forecast
SOL bounced from the support line of the descending channel pattern on Friday, indicating demand at lower levels.
The recovery could face selling pressure at the 20-day EMA ($201), which is trending downward. A sharp decline from the 20-day EMA would allow bears to attempt to sink the SOL/USDT pair below the support line, raising the risk of a drop to $155.
Conversely, a breakout and close above the 20-day EMA would indicate a reduction in selling pressure. The pair may then rally to the resistance line, where bears are expected to reenter. A close above this resistance line would give buyers the advantage, potentially rising to $238 and later to $260.
Related: XRP price targets $3 as whale wallet count hits new all-time highs
Dogecoin Forecast
Dogecoin (DOGE) remains confined within a broad range of $0.14 to $0.29, reflecting indecision between buyers and sellers.
The declining 20-day EMA ($0.21) and the RSI in negative territory suggest a bearish preference. If the price sharply declines from the 20-day EMA, sellers will attempt to drag the DOGE/USDT pair down to the range’s lower end at $0.14.
Alternatively, if buyers push the price above the 20-day EMA, it would indicate an attempt by bulls to regain ground. The Dogecoin price may then rally towards the resistance zone at $0.29 to $0.31.
Cardano Forecast
Cardano (ADA) fell below the $0.61 support on Friday, but bears failed to maintain control at these lower levels.
The ADA/USDT pair has initiated a recovery that is likely to face resistance at the 20-day EMA ($0.72) followed by the breakdown level at $0.75. Should the price decline from this overhead resistance, bears will aim to sink the pair below $0.60, risking a drop to $0.50.
A break and close above the 50-day SMA ($0.80) will be the first sign of strength, with the potential for the pair to rise to the downtrend line, a crucial level for bear defense. If sellers fail to maintain control, the pair could surge toward $1.02.
Hyperliquid Forecast
Hyperliquid (HYPE) dipped below the $35.50 support on Friday, but the long tail on the candlestick indicates strong buying at lower levels.
The HYPE/USDT pair may reach the 20-day EMA ($41.13), which is significant near-term resistance to monitor. If buyers push the price above this moving average, the pair could rally to the 50-day SMA ($46.77) and eventually to $51.
Conversely, if the price sharply declines from the 20-day EMA, it would imply continued negative sentiment. Sellers would then aim to push the Hyperliquid price down to $30.50.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
