Essential Highlights:
Bitcoin and numerous prominent altcoins have rebounded from their support levels, demonstrating strong demand at lower prices.
Buyers might struggle to maintain the upward momentum, as bears are likely to sell during price increases.
Bitcoin (BTC) showcased a significant rally on Monday, surpassing $111,000. The bullish sentiment among traders spiked after US President Donald Trump announced a meeting with Chinese President Xi Jinping on October 31, sparking optimism for a potential trade agreement between the US and China.
In spite of recent corrections, many institutional investors remain optimistic about BTC. A survey conducted by Coinbase among 124 institutional investors indicated that 67% were positive about BTC over the next three to six months. However, 45% of these institutions believe that the markets are in the later stages of a bull run.
In addition to BTC, analysts express optimism for selected altcoins. Notable technical analyst John Bollinger recently mentioned on X that Ether (ETH) and Solana (SOL) are indicating potential W bottoms in Bollinger Band analysis, while BTC has yet to form one. He remarked that it’s “time to keep a close watch soon.”
Will BTC and altcoins be able to continue their recovery, or will higher prices entice sellers? Let’s delve into the charts of the top 10 cryptocurrencies to explore further.
S&P 500 Index Forecast
Buyers interrupted the decline of the S&P 500 Index (SPX) at the 50-day simple moving average (SMA) (6,570), suggesting accumulation on dips.
The bulls will endeavor to elevate the price beyond the all-time high of 6,764, allowing for the continuation of the uptrend. If successful, the index may head towards psychological resistance at 7,000.
This optimistic viewpoint will be undermined in the short term if the price sharply declines and falls below the 50-day SMA. Should that occur, the index could enter a deeper correction targeting 6,350 and potentially 6,200.
US Dollar Index Forecast
The US Dollar Index (DXY) is experiencing an intense struggle between bulls and bears at the downtrend line.
Sellers pushed the price beneath the downtrend line on Wednesday, though bulls managed to halt the drop at the 50-day SMA (98.03). Buyers are now attempting to push the price back above the downtrend line. If they succeed, the index could rise to the 100.50 level.
Conversely, if the price continues to decline and breaks below the 50-day SMA, it indicates a rejection of the breakout above the downtrend line. This scenario puts the index at risk of falling to 97.46 and then to 97.19.
Bitcoin Price Prediction
The inability of bears to maintain the price below the $107,000 support led to robust buying by bulls.
The Bitcoin price could approach the moving averages, where bears are anticipated to establish a strong defense. If buyers manage to breach this level, it would suggest the end of the correction. The BTC/USDT pair could then aim for a rally towards the all-time high of $126,199.
Sellers must vigorously defend the moving averages and swiftly push the price below the $107,000 support to maintain their advantage. Such a move increases the risk of falling below the $100,000 support level.
Ether Price Prediction
ETH bounced back from the support line on Friday, indicating bulls’ attempts to maintain the price within the descending channel pattern.
Sellers will attempt to curtail the relief rally at the moving averages, but if bulls prevail, the ETH/USDT pair could advance to the resistance line. For a new upward movement to be indicated, buyers must push the Ether price above this resistance line. Resistance is positioned at $4,957, but it is likely to be surpassed.
Time is of the essence for bears, as they will need to swiftly drop the price below the support line to accelerate selling. Such an action could lead the pair to plummet to the solid support at $3,354.
BNB Price Prediction
BNB (BNB) rebounded from the 50-day SMA ($1,032) on Friday, suggesting active bulls at lower price levels.
Resistance is observed at the 20-day exponential moving average (EMA) ($1,135), but if this level is surpassed, the BNB/USDT pair might ascend to the 50% Fibonacci retracement level at $1,198. Bulls will gain dominance if they manage to elevate the BNB price above the 61.8% retracement level of $1,239, which would open the path for a retest of the all-time high at $1,375.
This bullish outlook will be invalidated in the short term if the price declines and breaks below the $1,021 support, indicating the pair may have peaked in the near term.
XRP Price Prediction
XRP (XRP) dropped beneath the $2.30 support on Friday, yet the long tail on the candlestick signifies robust buying at lower levels.
The relief rally may encounter resistance in the range between the 20-day EMA ($2.57) and the breakdown level of $2.69. A decline from this overhead zone would lead bears to try to pull the XRP/USDT pair down to $1.90.
Conversely, a close above $2.69 would indicate bulls are re-entering the market. Momentum is expected to build as buyers help propel the XRP price beyond the downtrend line, potentially driving the pair to $3.20 and then to $3.38.
Solana Price Prediction
SOL rebounded from the support line of the descending channel pattern on Friday, indicating demand at lower levels.
The recovery may face selling pressure at the 20-day EMA ($201), which is trending downward. If the price sharply declines from this level, bears will attempt to push the SOL/USDT pair below the support line. Success in this move could see Solana’s price drop to $155.
On the other hand, if the price breaks and closes above the 20-day EMA, it suggests a reduction in selling pressure. The pair could rally to the resistance line, where bears are expected to re-emerge. Buyers will regain control with a close above the resistance line, potentially sending the pair up to $238 and eventually to $260.
Related: XRP targets $3 as whale wallet counts reach new all-time highs
Dogecoin Price Prediction
Dogecoin (DOGE) remains confined within a broad range between $0.14 and $0.29, indicating uncertainty among bulls and bears.
The declining 20-day EMA ($0.21) alongside the RSI in negative territory suggests bears have the upper hand. Should the price sharply retreat from the 20-day EMA, sellers will attempt to drive the DOGE/USDT pair towards the lower end of the range at $0.14.
Alternatively, if buyers push the price above the 20-day EMA, it signifies a possible resurgence by the bulls. In such a case, Dogecoin could rally towards the resistance zone between $0.29 and $0.31.
Cardano Price Prediction
Cardano (ADA) fell below the $0.61 support on Friday, but bears could not maintain the lower levels.
The ADA/USDT pair has commenced a recovery that is likely to encounter selling pressure at the 20-day EMA ($0.72) and then at the breakdown level of $0.75. Should the price decline from this resistance, bears will attempt to drive the pair down below $0.60. If they succeed, Cardano’s price could drop to $0.50.
Strength will be indicated by a break and close above the 50-day SMA ($0.80), after which the pair could rise to the downtrend line, a crucial level for bears to defend. If sellers fail, the pair might make a run towards $1.02.
Hyperliquid Price Prediction
Hyperliquid (HYPE) fell below the $35.50 support on Friday, but the long tail on the candlestick indicates significant buying at lower levels.
The HYPE/USDT pair may reach the 20-day EMA ($41.13), an important nearby resistance to monitor. If buyers manage to push the price above the 20-day EMA, the pair could advance towards the 50-day SMA ($46.77) and subsequently $51.
Conversely, if the price sharply declines from the 20-day EMA, it indicates persistent negative sentiment. In this scenario, bears will aim to lower the Hyperliquid price to $30.50.
This article does not offer investment advice or recommendations. Every financial move involves risk, and readers should perform their own research prior to making decisions.
