Key points:
For the first time in seven years, Bitcoin risks closing October in the negative.
Numerous altcoins have reached significant support levels, reflecting selling pressure on rallies.
Bitcoin (BTC) advocates are striving to keep the price above $110,000, but bears maintain pressure. This increases the likelihood of BTC marking its first red October close in seven years. Following October’s disappointing results, attention turns to November, which historically shows an average return of 46.02%, per CoinGlass data.
Several analysts are adopting a bearish stance on BTC, hinting at a potential cycle high based on its four-year halving cycle. However, a minority, including BitMEX’s Arthur Hayes, argue that BTC’s four-year cycle may be over.
While it’s uncertain whether the four-year cycle has concluded, the net outflows of $959.1 million from spot BTC exchange-traded funds over the past two days, according to Farside Investors’ data, suggest institutional investors are cautious in the short term.
What key support levels should we monitor for BTC and major altcoins? Let’s analyze the charts for the top 10 cryptocurrencies.
Bitcoin price prediction
BTC rebounded from the lower end of the range near $107,000 on Thursday, indicating strong defensive measures from bulls.
The relief rally is likely to encounter resistance at the 20-day exponential moving average ($111,557). If the price sharply declines from the 20-day EMA, the chance of a fall below $107,000 increases. This scenario could lead the BTC/USDT pair to complete a double-top pattern, potentially dropping to $100,000.
On the other hand, a break and close above the 20-day EMA suggests that Bitcoin might stay within the $107,000 to $126,199 range a while longer.
Ether price prediction
Ether (ETH) bounced off the support line of its descending channel pattern on Thursday, indicating buying interest at lower levels.
The recovery may face selling pressure at the moving averages. Should this occur, bears will likely attempt to push Ether below the support line, potentially dragging the ETH/USDT pair down to $3,350.
To retain the upward momentum, buyers must lift the price above the moving averages. A break and close above the resistance line will likely initiate another leg up.
BNB price prediction
BNB (BNB) is experiencing a tough conflict between bulls and bears at the 50-day simple moving average ($1,084).
If the price declines from the 20-day EMA ($1,113) and closes below the 50-day SMA, it indicates the potential onset of a deeper correction. The BNB/USDT pair could then decrease to $1,021 and subsequently to $932.
In contrast, if the price closes above the 20-day EMA, it suggests a possible recovery attempt. The BNB price could then rally to the 38.2% Fibonacci retracement level of $1,156, attracting sellers. A close above $1,156 would pave the way for a rise to the 61.8% retracement level of $1,239.
XRP price prediction
XRP (XRP) fell below the 20-day EMA ($2.54) on Thursday, indicating that bears are still in control.
Sellers will seek to consolidate their position by lowering the XRP price to the $2.32 to $2.19 support area. Buyers are anticipated to robustly defend this zone since a close below it could trigger further selling. Should this occur, the XRP/USDT pair may fall to $1.90.
The bulls face pressure and will need to quickly push the price above the moving averages to regain momentum. A potential trend reversal will be indicated by a close above the downtrend line.
Solana price prediction
Solana (SOL) has been trading within a symmetrical triangle pattern, signifying uncertainty regarding the next directional move.
If the price drops below the uptrend line, the SOL/USDT pair could plummet to solid support at $155. Buyers are expected to defend this level fiercely, as a break beneath may sink the pair to $140.
If the price rebounds from the uptrend line and surpasses the 20-day EMA ($194), it indicates that the pair might stay inside the triangle longer. A break above the resistance line would signal that buyers are back in control.
Dogecoin price prediction
Buyers are working to keep Dogecoin (DOGE) above the $0.17 support, yet the weak bounce indicates continued pressure from the bears.
If the $0.17 support fails, the DOGE/USDT pair could slide to the $0.14 level. Buyers will aim to keep Dogecoin within the range, defending $0.14, but if unsuccessful, the pair may drop to $0.10.
A break and close above the $0.21 overhead resistance will be the first sign of strength. The pair could then rise to the 50-day SMA ($0.22) and potentially rally to the significant resistance at $0.29.
Cardano price prediction
Cardano (ADA) continued its downtrend, breaking below the $0.59 support on Thursday, confirming that bears remain dominant.
If the price stays below $0.59, the ADA/USDT pair could decline to robust support at $0.50. Buyers are likely to defend the $0.50 level vigorously, as another drop might initiate a new downtrend.
On the upside, a break and close above the 20-day EMA ($0.66) would indicate the bears are losing control. The Cardano price might then climb to the breakdown level of $0.75 and then to the downtrend line.
Related: XRP price keeps losing ground despite upcoming Ripple Swell event
Hyperliquid price prediction
Sellers again prevented bulls from pushing Hyperliquid (HYPE) above the $51.50 overhead resistance on Thursday, leading to a drop to the 20-day EMA ($43.10).
Buyers are attempting to defend the 20-day EMA, but selling pressure persists from bears. If the price falls below the 20-day EMA, the HYPE/USDT pair may decline to the neckline and then to $35.50.
This negative outlook may be overturned if Hyperliquid rises above $51.50. The pair could then surge to the all-time high of $59.41.
Chainlink price prediction
Buyers attempted to push Chainlink (LINK) above the 20-day EMA ($18.24) on Wednesday, but the bears resisted.
The declining moving averages and the relative strength index in negative territory indicate that bears remain strong. The Chainlink price may fall to the $15.43 support, where bulls are expected to respond.
For buyers to demonstrate strength, they must push and maintain the price above the 20-day EMA. The LINK/USDT pair could then rise to the resistance line, a key level to monitor.
Bitcoin Cash price prediction
Bitcoin Cash (BCH) has been caught between the 20-day EMA ($530) and the resistance line recently.
The bulls need to maintain the Bitcoin Cash price above the resistance line to indicate a possible trend reversal. The BCH/USDT pair could then surge to $615 and later to $651.
However, if the price declines and breaks below the 20-day EMA, it suggests that the pair may remain within the falling wedge pattern for a while longer. The pair could potentially drop to $500 and then to $475.
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.
