Key points:
For the first time in seven years, Bitcoin may end October with a loss.
Numerous altcoins have fallen to key support levels, suggesting sell-offs on rallies.
Bitcoin (BTC) bulls are striving to keep the price above $110,000, but bear pressure persists. This raises the likelihood of BTC facing its first-ever negative October close in seven years. Following October’s lackluster performance, November is in focus, which historically averages a 46.02% return, as per CoinGlass data.
Several analysts are adopting a bearish stance on BTC, indicating a potential peak cycle linked to its four-year halving. However, some, like BitMEX’s Arthur Hayes, argue that BTC’s four-year cycle is no longer relevant.
While it’s uncertain if the four-year cycle has concluded, the net outflows of $959.1 million from spot BTC exchange-traded funds over the last two days, according to Farside Investors’ data, show that institutional investors are currently cautious.
What are the significant support levels to monitor for BTC and major altcoins? Let’s dive into the charts of the top 10 cryptocurrencies to find out.
Bitcoin price prediction
BTC rebounded from the lower range near $107,000 on Thursday, indicating that bulls are fiercely defending this level.
This relief rally might hit selling pressure at the 20-day exponential moving average ($111,557). A sharp decline from the 20-day EMA could heighten the chances of falling below $107,000. If this occurs, the BTC/USDT pair could complete a double-top pattern and potentially drop to $100,000.
On the flip side, if the price closes above the 20-day EMA, it could suggest that Bitcoin may continue to oscillate within the $107,000 to $126,199 range for a while longer.
Ether price prediction
Ether (ETH) bounced off the descending channel’s support line on Thursday, indicating buying interest at lower levels.
The recovery may encounter resistance at the moving averages. Should this occur, bears might try to push Ether’s price below the support line. If successful, the ETH/USDT pair could plummet to $3,350.
Buyers need to drive the price above the moving averages to keep the pair within the channel. A successful break and close above the resistance line might trigger the next uptrend.
BNB price prediction
BNB (BNB) is experiencing a tough struggle 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 would indicate the onset of a deeper correction. The BNB/USDT pair could then fall to $1,021 and subsequently to $932.
Conversely, if the price closes above the 20-day EMA, it suggests that bulls are making a comeback. The BNB price may then surge to the 38.2% Fibonacci retracement level at $1,156, which may attract selling. A close above $1,156 would pave the way for a rally 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 working to maintain their edge.
Sellers will aim to strengthen their position by dragging the XRP price towards the $2.32 to $2.19 support zone. Buyers are anticipated to vigorously defend this support zone, as a close below it could lead to intensified selling. The XRP/USDT pair may then drop to $1.90.
Bulls are running out of time. They must promptly push the price above the moving averages to gain momentum. A potential trend reversal would be indicated by a close above the downtrend line.
Solana price prediction
Solana (SOL) is trading within a symmetrical triangle pattern, reflecting uncertainty about the next directional movement.
If the price drops below the uptrend line, the SOL/USDT pair may fall to solid support at $155. Buyers are expected to staunchly defend this level, as a break below could lead to a drop to $140.
If the price rebounds from the uptrend line and exceeds the 20-day EMA ($194), it implies that the pair could remain within the triangle for an extended period. Buyers will regain control once they push Solana’s price above the resistance line.
Dogecoin price prediction
Buyers are working to keep Dogecoin (DOGE) above the $0.17 support, but a weak bounce indicates continued bear pressure.
If the $0.17 level fails, the DOGE/USDT pair could dip to the $0.14 support. Buyers will strive to keep Dogecoin within range by defending the $0.14 level, but if they fail, the pair could plunge to $0.10.
The first sign of strength would be a break and close above the $0.21 overhead resistance. That could see the pair rising to the 50-day SMA ($0.22) and eventually attempting a rally to the strong overhead resistance at $0.29.
Cardano price prediction
Cardano (ADA) continued its decline and broke below the $0.59 support on Thursday, indicating that bears remain dominant.
If the price stays below the $0.59 level, the ADA/USDT pair could plunge to solid support at $0.50. Buyers are likely to defend this level vigorously, as a drop below it could start a new downtrend.
On the upside, a break and close above the 20-day EMA ($0.66) would suggest that the bears are losing grip. The Cardano price might then rise to the breakdown level of $0.75 and further to the downtrend line.
Related: XRP price keeps losing ground despite the upcoming Ripple Swell event
Hyperliquid price prediction
Sellers once again hindered the bulls’ efforts to push the Hyperliquid (HYPE) price above the $51.50 overhead resistance on Thursday, pulling the price down to the 20-day EMA ($43.10).
Buyers are attempting to defend the 20-day EMA, but bears maintain selling pressure. A breach below the 20-day EMA could bring the HYPE/USDT pair down to the neckline and subsequently to $35.50.
This negative outlook could be reversed if Hyperliquid’s price bounces back and breaks above $51.50, potentially leading to a surge towards 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 bears maintained control.
The downward-moving averages and the relative strength index indicating negative territory suggest that bears are still in charge. The Chainlink price could then drop to the $15.43 support, where bulls are expected to step in.
To signal strength, buyers must push and maintain the price above the 20-day EMA. The LINK/USDT pair may then rise to the resistance line, which is a critical level to monitor.
Bitcoin Cash price prediction
Bitcoin Cash (BCH) has been confined between the 20-day EMA ($530) and the resistance line for several days.
Bulls will need to push and sustain Bitcoin Cash price above the resistance line to signal a possible trend change. The BCH/USDT pair could then rally to $615 and perhaps to $651.
Alternatively, if the price declines and breaks below the 20-day EMA, it could suggest that the pair may remain within the falling wedge pattern for a bit longer. The pair could then slide to $500 and subsequently 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.
