Market Assessment 29th Sep: BTC, ETH, BNB, XRP, ADA, DOGE, SOL, TON, DOT, MATIC
Crypto enthusiasts are trying to stage a comeback and closely monitor several alternative cryptocurrencies.
Bitcoin (BTC) is making an effort to maintain its position above the $27,000 mark, a development that is viewed positively. Over the past few days, Bitcoin demonstrated resilience by holding its value above $26,000 despite challenging conditions. This was marked by a substantial rise in the United States dollar index (DXY) and a significant drop in the S&P 500 index (SPX). This resilience suggests a decrease in selling pressure at lower price levels.
Even the decision by the United States Securities and Exchange Commission to postpone the approval of spot Bitcoin exchange-traded funds (ETFs) did not significantly impact prices, indicating that market participants are adopting a longer-term perspective on Bitcoin. According to James Seyffart, an ETF analyst at Bloomberg, the regulator’s decision to delay may have been influenced by the looming risk of a U.S. government shutdown on Oct. 1.
Bitcoin’s resilience over the past few days has boosted trader sentiment. That helped start a recovery in most major altcoins trying to climb above their respective resistance levels.
Could Bitcoin extend its up-move in the near term, and will that start a revival in the crypto space? Let’s study the charts of the top 10 cryptocurrencies to find out.
Bitcoin (BTC) price analysis
After struggling for several days, the bulls finally propelled Bitcoin above the moving averages on Sep. 28. The bulls are currently trying to thwart attempts by the bears to yank the price back below the 20-day exponential moving average ($26,534).
The moving averages are on the verge of a bullish crossover, and the relative strength index (RSI) is in the positive territory, indicating that the path of least resistance is to the upside. There is a minor resistance at $27,500, but it is likely to be crossed.
The BTC/USDT pair could rally to the overhead resistance at $28,143. This level is again likely to witness a tough battle between the bulls and the bears.
On the downside, the $26,000 level is a critical level to watch out for. If this level gives way, the advantage will tilt in favour of the Bears. The pair may then nosedive to the formidable support at $24,800.
Ether (ETH) price analysis
The bulls will try to drive the price to the overhead resistance of $1,746. This is a critical level to watch because if buyers overcome this barrier, the ETH/USDT pair will complete a double bottom pattern. This reversal setup has a target objective of $1,961.
On the contrary, if the price turns down from $1,746, it will indicate that the bears remain sellers on rallies. The price could then dip to the 20-day EMA. If the price rebounds off this support, it will enhance the prospects of a rally above $1,746. The Bears will return to the game if they drag the price below the 20-day EMA.
BNB price analysis
For the past few days, BNB has been trading inside the $220 to $203 range. The bulls are trying to nudge the price to the overhead resistance at $220.
The 20-day EMA ($213) is flat, but the RSI has risen into positive territory, indicating that the momentum favours the bulls. The $220 resistance is surmounted, and the BNB/USDT pair could surge to $235.
Contrary to this assumption, if the price turns down sharply from $220, it will indicate that the range-bound action may continue for a while longer. The next leg of the downtrend will begin after bears tug the price below $203.
XRP price analysis
Buyers pushed XRP above the 20-day EMA ($0.50) on Sep. 28 and followed that up with a move above the resistance line of the symmetrical triangle pattern on Sep. 29.
If the price sustains above the triangle, it will signal that the uncertainty has resolved in favour of the buyers. The XRP/USDT pair could rally to the overhead resistance at $0.56. This is a crucial resistance to watch out for because a break above it will clear the path for a potential rally to the pattern target of $0.64.
Contrarily, if the price turns down and re-enters the triangle, it will indicate that markets have rejected the higher levels. The bears will then try to gain the edge by pulling the price below the uptrend line of the triangle.
Cardano (ADA) price analysis
The bulls are trying to sustain Cardano above the 20-day EMA ($0.25) on Sep. 29 shows that the bears are losing their grip.
A break and close above the downtrend line will invalidate the bearish descending triangle pattern. Generally, the failure of a bearish pattern results in a sharp up-move as the sellers rush to exit their shorts and the bulls waiting on the sidelines start buying. That could propel the ADA/USDT pair to $0.29 and subsequently to $0.32.
Time is running out for the bears. They must defend the downtrend line and pull the price below $0.24 to regain control. The following support on the downside is at $0.22.
Dogecoin (DOGE) price analysis
The 20-day EMA ($0.06) is flattening out, and the RSI is just below the midpoint, indicating a balance between supply and demand. If buyers kick the price above the 20-day EMA with force, it will signal the start of a recovery. The DOGE/USDT pair could rise to $0.07 and, after that, to $0.08.
Bears must quickly drag the price below $0.06 if they want to prevent the upside. The pair may plunge to the next critical support at $0.055 if they do that.
Solana (SOL) price analysis
Solana remains stuck inside the extensive range between $27.12 and $14. Trading inside a field can be random and volatile as bulls typically buy at the support and sell near the resistance.
The bulls are trying to start a relief rally, which has reached the 50-day SMA ($20.44). This is an important level to watch because a break above it will suggest that the Bulls are back in the game. The SOL/USDT pair could then rise to $22.30.
Instead, if the price turns down from the 50-day SMA, it will indicate that the bears are active at higher levels. Sellers will have to tug the price below $18.50 to open the doors for a retest of $17.33.
Toncoin (TON) price analysis
Toncoin rebounded off the 20-day EMA ($2.13) on Sep. 27, indicating that the sentiment remains positive and traders are buying on dips.
The long wick on the Sep. 27 and 28 candlestick shows that the bears are selling at the 38.2% Fibonacci retracement level of $2.28. However, a positive sign in favour of the bulls is that they have not allowed the price to slip below the 20-day EMA.
Buyers will have to shove the price above the 61.8% Fibonacci retracement level of $2.40 to open the doors for a retest of the stiff overhead resistance at $2.59. This optimistic view will be invalidated if the price turns down and plummets below $2.07.
Polkadot (DOT) price analysis
The failure of the bears to sink Polkadot below the $3.91 support indicates that the range-bound action remains intact.
Buyers will try to drive the price above the 20-day EMA ($4.10) and challenge the overhead resistance at the 50-day SMA ($4.32). The DOT/USDT pair could surge to the downtrend line if this level is cleared. The bulls must overcome this barrier to signal a potential trend change.
The vital support to watch on the downside is $3.91. A break below this level will suggest the resumption of the downtrend toward $3.58.
Polygon (MATIC) price analysis
The positive divergence on the RSI indicates that the selling pressure is reducing. That enhances the prospects of a break above the moving averages. The MATIC/USDT pair could retest the overhead resistance at $0.60. The bears are expected to protect this level with vigour.
Bears must yank the price below the strong support at $0.49 if they want to maintain control. If this support gives way, the pair may drop to $0.45.
Source – Rakesh Upadhyay (CoinTelegraph)
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