Bitcoin Shows Resilience Amid Adverse Conditions, Major Altcoins Follow Suit
Summary:
Bitcoin (BTC) is aiming to trade above $27,000, demonstrating resilience among a range of adverse conditions. This uptick has boosted traders' sentiments, leading to the recovery of major altcoins. Ethereum (ETH), Binance Coin (BNB), Ripple (XRP), Cardano (ADA), Dogecoin (DOGE), Solana (SOL), Toncoin (TON), Polkadot (DOT), and Polygon (MATIC) are all making bullish moves with increased investor enthusiasm. The article also discusses key resistance levels, price quotations, and future trend expectations of these cryptocurrencies.
Bitcoin (BTC) is making a positive move, trying to trade beyond $27,000. Even through adverse conditions in the previous days, with the U.S. dollar index (DXY) sharply rising and the S&P 500 index (SPX) taking a dive, Bitcoin managed to stay above the $26,000 mark. This demonstrates a lack of selling at lower prices. Interestingly, the decision by the U.S. Securities and Exchange Commission to postpone the spot Bitcoin exchange-traded fund (ETFs) has not resulted in a drop in Bitcoin prices. This suggests that investors are taking a long-term perspective on Bitcoin, as asserted by James Seyffart, a Bloomberg ETF analyst. According to Seyffart, the regulator's early decision was due to the risk of a U.S. government shutdown on Oct. 1.
Bitcoin's buoyancy over the past few days appears to have resulted in more positive sentiments among traders. This has initiated a path to recovery for many prominent altcoins, which are now trying to surpass their individual resistance levels. The direction and speed of Bitcoin's uptrend will help frame the future outlook of the crypto market.
Following several days of struggle, Bitcoin surged above the moving averages on Sep. 28. Now, the bulls are focused on impeding any attempts by the bears to pull the price below the 20-day exponential moving average ($26,534). The BTC/USDT pair could potentially rally to $28,143 after it crosses a minor resistance at $27,500. A tough battle is expected at this level between the bulls and the bears. On the other hand, it's critical to watch the $26,000 level as if breached, it will put the bears in command, leading the pair to a sharp drop towards a major support at $24,800.
Ether (ETH) moved above its 20-day EMA ($1,622) on Sep. 28, indicating declining selling pressure. The bulls persistently cleared the barrier at the 50-day simple moving average ($1,660) on Sep. 29. The ETH/USDT pair would complete a double bottom pattern, if its price exceeds the overhead resistance level of $1,746. Conversely, a drop from $1,746 suggests that bears are still dominating higher levels, which could lead to a dip towards the 20-day EMA.
BNB (BNB) is currently in the ranges of $220 to $203. The asset holders are trying to push prices towards the upper resistance at $220. If this overhead resistance is conquered, BNB/USDT could rally up to $235.
Similarly, for XRP (XRP), after surpassing the 20-day EMA ($0.50) on Sep. 28, the price breached the boundary line of symmetrical triangle pattern on Sep. 29. If these prices hold above the triangle, XRP/USDT might surge to $0.56. Beyond that, a rally to the pattern target of $0.64 is quite plausible.
For Cardano (ADA), Sellers' loosening grip is reflected by active efforts to maintain the price above the 20-day EMA ($0.25) on Sep. 29. In case the price breaks and settles above the downtrend line, the ADA/USDT could be propelled to $0.32 via $0.29.
Dogecoin’s (DOGE) range narrowed down slightly in the past several days, signaling an imminent range expansion. If the bears manage to get the price below $0.06, the pair may drop to the next crucial support at $0.055.
With Solana (SOL), it's locked in a large bracket between $27.12 and $14. Clearing the 50-day SMA ($20.44) barrier would indicate bulls regaining control. On the contrary, a downward turn from the 50-day SMA endorses strong presence of bears at higher levels.
For Toncoin (TON), a bounce from the 20-day EMA ($2.13) observed on Sep. 27 indicates a positive sentiment with traders buying at dips. If the price crosses the 61.8% Fibonacci retracement level at $2.40, it can retest the formidable overhead resistance at $2.59.
Regarding Polkadot (DOT), inability of the bears to push the price below $3.91 confirms the persisting range-bound action. If the DOT/USDT pair can break through the 50-day SMA ($4.32) barrier, it could potentially rally to the downtrend line.
For Polygon (MATIC), bouncing back from $0.50 on Sep. 28 signals strong buying at lower levels. If the bears gain control and pull the price below the solid support at $0.49, the pair may fall to $0.45.
Published At
9/29/2023 4:38:48 PM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.