Cardano

62% of Dogecoin hodlers in profit amid hopes of Twitter integration

DOGE price rallied 98.5% in the last seven days following Elon Musk’s acquisition of Twitter, pushing the crypto into the eighth position in global crypto rankings.

Tesla CEO and billionaire Elon Musk’s acquisition of Twitter has tipped 62% of Dogecoin (DOGE) investors into profit amid speculation that Musk’s Twitter buy will be positive for the meme token.

DOGE’s price rallied on Oct. 26 when billionaire entrepreneur Elon Musk changed his Twitter bio to “Chief of Twit.” The same day, he visited Twitter’s San Francisco-based headquarters before officially closing the deal as the new owner on Oct. 28.

In the past seven days, DOGE’s price has surged 98.5% to $0.119 at the time of writing, according to CoinGecko.

This means that as much as 62% of DOGE holders are “Making Money at Current Price,” according to data from blockchain intelligence platform IntoTheBlock, which even beats out Bitcoin (BTC) and Ether (ETH) hodlers at 54% and 57%, respectively.

The events have also triggered DOGE’s market cap to surpass smart contract platforms’ native tokens Cardano (ADA) and Solana (SOL) into becoming the 8th largest cryptocurrency in the world with a $16.3 billion market cap, according to CoinGecko.

The link between Musk’s Twitter purchase and DOGE’s massive price surge should come as no surprise as many Dogecoin investors have high hopes for Musk — nicknamed The Dogefather — to integrate Dogecoin into Twitter in some shape or form.

Dogecoin fanatic and crypto blogger Matt Wallace told his 678,400 followers on Oct. 28 that he believes a Dogecoin-integrated Twitter would showcase “what #Dogecoin is capable of:”

Thanks to Elon Musk, Twitter will soon showcase to the entire world what #Dogecoin is capable of!

— Matt Wallace (@MattWallace888) October 28, 2022

While Dogecoin fan page Doge Whisperer speculated that a Dogecoin-based tip system could be implemented for popular tweets:

Can’t wait for Twitter to add #dogecoin as an option for tipping

What do you think @elonmusk ? pic.twitter.com/b7Eqz9hpEs

— Doge Whisperer (@TDogewhisperer) October 30, 2022

Even Cardano CEO and founder Charles Hoskinson has weighed in — stating there is now a “real possibility” of Dogecoin integrating on to Twitter:

Now that Twitter is in the hands of @elonmusk I can see a real possibility that doge will somehow merge with the platform.

— Charles Hoskinson (@IOHK_Charles) October 28, 2022

Hoskinson then went one step further by offering to migrate Dogecoin onto Cardano as a sidechain with embedded smart contract functionality for free.

In Jan. 2022, Tesla began accepting DOGE as a payment method for merchandise purchases, with Musk also hinting at doing the same thing at SpaceX in May. 2022.

The electric vehicle company also began accepting Bitcoin-based payment for its cars in Jan. 2021, despite the CEO taking the view that Dogecoin is “better suited for transactions” in Dec. 2021.

Price analysis 10/19: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, SHIB

Bitcoin and most altcoin prices have turned down and look to retest underlying support levels.

The lack of a decisive catalyst and the strength in the United States Dollar Index (DXY) has kept the recovery of risky assets under check. Bitcoin (BTC) remains stuck inside a tight range, searching for that elusive breakout. The longer the time Bitcoin spends inside the range, the greater will be the eventual breakout from it.

The short-term uncertainty in cryptocurrencies does not seem to have altered the long-term view of institutional investors. BNY Mellon CEO Robin Vince said that a survey commissioned by the bank showed that 91% of institutional investors were keen to invest in some type of tokenized assets in the next few years.

*Daily cryptocurrency market performance. Source:* *Coin360*

Although some believe that institutions have been slow to move into crypto, Coinbase senior adviser John D’Agostino thinks otherwise. While speaking in an interview with SALT, D’Agostino said that “institutional inertia is a very real thing” but in the case of digital assets, institutional adoption has been “moving very, very fast.”

What are the important support levels the bulls need to defend to avoid a collapse in Bitcoin and select altcoins? Let’s study the charts of the top 10 cryptocurrencies to find out.

BTC/USDT

The bears successfully defended the 50-day simple moving average (SMA) ($19,659) on Oct. 17 and 18. The failure to clear this hurdle may have tempted the aggressive bulls to book profits and the bears to initiate short positions, which pulled the price back below the 20-day exponential moving average (EMA) ($19,384) on Oct. 18.

The sellers will once again try to challenge the immediate support at $18,843. If this level breaks down, the selling could pick up and the BTC/USDT pair could drop to the critical support zone between $18,125 and $17,622. The bears are expected to defend this zone with all their might because a break below it could start the next leg of the downtrend.

The first sign of strength will be a break and close above the downtrend line, which could attract further buying and push the price to $20,500. The bulls will have to overcome this obstacle to signal a possible short-term trend change. The pair could then climb toward the next resistance at $22,800.

ETH/USDT

Ether (ETH) re-entered the symmetrical triangle pattern on Oct. 17 but the bulls could not sustain the recovery. The price turned down on Oct. 18 and the bears are trying to pull the price to $1,263.

The gradually downsloping 20-day EMA ($1,320) and the RSI in the negative territory suggest that bears are at a marginal advantage. If the price slips below $1,263, the ETH/USDT pair could drop to $1,190.

Conversely, if the price turns up from the current level or the support at $1,263, it will indicate that lower levels are attracting buyers. The bulls will then attempt to push the price above the resistance line of the triangle.

If they manage to do that, the pair could rise to the downtrend line of the descending channel. A break above this resistance could suggest the end of the downtrend.

BNB/USDT

Although BNB (BNB) has been consolidating between $258 and $300 for the past several days, the bears are trying to gain the upper hand by defending the moving averages.

The sellers will now try to pull the price to the support of the range at $258. The repeated retest of a support level within a short time tends to weaken it. If this level gives way, the BNB/USDT pair could plummet to the next support at $216. The gradually downsloping 20-day EMA ($275) and the relative strength index (RSI) near 45 suggest that bears have a slight edge.

Contrary to this assumption, if the price turns up and breaks above the moving averages, the pair could extend its stay inside the range and rise to the overhead resistance at $300.

XRP/USDT

XRP (XRP) recovered and closed above the 20-day EMA ($0.47) on Oct. 17 but the bulls could not build upon this advantage. This shows that bears are selling on rallies.

The price turned down sharply and slipped below the 20-day EMA on Oct. 18. The selling intensified and the XRP/USDT pair dropped to the support line of the triangle. This is an important level to watch out for in the near term because a break below it could sink the pair to $0.41.

On the upside, the first sign of strength will be a break and close above $0.49. The bulls will then try to drive the price to the overhead zone between the resistance line and $0.56. A break and close above this zone could indicate the resumption of the uptrend.

ADA/USDT

In a strong trend, the relief rally usually lasts between one to three days and that is what happened in Cardano (ADA). The price turned down after a two-day recovery on Oct. 18 indicating that bears are selling on every minor rally.

The bears will try to build upon their advantage and sink the ADA/USDT pair to the support line of the falling wedge. If this support also cracks, the selling could accelerate and the pair may plunge to $0.30.

If bulls want to avert a collapse, they will have to quickly push the price above the 20-day EMA ($0.39). The pair could then rise to the resistance line of the wedge. A break above this level could point to a potential trend change.

SOL/USDT

The bulls could not push the price to the downtrend line as the bears stopped the recovery at the 20-day EMA ($31.40) on Oct. 18. Solana (SOL) has dropped back to the strong support zone between $30 and $29.42.

If the price rebounds off the current level, the bulls will again try to propel the SOL/USDT pair to the downtrend line. Buyers will have to overcome this barrier to open the doors for a possible rally to $35.50.

However, the bears may have other plans. They will strive to sink the price below $29.42 and challenge the intraday low of $27.87 made on Oct. 13. This level is likely to attract strong buying by the bulls but if bears manage to break the support, the next stop could be $26.

DOGE/USDT

Dogecoin (DOGE) pierced the 20-day EMA ($0.06) on Oct. 18 but met with stiff opposition at the 50-day SMA ($0.06). This suggests that the sentiment remains negative and traders are selling on minor rallies.

The bears will try to sink the price to the support near $0.06. The bulls had successfully defended this level on two previous occasions; hence, they will again try to repeat their performance.

If the price rebounds off the support, the pair could again rise to the moving averages. Buyers will have to overcome this barrier to set up a rally to $0.07.

On the contrary, if the price breaks below the support, the DOGE/USDT pair could drop to the June low near $0.05. The bulls are expected to defend this level with all their might.

DOT/USDT

Buyers failed to push Polkadot (DOT) above the 20-day EMA ($6.27) on Oct. 17 and 18, indicating that the bears are vigorously defending this level.

The sellers will try to further cement their advantage by pulling the price below the vital support at $6. If they succeed, the selling could accelerate and the DOT/USDT pair could decline to $5.68. If this level also cracks, the next stop could be $5.36.

Alternatively, if the price rebounds off $6 with force, it will indicate that the bulls are accumulating on dips. Buyers will then again try to clear the overhead hurdle at the 20-day EMA and push the price toward $6.64.

MATIC/USDT

Polygon (MATIC) broke and closed above the downtrend line on Oct. 17. This indicates the start of a sustained recovery in the near term.

The MATIC/USDT pair could rise to $0.94 where the bears may mount a strong defense. If the price turns down from this level but rebounds off the 20-day EMA ($0.81), it will suggest that the sentiment has turned positive and traders are buying on dips. That could improve the prospects of a rally to $1.05.

Alternatively, if the price turns down and breaks below the moving averages, it will suggest that the recent breakout may have been a bull trap. The pair could then decline to $0.69.

SHIB/USDT

Shiba Inu’s (SHIB‘s) recovery fizzled out near the 20-day EMA ($0.000011) and the price has declined to astrong support at $0.000010.

The downsloping moving averages and the RSI below 37 suggest that bears have the upper hand. If the price breaks below $0.000010, the SHIB/USDT pair could drop to $0.000009 and thereafter to the crucial support at $0.000007.

If bulls want to prevent the pair from going downhill, they will have to quickly push the price above the 20-day EMA. The pair could then rise to the 50-day SMA ($0.000011) and thereafter to $0.000014.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Cardano price chart paints ‘Burj Khalifa’ with 7-month losing streak — More losses ahead?

On-chain Cardano metrics show a decline in transactional activities on the network.

Cardano (ADA) price is in the process of painting its seventh red monthly candle in a row as the token fell to its lowest level since February 2021.

The trend saw ADA’s price rising nearly 800% to $3.16 between February 2021 and September 2021, followed by a complete wipeout of those gains entering October 2022. Amusingly, the entire price action took the shape of the “Burj Khalifa,” the world’s tallest skyscraper in Dubai.

Ada Khalifa pic.twitter.com/KE2SxTO3bN

— Trader_J (@Trader_Jibon) October 19, 2022

ADA price eyes 35% price crash

The ADA price correction began primarily in the wake of a similar downtrend across the cryptocurrency market, led by the Federal Reserve’s aggressive interest rate hikes to tame rising inflation.

Even an optimistic Cardano network upgrade dubbed Vasil was not enough to bring its buyers back to the market.

Notably, ADA’s price has dropped by nearly 20% since the Vasil hard fork nearly a month ago — an update aimed at improving its network’s scalability and smart contract capabilities.

Moreover, the ADA/USD pair also broke below a key support level that may lead to another major crash ahead in Q4.

The said support level at around $0.42 constitutes a descending triangle, a continuation pattern. In other words, ADA’s potential to continue its prevailing downtrend becomes higher if it forms and breaks out of a descending triangle to the downside.

*ADA/USD three-day price chart featuring descending triangle breakdown. Source: TradingView*

Meanwhile, as a rule of technical analysis, a descending triangle breakdown during a downtrend typically pushes the price lower to a level at length equal to the pattern’s maximum height. Therefore, ADA risks dropping toward $0.248, or by 35%, if the descending triangle breakdown plays out.

$ADA now losing the lights out level and going to the place where coins go when they die. Prob got a -50% in it from that breakdown level imo

And I’m by no means picking on it. I posted charts for almost several alts like this including $SOL and $ETH in Dec-Jan pic.twitter.com/Of0TNZfXKK

— Pentoshi (@Pentosh1) October 19, 2022

Conversely, a retest followed by a close above the triangle’s lower trendline as resistance raises ADA’s possibility to invalidate the bearish outlook. In doing so, it could trigger a descending channel setup forming simultaneously with the ascending triangle, as shown below.

*ADA/USD three-day price chart featuring descending channel pattern. Source: TradingView*

The descending channel setup sees ADA bouncing from its lower trendline to test the upper trendline near $0.45 as its immediate upside target. In other words, a 30% interim price rebound.

Macro risks remain

Overall, Cardano continues to tread ahead under macro risks, primarily after September’s 8.2% inflation reading, which raised the possibility of the Fed continuing its rate hike spree for the remainder of 2022.

Risk assets across the board have witnessed a decline in individual investors’ enthusiasm, which was instrumental in pushing thcryptocurrency prices higher in 2020 and 2021. For instance, Robinhood CEO Vlad Tenev noted:

“2020 and 2021, people were really interested in investing in stocks. There was widespread participation in the stock market. Now people are talking about gas prices and inflation.”

ADA, whose positive correlation coefficient with the U.S. benchmark S&P 500 has remained above $0.80 for most of 2022, also witnessed a sharp decline in its daily active addresses (DAA) since November 2021’s market top.

Notably, its 30-day DAA average dropped to 165,000 on Oct. 19, its lowest level in two years, data from Santiment shows.

*Cardano 30-day DAA average. Source: Santiment*

On a brighter note, the number of Cardano addresses holding 100–1,000 ADA and 1,000–10,000 ADA tokens has increased during the bear cycle, hinting at potential accumulation by large investors, or so-called whales.

Price analysis 10/17: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, SHIB

These altcoins are carving out gains as Bitcoin price continues to trade within a tightening range.

The United States equities markets have made a bullish start to the new week. The S&P 500 is up about 2.60% and the Nasdaq Composite has rallied more than 3%. This indicates that the markets have shrugged off September’s high inflation reading and shifted focus onto the third-quarter earnings.

The stock market’s recovery could pave the way for Bitcoin (BTC) to break out of the range it has been stuck in for the past several days. A positive sign for the bulls is that the amount of Bitcoin held in cold storage or lost has risen to a five-year high, according to Glassnode data.

While long-term investors do not seem to be in the mood to sell their holdings at lower levels, smaller investors appear to be making the most of the depressed prices. Glassnode data shows that the number of wallets holding one whole Bitcoin or more has risen sharply in 2022.

What are the levels to watch on the upside that could signal the start of a sustained recovery in Bitcoin and altcoins? Let’s study the charts of the top 10 cryptocurrencies to find out.

BTC/USDT

Bitcoin broke above the 20-day exponential moving average ($19,410) on Oct. 17, and the bulls are trying to extend the recovery above the zone between the 50-day simple moving average ($19,691) and the downtrend line.

If they succeed, the BTC/USDT pair could rise to the stiff resistance at $20,500. This level has acted as a strong barrier since Sept. 14. Therefore, a break and close above $20,500 could indicate that the selling pressure could be reducing. The pair could then sprint to $22,800, as there is no major resistance in between.

This positive view could be invalidated in the near term if the price turns down from the downtrend line and plummets below $18,843. Such a move will indicate that bears continue to sell at higher levels. The pair could then drop to the strong support zone between $18,125 and $17,622.

ETH/USDT

Ether’s (ETH) recovery has reached the breakdown level from the triangle. The 20-day exponential moving average ($1,323) is located close to this level. Hence, the bears are expected to defend the level aggressively.

If the price turns down from the current level and breaks below $1,263, the ETH/USDT pair could retest the Oct. 13 intraday low at $1,190. A break below this level could pull the pair to the support line of the descending channel.

On the contrary, if buyers drive the price above the overhead resistance at the 20-day EMA, the pair could rise to the downtrend line of the channel. This is an important obstacle for the bulls to overcome if they want to signal a potential trend change.

BNB/USDT

BNB (BNB) has been consolidating between $258 and $300 for the past several days. The bulls are trying to push the price above the moving averages on Oct. 17.

If they can pull it off, the BNB/USDT pair could attempt a rally to the resistance of the range at $300. The bears are likely to defend this level with all their might. A strong rejection at this level will indicate that the pair may remain stuck inside the range for a while.

The bears will have to sink the price below $258 to gain the upper hand. If they do that, the pair could decline to the next support at $216. Contrarily, if buyers propel the price above $300, the pair could rise to $338.

XRP/USDT

The price action of the past few days has formed a large symmetrical triangle for XRP (XRP). Buyers tried to push the price toward the resistance line of the triangle on Oct. 14, but the long wick on the candlestick shows aggressive selling at higher levels.

If the price sustains below the 20-day EMA ($0.47), the XRP/USDT pair could slide to the support line of the triangle. This level could attract buyers, and a strong rebound off it will suggest that the pair may continue to trade inside the triangle. On the other hand, a break below the support line could sink the pair to $0.41.

Trading inside a triangle is usually random and volatile. Although a triangle usually acts as a continuation pattern, it is better to wait for the price to break above the triangle before placing large bets.

ADA/USDT

Cardano (ADA) has formed a falling wedge pattern. The price bounced off the support line of the wedge on Oct. 13, and the bulls are attempting to push the price to the 20-day EMA ($0.40).

In a downtrend, the bears try to vigorously defend the 20-day EMA. If the price turns down from this resistance, the ADA/USDT pair could again drop to the support line. The downsloping moving averages and the relative strength index (RSI) in the oversold territory indicate that bears are in control.

To gain the upper hand in the near term, the buyers will have to push the price above the 20-day EMA. The pair could thereafter reach the downtrend line. This level could act as a strong resistance, but if bulls push the price above it, the pair could soar to $0.52.

SOL/USDT

Solana (SOL) dipped and closed below the $30 support on Oct. 15, but the bears could not capitalize on this weakness. This suggests that selling dries up at lower levels.

Buyers pushed the price back above the breakdown level of $30 on Oct. 16 and are attempting to extend the recovery to the downtrend line. The bears are likely to mount a strong defense at this level.

If the price turns down from the downtrend line, the SOL/USDT pair could drop to $29.42. A break below this level could pull the pair to $27.87. On the upside, if buyers thrust the price above the downtrend line, the pair could rally to $35.50.

DOGE/USDT

Dogecoin’s (DOGE) recovery is nearing the moving averages. This is an important level for the bears to defend because a break above the 50-day SMA ($0.06) could clear the path for a potential rally to $0.07.

If the price turns down from $0.07, the DOGE/USDT pair could again drop to the support near $0.06. That could keep the pair stuck between these two levels for a few more days. The flattening 20-day EMA ($0.06) and the RSI just below the midpoint suggest a consolidation in the near term.

If bulls pierce the overhead resistance at $0.07, the pair could attempt a rally to $0.09. Such a move will bring the large $0.05 to $0.09 range into play. Another possibility is that the price turns down sharply from the moving averages. If that happens, the bears will make one more attempt to pull the pair to the support at $0.05.

DOT/USDT

The failure of the bears to sustain Polkadot (DOT) below $6 on Oct. 13 started a recovery that has reached the 20-day EMA ($6.29) on Oct. 17. This level is likely to witness a tough battle between the bulls and the bears.

If bulls come out on top, the DOT/USDT pair could pick up momentum and rally toward the overhead resistance at the 50-day simple moving average ($6.69). This level could again attract strong selling by the bears. If the price turns down from this resistance, the pair could extend its stay inside the $6-to-$6.64 range for some more time.

The next trending move is likely to begin after the bulls push the price above the 50-day SMA or bears sink the pair below $6. If the price slips below $6, the decline could extend to $5.36.

MATIC/USDT

After several unsuccessful attempts in the past few days, the bulls have finally managed to push Polygon (MATIC) above the downtrend line on Oct. 17. This is the first sign of a potential trend change.

The MATIC/USDT pair could first rise to $0.86 and, if this level is crossed, the relief rally could reach $0.94. Although the flattish moving averages suggest a balance between supply and demand, the RSI in the positive territory suggests that the momentum could be turning in favor of the bulls.

Contrary to this assumption, if buyers fail to sustain the price above the downtrend line, it will suggest that bears are active at higher levels. The sellers will have to sink the price below $0.75 to gain the upper hand in the near term.

SHIB/USDT

Shiba Inu (SHIB) is attempting to bounce off the support at $0.000010, but the recovery lacks strength. This suggests that traders are in no hurry to buy at the current levels.

Both moving averages are sloping down and the RSI is in the negative territory, indicating advantage to sellers. If the price turns down from the current level or the moving averages, the bears will again try to sink the SHIB/USDT pair below $0.000010. If they manage to do that, the selling could intensify and the pair may drop toward the vital support at $0.000007.

Alternatively, if buyers drive the price above the moving averages, the pair could rise to the overhead resistance at $0.000014. A break above this level could suggest that the bulls are on a comeback. The pair could then rise to $0.000018.

Price analysis 10/12: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, SHIB

Bitcoin and most altcoins are likely to witness a pick in volatility following the CPI print on October 13.

The United States Federal Reserve has been aggressively hiking rates in an attempt to cool down inflation and that has kept the U.S. equities markets under pressure. Investors have been watching the inflation figures closely for early signs of topping out but to no avail.

Wholesale prices rose 0.4% in September, exceeding the Dow Jones’ estimate for a 0.2% gain. This suggests that inflation is yet to respond to the Fed’s monetary tightening. All eyes will now be fixed on the Consumer Price Index data to be released on Oct. 13.

Equity traders can expect volatility to pick up following the release of the numbers but for the crypto traders, it is difficult to predict whether this trigger is sufficient for Bitcoin (BTC) to break out of the $18,500 to $24,500 range it has been stuck in for the past several days.

What are the critical levels on the upside and downside that could signal the start of a trending move in Bitcoin and altcoins? Let’s study the charts of the top 10 cryptocurrencies to find out.

BTC/USDT

Bitcoin is attempting to bounce off the first support at $18,843 but the relief rally is likely to hit a wall at the 20-day exponential moving average (EMA) ($19,482). If the price turns down from this resistance, it will suggest that bears are selling on rallies.

A break and close below $18,843 could pull the price to the $18,125 to $17,622 support zone. Bulls are expected to defend this zone with all their might because if they fail to do that, the BTC/USDT pair could resume its downtrend. The pair could then drop to $15,800 and later to $15,000.

The first sign of relief for the bulls will be a break above the downtrend line and the recovery could pick up steam after the pair rises above $20,500. That could set the stage for a possible rally to $22,800.

ETH/USDT

Ether (ETH) slipped below the symmetrical triangle on Oct. 11 but a positive sign is that the bulls purchased the dip and are trying to push the price back into the triangle on Oct. 12.

The 20-day EMA ($1,339) is sloping down and the relative strength index (RSI) is in the negative territory, indicating that bears are in control. The sellers will try to stall the recovery at the 20-day EMA.

If the price turns down from the current level or the 20-day EMA and breaks below $1,267, it will suggest the resumption of the down move. The ETH/USDT pair could then decline to the next support at $1,109.

The first sign of strength will be a break and close above the triangle. That could pave the way for a possible rally to the resistance line of the channel.

BNB/USDT

BNB formed a Doji candlestick pattern on Oct. 11, suggesting indecision among the bulls and the bears. Buyers are attempting to start a rebound from the support at $266.

The bounce is likely to face stiff resistance at the moving averages. If the price turns down from the current level or the moving averages, the BNB/USDT pair could drop to the strong support at $258. The bulls are expected to vigorously defend this level because a break and close below it could sink the pair to $216.

Another possibility is that the price turns up and breaks above the moving averages. That could clear the path for a potential rally to the stiff overhead resistance at $300.

XRP/USDT

XRP’s (XRP) failure to clear the overhead hurdle at $0.56 on Oct. 9 may have attracted profit-booking by the short-term traders. That pulled the price to the 20-day EMA ($0.47) on Oct. 11.

If the rebound fails to climb above $0.51, it will suggest that the bulls are not viewing the dip as a buying opportunity. That could increase the odds of a break below the 20-day EMA. If that happens, the selling could intensify and the XRP/USDT pair may drop to the breakout level of $0.41. The bulls are likely to forcefully defend this level.

Contrary to this assumption, if the price turns up and rises above $0.51, the bulls will again strive to drive the pair above $0.56. If they can pull it off, the pair could rally to $0.66.

ADA/USDT

Cardano (ADA) turned down sharply and broke below the critical support of $0.40 on Oct. 10. That was followed by further selling on Oct. 11, which pulled the price to $0.38. The break and close below $0.40 signal the start of the next leg of the downtrend.

Buyers have an opportunity to salvage the situation by quickly pushing the price above the breakdown level of $0.40. That could trap the aggressive bears and the ADA/USDT pair could rally to the 20-day EMA ($0.42).

Conversely, if the price turns down from $0.40, it will suggest that bears have flipped the level into resistance. That could enhance the prospects of the continuation of the downtrend toward the next major support at $0.33.

SOL/USDT

Solana (SOL) rose above the moving averages on Oct. 10 but that proved to be a bear trap. The price quickly turned down and dipped below the support at $31.65 on Oct. 11.

Buyers purchased the drop and are attempting to push the price back above the breakdown level of $31.65. If they manage to do that, the SOL/USDT pair will again rise to the moving averages. The bears may again try to stall the recovery at this level.

The downsloping moving averages and the RSI in the negative territory suggest that bears have the upper hand. A break and close below the support at $30 could increase the likelihood of a drop to the vital support at $26.

DOGE/USDT

Dogecoin (DOGE) dropped close to the support line on Oct. 11. This attracted buying by the bulls as seen from the long tail on the candlestick. Buyers are trying to push the price back above the moving averages on Oct. 12.

If they succeed, the DOGE/USDT pair could rise to the overhead resistance at $0.07. This level may again act as a strong barrier but if bulls overcome it, the pair could pick up momentum and rise toward $0.09.

Alternatively, if the price turns down from the moving averages, it will show that the bears continue to sell on rallies. That could again pull the price toward the support below $0.06. If this level gives way, the pair could rest the June low near $0.05.

DOT/USDT

Polkadot (DOT) nudged above the 20-day EMA ($6.40) on Oct. 10 but the bears sold aggressively at higher levels. That pulled the price below the immediate support at $6.25.

The bears will now attempt to sink the price to the critical level of $6. This is an important level for the bulls to defend because if the support cracks, the DOT/USDT pair could signal the resumption of the downtrend. The next support on the downside is $5.36.

The 20-day EMA remains the short-term resistance to watch out for on the upside. If bulls push the price above this obstacle, the pair could rally to the overhead zone between $6.64 and the 50-day simple moving average (SMA) ($6.79). A break above this zone could lead to a strong recovery.

MATIC/USDT

Polygon (MATIC) failed to break above the downtrend line on Oct. 10, indicating that bears continue to defend the level with vigor. That may have attracted profit-booking by short-term traders, which pulled the price below the 20-day EMA ($0.80) on Oct. 11.

Buyers are trying to arrest the decline and push the price back above the moving averages. If they do that, the bulls may make one more attempt to clear the overhead hurdle at the downtrend line. The repeated retest of a resistance level tends to weaken it.

If the price breaks and sustains above the downtrend line, the MATIC/USDT pair could attempt a rally to $0.94. On the other hand, if the price turns down from the moving averages or the downtrend line, the pair could drop to $0.75 and then to $0.69.

SHIB/USDT

Shiba Inu (SHIB) turned down sharply from the 20-day EMA ($0.000011) on Oct. 10 and slipped below the immediate support at $0.000010 on Oct. 11. A minor positive is that lower levels attracted buying.

The 20-day EMA is sloping down and the RSI is in the negative territory, indicating advantage to bears. The current rebound could again face strong selling at the 20-day EMA. If the price turns down from this resistance, the possibility of a break below $0.000010 increases. The SHIB/USDT pair could then start its decline toward $0.000007.

To avoid this bearish view, buyers will have to push and sustain the price above the moving averages. That could open the doors for a possible rise to $0.000014.

Ripple boss tips when SEC case will end as Hoskinson hits back at XRP army

Optimistically speaking, Brad Garlinghouse thinks the case will be concluded in three to four months, though it could take longer.

According to Ripple CEO Brad Garlinghouse, the long-drawn-out battle between Ripple and the United States Securities and Exchange Commission is nearing its conclusion — but it could still take many months.

Ripple’s native token, XRP (XRP), has been on a tear over the past month thanks to increased speculation about a successful resolution to the case before the end of the year.

On Oct. 11, Garlinghouse told panelists at the DC Fintech Week conference that he expects the case against the firm to come to a conclusion in the first half of 2023 but admitted that it was hard to predict.

The action by the U.S. securities regulator was initially filed in December 2020 and accused the company of conducting an unregulated securities sale with its XRP token. It has been a long drawn-out affair, and Garlinghouse said that it was a bellwether case for the U.S. and wider crypto industry. He added that it will be fully briefed and in front of the judge by mid-November.

“Federal judges work at their own pace,” he stated, before adding, “Optimistically, we’re talking about three to four months. Pessimistically, it could be longer than that.”

Garlinghouse also referenced former SEC Division Director William Hinman’s 2018 speech about Ether (ETH) not being a security and said that the judge had ordered the SEC to hand over the details six times. On Sept. 29, a small victory for Ripple was finally won regarding these elusive transcripts finally being handed over once and for all.

The fintech boss said that Ripple would consider a settlement with the SEC, providing that XRP is not classified as a security.

Hoskinson hits back

Meanwhile, Cardano founder Charles Hoskinson has hit back over a barrage of abuse he received from Ripple fans, better known online as the XRP Army. In a video on Oct. 11, he said:

“It came as a tremendous surprise the incredible wave of criticism I received for a single comment which was taken out of context.”

The comment was regarding rumors of a “financial conspiracy” involving the SEC and Ethereum co-founders that have been swirling in the XRP camp. Many Ripple supporters, including Brad Garlinghouse, believe the regulator gave ETH an unfair advantage over XRP at the time due it not being perceived as a security, with the regulator solely targeting Ripple.

Hoskinson claimed that the SEC is after Ripple, not because of corruption or any conspiracies invented by the XRP community but due to a lack of clarity. This irked the XRP Army, which began trolling Hoskinson on Twitter until he decided to block many of them.

I think I’ve blocked most of the XRP trolls who continue to harass unprovoked. I’ve never seen a group so radically pick up a few words and run with it. Great job turning an ally into someone disgusted and totally checked out.

— Charles Hoskinson (@IOHK_Charles) October 11, 2022

The outspoken Cardano founder also got into a battle with Ethereum developers last month over the Merge, claiming it was a flawed proof-of-stake implementation. More recently, in an exclusive interview with Cointelegraph on Oct. 10, Hoskinson was equally critical of both Ether and Bitcoin (BTC).

Charles Hoskinson: “ETHGate Is a Conspiracy Theory”

XRP Army: “No it isn’t”

Charles Hoskinson:

— Alex Cobb (135k Followers Beware Imposters) (@AlexCobb_) October 11, 2022

In related Ripple news, the San Francisco-based fintech firm has expanded its On-Demand Liquidity (ODL) services to France and Sweden. In an announcement on Oct. 11, it was reported that Paris-based payment provider for online marketplaces, Lemonway, would be its new French partner while Swedish money transfer provider Xbaht would facilitate money movement between Sweden and Thailand. Ripplenet’s ODL service uses XRP to provide liquidity for cross-border transfers.

XRP prices, meanwhile, have retreated a further 1.5% over the past 24 hours in a fall to $0.485, according to CoinGecko.

Price analysis 10/10: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, SHIB

Legacy markets continue to negatively impact Bitcoin price, but a positive sign is that the bulls have not allowed BTC to retest its June low.

The United States equities markets have started the week on a weak note as investors remain unconvinced that the Federal Reserve will pull back its aggressive monetary policy. The Nasdaq Composite index fell to its lowest level since September 2020.

All eyes will be fixated on the U.S. Consumer Price Index data for September to be released on Oct. 13 as that could influence the Fed’s decision on the size of the rate hike in the next meeting in November.

Depending on how the market perceives the reading, legacy markets and the cryptocurrency markets may witness a pick-up in volatility. A minor positive for the bulls is that Bitcoin (BTC) has not tested its June lows and has outperformed the Nasdaq and the S&P 500 in the short term.

A positive trigger could start a strong recovery in Bitcoin and select altcoins. Let’s study the charts of the top 10 cryptocurrencies to determine the key resistance levels to watch out for.

BTC/USDT

Bitcoin broke below the 20-day exponential moving average (EMA) ($19,584) on Oct. 7 and then successfully defended the level between Oct. 8 to 10. The sellers are trying to strengthen their position further by pulling the price below the uptrend line.

If they manage to do that, the BTC/USDT pair could drop to the $18,125 to $17,622 support zone. Buyers are likely to defend this zone with all their might because if they fail to do that, the pair could start the next leg of the downtrend. The pair could then plummet to $15,000.

Contrarily, if the price rebounds off the uptrend line, the bulls will try to push the pair above the moving averages and challenge the downtrend line. A break and close above this level will be the first indication that the bears may be losing their grip. The pair could then attempt a rally to $22,800.

ETH/USDT

Ether (ETH) is struggling to rise above the 20-day EMA ($1,351). This suggests that the bears are selling on rallies and will try to sink the price to the strong support at $1,220.

The gradually downsloping 20-day EMA and the relative strength index (RSI) in the negative territory indicate an advantage to bears. If the price slips below $1,220, the selling could intensify and the ETH/USDT pair may drop to the support line of the descending channel pattern.

Conversely, if the price turns up from the current level and breaks above the 20-day EMA, the pair could rise to $1,410. The bulls will have to push and sustain the price above the channel to signal a potential trend change.

BNB/USDT

BNB has been trading between $258 and $300 for the past several days. The break below the moving averages on Oct. 8 paves the way for a possible decline to the strong support at $258.

If the price rebounds off $258, it will suggest that the range-bound action may continue for some more time. The longer the time spent in the range, the stronger will be the eventual breakout from it.

The next trending move will begin on a break above $300 or a drop below $258. It is difficult to predict the direction of the breakout with certainty. Therefore, it is better to wait for the breakout to happen before taking directional bets.

If the price plummets below $258, the BNB/USDT pair could drop to $216. On the other hand, a break above $300 could push the pair to $342.

XRP/USDT

The bulls tried to push XRP above the overhead resistance of $0.56 but the bears did not budge. The sellers will attempt to pull the price to the 20-day EMA ($0.47).

If buyers want to maintain the upper hand, they will have to buy the dips to the 20-day EMA. If the price rebounds off this support with strength, the likelihood of a break above $0.56 increases. The pair could then resume its uptrend and rally to $0.66.

This positive view could be invalidated if the price turns down and breaks below the 20-day EMA. The XRP/USDT pair could then decline to the breakout level of $0.41. A bounce off this support will indicate that the pair may remain stuck between $0.41 and $0.56 for some time.

ADA/USDT

Cardano (ADA) has been gradually sliding toward the vital support at $0.40. This level has held on two previous occasions; hence, the bulls are again expected to mount a strong defense at this support.

Any rebound is likely to face selling at the 20-day EMA ($0.43) and again at the 50-day simple moving average (SMA) ($0.45). The bulls will have to clear this resistance to indicate the start of a possible sustained recovery. The pair could then rally to the downtrend line.

Instead, if the price breaks below the support at $0.40, it will signal the resumption of the downtrend. The ADA/USDT pair could then decline to the strong support at $0.33 where buying is likely to emerge.

SOL/USDT

Solana (SOL) has been oscillating between $31.65 and $35.50 for the past few days. The flattish moving averages and the RSI just below the midpoint suggest a balance between supply and demand.

The first sign of strength will be a break and close above the overhead resistance at $35.50. If this level is crossed, the SOL/USDT pair could attempt a rally to $39. The previous recovery had stalled at this level; hence, the bears will again try to defend this level aggressively.

On the downside, the zone between $31.65 and $30 is likely to attract strong buying by the bulls. If bears want to keep control, they will have to sink the price below $30. That could extend the decline to the next support at $26.

DOGE/USDT

Dogecoin (DOGE) tumbled and closed below the 20-day EMA ($0.06) on Oct. 8 and the bulls failed to push the price back above the 50-day SMA ($0.06) on Oct. 9.

The selling resumed on Oct. 10 and the bears will now attempt to sink the price to the support near $0.06. Buyers had successfully defended this support on Sept. 19 and again on Sept. 21; hence, the bulls are likely to buy the dip to this level with vigor.

If the price rebounds off the current level or the support, the bulls will try to push the DOGE/USDT pair to the overhead resistance at $0.07. The next major trending move could begin on a break above $0.07 or below $0.05.

DOT/USDT

Polkadot (DOT) has been consolidating between $6 and $6.64 for the past few days. The bears are trying to further cement their advantage by not allowing the price to rise above the 20-day EMA ($6.46).

If the price continues lower and breaks below $6.25, the DOT/USDT pair could retest the crucial support at $6. If this level cracks, the pair could start the next leg of the downtrend. The pair could then slide to $5.36.

If bulls want to negate this bearish view, they will have to quickly push the price above the resistance zone between $6.64 and the 50-day SMA ($6.85). If they succeed, the pair could pick up speed and rally toward the next resistance at $8.

MATIC/USDT

Polygon (MATIC) turned down from the downtrend line but the bears could not sink the price below the moving averages. This suggests that bulls are buying the dips to the moving averages.

Buyers will have to push and sustain the price above the downtrend line to indicate a potential change in the short-term trend. The MATIC/USDT pair could then attempt a rally to $0.94 where it may again encounter selling by the bears.

Alternatively, if the price turns down from the current level and breaks below the moving averages, it could tilt the short-term advantage in favor of the bears. The pair could then decline to $0.75 where buying is likely to emerge.

SHIB/USDT

Shiba Inu (SHIB) broke and closed below the 20-day EMA ($0.000011) on Oct. 6. Buyers attempted to push the price back above the 20-day EMA on Oct. 9 and 10 but the bears held their ground.

The SHIB/USDT pair has strong support in the zone between $0.000011 and $0.000010. If the price rebounds off this zone, the bulls will again try to thrust the pair above the moving averages.

A break and close above the 50-day SMA ($0.000012) will suggest that the recovery may be picking up steam. The pair could then rise to $0.000014.

The bears may find it difficult to sink the price below the psychological support at $0.000010 but if they manage to do that, the pair could decline toward $0.000007.

Cardano founder points out flaws in Ethereum and Bitcoin

Charles Hoskinson, the founder of Cardano, shares his critical views on the two leading cryptocurrencies in an exclusive Cointelegraph interview.

Cardano founder Charles Hoskinson has been pointing out the flaws affecting the Ethereum protocol following its latest upgrade.

A major issue, according to Hoskinson, is the locking mechanism that prevents investors from withdrawing their staked Ether (ETH) from the Beacon Chain until the completion of the next upgrade.

“Ethereum is the Hotel California of cryptocurrencies. You can check in, but you can’t check out,” said Hoskinson in a recent Cointelegraph interview.

According to Hoskison, this mechanism heavily impacts ETH’s liquidity and could eventually spark a liquidity crisis.

“You’ll have less and less Ether trading in the marketplace,” he explained. “And then what will ultimately happen is you’ll have a liquidity crisis where a lot of volatility comes in.”

Cardano’s founder is also critical of the proof-of-work mining system that powers Bitcoin (BTC), which he sees as wasteful and unnecessary in the long run.

While Hoskinson acknowledged the importance of proof-of-work in the process of creating new BTC, he doesn’t believe it’s effective when BTC is used as a financial instrument. According to Hoskinson, once BTC is mined, it could be moved onto a different, less energy-consuming blockchain in the form of wrapped assets:

“That other network could use it for stablecoins, it could use it for DeFi lending, it could use it for payments. Anything you want.”

To learn about Hoskinson’s thesis on Bitcoin and Ethereum, watch the full interview on our YouTube channel, and don’t forget to subscribe!

Price analysis 9/28: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, SHIB

BTC price caught a bid, leading to a similar-sized boost in select altcoins, but on a macro level, $20,000 remains a strong overhead resistance.

The S&P 500 fell for six days in a row and made a new year-to-date low on Sept. 27, but Bitcoin (BTC) maintained its outperformance and stayed well above its June low. This could be a positive sign because markets that show strength on the way down are the ones that outperform in the event of a recovery.

The United States equities markets rebounded sharply on Sept. 28 after the Bank of England announced a bond-buying program and the U.S. Treasury yields pulled back from multi-year highs. As this occurred, strong buying in Bitcoin took place, but BTC was unable to break above its overhead resistance.

A ray of hope for cryptocurrency traders is that October has historically been a strong month for Bitcoin. Barring 2014 and 2018, Bitcoin has managed a positive close in October every year since 2013, according to data from Coinglass.

Although history favors a bounce in October, traders should be careful because the macroeconomic situation is unprecedented and remains a challenge.

Could Bitcoin and altcoins close September on a strong note? Let’s study the charts of the top 10 cryptocurrencies to find out.

BTC/USDT

Bitcoin soared above the 20-day exponential moving average (EMA) ($19,576) on Sept. 27 but the bulls could not sustain the higher levels. This evaporated all intraday gains. The bears pounced on this opportunity and tried to sink the price below the immediate support of $18,626 on Sept. 28 but the long tail on the day’s candlestick shows strong buying at lower levels.

The positive divergence on the relative strength index (RSI) remains intact and is pointing to a possible recovery. If the price breaks and sustains above the 20-day EMA, the likelihood of a rally to the downtrend line increases. The bears are likely to defend this level with vigor.

If the price turns down from the downtrend line, the BTC/USDT pair could drop to the 20-day EMA. A bounce off this level will suggest that the sentiment could be changing from selling on rallies to buying on dips. If buyers push the price above the downtrend line, the pair could reach $22,799.

To invalidate this bullish bias, the bears will have to sink the price below $18,125. The pair could then retest the June low of $17,622. A break below this support could signal the resumption of the downtrend. The pair could then decline to $14,500.

ETH/USDT

Ether (ETH) turned down sharply from the 20-day EMA ($1,411) on Sept. 27 but rebounded off the $1,262 support on Sept. 28. This shows that bears are selling on rallies and bulls are buying on dips.

The ETH/USDT pair is currently stuck between $1,250 and $1,410. If bulls push the price above the overhead resistance, the pair could rally to the resistance line of the descending channel. The bulls will have to surmount this obstacle to suggest a potential trend change.

If the price turns down from the current level or the overhead resistance and breaks below the support at $1,250, it will suggest that the selling pressure is building up. This could increase the likelihood of a break below the channel. The pair could then slide to the psychological level of $1,000.

BNB/USDT

The bulls nudged BNB above the resistance line of the descending channel pattern on Sept. 27 but they could not go past the 50-day SMA ($287). This attracted heavy selling and the price slipped back below the 20-day EMA ($276).

The long tail on the Sept. 28 candlestick shows that the bulls have not given up and may make another attempt to pierce the overhead resistance at the 50-day SMA. If they can pull it off, it will suggest a potential trend change in the short term. The BNB/USDT pair could first move up to $300 and then attempt a sprint to $338.

On the other hand, if the recovery turns down from the moving averages, it will suggest that the bears are active at higher levels. The pair could then retest the immediate support at $258.

XRP/USDT

XRP’s sharp rally to $0.56 has retraced to the breakout level of $0.41. The 61.8% Fibonacci retracement level is close to this level and the 20-day EMA ($0.41) is also nearby. Hence, buyers are likely to defend the level with all their might.

If the price rebounds off the current level, the XRP/USDT pair could attempt a rally to $0.47 and then to $0.52. The bears could offer a stiff resistance in this zone. If the price turns down from this zone, the pair could consolidate in a range for a few days.

The failure to defend the breakout level of $0.41 will suggest that the recent rally may have been a bear trap. The pair could then drop to the 50-day SMA ($0.37). If this support also cracks, the pair could complete a 100% retracement and tumble to $0.32.

ADA/USDT

The long wick on Cardano’s (ADA) Sept. 27 candlestick shows that bears continue to sell the recovery to the 20-day EMA ($0.46). The bears are trying to cement their advantage by sustaining the price below the uptrend line.

If they manage to do that, the ADA/USDT pair could slide to the crucial support of $0.40. This is an important level for the bulls to defend because if they fail in their endeavor, the pair could resume its downtrend. The pair could then decline to $0.33.

On the upside, buyers will have to push the price above the moving averages to suggest that the selling pressure could be reducing. The pair could then rise to the downtrend line. A break above this level could open the doors for a possible recovery to $0.60.

SOL/USDT

Solana (SOL) attempted to break above the 50-day SMA ($35) on Sept. 27 but the bears were in no mood to let go of their advantage. They sold aggressively and pulled the price back below the 20-day EMA ($33).

If the SOL/USDT pair does not give up much ground from the current level, the buyers may again attempt to push the price above the 50-day SMA. The repeated retest of a resistance level tends to weaken it and improves the prospects of a break above it. If the price rises above the 50-day SMA, the pair could rally to $39.

The bears may have other plans as they will try to sink the pair to the strong support at $30. If this support collapses, the pair could retest the June low at $26.

DOGE/USDT

Dogecoin’s (DOGE) recovery faded just above the 50-day SMA ($0.07) on Sept. 24 and the price slipped back near the strong support at $0.06 on Sept. 28.

The 20-day EMA ($0.06) is flattening out and the RSI is just below the midpoint, suggesting a balance between supply and demand. If bears want to assert their dominance, they will have to sink and sustain the price below the immediate support near $0.06. That could result in a retest of the June low near $0.05.

If bulls want to tilt the advantage in their favor in the near term, they will have to push and sustain the price above the overhead resistance at $0.07. The DOGE/USDT pair could then start its journey to $0.09.

DOT/USDT

Polkadot’s (DOT) rebound off the strong support at $6 fizzled out near the 20-day EMA ($6.68) on Sept. 27. This indicates that the bears have not given up and are selling on every minor rally.

The price is getting squeezed between the 20-day EMA and the support at $6. This uncertainty could resolve with a strong range breakout but it is difficult to predict the direction with certainty. Therefore, it is better to wait for the breakout to happen before taking directional bets.

If the price plummets below $6, the DOT/USDT pair could start the next leg of the downtrend and dive to $4. On the contrary, if the price explodes above the 20-day EMA, the pair could climb to the 50-day SMA ($7.37) and then to the overhead resistance at $8.

MATIC/USDT

Polygon (MATIC) turned down from the 20-day EMA ($0.78) on Sept. 27, indicating that the sentiment remains negative and traders are selling on rallies to resistance levels.

The bears will attempt to strengthen their position by pulling the price below the $0.72 to $0.69 support zone. If this zone gives way, the selling could pick up momentum and the MATIC/USDT pair could drop to $0.62. The downsloping moving averages and the RSI in the negative territory indicate a minor advantage to bears.

Alternatively, if the price rebounds off the support zone, the bulls will again try to drive the pair above the 20-day EMA. If they succeed, the pair could rise to the 50-day SMA ($0.84).

SHIB/USDT

Shiba Inu (SHIB) has been trading near the 20-day EMA ($0.000011) for the past few days, indicating that the bulls are not dumping their positions as they anticipate the price to move higher.

If bulls propel the price above the 20-day EMA, the SHIB/USDT pair could rise to the overhead resistance at $0.000014. The bears may mount a strong resistance at this level but if bulls overcome this barrier, the pair could start its march toward $0.000018.

This positive view could invalidate in the near term if the price turns down from the current level and breaks below the support at $0.000010. The pair could then drop toward the important support at $0.000007.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

Price analysis 9/26: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, SHIB

Bitcoin and altcoins appear to be ignoring the headline of the U.S. dollar index soaring to a 20-year high as the British pound plummets to a record-low against DXY.

The United Kingdom is in focus following the British pound’s fall to a new all-time low against the United States dollar. The sell-off was triggered by the aggressive tax cuts announced by Prime Minister Liz Truss’s government. The 10-year gilt yields have soared by 131 basis points in September, on track for its biggest monthly increase since 1957, according to Reuters.

The currency crisis and the soaring U.S dollar index (DXY) may not be good news for U.S. equities and the cryptocurrency markets. A ray of hope for Bitcoin (BTC) investors is that the pace of decline has slowed down in the past few days and the June low has not yet been re-tested.

That could be because Bitcoin’s long-term investors do not seem to be panicking. Data from on-chain analytics firm Glassnode shows that Bitcoin’s Coin Days Destroyed (CDD) metric, which gives more weightage to coins dormant for a long time, hit a new low. This indicates that coins held for the long-term “are the most dormant they have ever been.”

Could Bitcoin and altcoins continue their short-term outperformance? Let’s study the charts of the top-10 cryptocurrencies to find out.

BTC/USDT

The bulls continue to defend the $18,626 to $17,622 support zone with all their might. This is a positive sign as it shows that buyers are accumulating on dips to the support zone.

The price rebounded off the support zone on Sept. 26 and the bulls will attempt to push the BTC/USDT pair above the 20-day exponential moving average (EMA) ($19,653). A close above this overhead resistance will be the first indication of strength. The pair could then rise to the 50-day simple moving average (SMA) ($20,960).

The bears are likely to pose a strong challenge in the zone between the 50-day SMA and $22,799. Buyers will have to thrust the price above this zone to clear the path for a possible rally to $25,211.

This positive view could be invalidated if the price turns down from the moving averages and breaks below $17,622. That could signal the start of the next leg of the downtrend.

ETH/USDT

Ether (ETH) has been trading inside a tight range of $1,262 and $1,360 for the past three days. This suggests indecision among the bulls and the bears.

If bulls thrust the price above $1,360, the ETH/USDT pair could rally to the 20-day EMA ($1,430). This is an important level to watch out for because a break above it will suggest that the bears may be losing their grip. The pair could then rally to the resistance line of the descending channel.

Contrarily, if the price turns down from $1,360 or the 20-day EMA, it will suggest that the sentiment remains negative and traders are selling on rallies. The bears will then again try to sink the price to the support line of the channel.

BNB/USDT

Buyers pushed BNB above the 20-day EMA ($276) on Sept. 24 and 25 but they could not sustain the higher levels. The price formed a Doji candlestick pattern on Sept. 25, indicating that traders are undecided about the next move.

However, as the price has been trading close to the 20-day EMA for the past few days, it improves the prospects of a rally to the resistance line of the descending channel.

This level may witness aggressive selling by the bears but if bulls do not allow the price to break below the 20-day EMA, the BNB/USDT could break above the 50-day SMA ($289). Such a move could suggest a potential trend change in the near term.

If the price turns down from the 20-day EMA or the resistance line of the channel, the bears will try to pull the pair to the strong support at $258.

XRP/USDT

XRP surged to $0.56 on Sept. 23 when profit-booking set in. The bulls tried to resume the up-move on Sept. 25 but the long wick on the candlestick shows selling on intraday rallies.

The XRP/USDT pair could next drop to the 50% Fibonacci retracement level of $0.44. If the price rebounds off this level, the bulls will make one more attempt to push the price above $0.56 and resume the up-move to $0.66.

Conversely, if the price breaks below $0.44, the pair could drop to the breakout level of $0.41. The 61.8% Fibonacci retracement level is also near $0.41; hence, the bulls are likely to defend this support aggressively.

ADA/USDT

ADA soared above the 20-day EMA ($0.46) on Sept. 23 but the bulls could not pierce the 50-day SMA ($0.48). The long wick on the day’s candlestick suggests that bears are active at higher levels.

Buyers again tried to push the price back above the 20-day EMA on Sept. 24 and 25 but the bears held their ground. That has pulled the price to the uptrend line. This is an important level for the bulls to defend because if they fail to do that, the ADA/USDT pair could slump to the vital support at $0.40.

Conversely, if the price rebounds off the uptrend line, the bulls will again try to drive the pair above the downtrend line. If they manage to do that, the pair could jump to $0.52.

SOL/USDT

Solana (SOL) broke and closed above the 20-day EMA ($33) on Sept. 23 but the bulls could not build upon this strength. The failure to push the price above the 50-day SMA ($35) attracted selling on Sept. 24. That pulled the price back below the 20-day EMA on Sept. 25.

The bulls have not yet given up and are trying to push the price back above the 20-day EMA. If they succeed, the SOL/USDT pair could rally to the 50-day SMA. The bulls will have to surpass this obstacle to set the stage for a possible rally to $39.

Contrary to this assumption, if the price turns down from the moving averages, it will suggest that bears are in no mood to relent. That could heighten the risk of a break below $30. If that happens, the pair could retest the important support at $26.

DOGE/USDT

Dogecoin (DOGE) broke and closed above the 20-day EMA ($0.06) on Sept. 23, which is the first sign that the selling pressure could be reducing.

Buyers maintained their momentum and propelled the price above the 50-day SMA ($0.07) on Sept. 24 but could not sustain the higher levels. This shows that the bears have not yet given up and are selling on rallies.

The price dipped back to the 20-day EMA on Sept. 25 but a minor positive is that the bulls are trying to defend this level. If bulls flip this level into support, the pair could rally to $0.08.

Alternatively, if the price continues lower and breaks below the strong support, the DOGE/USDT pair could retest the June low at $0.05.

DOT/USDT

Polkadot (DOT) once again bounced off the critical support at $6 on Sept. 26, suggesting that bulls are defending this level aggressively. The price could jump to the 20-day EMA ($6.74) where the bears will try to stall the recovery.

If the price turns down from the 20-day EMA, it will increase the likelihood of a break below the support at $6. If that happens, the selling could pick up momentum and the DOT/USDT pair could resume the downtrend. The pair could then slide to $4.

If bulls want to prevent this fall, they will have to quickly push and sustain the price above the 20-day EMA. The pair could then rally to the overhead resistance zone between the 50-day SMA ($7.48) and $8. A break and close above the zone could open the doors for a possible rally to $9.17 and then $10.

MATIC/USDT

Polygon’s (MATIC) relief rally stalled near the 20-day EMA ($0.79) on Sept. 23, indicating that bears continue to sell on minor rallies. The price has dipped to the strong support at $0.72 where buyers are likely to step in to arrest the decline.

A strong bounce off the current level will suggest accumulation near $0.72. The bulls will then make another attempt to drive the price above the 20-day EMA. If they can pull it off, the MATIC/USDT pair could climb to the 50-day SMA ($0.84) and then to $0.94.

Instead, if the price turns down and breaks below the $0.72 to $0.69 support zone, it will indicate that the $0.72 to $1.05 range has resolved to the downside. That could pull the pair down to $0.62 and after that to $0.52.

SHIB/USDT

The bulls propelled Shiba Inu (SHIB) above the 20-day EMA ($0.000011) on Sept. 24 but the long wick on the candlestick shows that bears continue to sell at higher levels.

The bears will attempt to sink the price to the immediate support at $0.000010. This level has acted as strong support previously; hence, the bulls are likely to defend it with vigor.

Buyers will have to push the price above the moving averages to suggest that the selling pressure could be reducing. The SHIB/USDT pair could then rise to $0.000014 where the bears may again mount a strong resistance. If bulls overcome this barrier, the pair could rise to $0.000018.

On the downside, a break below $0.000010 could intensify selling and the pair could slide to the crucial support at $0.000007.

Market data is provided by HitBTC exchange.