Price Analysis 10/23: BTC, ETH, BNB, SOL, XRP, Doge, ADA

The efforts to recover Bit (BTC) on October 22 faced strong resistance from the bears, pushing the price down to near $66,000 on October 23. The adjustment of Bit led to a net outflow of up to $79.1 million from Bit exchange-traded funds in the United States on October 22. This was the first time there has been a net inflow since October 10, according to data from Farside Investors. Although there is a short-term adjustment, analysts remain optimistic about a Bit price increase after the US presidential election. FalconX's head of research, David Lawant, told Bloomberg that Bit "is likely to perform well" regardless of the election outcome. Veteran investor Paul Tudor Jones told CNBC that he has "a basket of gold, Bit, commodities and Nasdaq tech stocks" because after the US election, "every path leads to inflation." Will the short-term support level of Bit hold? Can Altcoin start to recover? Let's analyze the charts of the top 10 cryptocurrencies to find the answer.

Bit Price Analysis

Bit has returned to the 20-day exponential moving average (65,526 USDT), an important short-term support level to watch. A strong bounce from the 20-day EMA will show positive buying sentiment as the price drops, signaling optimistic sentiment. Buyers will then try to push the BTC/USDT pair above $70,000 again. If they succeed, the rally could extend to $72,000. Sellers are expected to face strong resistance in the $72,000 to $73,777 range. Conversely, a price break and close below the 20-day EMA will weaken the positive momentum. The pair could then drop to the 50-day SMA (62,295 USDT), indicating the price action is stuck in a wider range for a longer period.

Ether Price Analysis

Ether (ETH) has returned to a symmetrical triangle on October 22, indicating that the market has rejected the breakout. Selling pressure increased on October 23, and the price has broken below the 20-day EMA ($2,568). There is minor support at the 50-day SMA ($2,487), but if this level does not hold, the ETH/USDT pair could drop to $2,400 and then $2,330. Conversely, if the price bounces from the 50-day SMA, it will suggest demand at lower levels. The bulls will once again try to push the price to $2,850, which is likely to act as a strong resistance.

BNB Price Analysis

BNB (BNB) has dropped below the 20-day EMA ($585), an important short-term support level to watch. If the price sustains above the 20-day EMA on the close, it will suggest that the bulls are defending this level. This will increase the possibility of a rally to the overhead resistance at $635, which could act as a formidable barrier. Alternatively, if the price closes below the 20-day EMA, it will suggest that the bulls are booking profits. The BNB/USDT pair could then slide to the 50-day SMA ($565) and then the strong support at $527. Such a move would suggest that the pair is likely to remain stuck inside the $460 to $635 range for some time.

Solana Price Analysis

Solana (SOL) has held above the breakout level of $164, but the bulls are struggling to start a new up-move. Failure to push the price above $172 could help the bears gain strength. The sellers will then try to pull the price back inside the triangle and trap the optimistic traders. If that happens, the SOL/USDT pair could slide to the 20-day EMA ($155). If the price bounces off the 20-day EMA, the bulls will again attempt to start a new up-move by pushing the pair above $172. If successful, the pair could rise to $189. On the other hand, if the price breaks below the 20-day EMA, the bears will try to pull the pair down to the overhead resistance turned support.

XRP Price Analysis

XRP (XRP) broke above the resistance level on October 22, indicating that the bears are trying to gain control.

The XRP/USDT pair could drop to strong support at $0.50. This is an important level for the bulls to defend as a break and close below it will open the doors for a further decline to $0.46.

On the upside, the bulls will have to push and sustain the price above the 50-day SMA ($0.55) to signal strength. The pair could then attempt a rally to the overhead resistance at $0.64.

Dogecoin Price Analysis

The bears are trying to pull Dogecoin (DOGE) back below the breakout from the symmetrical triangle pattern.

The rising 20-day EMA ($0.12) and the RSI in the overbought zone suggest that the advantage is with the buyers. If the price rises from the current level or rebounds strongly from the support line, it will signal a buy-on-dips opportunity. This could improve the prospects of a move above $0.15. The DOGE/USDT pair could then rise to $0.17 and thereafter to $0.19.

This bullish view will be negated in the short term if the price turns down and re-enters the triangle. The pair could then drop to the 50-day SMA ($0.11).

Toncoin Price Analysis

Toncoin (TON) continues to trade below the moving averages, indicating a lack of demand at higher levels.

The $5 level is the immediate support to watch out for. If this level is breached, the TON/USDT pair could test the support zone between $4.72 and $4.44. The buyers are expected to defend the support area strongly as a break below it will complete the head and shoulders bearish pattern.

If the bulls want to make a comeback, they will have to push the price above the moving averages. The pair could then attempt to rise to $7. The sellers are likely to mount a strong defense at $6, but this level is likely to be crossed.

Cardano Price Analysis

Cardano (ADA) continues to trade in a tight range between $0.33 and $0.37, indicating a tough battle between the bulls and the bears.

The flattening moving averages and the RSI close to 50 suggest that the ADA/USDT pair could continue to remain range-bound. If the price breaks below the moving averages, the bears will try to capitalize on their advantage by pulling the pair below $0.33. If they manage to do that, the pair could drop to the crucial support at $0.31.

Conversely, if the price rises from the moving averages, the buyers will attempt to clear the barrier at $0.37. If they succeed, the pair could reach $0.40 where the sellers are likely to mount a strong defense.

Avalanche Price Analysis

Avalanche (AVAX) continues to trade within the symmetrical triangle pattern, indicating indecision between the bulls and the bears.

The flat 20-day EMA ($27.52) and the RSI just below the midpoint do not signal a clear advantage for either the bulls or the bears. If the price slips below the 50-day SMA ($26.27), the AVAX/USDT pair could test the support line.

The bulls are expected to buy on dips to the support line. If the price bounces sharply from the support, it will confirm that the pair is stuck within the triangle. On the other hand, a break below the support line will open the doors for a drop to $20 and then to $17.

Shiba Inu Price Analysis

The failure of the bulls to initiate a recovery from the 20-day EMA ($0.000018) in Shiba Inu (SHIB) increases the risk of a Bit.

If the closing price is below the 20-day EMA, the SHIB/USDT pair may drop to the 50-day SMA (0.000016 USD). This suggests that this pair may hold within the range of 0.000012 USD to 0.000020 USD for some time. If buyers want to maintain their advantage, they will need to quickly start an upward trend from the 20-day EMA. This pair may then rise to 0.000020 USD, where the bears are expected to Dump strongly. Compiled Bitcoin News