Key points:
-
Bitcoin and many major altcoins have rebounded from their support levels, suggesting strong demand at these lower prices.
-
However, sustaining this recovery may prove challenging for buyers, as sellers are likely to emerge during rallies.
On Monday, Bitcoin (BTC) experienced a significant upswing, exceeding $111,000. Traders became optimistic after US President Donald Trump announced a summit with Chinese President Xi Jinping on October 31, elevating hopes for a potential trade agreement between the two nations.
In spite of recent corrections, numerous institutional investors remain optimistic about BTC. A survey conducted by Coinbase among 124 institutional investors revealed that 67% expect positive performance for BTC over the next three to six months. Yet, 45% of them believe that the markets are nearing the end of the bull run.
Beyond BTC, analysts are also optimistic about certain altcoins. Noted technical analyst John Bollinger mentioned on X that Ether (ETH) and Solana (SOL) might be forming W bottoms according to Bollinger Band analysis, although BTC has yet to do so. He remarked that it is “time to pay attention soon.”
Can BTC and altcoins extend their recovery, or will sellers come in at higher prices? Let’s analyze the charts of the top 10 cryptocurrencies for insights.
S&P 500 Index Price Prediction
The S&P 500 Index (SPX) pullback was halted by buyers at the 50-day simple moving average (6,570), indicating demand during dips.
The bulls aim to push the price beyond the all-time high of 6,764, which would enable a continuation of the uptrend. Should they succeed, the index could ascend towards the psychological mark of 7,000.
This optimistic outlook will be compromised if the price sharply declines below the 50-day SMA, potentially leading to further corrections down to 6,350, and then possibly to 6,200.
US Dollar Index Price Prediction
The US Dollar Index (DXY) is currently experiencing intense competition between bulls and bears at the downtrend line.
On Wednesday, sellers breached the downtrend line; however, bulls managed to stop the decline at the 50-day SMA (98.03). Buyers are once again trying to push the price above the downtrend line. If successful, the index could rise to 100.50.
If the price continues to decline and falls below the 50-day SMA, it indicates that the breakout above the downtrend line was rejected. In this scenario, the index may drop to 97.46, and potentially to 97.19.
Bitcoin Price Prediction
The inability of bears to hold the price below the $107,000 support triggered strong buying from bulls.
The Bitcoin price could move towards the moving averages, where bears are expected to mount a strong defense. If buyers surpass this hurdle, it will indicate that the correction might be ending, and the BTC/USDT pair could then strive for the all-time high of $126,199.
Bears must defend the moving averages aggressively and quickly pull the price below the $107,000 support to regain the upper hand. Such a move raises the risk of a drop below the $100,000 support.
Ether Price Prediction
ETH rebounded from the support line on Friday, signaling that bulls are attempting to maintain the price within the descending channel pattern.
Sellers will try to mitigate the relief rally at the moving averages, but if bulls prevail, the ETH/USDT pair could rise to the resistance line. A decisive push above this line would signal the beginning of a potential uptrend, with resistance around $4,957 likely to be breached.
Bears need to act fast to pull the price below the support line to trigger significant selling, possibly leading to a drop to strong support at $3,354.
BNB Price Prediction
BNB (BNB) rose from the 50-day SMA ($1,032) on Friday, indicating bullish activity at lower price levels.
Resistance lies at the 20-day exponential moving average ($1,135). If crossed, the BNB/USDT pair could advance to the 50% Fibonacci retracement level of $1,198. If the price moves beyond the 61.8% retracement level of $1,239, bulls will gain a stronger position, potentially leading to a retest of the all-time high at $1,375.
This positive outlook may be disrupted if the price declines and breaks below the $1,021 support, suggesting a possible short-term peak.
XRP Price Prediction
XRP (XRP) dipped below the $2.30 support on Friday, yet the long tail on the candlestick signifies robust buying at lower levels.
The relief rally may encounter resistance between the 20-day EMA ($2.57) and the breakdown level of $2.69. If the price reverts from this range, bears will aim to drive the XRP/USDT pair down to $1.90.
Conversely, a close above $2.69 indicates renewed bullish momentum. A progression above the downtrend line could see the price rise to $3.20, followed by $3.38.
Solana Price Prediction
SOL rebounded from the descending channel’s support line on Friday, indicating demand remains strong at lower levels.
The recovery may face resistance at the 20-day EMA ($201), which is trending downwards. Should the price sharply decline from this EMA, bears will aim to push SOL/USDT below the support line, potentially down to $155.
On the other hand, a close above the 20-day EMA suggests diminishing selling pressure. This could spur a rise to the resistance line, where bears are likely to act. A close above the resistance would grant buyers the advantage, possibly driving the price to $238 and subsequently to $260.
Related: XRP price targets $3 as whale wallet count hits new all-time highs
Dogecoin Price Prediction
Dogecoin (DOGE) remains anchored within a wide range of $0.14 to $0.29, reflecting indecision from both bulls and bears.
The declining 20-day EMA ($0.21) and RSI in negative territory signify a bearish advantage. If the price drops sharply from the 20-day EMA, sellers may aim to pull DOGE/USDT to the bottom of the range at $0.14.
Conversely, if buyers manage to push the price above the 20-day EMA, it would suggest bullish intentions. This could set the stage for a rally to the resistance zone at $0.29 to $0.31.
Cardano Price Prediction
Cardano (ADA) fell below the $0.61 support on Friday, but bears failed to maintain control at lower levels.
The ADA/USDT pair is now recovering but may face resistance at the 20-day EMA ($0.72) and again at the breakdown level of $0.75. If the price retracts from these levels, bears will attempt to lower the pair beneath $0.60. If successful, Cardano may drop to $0.50.
The first sign of bullish strength would be a close above the 50-day SMA ($0.80). This could lead the pair to the downtrend line, a crucial level for bears to defend. A failure to hold this level could result in a surge towards $1.02.
Hyperliquid Price Prediction
Hyperliquid (HYPE) dipped below the $35.50 support on Friday, but the long candlestick tail indicates strong buying activity at lower prices.
The HYPE/USDT pair could reach the 20-day EMA ($41.13), which represents a significant resistance level to monitor. If buyers successfully push past the 20-day EMA, it could lead to a rally towards the 50-day SMA ($46.77) and then to $51.
If the price sharply declines from the 20-day EMA, it would suggest persistent negative sentiment, with bears targeting a decline to $30.50.
This article does not provide investment advice or recommendations. All investments and trading activities come with risks, and readers should conduct their own research before making any decisions.
