Key points:
For the first time in seven years, Bitcoin is at risk of ending October in the red.
Several altcoins have dropped to their crucial support levels, indicating selling on rallies.
Bitcoin (BTC) bulls are attempting to maintain the price above $110,000, but the bears have continued to exert pressure. That increases the risk of BTC recording its first-ever red October close in seven years. After October’s dismal performance, all eyes are on November, which has an average return of 46.02%, according to CoinGlass data.
Several analysts are turning bearish on BTC, signaling a potential cycle peak based on its four-year halving cycle. However, a few others, such as BitMEX’s Arthur Hayes, believe that BTC’s four-year cycle is dead.
It is difficult to predict with certainty whether the four-year cycle is over or not, but the net outflows of $959.1 million from spot BTC exchange-traded funds in the past two days, according to Farside Investors’ data, indicate that institutional investors are cautious in the near term.
What are the crucial support levels to watch for in BTC and the major altcoins? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price prediction
BTC bounced off the bottom of the range near $107,000 on Thursday, indicating that the bulls are aggressively defending the level.
The relief rally is expected to face selling at the 20-day exponential moving average ($111,557). If the price turns down sharply from the 20-day EMA, it increases the likelihood of a break below $107,000. If that happens, the BTC/USDT pair will complete a double-top pattern and may dive to $100,000.
Conversely, a break and close above the 20-day EMA suggests that the Bitcoin price may remain inside the $107,000 to $126,199 range for a while longer.
Ether price prediction
Ether (ETH) bounced off the support line of the descending channel pattern on Thursday, signaling buying at lower levels.
The recovery could face selling at the moving averages. If that happens, the bears will again attempt to sink the Ether price below the support line. If they can pull it off, the ETH/USDT pair could plummet to $3,350.
Buyers will have to push the price above the moving averages to keep the pair inside the channel. The next leg of the up move is likely to begin on a break and close above the resistance line.
BNB price prediction
BNB (BNB) is witnessing a tough battle between the bulls and the bears at the 50-day simple moving average ($1,084).
If the price turns down from the 20-day EMA ($1,113) and closes below the 50-day SMA, it signals the start of a deeper correction. The BNB/USDT pair could drop to $1,021 and later to $932.
On the contrary, if the price closes above the 20-day EMA, it suggests that the bulls are attempting a comeback. The BNB price could then rally to the 38.2% Fibonacci retracement level of $1,156, which could attract sellers. A close above $1,156 clears the path for a rally to the 61.8% retracement level of $1,239.
XRP price prediction
XRP (XRP) fell below the 20-day EMA ($2.54) on Thursday, signaling that bears are trying to retain the advantage.
Sellers will try to strengthen their position by pulling the XRP price to the $2.32 to $2.19 support zone. Buyers are expected to defend the support zone with vigor, as a close below it could intensify selling. The XRP/USDT pair may then plunge to $1.90.
Time is running out for the bulls. They will have to swiftly push the price above the moving averages to gain strength. A potential trend change will be signaled on a close above the downtrend line.
Solana price prediction
Solana (SOL) has been trading inside a symmetrical triangle pattern, indicating indecision about the next directional move.
If the price skids below the uptrend line, the SOL/USDT pair could tumble to the solid support at $155. Buyers are expected to fiercely defend the $155 level, as a break below it may sink the pair to $140.
If the price turns up from the uptrend line and breaks above the 20-day EMA ($194), it suggests that the pair may remain inside the triangle for some more time. Buyers will be back in the driver’s seat after they push the Solana price above the resistance line.
Dogecoin price prediction
Buyers are attempting to maintain Dogecoin (DOGE) above the $0.17 support, but the shallow bounce suggests that the bears continue to exert pressure.
If the $0.17 level cracks, the DOGE/USDT pair could descend to the $0.14 support. Buyers will try to keep the Dogecoin price inside the range by defending the $0.14 level, but if they fail in their endeavor, the pair could drop to the $0.10 level.
The first sign of strength will be a break and close above the $0.21 overhead resistance. The pair may then climb to the 50-day SMA ($0.22) and later attempt a rally to the stiff overhead resistance at $0.29.
Cardano price prediction
Cardano (ADA) continued lower and broke below the $0.59 support on Thursday, signaling that the bears remain in control.
If the price remains below the $0.59 level, the ADA/USDT pair could plunge to the solid support at $0.50. Buyers are expected to fiercely defend the $0.50 level, as a drop below it may start a new downtrend.
On the upside, a break and close above the 20-day EMA ($0.66) suggests that the bears are losing their grip. The Cardano price could then climb to the breakdown level of $0.75 and subsequently to the downtrend line.
Related: XRP price keeps losing ground despite upcoming Ripple Swell event
Hyperliquid price prediction
Sellers again thwarted attempts by the bulls to push the Hyperliquid (HYPE) price above the $51.50 overhead resistance on Thursday. That pulled the price down to the 20-day EMA ($43.10).
Buyers are trying to defend the 20-day EMA, but the bears have kept up the selling pressure. If the price breaks below the 20-day EMA, the HYPE/USDT pair could descend to the neckline and then to $35.50.
This negative view will be invalidated in the near term if the Hyperliquid price turns up and breaks above $51.50. The pair could then surge to the all-time high of $59.41.
Chainlink price prediction
Buyers tried to push Chainlink (LINK) above the 20-day EMA ($18.24) on Wednesday, but the bears held their ground.
The downsloping moving averages and the relative strength index in the negative territory suggest that the bears remain in control. The Chainlink price could then plummet to the $15.43 support, where the bulls are expected to step in.
Buyers will have to push and maintain the price above the 20-day EMA to signal strength. The LINK/USDT pair could then climb to the resistance line, which is a critical level to watch out for.
Bitcoin Cash price prediction
Bitcoin Cash (BCH) has been stuck between the 20-day EMA ($530) and the resistance line for the past few days.
The bulls will have to push and maintain the Bitcoin Cash price above the resistance line to signal a potential trend change. The BCH/USDT pair could then rally to $615 and later to $651.
Instead, if the price turns down and breaks below the 20-day EMA, it suggests that the pair may remain inside the falling wedge pattern for a few more days. The pair may slide to $500 and then to $475.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
