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Meanwhile, some crypto investors are convinced that if this happens, it may trigger a bull market. That explains why $21 million in net inflows was channeled to ious cryptocurrency-related investment products over the last seven days. This figure was the highest since the fourth week of August.
Now, let’s analyze the price charts of some of the leading crypto assets to determine their next possible moves.
BTC soared above $28,400 on October 2, a level it touched last in mid-August. However, a candlestick with a long wick was formed the following day, suggesting that the sellers were active at higher prices. On Friday, the bears had pulled Bitcoin to the $27,243 support level, where the bulls came in and bought the dip, causing a recovery to its current price of $27,964.
The Relative Strength Index is at 64.36, indicating the buyers are at an advantage. If they capitalize on it, Bitcoin may rise above $28,400 to retest the $30,216 resistance level. On the other hand, the coin might slide to $26,024 if the 20-day EMA (Exponential Moving Average) of $26,878 is not guarded.
ETH couldn’t cross above the $1,745.32 resistance level on October 3 as the sellers were guarding it fiercely. The intense selling pressure pulled the token below $1,641.03, the 20-day EMA, to $1,635.82. With Ethereum’s price now below the 50-day Simple Moving Average ($1,648) and the 20-day EMA, it may continue falling to reach $1,587.
Conversely, if the second-biggest crypto asset crosses above the moving averages, it may grow to retest $1,745.32 and even hit $1,834.50.
Sustaining BNB’s price above the $220.73 resistance level has been a tough task for the bulls. The token traded above that price briefly on October 3 before the bears dragged it to $212.42 as of this writing. The current price suggests that the sellers have the upper hand, considering it’s below the 20-day EMA of $214.82. So, a downward move to the $204.31 support level looks more likely. However, if the bulls push and sustain BNB above $220.73, they may cause a strong rally to $247.34 after breaking a minor barrier at $232.14.
XRP is currently trading above the downtrend line. However, the bulls haven’t managed to overcome the tough hurdle at $0.553412. If they do, they will confirm the beginning of a new upward trend. XRP could then rise toward the $0.662742 resistance level. On the other hand, a reverse from $0.553412 will pull the token to the $0.464189 support level. If it happens, we anticipate XRP to trade between that support and $0.553412 for a few days.
Since September 29, SOL has been trending upwards. It is now priced at $23.19. Still, this doesn’t mean the bulls are in complete control. They must thrust Solana above the $27.93 resistance level to have a total advantage over the bears. If this occurs, the token will continue rising to retest $32.11.
On the negative side, if the support at the 20-day EMA of $20.76 breaks, it will indicate declining buying pressure on higher prices. That said, we predict a drop to $17.26.
ADA bears resisted the bulls’ efforts to thrust the digital currency above the $0.274921 resistance level on October 3. It is now valued at $0.258919. The 20-day EMA of $0.251123 is a crucial level to watch in the coming days. In the event it breaks, a decline to $0.215388 becomes possible. On the other hand, a break above $0.274921 opens doors for a rally to $0.298356.
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