Bitcoin (btc) is trying to trade above $27,000, which is a positive sign. In recent days, Bitcoin price remained above $26,000 in adverse conditions as the US Dollar Index (DXY) rose sharply and the S&P 500 Index (SPX) plummeted. This suggests that sales dry up at lower levels.
The decision of the United States Securities and Exchange Commission to delay spot bitcoin exchange-traded fund (ETF) ahead of schedule also did not dent prices. This indicates that market participants are taking a longer-term view on Bitcoin. Bloomberg ETF analyst James Seyffart believes the regulator made an early decision as there is a risk of a US government shutdown on October 1.
Bitcoin's resistance in recent days appears to have boosted trader sentiment. That helped kickstart a recovery in most major altcoins, which are trying to overcome their respective resistance levels.
Could Bitcoin extend its upward move in the near term and will that start a resurgence in the crypto space? Let's study the charts of the top 10 cryptocurrencies to find out.
Bitcoin price analysis
After struggling for several days, the bulls finally pushed Bitcoin above the moving averages on September 28. The bulls are currently trying to thwart the bears' attempts to push the price back below the 20-day exponential moving average ($26,534).
The moving averages are on the verge of a bullish crossover and the relative strength index (RSI) is in positive territory, indicating that the path of least resistance is to the upside. There is minor resistance at $27,500 but this is likely to be broken.
The BTC/USDT pair could then rise towards the overhead resistance of $28,143. This level is likely to witness a tough battle between bulls and bears again.
On the downside, the $26,000 level is an important level to pay attention to. If this level gives way, the advantage will tilt in favor of the bears. The pair could then plummet to the formidable support of $24,800.
Ether Price Analysis
Ether (ETH) rose and closed above the 20-day EMA ($1,622) on September 28, indicating that selling pressure is reducing. Buyers continued their buying and cleared the hurdle at the 50-day simple moving average ($1,660) on September 29.
The bulls will try to push the price towards the overhead resistance of $1,746. This is an important level to pay attention to because if buyers break through this barrier, the ETH/USDT pair will complete a double bottom pattern. This reversal setup has a target of $1,961.
On the contrary, if the price declines from $1,746, it will indicate that the bears are still sellers on rallies. Then, the price could fall to the 20-day EMA. If the price bounces off this support, prospects for a rally above $1,746 will improve. The bears will get back in the game if they drag the price below the 20-day EMA.
BNB Price Analysis
BNB (BNB) has been trading within the range of $220 to $203 for the past few days. The bulls are trying to push the price towards the overhead resistance of $220.
The 20-day EMA ($213) remains flat, but the RSI has risen into positive territory, indicating that momentum is turning in favor of the bulls. If the $220 resistance is broken, the BNB/USDT pair could rise to $235.
Contrary to this assumption, if the price declines sharply from $220, it will indicate that the range-bound action may continue for a while longer. The next leg of the downtrend will begin after the bears push the price below $203.
XRP Price Analysis
Buyers boosted XRP (XRP) above the 20-day EMA ($0.50) on September 28 and followed with a move above the resistance line of the symmetrical triangle pattern on September 29.
If the price remains above the triangle, it will indicate that the uncertainty has been resolved in favor of the buyers. The XRP/USDT pair could then rise towards the overhead resistance of $0.56. This is an important resistance to watch because a break above it will clear the way for a possible rally to the pattern target of $0.64.
On the contrary, if the price declines and re-enters the triangle, it will indicate that the markets have rejected the higher levels. The bears will then try to gain the upper hand by pushing the price below the uptrend line of the triangle.
Cardano Price Analysis
The bulls are trying to hold Cardano (ADA) above the 20-day EMA ($0.25) on September 29, showing that the bears are losing control.
A breakout and close above the downtrend line will invalidate the bearish descending triangle pattern. Typically, the failure of a bearish pattern results in a strong bullish move as sellers rush out of their short positions and bulls waiting on the sidelines begin buying. That could push the ADA/USDT pair to $0.29 and subsequently $0.32.
The bears are running out of time. If they want to regain control, they will have to defend the downtrend line and push the price below $0.24. The next support on the downside is at $0.22.
Dogecoin Price Analysis
Dogecoin (DOGE) has declined in recent days, raising the prospect of an expansion in the coming days.
The 20-day EMA ($0.06) is flattening and the RSI is just below the midpoint, indicating a balance between supply and demand. If the buyers strongly push the price above the 20-day EMA, it will signal the beginning of a recovery. The DOGE/USDT pair could rise first to $0.07 and then to $0.08.
If the bears want to avoid the rise, they will have to quickly drag the price below $0.06. If they do, the pair may fall to the next critical support at $0.055.
Solana Price Analysis
solana (SUN) remains stuck within the wide range between $27.12 and $14 for the past few days. Trading within a range can be random and volatile, as bulls typically buy at support and sell near resistance.
The bulls are trying to start a relief rally, which reached the 50-day SMA ($20.44). This is an important level to pay attention to because a break above it will suggest that the bulls are back in the game. The SOL/USDT pair could rise to $22.30.
Instead, if the price turns down from the 50-day SMA, it will indicate that the bears are active at higher levels. Sellers will have to drop the price below $18.50 to open the doors to a retest of $17.33.
Related: Why has the price of Ether (ETH) risen today?
Toncoin Price Analysis
Toncoin (TON) rebounded from the 20-day EMA ($2.13) on September 27, indicating that sentiment remains positive and traders are buying on dips.
The long wick on the September 27-28 candle shows that the bears are selling at the 38.2% Fibonacci retracement level of $2.28. However, a positive sign in favor of the bulls is that they have not allowed the price to fall below the 20-day EMA.
Buyers will have to push the price above the 61.8% Fibonacci retracement level of $2.40 to open the doors to a retest of the stiff overhead resistance at $2.59. This positive view will be invalidated if the price declines and falls below $2.07.
Polka dot price analysis
Bears' failure to sink Polkadot (SPOT) below the $3.91 support indicates range-bound action remains intact.
Buyers will try to push the price above the 20-day EMA ($4.10) and challenge the overhead resistance at the 50-day SMA ($4.32). If this level is broken, the DOT/USDT pair could rise to the downtrend line. The bulls will have to overcome this barrier to signal a possible trend reversal.
The important support to watch on the downside is $3.91. A break below this level will suggest resumption of the downtrend towards $3.58.
Polygon price analysis
Polygon (MATIC) rose from $0.50 on September 28, indicating solid buying at lower levels. The price has reached the 20-day EMA ($0.52), which is an important level to pay attention to.
The positive divergence on the RSI indicates that the selling pressure is reducing. That improves the prospects of a break above the moving averages. The MATIC/USDT pair could retest the overhead resistance at $0.60. The bears are expected to protect this level vigorously.
If the bears want to maintain their control, they will have to pull the price below the strong support at $0.49. If this support gives way, the pair may fall to $0.45.
This article does not contain investment advice or recommendations. Every investment and trading move involves risks, and readers should conduct their own research when making a decision.
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