Sunday, October 2

BTC, ETH, ADA, BNB, XRP, DOGE, DOT, SOL, UNI, LUNA


Asset managers and companies currently own more than 6% of the circulating supply of Bitcoin (BTC), according to Buy Bitcoin Worldwide. A breakdown of the data shows that Bitcoin fund issuers and asset managers own about 4% of the Bitcoin supply, public companies account for almost 1%, and private companies own about 0.83% of the Bitcoin supply. cryptocurrencies.

It is clear that institutional investors have continued to add crypto to their portfolios and Adam Proctor, managing director of the investment firm of billionaire Simon Nixon Seek Ventures, said that the company plans to increase the “allocation to crypto” as they believe it is a ” important area “. for the future.”

Daily performance of the cryptocurrency market. Source: Coin360

CNBC Mad Money host Jim Cramer recently said he was a “cryptocurrency believer” and recommended that investors allocate 5% of their investment portfolio to digital currencies.

Will Bitcoin break above the psychological barrier at $ 50,000 result in a buying stampede in the sector? Let’s study the charts of the top 10 cryptocurrencies to find out.

BTC / USDT

Strong resistance near the $ 50,000 mark may have attracted profit booking from short-term traders on Aug 26. That brought Bitcoin below the support line of the ascending wedge pattern, but the bears have not been able to capitalize on this move and sink the price below the moving averages.

BTC / USDT daily chart. Source: TradingView

The bulls have pushed the price back to the wedge today. If the bounce holds, the BTC / USDT pair could gradually move towards the overhead resistance zone of $ 50,000 to $ 50,500. A breakout and a close above this zone will indicate the resumption of the uptrend.

The pair could then move up to the wedge resistance line where bears can reassemble stiff resistance. If the price falls from this resistance, the pair can continue to rise inside the wedge.

A breakout of the wedge will indicate a rebound in momentum. That can result in a rally to $ 60,000.

The Relative Strength Index (RSI) has broken below a symmetrical triangle pattern, indicating a marginal advantage for bears. If the price turns down from the current level and breaks below the moving averages, the pair may drop to $ 42,451.67.

ETH / USDT

Ether (ETH) has been consolidating in a tight range between $ 3,000 and $ 3,335 for the past few days. The 20-day exponential moving average ($ 3,097) is flattening out and the RSI is just above the midpoint, indicating a balance between supply and demand.

ETH / USDT daily chart. Source: TradingView

The price has recovered today from the 20-day EMA and the bulls will now try to push the price above $ 3,335. If that happens, it will suggest that the bulls racked up the ETH / USDT pair within the range. The pair could then rise to $ 3,670 and then to $ 4,000.

A breakout and close below $ 3,000 will indicate that the bears have dominated the bulls. That could result in more sales as multiple stop-losses may be affected. The pair could then drop to the next support at the 200-day simple moving average ($ 2,366).

ADA / USDT

Generally, the breakout of a critical level is retested as seen in Cardano (ADA). The price fell from an all-time high of $ 2.97 on August 23 to the breakout level at $ 2.47 on August 26.

ADA / USDT daily chart. Source: TradingView

The ADA / USDT pair has rebounded from today’s $ 2.47, indicating that sentiment remains positive and traders are buying on every minor drop. The bulls will make one more attempt to push the price above the overhead resistance at $ 2.97.

If they are successful, the pair can rise to $ 3.50. The rising 20-day EMA ($ 2.29) and the RSI in the overbought zone suggest an advantage for buyers.

Conversely, if the price turns down from the current level or upper resistance, it will indicate that the bulls are closing their positions in rallies. A breakout and close below the 20-day EMA will signal the start of a deeper correction.

BNB / USDT

Binance Coin (BNB) intraday high on May 19 was $ 516.50 and that level is likely to act as strong resistance. The bulls pushed the price above this resistance on August 26, but were unable to hold the altcoin above it.

BNB / USDT daily chart. Source: TradingView

If buyers do not give up much ground from current levels, it will suggest strength. The bulls will make one more attempt to overcome the upper hurdle. If they can pull it off, the BNB / USDT pair can rise to $ 600.

The rise of the 20-day EMA ($ 432) and the RSI in the positive zone suggest an advantage for buyers. This positive view will be invalidated if the price turns down and breaks below the 20-day EMA. That could result in a decline from the 200-day SMA ($ 362).

XRP / USDT

XRP has fallen back to the breakout level at $ 1.07. This is an important level for the bulls to defend because if it breaks down, the altcoin could witness a long sell-off and drop to the next support at the 200-day SMA ($ 0.86).

XRP / USDT daily chart. Source: TradingView

The flattening of the 20-day EMA ($ 1.08) and the RSI just above the midpoint suggest that the bulls may be losing control.

If the price rebounds from the current level, the XRP / USDT pair could move up to the downtrend line. A breakout and close above the downtrend line will increase the possibility of a rally towards the overhead resistance at $ 1.66.

On the other hand, if the price turns back down from the downtrend line, the pair may be at greater risk of initiating a deeper correction.

DOGE / USDT

Dogecoin (DOGE) broke below the 20-day EMA ($ 0.28) on August 27, indicating that supply exceeds demand. Currently, the bulls are attempting to push the price above the overhead resistance at $ 0.29.

DOGE / USDT daily chart. Source: TradingView

If the DOGE / USDT pair breaks out of the downtrend line, the bullish momentum may rebound. The pair could then rally to $ 0.35 and if this level is crossed, the next move could be towards the overhead resistance at $ 0.45.

On the contrary, if the price turns down from the current level, it will suggest that the bears are aggressively defending at $ 0.29. The pair could then drop to $ 0.21. A strong bounce from this support could keep the pair within the range of $ 0.21 to $ 0.29 for a few days.

DOT / USDT

Polkadot (DOT) turned down from the resistance above $ 28.60 and corrected to the 20-day EMA ($ 24.03). The strong bounce from this level shows that the bulls are piling up on declines.

DOT / USDT daily chart. Source: TradingView

If the bounce holds, the bulls will try to push the price above the resistance above $ 28.60. If the DOT / USDT pair sustains above $ 28.60, it will complete a bottom in V, which has a target of $ 46.83.

Alternatively, if the bounce fades, the bears will attempt to sink the price below the 20-day EMA. If that happens, the pair can drop to the next strong support at $ 18. If the price bounces off this level, the pair can stay in the range between $ 18 and $ 28.60 for a few days.

SOL / USDT

The long tail of the Solana (SOL) candle on August 25 and 26 shows a strong buy at lower levels. A shallow correction after a strong bullish move is a sign of strength because it suggests that traders are not closing their positions and are buying on minor dips.

SOL / USDT daily chart. Source: TradingView

The bulls have pushed the price above the all-time high of $ 82 today. If buyers hold the price above $ 82, the SOL / USDT pair could begin its journey towards the next psychological barrier at $ 100.

The rise of the 20-day EMA ($ 63) and the RSI in the overbought zone suggest that the bulls are in control. If the price does not sustain above $ 82, the pair could remain stagnant in a range for a few days. The bears will have to pull the price below $ 58.38 to break the bullish momentum.

Related: Bitcoin could hit $ 30K or $ 100K this year as analyst warns the next few months are key

UNI / USDT

Uniswap (UNI) broke below the moving averages on August 24, indicating weakness. The bulls tried to push the price above the moving averages on August 25 and 26, but were unable to sustain the higher levels.

UNI / USDT daily chart. Source: TradingView

Currently, the bulls are again trying to push the price above the moving averages. If they manage to do that, the UNI / USDT pair could rally to $ 30. A breakout of the $ 30 to $ 31.25 upper resistance zone could signal the start of a new uptrend.

Conversely, if the price turns down from the moving averages, the UNI / USDT pair could fall to the critical support at $ 23.45. A strong bounce from this level can keep the pair within the $ 23.45- $ 30 range in the near term. The flat moving averages and the RSI near the midpoint also suggest a consolidation for a few days.

MOON / USDT

The LUNA token of the Terra protocol has been consolidating between $ 26 and $ 32 for the last few days. Although the bulls pushed the price above $ 32 on August 19 and 24, they were unable to sustain the higher levels.

LUNA / USDT daily chart. Source: TradingView

The LUNA / USDT pair has recovered from support today and the bulls will again try to resume the uptrend. If the price closes above the $ 32 to $ 34.67 resistance zone, the pair can move up to $ 43.

The rise of the 20-day EMA ($ 24.44) and the RSI in the overbought territory suggest that the path of least resistance is to the upside. This bullish view will be reversed if the price turns down from the current level or upper resistance and breaks below the breakout level at $ 22.40.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trade movement involves risk. You should do your own research when making a decision.

Market data is provided by HitBTC exchange.