Bitcoin has traded above $27,000 since Saturday. This gives an indication that selling pressure at lower levels is declining. The latest price surge comes a few days after the US Securities and Exchange Commission (SEC) announced it was delaying its verdict regarding Bitcoin Spot Exchange-Traded Funds. This suggests that most Bitcoin investors are focused on the long-term view of the coin.
BTC’s resilience appears to have improved overall investor sentiment on crypto, given that most altcoins have recorded gains since yesterday.
Will Bitcoin continue trending upward over the next few days to drive a marketwide recovery? Let’s get the answers by exploring various price charts.
Bitcoin Price Analysis
Bitcoin has finally broken above the 20-day EMA (Exponential Moving Average) of $26,653 and the 50-day SMA (Simple Moving Average) of $26,925. CoinGecko’s data shows BTC trading at $27,123 as of this writing. Based on the Relative Strength Index indicator, which is now at 61.22, a further upward move looks likely. However, Bitcoin bulls have to defeat the bears at the $27,409 resistance level to push the coin to $28,146.
Conversely, if Bitcoin falls to $26,182 and the bulls fail to guard the level, the bears will regain control and may cause BTC’s value to depreciate to $24.943.
Ethereum Price Analysis
Ever since crossing above $1,623.02, the 20-day EMA, on September 28, Ethereum’s price has been rising. The token is currently valued above the 50-day SMA of $1,662.12. ETH bulls will now attempt to drive the crypto asset toward the $1,743.74 resistance level. If they beat the bears here, a path to $1,959.87 will be cleared.
In another assumption, a reverse from $1,743.74 will suggest that the bears are active on upper levels, and their selling pressure may cause Ethereum to retest $1,623.02.
BNB Price Analysis
Bulls’ efforts to get BNB near the $220.68 resistance level are still not bearing fruit. Since September 21, the token has been trading between the 20-day EMA of $215.33 and the newly formed support ($208.04). However, the Relative Strength Index indicator is almost entering a positive zone, meaning the bulls could take the steering wheel. If they do, BNB could cross $220.68 to head towards $233.94.
This assumption will be nullified if BNB rebounds off $220.68. That’s because the token may fall and enter inside the current trading range. If this happens, BNB could be struck in that range for some time.
Dogecoin Price Analysis
DOGE crossed above the 20-day EMA of $0.061129 on Thursday to trade at $0.062368 as of this writing. The Relative Strength Index also crossed above the midpoint, suggesting that the memecoin could continue rising. The first barrier will be at the 50-day SMA of $0.063891. Clearing this hurdle will allow the bulls to push Dogecoin toward the $0.070074 resistance level.
On the contrary, if DOGE plummets below $0.061129 and the $0.060327 also crumbles, we anticipate a fall to $0.056382.
Polygon Price Analysis
After hitting the $0.501824 support and rebounding on Thursday, MATIC has been on an uptrend, crossing above the 20-day EMA of $0.52087 to change hands for $0.537291 at press time. A bullish divergence is forming on the Relative Strength Index, meaning the bears are no longer aggressive. With that said, a break above the 50-day SMA of $0.553288 could make a rally toward $0.605234 possible.
If the sellers want to take control, they must pull Polygon below $0.501824. Achieving this will allow them to drag the token to $0.452735.
Polkadot Price Analysis
Like MATIC, DOT rebounded from a crucial support ($3.97) on Thursday and then rose above $4.09, the 20-day EMA, to trade at $4.15 as of this writing. However, the bulls are not out of the woods yet. To take full control of the Polkadot market, they must thrust the digital currency above the 50-day SMA of $4.31.
The bulls must not let go of $3.97 to avoid a drop to $3.57.
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