At the end of last month, the US policymakers in the Senate and the House prevented a government shutdown after reaching a temporary agreement. The news caused Bitcoin to rally above $28,000. Moreover, the historically positive performance that BTC has posted every October over the past six years may have improved sentiment as well.
That said, Bitcoin could witness an upward move in the short term. However, investors must keep in mind the rising United States Dollar Index. If it continues growing, sentiment around BTC may weaken, pulling the coin to lower levels again.
Here is a price analysis for various Cryptocurrencies:
Bitcoin Price Analysis
On October 2, Bitcoin crossed above the $27,600 resistance level to $28,431, according to data from CoinGecko. The bears then tugged BTC below $27,600 the following day. However, the bulls have managed to propel the coin’s price above that crucial level as of this writing. Bitcoin now trades at $27,856. The buyers may attempt to drive the token’s price towards $28,431. If this hurdle is conquered, a path to $31,213 will be cleared.
On the other hand, if the sellers sustain Bitcoin below $27,600, the 20-day EMA (Exponential Moving Average) of $26,834 will be the coin’s next stop. A price lower than this level will suggest that the bears are taking the driver’s seat and may drag BTC to $24,888.
Ethereum Price Analysis
ETH rallied a few days ago following the United States Securities and Exchange Commission’s decision to approve VanEck’s Ethereum futures exchange-traded fund. On Tuesday, the token went above the 50-day SMA (Simple Moving Average) of $1,651.86 to hit $1,735.74. However, ETH is valued below the 50-day SMA at press time. This suggests intense selling activity at higher levels.
If the 20-day EMA of $1,645.32 is not protected, the bulls may give bears the advantage to pull Ethereum to $1,598.83. However, if the crypto asset rebounds off $1,645.32, the buyers will then try to push its price above $1,735.74 for a rally to $1,958.32.
BNB Price Analysis
BNB almost touched the $220.04 breakdown level on October 2 before plummeting to $210.37 yesterday. The token has grown to $212.32 as of this writing. The BNB bulls must push the digital currency’s price above the 20-day EMA of $214.08 in order to enhance the chances of retesting $220.04. A break above this level could cause more buying pressure, which may push BNB to $236 or even $249.45.
On the negative side, the bears are likely to tug BNB to $201.65 if $210.37 cracks.
XRP Price Analysis
Wednesday was a good day for XRP, as a US court dismissed the US Securities and Exchange Commission’s appeal against the July ruling that declared XRP non-security. On top of that, the token issuer Ripple Labs announced securing a license from the Monetary Authority of Singapore. The news caused XRP to surge 6% and now changes hands for $0.528421.
The rally wasn’t strong enough to overcome the barrier at $0.564887. However, if XRP does hit this level, we expect a sell-off. The bears understand that failing to guard $0.564887 will help the bulls thrust the crypto asset to $0.659972.
With that said, XRP’s price may range between $0.421147 and $0.564887 over the coming days.
Cardano Price Analysis
At the start of the month, ADA broke above the 50-day SMA of $0.251844, invalidating the bearish divergence that had begun to form on the relative strength index. The failed bearish setup has motivated more bulls to enter the market, as evidenced by the rising Cardano’s price. The token is changing hands for $0.259487, as per CoinGecko’s data. If the price crosses the $0.260638 resistance level, ADA could rally to $0.298153.
Conversely, should the bears drag Cardano below $0.251844, the chances of the token depreciating to $0.245937 will increase.
Dogecoin Price Analysis
Dogecoin buyers have once again failed to sustain the memecoin’s price above the 50-day SMA of $0.062678. However, they continue to protect the $0.060384 support with all they have. For DOGE to reach $0.072857, the bulls must fuel a sustained rally above $0.062678.
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