Bitcoin BTCUSD is facing resistance near $69,000, but the bulls have kept up the pressure. As the price nears the top of the range, the bears are likely to pose a strong challenge. However, analysts expect the range-bound action to end following the result of the upcoming United States elections.
Standard Chartered Bank analyst Geoff Kendrick said in a research note that Bitcoin could surge to $125,000 by the end of the year if the Republicans sweep the US Congress after the Nov. 5 elections.
Another bullish projection came from Bitwise’s head of alpha strategies, Jeff Park, who said in a post on X that Bitcoin could reach $92,000 if Donald Trump wins the US Presidential elections.
Along with Bitcoin, select analysts are turning positive on the prospects of an altcoin rally. According to analysts at crypto investment firm Hashkey Capital, an “altcoin season is more probable” when Bitcoin rallies above $80,000.
Could Bitcoin pierce the overhead resistance at $70,000? Will altcoins follow Bitcoin higher? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price analysis
Bitcoin turned up from $65,000 on Oct. 23, indicating that the bulls are trying to flip the level into support.
The upsloping 20-day exponential moving average ($66,086) and the relative strength index (RSI) in the positive territory indicate that bulls are in control. That improves the prospects of a break above $70,000. The BTCUSDT pair may then rise to $72,000.
On the downside, the $65,000 level is the critical support for the bulls to defend. A break and close below $65,000 could sink the pair to the 50-day simple moving average ($62,758). Such a move will suggest that the sideways price action may continue for some more time.
Ether price analysis
Ether (ETH) bounced off the 50-day SMA ($2,492) on Oct. 25, indicating that the bulls are trying to form a higher low.
If buyers push the price above the resistance line, the ETHUSDT pair could reach $2,850. Sellers will try to stall the recovery at $2,850, but if the bulls do not cede ground to the bears, the possibility of a breakout increases. The pair may then start a rally to $3,400.
The 50-day SMA is the essential level to watch out for on the downside. A break and close below the 50-day SMA could start a down move to $2,330 and then to the triangle’s support line.
BNB price analysis
Buyers have managed to maintain BNB (BNB) above the 20-day EMA ($587), indicating a positive sentiment.
If the 20-day EMA support breaks, the BNBUSDT pair could dip to the 50-day SMA ($569). Buyers will try to defend the 50-day SMA, but the pair could drop to $527 if the bears prevail.
Instead, if the price continues higher and breaks above $612, the bulls will try to test the stiff overhead resistance of $635. The bears are expected to protect the $635 level with all their might because a break above it could drive the pair to $722.
Solana price analysis
Solana (SOL) turned up from the breakout level of $164 on Oct. 23, indicating that the bulls have flipped the level into support.
The up move is facing resistance near $180, but a positive sign is that the bulls have not ceded much ground to the bears. The upsloping 20-day EMA ($159) and the RSI in the overbought zone suggest that the bulls have the upper hand. That increases the likelihood of a rally to $189, where the bears may mount a strong defense.
This optimistic view will be negated in the near term if the price turns down and breaks below the 20-day EMA. The SOLUSDT pair could then plunge to the 50-day SMA ($147).
XRP price analysis
XRP (XRP) bounced off $0.51 on Oct. 23, but the bulls are struggling to hold on to the higher levels, indicating selling on every minor recovery.
The 20-day EMA ($0.54) has started to turn down, and the RSI is in the negative territory, indicating that the bears have a slight edge. If the $0.50 support gives way, the XRPUSDT pair could descend to $0.46. Buyers are expected to fiercely defend the $0.46 to $0.41 support zone.
The 50-day SMA ($0.55) is the critical overhead resistance to watch out for. A break and close above it will suggest that the bulls are back in the game.
Dogecoin price analysis
The bulls are trying to maintain Dogecoin (DOGE) above the breakout level from the symmetrical triangle pattern.
Buyers will have to quickly drive and maintain the price above the $0.15 overhead resistance to signal the resumption of the up move. The DOGEUSDT pair could travel to $0.17 and subsequently to $0.19.
Conversely, if the price continues lower and re-enters the triangle, it will indicate that the markets have rejected the breakout. That could pull the price to the 50-day SMA ($0.11).
Toncoin price analysis
The bears are trying to strengthen their position by pulling Toncoin (TON) below the immediate support at $5.
If they do that, the TONUSDT pair could slide to the $4.72 to $4.44 support zone. This is a crucial zone to watch out for because a break and close below it will complete a bearish head-and-shoulders pattern. The pair could then start a downtrend to $3.50.
On the contrary, if the price rebounds off the support zone, it will suggest demand at lower levels. A break and close above the moving averages will indicate that the bulls are on a comeback.
Cardano price analysis
Cardano (ADA) dipped below the moving averages on Oct. 23, and the bears are trying to sink the price below $0.33 on Oct. 25.
If the support gives way, the ADAUSDT pair could drop to the bottom of the range at $0.31. Buyers are expected to defend this level aggressively. A solid rebound off $0.31 will indicate that the range-bound action remains intact. Buyers will gain strength on a break and close above the moving averages.
Contrary to this assumption, a weak rebound off $0.31 increases the risk of a breakdown. If that happens, the pair may plummet to $0.27, signaling the start of the next leg of the downtrend.
Avalanche price analysis
Buyers tried to push Avalanche (AVAX) above the 20-day EMA ($27.37) on Oct. 24, but the bears held their ground.
The AVAXUSDT pair could drop to the support line, where the buyers are expected to step in. If the price rebounds off the support line and rises above the 20-day EMA, it will suggest that the pair may spend some more time inside the triangle.
On the other hand, if the price breaks below the support line, it will indicate that the bears have overpowered the bulls. That may start a downward move to $20 and thereafter to $17.
Shiba Inu price analysis
Shiba Inu (SHIB) is witnessing a tough battle between the bulls and the bears near the 20-day EMA ($0.000018).
The flattening 20-day EMA and the RSI near the midpoint do not give a clear advantage either to the bulls or the bears. If buyers maintain the price above the 20-day EMA, the SHIBUSDT pair could reach the overhead resistance at $0.000020. A break and close above $0.000020 could signal the start of a new up move toward $0.000026.
Contrarily, if the price maintains below the 20-day EMA, it will signal that the bulls are losing their grip. The pair may then drop to the 50-day SMA ($0.000016).
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
