10/23 Price Analysis: BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, AVAX, SHIB

Will Bitcoin’s Near-Term Support Hold?

Let’s analyze the charts of the top cryptocurrencies to assess whether Bitcoin’s support will hold and if altcoins can start to recover.

Bitcoin Price Analysis

Bitcoin has returned to the 20-day exponential moving average (EMA) of $65,526, a critical near-term support level.

• A strong rebound off the 20-day EMA would indicate aggressive buying on dips, suggesting bullish sentiment.
• If buyers succeed, the BTC/USDT pair could target $70,000, potentially extending to $72,000.
• Resistance is expected in the $72,000 to $73,777 zone.

Conversely, if the price closes below the 20-day EMA, it may weaken positive momentum, possibly leading to a decline towards the 50-day simple moving average (SMA) of $62,295.

Ether Price Analysis

Ether (ETH) re-entered the symmetrical triangle on October 22, rejecting the breakout attempt. Selling pressure intensified on October 23, breaking below the 20-day EMA of $2,568.

• Minor support lies at the 50-day SMA of $2,487; failure to hold this level could see ETH drop to $2,400 and then $2,330.
• If a rebound occurs off the 50-day SMA, bulls may aim for a return to $2,850, a likely strong resistance level.

BNB Price Analysis

BNB dipped below the 20-day EMA of $585, which serves as important near-term support.

• Staying above this level could signal bullish defense, increasing chances for a rally to the $635 resistance.
• Conversely, a close below the 20-day EMA may lead to a decline towards the 50-day SMA of $565 and further support at $527.

Solana Price Analysis

Solana (SOL) has managed to sustain above the breakout level of $164, but bulls struggle to initiate a rally.

• Failure to push above $172 may empower sellers, potentially pulling the price back to the 20-day EMA of $155.
• A rebound from this level could spark another attempt to breach $172 and rally towards $189.

XRP Price Analysis

XRP broke below its uptrend line on October 22, indicating bear control.

• The XRP/USDT pair could decline to strong support at $0.50; a break below could lead to further declines to $0.46.
• Bulls need to maintain prices above the 50-day SMA of $0.55 to signal strength and attempt a rally towards $0.64.

Dogecoin Price Analysis

Dogecoin (DOGE) faces pressure as bears attempt to pull it toward the breakout level from a symmetrical triangle pattern.

• The upsloping 20-day EMA of $0.12 suggests buyer advantages; a rebound here could lead to a rally above $0.15.
• If the price declines and re-enters the triangle, it may drop to the 50-day SMA of $0.11.

Toncoin Price Analysis

Toncoin (TON) continues to trade below moving averages, signaling weak demand at higher levels.

• The immediate support level to watch is $5; a break below could test the $4.72 to $4.44 support zone.
• To regain momentum, bulls need to push prices above the moving averages to aim for $7, with sellers likely to defend at $6.

Cardano Price Analysis

Cardano (ADA) trades within a tight range between $0.33 and $0.37, showing a struggle between bulls and bears.

• If the price breaks below the moving averages, it may drop to $0.31.
• Conversely, a rise from the moving averages could lead to a challenge at $0.37, with potential resistance at $0.40.

Avalanche Price Analysis

Avalanche (AVAX) continues to trade within a symmetrical triangle pattern, indicating indecision.

• A drop below the 50-day SMA of $26.27 could test the support line.
• A strong rebound from this support may keep the pair inside the triangle; a break below could lead to declines to $20 or $17.

Shiba Inu Price Analysis

Shiba Inu (SHIB) faces increased breakdown risks as bulls fail to rebound off the 20-day EMA of $0.000018.

• A close below this level may see SHIB drop to the 50-day SMA of $0.000016, potentially keeping it within the $0.000012 to $0.000020 range.
• Bulls must initiate a bounce off the 20-day EMA to aim for $0.000020, where sellers are likely to defend aggressively.

In summary, while Bitcoin faces near-term challenges, several altcoins exhibit potential for recovery depending on market dynamics and support levels. Investors should closely monitor these levels for trading opportunities.