Price Analysis October 10th, 2024 – BTC, BNB, ETH, SOL, ADA, and SHIB
Bitcoin bears have finally pulled the coin below the $62,000 support, signaling low demand at higher levels. This is also evidenced by CryptoQuant’s latest report, which shows that the Coinbase Premium has been negative in the past four days, suggesting low buying interest from traders.
In most cases, when Bitcoin falls below a key support, the bears open short positions and place their stop-loss points slightly above this level. Such a move puts pressure on the coin and may cause it to dip toward another support. However, analysts from Bitfinex do not anticipate Bitcoin to drop by massive margins in the coming weeks since the open interest has fallen to $31.7 billion from $35.5 billion.
BTC is trading near $60,000. So, which support levels should we keep an eye on if the coin drops below that price? Let’s look at the charts to find out.
Bitcoin Price Analysis
The bulls and bears are currently in a battle near the 50-day Simple Moving Average of $60,676.21. The Relative Strength Index (50.28) doesn’t signal an advantage for any side. However, if the bulls thrust and keep BTC above $61,073, a surge to the 20-day Exponential Moving Average of $62,241 is likely. Furthermore, a break above that level would enhance the likelihood of a rally to $65,284.
On the other hand, pulling Bitcoin below $60,676.21 could allow the bears to trigger a move below the $60,000 support to $57,552.
Ethereum Price Analysis
Buyers have struggled to maintain Ethereum above the 20-day Exponential Moving Average of $2,487, signaling hesitation to open buy positions at higher prices. ETH is currently priced below vital support ($2,402), thus increasing the probability of a move to the $2,300.47 support.
If the buyers want to occupy the driver’s seat again, they must push Ethereum above $2,487. Achieving this makes a rally to the $2,853.03 breakdown level possible. Moreover, the bulls could thrust ETH to $3,400.27 if the 2,853.03 hurdle crumbles.
BNB Price Analysis
Despite rising selling pressure, BNB remains above the 20-day Exponential Moving Average of $567.94. This indicates that the bulls do not want to lose their advantage. If they push BNB past $590.47, the road to $635.77 will be cleared. Also, breaking and closing above $635.77 would allow the Binance Coin to head toward $721.95.
Conversely, if $567.94 isn’t guarded, a journey to the 50-day Simple Moving Average of $552.58 and then to $500.06 will begin.
Solana Price Analysis
Solana’s current price ($140.21) indicates that the bulls have failed to protect two key levels this week: the 20-day Exponential Moving Average of $144.63 and the 50-day Simple Moving Average of $141.04. That said, it is safe to assume that the bears are now in charge. Therefore, we may witness SOL drop to $133.55 if the bulls don’t guard the $139.26 support.
On the positive side, a sustained move above $144.63 could help Solana rally toward $165.18 and later to $189.33.
Cardano Price Analysis
In the past two days, the bulls have made failed attempts to push ADA above the 20-day Exponential Moving Average of $0.3586, suggesting solid bears’ presence at this crucial level. However, pressure from the bears hasn’t been enough to drag the coin below the $0.3173 support. But if $0.3173 is eventually violated, Cardano could plummet toward the $0.2451 support.
From a bullish perspective, if $0.3586 gives way, the bulls will likely propel Cardano to $0.4016 and then to $0.4462.
Shiba Inu Price Analysis
The bulls have successfully blocked the bears from dragging Shiba Inu below the 20-day Exponential Moving Average of $0.00001703 this week but have failed to start a rally. However, if buying activity picks up in the coming days, SHIB could climb to $0.00002034 and later head toward $0.00002606.
On the downside, bearish momentum could escalate if the buyers let sellers tug SHIB below $0.00001703. As such, the second-largest meme coin could plunge to the $0.000012 support.
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