Price Analysis October 1st, 2024 – BTC, SOL, XRP, BNB, and ETH
After the US Central Bank Chairman Jerome Powell suggested on Monday that the Federal Open Market Committee may not lower interest rate by 50 bps at its upcoming meeting, Bitcoin started a downtrend, plunging below $64,000. Despite the drop, the coin closed September in the green for the first time in nine years.
Bitcoin is expected to extend its uptrend this month, considering October, popularly known as Uptober, has historically been a strong month for cryptocurrencies. If history repeats itself, BTC could rally at least 22% by the end of the month. Such gains would allow the coin to hit a new all-time high.
Meanwhile, Chief Investment Officer at ZX Squared, CK Zheng, has said that the US presidential election could be a bullish trigger as both the Democratic and Republican candidates have failed to “address the increasing American debt in their campaigns.”
It is worth mentioning that Bitcoin surged 169% in Q4 of 2020 when the US held its presidential election. Whether such a scenario can happen again this year remains to be seen.
So, what key levels on the upper side must we monitor if Bitcoin resumes its uptrend? Let’s explore the charts to find answers.
Bitcoin Price Analysis
Bitcoin has failed to remain above the $64,560 resistance level, signaling that higher levels attract profit-booking. It’s currently changing hands for $63,752. A further downward move will make the 20-day Exponential Moving Average of $62,803 a crucial level to keep an eye on. If successfully defended, buyers could begin a rally toward the $66,300 resistance and later to $69,990.
However, if $62,803 collapses, it’ll suggest that the bulls are losing their momentum. As such, Bitcoin might plummet to the 50-day Simple Moving Average of $60,215 or even head to $58,786.
Ethereum Price Analysis
Ethereum has come under moderate selling pressure in the last 24 hours after on-chain lookers reported that its founder, Vitalik Buterin, had transferred over $1.75 million worth of ETH to a centralized exchange, signaling intentions to sell.
Although Ether has reversed from the $2,701.93 crucial resistance level, it remains above the 20-day Exponential Moving Average of $2,567, meaning the bulls are still in the driver’s seat. If a rally starts now and the coin crosses $2,701.93, it could grow to $2,852.45, where selling activity is expected.
On the other hand, if Ethereum breaks below $2,567, it may drop below the support at the 50-day Simple Moving Average of $2,528.09 and head toward $2,500.37.
BNB Price Analysis
While many thought the release of former Binance CEO Changpeng Zhao from prison would cause BNB’s price to spike, it hasn’t been the case. Instead, the token has continued consolidating between the $580 – $620 range, indicating indecision between traders. However, a break above $620 would signal the bulls’ determination to take charge and push the Binance Coin above the $634.87 resistance, thus triggering a rally to $721.
Conversely, a breakout from $580 would put the support at the 20-day Exponential Moving Average of $574.11 at risk of collapsing. If this happens, BNB might dip to $502.94 and later to $460.28.
Solana Price Analysis
After a few days of cooling down, it appears that Solana has resumed its uptrend. However, intense selling near the $164.03 resistance has been a stumbling block for the bulls. But if the bears are finally defeated, SOL could cross $164.03 and surge to $187.58 or even $204.63.
On the downside, a break below the $150.30 support enhances the probability of a bearish move to the 20-day Exponential Moving Average of $146.98. If this level gives way, Solana might dip to the 50-day Simple Moving Average of $142.11.
XRP Price Analysis
XRP couldn’t remain above $0.6429, a vital resistance level, on September 29th after news emerged that the US Securities and Exchange Commission allegedly planned to appeal the court’s verdict on XRP sales. The American regulator has until October 7th to do so.
XRP is valued at $0.6208. If it breaks below $0.6027, it may plunge to $0.5643, while a break above $0.6429 boosts the prospects of a rally to $0.6775.
Tokenhell produces content exposure for over 5,000 crypto companies and you can be one of them too! Contact at [email protected] if you have any questions. Cryptocurrencies are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by Tokenhell authors (namely Crypto Cable , Sponsored Articles and Press Release content) and the views expressed in these types of posts do not reflect the views of this website. CreditInsightHubs is not responsible for the content, accuracy, quality, advertising, products or any other content or banners (ad space) posted on the site. Read full terms and conditions / disclaimer.
