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Price analysis 09/29: BTC, ETH, ADA, BNB, XRP, SOL, DOT, DOGE, AVAX, UNI

10 min reading

Bitcoin (BTC) and Ether (ETH) are trying to bounce back from their critical support levels as bulls try to thwart bears' attempts to deepen the correction. Elon Musk, CEO of Tesla, recently said at a code conference in California that the government "cannot destroy" crypto because of its decentralized nature but can "slow it down".

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Bitcoin (BTC) and Ether (ETH) are trying to bounce back from their critical support levels as bulls try to thwart bears' attempts to deepen the correction. Elon Musk, CEO of Tesla, recently said at a code conference in California that the government "cannot destroy" crypto because of its decentralized nature but can "slow it down". Data shows that the whales have moved a record number of bitcoins in the last two weeks. The total volume of transfer transactions of $10 million and more exceeds the levels seen as the Bitcoin price approaches $60,000. According to analytical sources in the Material Indicators chain, "smaller" whales have been sold and megaguards have been added to their farm.

Bobby Lee, former CEO of BTCC, said in an interview with Bloomberg on the 29th that $100,000 will eventually reach $200,000. Are bitcoin and altcoins being poised for a relief rally or will bears pull prices back below their respective support levels? Let's analyze the top 10 cryptocurrency charts to understand them.

BTC / USDT

Bitcoin continues to trade between the 100-day simple moving average ($41,221) and the 20-day exponential moving average ($44,229). The price rebounded from today's 100-day SMA, indicating bulls continue to aggressively defend this support. The 20-day EMA is down and the relative strength index (RSI) is in negative territory, suggesting sentiment remains negative and bears may be selling on the rally. If the price drops from the 20-day EMA, the narrow range action may continue for a few more days. A break and close below the 100-day SMA could result in a panic sell, bringing the price down to $37,332.70. If this level breaks too, the BTC/USDT pair could fall to $30,000. Alternatively, a break and close above the 20-day EMA is the first sign that the selling pressure may be easing. The pair could then move to the 50-day SMA ($46,580) followed by a spike to $48,843.20.

ETH / USDT

Ether left the 20-day EMA ($3,118) on September 27 and fell to the 100-day SMA ($2,771) on September 28. The bulls are again holding back support and trying to push the price down to the 20-day EMA. The decline in the 20-day EMA and RSI in negative territory suggests that the bears are in control. If the price drops from the current level or the 20-day EMA, the bears will make another attempt to break the 100-day SMA support. In that case, the ETH/USDT pair could slide to $2,400, and if that support also gives way, the downside could extend to $1,972.12. The bulls need to push and hold above $3,174.50 to signal that the correction may be over. The pair could then advance to the 50-day SMA ($3,291) and then to $3,676.28.

ADA / USDT

Cardano (ADA) has been trading between the 20-day EMA ($2.27) and $1.94 support for the past few days. The long wick of today's candlestick indicates that bears are being sold in rallies for help. A decline in the 20-day EMA and RSI below 40 indicates that the bears have the advantage. The sellers could try once again to dip and hold the price below the range between $1.94 and the 100-day SMA ($1.87). If the price drops below this support zone, selling could increase and the ADA/USDT pair could drop to $1.60 and then to $1.40. This negative opinion will be invalidated if the bulls rise and hold the price above $2.47.

BNB / USDT

Binance Coin (BNB) closed at USD 340 support on September 27, but bears failed to capitalize on the move and cut the price below USD 320. This indicates that selling is drying at lower levels. The RSI has formed a positive divergence, indicating that the bearish momentum may be easing. Today's strong rally suggests aggressive buying at lower levels and possible short coverage by bears. If the advance pushes the price above the 20-day EMA (USD 381), this indicates that the adjustment may be complete. The BNB/USDT pair could then rise to $433. Conversely, if the price drops again from the 20-day EMA, this indicates that traders are selling on a rally. The bears will then make another attempt to pull the price below $320.

XRP / USDT

XRP fell again to the 100-day SMA ($0.88) on September 28. Repeated tests of the support level are likely to weaken it, but a small positive sign is that the bulls have managed to hold onto the level several times in the last few days. The uptick pushed the price up to the 20-day EMA ($1.00) today, but today's long wick shows that the bears are in no mood to give up. If the price drops from the current levels, the bears will make another attempt to decline and keep the price below the 100-day SMA. If successful, the XRP/USDT pair could drop to $0.69. If the advance pushes the price above the 20-day EMA against this assumption, the pair may unite for the 50-day SMA ($1.11).

SOL / USDT

Even though Solana (SOL) has exited the downtrend, buyers are struggling to keep the price above the 20-day EMA (USD 141). This suggests sentiment will remain negative and bears will be sold on the rally. Disruptions and closing above the 20-day EMA are the first indicators that the selling pressure may be easing. The SOL/USDT pair could then advance to the Fibonacci correction level of 38.2% at $154.20 and then to the 50% correction level at $166. Alternatively, if the price drops from the 20-day EMA or overhead resistance, the bears will try to pull the pair below the 50-day SMA ($118). A breakout and closing below $116 could lead to panic selling.

DOT / USDT

Polka-dot (DOT) tries to beautify the neckline of a developing head and shoulder model. This is an important bull protection level as breaking through and closing below it would complete a bearish setup. Selling could gain momentum below the cut by dragging the price to the 100-day SMA ($22.28) and then to the target of the $12.23 model. The decline in the 20-day EMA ($30.12) and the RSI just below the midpoint has been a bit of a boon for the bears. Conversely, if the bulls break above the 20-day EMA and break the downside, it will indicate that the bears may be losing their footing. The pair could then unite at $33.60 where the bears could again present a tough challenge. A break and close above this resistance could open the way for a retest of $38.77.

DOGE / USDT

Dogecoin (DOGE) has been placed between $0.19 and $0.21 in the last three days. Trading this narrow range implies indecision between bulls and bears for the next move in that direction. The RSI is trying to create a positive divergence, indicating that the selling pressure may ease. If the bulls push the price above $0.21, the DOGE/USDT pair could advance to the 20-day EMA ($0.22), which in turn could act as stiff resistance. Breaking out and closing above the 20-day EMA is the first indicator of strength and can open the door for any upward movement to the downward line. Alternatively, if the price falls below the current level or resistance and breaks below $0.19, the pair may plunge to $0.15.

AVAX / USDT

The long wick of the Avalanche Candlestick (AVAX) on September 27 indicates that the bears are selling aggressively in rallies. Selling continued and the decline dragged the price below the uplink support line on September 28. Even though the gains put the price back in today's channel, the long wick of the candlestick for the day shows the bears are selling for small refunds. The 20-day EMA ($62.12) is the level and the RSI is just above the middle, indicating that the bulls may be losing their grip. If the price does not hold inside the channel, the AVAX/USDT pair may slide to the immediate support at USD 52. However, if buyers keep the price inside the channel, the pair may advance to $72 and if the level is crossed, it is possible to retest the all-time high in the channel. $79.80.

UNI / USDT

Bulls have pushed Uniswap (UNI) past the downlink line for the past two days, but were unable to hold the level higher. On a small positive note, the bulls haven't given up much and are trying again today to reduce resistance to the overhead. A flat 20-day EMA ($23) and RSI near the midsection suggest the bears are losing their grip. If the price holds above the channel, the UNI/USDT pair could advance to the 50-day SMA ($25.88) and then to $27.62 later. A break and close above $27.62 could retest the firm barrier above $31.41. On the other hand, if the price drops from the current level, this indicates that the bears are aggressively maintaining resistance. If the pair slips below $21.84, the next stop could be at $17.73.

This week has been challenging for cryptocurrency traders as news of China's September 24 crypto ban erased many of the gain’s investors saw earlier this week. Between September 18 and 25, the top 100 altcoins threw up 14.4% of their total value, while Bitcoin (BTC) lost 12.5%. The number of altcoins with double-digit earnings is also very low. Data from Markets Pro subscription-based data intelligence platform, shows that only eight of the hundreds of assets tracked earn more than 10% against the US dollar. While trading is an activity characterized by a steady stream of profits and losses, how can investors see a coin that is well positioned to weather the storm prematurely?

VORTECS™ catches the first signs of a breakthrough

The VORTECS™ model is optimized to identify patterns of social and market activity that occurred sequentially in the last 12 to 72 hours before the coin spiked. A score of 80 or higher indicates that the observed condition has a strong history of previous price increases. TRAC prices were volatile during the week compared to the mostly favourable results of VORTECS™ low-to-mid-1970s. The top result of 81 appeared briefly at the end of September 21 (red circle on the chart), which indicates the model's growing belief that market patterns and social activity around the coin look like historical bulls. Despite the price drop that started shortly after the VORTECS high score, TRAC immediately saw its luck and started a two-day rally from $0.37 to $0.56.

The REN price fell steadily in the first half of the week amid a series of very strong VORTEC езултати results. The REN finally hit a low of $0.70 before starting to rise again, and soon came the second set of VORTECS™ results for the week hitting 80-plus. Astute traders know that an asset whose VORTECS™ rating remains high for a long time - even as long as the price is the same - can offer excellent profit opportunities. Of course, the price of the REN skyrocketed from $0.81 at the end of September 23, peaking at $1.13 about 29 hours later. Digital assets don't always behave the way they did in the past, especially during a downturn. After all, of last week's top eight players, only two coins produced a familiar bullish pattern before the price skyrocketed. The additional information that the VORTECS™ Score is available to traders can be indispensable in situations where multiple coins are expected to beat a tough market.

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