BTC, ETH, BNB, XRP, SOL, ADA, DOGE, TON, LINK, MATIC

Bitcoin (BTC) rose easily from the $31,000 to $32,400 resistance zone on October 23, which was a surprise to many market participants. Usually, the price tends to consolidate or hesitate towards strong resistance levels but that was not the case this time.

Market participants are bullish as they expect the Bitcoin spot exchange-traded fund to get approval soon. Bloomberg ETF analyst Eric Balchunas In an Oct. 23 post on X (formerly Twitter), BlackRock's position on the Bitcoin ETF on the Depository Trust & Clearing Corporation (DTCC) said it was “part of the process” to bring the ETF. Market. He added: “It is difficult to see any sign that approval is imminent.” However, a DTCC spokesperson later said that the ETF's listing has been there since August and its presence there does not indicate any regulatory approval.

The rush to buy Bitcoin ahead of the arrival of the Spot Licensing Bitcoin ETF comes as analysts expect the price to rise once the green light is received. According to Charles Yu, a research associate at Galaxy Digital, in a blog post, the price of Bitcoin could increase by 74.1% in the first year of its launch in the United States.

Is the recent rally in Bitcoin the start of a sustained strong move or is it time to book profits? How will altcoins fare when bitcoin price shows strength?

Let's examine the charts of the top 10 cryptocurrencies to find out.

Bitcoin price analysis

Bitcoin rose above the strong upside barrier from $31,000 to $32,400 on October 23.

A sharp rally over the past few days has sent the Relative Strength Index (RSI) into overbought territory. Sometimes, in the early stages of a new bull move, the RSI tends to stay in the overbought zone for a long time.

Important support to watch on the downside is $32,400 and then $31,000. Buyers are expected to protect this zone effectively. If the price breaks out of this support zone, the bulls will try to drive the BTC/USDT pair to $40,000.

Conversely, a drop below $31,000 indicates that the recent rally may be a bull trap.

Ether price analysis

Ether (ETH) range resolved to the upside with a break above $1,746 on October 23, indicating that a trend reversal could begin.

The bulls tried to extend the rally on October 24, but the long wick on the candlestick indicates oversold. An important level to watch on the downside is $1,746. If bulls hold this level during the retest, the ETH/USDT pair could jump above $1,855. That could open the door to a rally to $1,900 and then $2,000.

The bears may have other plans. They will try to pull the price back below $1,746 and trap aggressive bulls. The pair may descend towards the 20-day EMA ($1,648). Such a move suggests that the couple should extend their engagement for more time.

BNB price analysis

BNB (BNB) rallied above the immediate resistance of $223 on October 23, but the bulls could not maintain the momentum and could not clear the barrier at $235.

Sellers are trying to push the price back below $223. If they manage to do that, it suggests that the BNB/USDT pair may fluctuate between $203 and $235 for some time.

The 20-day EMA ($215) has started to rise and the RSI is in positive territory, indicating that the bulls are dominant. If the price is above $223, it suggests that bulls will buy on dips. This rally will improve expectations above $235. The pair may start rallying towards $250 and eventually towards $265.

XRP price analysis

XRP (XRP) has been oscillating in a wide range between $0.41 and $0.56 for the past several months. The bulls pushed the price above the regional resistance on October 24, but the long wick on the candle shows that the bears are trying to maintain the level.

In a range, traders generally sell near the main resistance and that is what is seen in the XRP/USDT pair. If the price reaches the moving average, it suggests that the pair may stay in the $0.56 to $0.46 range for a few more days.

Instead, if the price breaks out of the current level and breaks above $0.56, it signals the start of a new move. The pair may first rise to $0.66 and then attempt a rally to $0.71.

Solana price analysis

Solana (SOL) reached the $32.81 pattern target on October 23, where traders can book profits. That was a short-lived correction on October 24th.

This indicates that sentiment remains bullish and every little pot is being bought. On October 25, buyers pushed the price above $32.81, which indicates the beginning of the next level of growth. The SOL/USDT pair may rise to $38.79 next.

The RSI remains in the overbought territory, indicating that the pair is at risk of witnessing a slight correction or consolidation in the near term. If the price falls below $29.50, the pair could fall to $27.12. This level is likely to witness strong buying by bulls.

Cardano price analysis

Cardano (ADA) jumped above the $0.28 resistance on October 24, but the long wick on the candlestick shows that the bears are selling high.

The ADA/USDT pair may see a fierce battle near the $0.28 mark. If the price slips and continues below this level, it indicates that the markets have rejected the breakdown. That could keep the pair in the $0.24 to $0.28 range for some time.

Conversely, if the price returns from $0.28 and goes above $0.30, it indicates that the bulls have reversed the level to support. That could initiate a new move towards $0.32. If this level is broken, the pair could begin its journey towards $0.38.

Dogecoin price analysis

The Dogecoin (DOGE) rally was met with heavy selling at $0.07 on October 24 as seen from the long wick on the intraday candle.

The DOGE/USDT pair may enter a period of correction or consolidation in the near future. During that period, if the pair does not give much space, it suggests that the bulls should not close their positions in a hurry. That adds up to more than $0.07 in downtime. The pair may rise to $0.08.

The bullish cross over the moving averages and the RSI in the overbought region indicate that the bulls are in command. If the price is below $0.06, this advantage is tilted to the bears.

Related: Matrixport Doubles on $45K Bitcoin Year-End Forecast

Token price analysis

Toncoin (Ton) dropped from $2.26 on October 24, indicating that the bears are protecting the resistance at $2.31.

The downside is that the first support is on the moving averages. If the price bounces back from this level, it indicates that the sentiment is positive and traders are buying the dips. That adds up to more than a $2.31 breakeven opportunity. If that happens, the TON/USDT pair could retest the dreaded resistance at $2.59.

Conversely, if the price declines and breaks below the moving averages, it suggests that the pair may consolidate between $1.89 and $2.31 for some time. If the bears push the price below $1.89, they will be back in the driver's seat.

Chainlink price analysis

Chainlink (LINK) broke out of a multi-month rally on October 22 when buyers drove the price above $9.50.

Sellers tried to pull the price below the $9.50 threshold on October 24, but the long tail on the candlestick indicates aggressive buying at lower levels. The buying continued on October 25 and the LINK/USDT pair continued its upward journey. The breakout pattern target of $9.50 is $13.50, but if this level is crossed, the pair could reach $15.

If the bears want to prevent the upside, the price must return below $9.50. Overbought levels on the RSI alert traders to the possibility of a minor correction or consolidation in the near term.

Multilateral cost analysis

Polygon (MATIC) rose above $0.60 resistance on October 22, indicating consolidation at lower levels.

The 20-day EMA ($0.56) has started to turn around and the RSI is in overbought territory, indicating a potential trend reversal. If buyers hold the price above $0.60, it signals the start of a new move. The MATIC/USDT pair may rise to $0.70 and then to $0.80.

An important level to watch on the downside is $0.60. A break below this level suggests that the rally above $0.60 may be a false breakout. That can trap aggressive bulls, causing them to fall into moving averages.

This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.