Price analysis 10/30: BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, AVAX, SHIB

From cointelegraph by Rakesh Upadhyay

COINTELEGRAPH IN YOUR SOCIAL FEED

Bitcoin  BTC$71,253  bulls failed to push the price to a new all-time high on Oct. 29, but a positive sign is that they have not ceded much ground to the bears on Oct. 30. This suggests that the bulls are holding on to their positions in anticipation of a move higher.

United States Bitcoin exchange-traded funds witnessed  massive inflows of $827 million on Oct. 29 , according to CoinGlass data. This suggests that investors expect the sideways price action to resolve to the upside. Crypto research firm 10x Research projects  Bitcoin to hit $100,000 by January 2025 .

  Crypto market data daily view. Source: Coin360

Bitcoin traders are positioning themselves for a breakout in anticipation of a Donald Trump victory in the United States presidential election on Nov. 5. However,  caution is warranted  because experienced traders often “buy the rumor and sell the news.” 

Could Bitcoin traders defend the $70,000 level during the pullback? Will altcoins continue their up move or enter a consolidation? Let’s analyze the charts of the top 10 cryptocurrencies to find out.

Bitcoin price analysis

Bitcoin accelerated after breaking out of the $69,520 resistance on Oct. 28. The price came close to hitting a new all-time high on Oct. 29, but the bears held their ground.

BTC/USDT daily chart. Source: TradingView

The upsloping 20-day exponential moving average ($67,617) and the relative strength index (RSI) near the overbought zone indicate that the path of least resistance is to the upside. A break and close above $73,777 will signal the resumption of the uptrend. The pattern target of the breakout from the large range is $93,554.

The first support on the downside is $70,000 and then the 20-day EMA. A break and close below the 20-day EMA will indicate that the bulls are losing their grip. The BTC/USDT pair may slump to the 50-day simple moving average ($64,164).

Ether price analysis

Ether  ETH$2,580.76  has been trading inside an ascending channel pattern for the past few days. The bulls purchased the dip to the support line on Oct. 25 and cleared the 20-day EMA ($2,565) hurdle on Oct. 28.

ETH/USDT daily chart. Source: TradingView

The ETH/USDT pair could rise to the resistance line, which is likely to attract selling. If the price turns down from the resistance line, it will signal that the pair may continue to rise inside the channel for some more time.

Buyers will have to pierce the resistance line to indicate a pick-up in momentum. Such a move will suggest that the corrective phase may be over. The pair could then rise to the downtrend line.

BNB price analysis

Buyers tried to push BNB  BNB$582.12  toward the overhead resistance of $635 but are facing selling near $612. 

BNB/USDT daily chart. Source: TradingView

The gradually upsloping moving averages and the RSI just above the midpoint indicate a minor advantage to buyers. If the price turns up from the current level or the 20-day EMA ($589), it increases the possibility of a rally to $635. Buyers may struggle to overcome this obstacle, but if they prevail, the BNB/USDT pair could rise to $722.

The 50-day SMA is the vital support to watch out for on the downside. If this level gives way, the pair may plummet to $527.

Solana price analysis

Solana  SOL$171.67  rose above the $179 resistance on Oct. 28, but the higher levels attracted solid selling by the bears.

SOL/USDT daily chart. Source: TradingView

The SOL/USDT pair could drop to the 20-day EMA ($165), which is a crucial near-term support to watch out for. If the price rebounds off the 20-day EMA with strength, it will suggest that the bulls continue to buy on dips. Buyers will then make one more attempt to propel the pair to $189.

On the contrary, a break and close below the 20-day EMA could open the doors for a fall to the 50-day SMA ($151).

XRP price analysis

The attempt by the bulls to start a recovery in XRP  XRP$0.5132  is facing solid selling at the 20-day EMA ($0.53), indicating selling on rallies.

XRP/USDT daily chart. Source: TradingView

If the price turns down and breaks below $0.50, it will suggest that the bears remain in control. The XRP/USDT pair could descend to the $0.46 to $0.41 support zone, where the bulls are likely to step in.

On the upside, the bulls will have to push and maintain the price above the 50-day SMA ($0.55) to signal a comeback. The pair will then attempt a rally to $0.64, which is expected to act as a significant hurdle.

Dogecoin price analysis

Dogecoin  DOGE$0.1668  gained momentum after breaking out of the $0.15 resistance on Oct. 28 and reached the $0.18 level on Oct. 29.

DOGE/USDT daily chart. Source: TradingView

Sellers are trying to halt the rally at $0.18, but the likelihood of a breakout increases if the bulls do not give up much ground from the current level. The DOGE/USDT pair could surge to $0.23, which is expected to behave as a formidable barrier.

The first support on the downside is $0.15, and then the 20-day EMA ($0.14). If the price rebounds off $0.15, it will indicate that the bulls have flipped the level into support. Buyers will then again attempt to resume the uptrend. Sellers will have to pull the price below the 20-day EMA to signal that the up move may be over. 

Toncoin price analysis

Toncoin  TON$4.86  bounced off the $4.44 to $4.72 support zone on Oct. 25, indicating aggressive buying at lower levels.

TON/USDT daily chart. Source: TradingView

The relief rally in the TON/USDT pair has reached the 20-day EMA ($5.12), where the bears are trying to pose a strong challenge. If the price turns down sharply from the 20-day EMA, the bears will again attempt to sink the pair below $4.44. If they succeed, the pair will complete a bearish head-and-shoulders pattern. The pair could then sink to $3.50.

This negative view will be invalidated in the near term if the price continues higher and breaks above the 50-day SMA ($5.37). The pair could rally to $6, where the bears are expected to mount a strong defense.

Related:  5 metrics suggest Bitcoin price will break new all-time highs

Cardano price analysis

Cardano  ADA$0.3524  rebounded off the solid support at $0.31 on Oct. 25, indicating buying at lower levels.

ADA/USDT daily chart. Source: TradingView

The bulls are trying to build upon their strength by pushing and maintaining the price above the moving averages. If they manage to do that, the ADA/USDT pair could rally to $0.40, which is a crucial level to watch out for. If buyers overcome this barrier, the pair could climb to $0.45 and then to $0.50.

Contrarily, if the price turns down from the current level or $0.40, it will suggest that the pair may extend its stay inside the range for a while longer.

Avalanche price analysis

Avalanche  AVAX$25.32  fell below the support line of the symmetrical triangle pattern on Oct. 25, but the bears could not sustain the lower levels.

AVAX/USDT daily chart. Source: TradingView

The bulls started a recovery, which hit a wall at the moving averages. If the price continues lower and breaks below $24, it will signal that the bears have overpowered the bulls. That could start a downward move to $20.

Contrary to this assumption, if buyers kick the AVAX/USDT pair above the moving averages, it will signal that the breakdown below the support line may have been a bear trap. That will improve the prospects of a break above the resistance line. 

Shiba Inu price analysis

Shiba Inu  SHIB$0.00001848  turned up from the 50-day SMA ($0.000017) on Oct. 26 and reached the $0.000020 resistance on Oct. 29.

SHIB/USDT daily chart. Source: TradingView

The bears are trying to defend the $0.000020 level, but the likelihood of a breakout increases if the bulls do not allow the price to dip below the 20-day EMA ($0.000018). If that happens, the SHIB/USDT pair will complete a bullish inverted H&S pattern. The pair may rise to $0.000026 and later to $0.000030.

If bears want to prevent the breakout, they will have to swiftly tug the price below the 50-day SMA. If they do that, the pair may remain stuck between $0.000013 and $0.000020 for a few more days.