The Bitcoin and altcoins market saw a significant rebound on 11 October, suggesting strong buying interest at lower prices.
Bitcoin (BTC) experienced a sharp recovery, approaching the $62,500 mark, signalling increased buying pressure at these lower levels.
Despite this, experts remain divided on Bitcoin’s next move. Speaking at the Permissionless conference, 10T Holdings founder Dan Tapiero predicted that Bitcoin could reach $100,000 “relatively soon.”
On the other hand, analyst Cole Garner expressed a more cautious outlook in a post on X, warning that tightening liquidity could cause Bitcoin to drop below $50,000.
While short-term traders are worried about the near-term price action, the Bitcoin whales seem to be on an acquisition spree. CryptoQuant Contributor Axel Adler Jr. said in a post on X that Bitcoin whales holding more than 1,000 Bitcoin had accumulated 1.5 million BTC in the past six months.
If Bitcoin sustains the rebound above $62,000, select altcoins could march higher. Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin (BTC) Market Analysis
The Bitcoin market fell below the $59,828 support on Oct. 10, but a positive sign is that the bulls purchased the dip, as seen from the long tail on the candlestick.
BTC/USDT daily chart. Source: TradingView
If buyers maintain the price above the 20-day exponential moving average ($61,947), the aggressive bears may get trapped. The BTC/USDT pair will then try to rise to the $65,000 to $66,500 resistance zone.
This optimistic view will be negated if the price turns down and breaks below $58,946. The bears will then attempt to pull the pair to $57,500 and eventually to the pivotal support of $54,000. Buyers are expected to step in to protect the $54,000 level.
Ether (ETH) Market Analysis
Ether has been trading below the moving averages, but the bears have failed to sink the price to the support line of the symmetrical triangle. This suggests that selling dries up at lower levels.
ETH/USDT daily chart. Source: TradingView
Buyers will try to push the price above the moving averages and start the journey toward the resistance line. Sellers will try to keep the price inside the triangle by defending the resistance line, but if the buyers bulldoze their way through, the ETH/USDT pair could rise to $2,850 and then to $3,409.
Alternatively, if the price turns down from the moving averages and breaks below $2,300, it will suggest that the bears are trying to take control. The pair could then fall to the support line.
BNB Market Analysis
BNB fell below the 20-day EMA ($567) on Oct. 10, but the bulls successfully defended the 50-day simple moving average ($553).
BNB/USDT daily chart. Source: TradingView
The bulls started a relief rally on Oct. 11 and pushed the price above the 20-day EMA. The BNB/USDT pair will have to maintain momentum and rise above $587 to open the doors for a possible rise to the overhead resistance of $635.
Instead, if the price turns down and breaks below the 50-day SMA, it will suggest an advantage to the bears. There is important short-term support at $527, but if it fails to hold, the BNB/USDT pair could descend to solid support at $460.
Solana (SOL) Price Analysis
The Solana market closed below the 50-day SMA ($141) on Oct. 9, but the bears could not pull the price below the nearby support of $133.
SOL/USDT daily chart. Source: TradingView
The bulls are trying to push the price above the moving averages on Oct. 11. If they manage to do that, the SOL/USDT pair could rise to $152. This level may act as minor resistance, but if crossed, the pair could climb to $164.
The bears are likely to have other plans. They will try to defend the moving averages and yank the price below $133. If that happens, the pair could skid to $127 and subsequently to the solid support at $116.
XRP Price Analysis
XRP has been trading inside a small range between $0.50 and $0.55 for the past few days, indicating a tough battle between the bulls and the bears.
XRP/USDT daily chart. Source: TradingView
The first sign of strength for the bulls will be a break and close above the moving averages. That will suggest the start of a rally to the overhead resistance of $0.64, which may again pose a solid challenge to the bulls.
Conversely, if the price turns down from the current level or the moving averages and breaks below $0.50, it will signal that the advantage has tilted in favour of the bears. The pair may plummet to $0.46 and then to $0.41.
Dogecoin (DOGE) Price Analysis
Dogecoin has been holding above the 50-day SMA ($0.10) for the past few days, but the bulls have failed to start a strong recovery. This suggests that the bears are selling on rallies.
DOGE/USDT daily chart. Source: TradingView
If bulls want to gain the upper hand, they will have to maintain the price above the 20-day EMA ($0.11). If they do that, the DOGE/USDT pair could attempt a rally to the resistance line of the triangle.
On the contrary, if the price turns down from the 20-day EMA and breaks below the 50-day SMA, it will signal that the bulls have given up. That could sink the pair to the support line of the triangle. A break below the triangle could start the downward move to $0.08.
Toncoin (TON) Price Analysis
Toncoin has been gradually sloping down toward the strong support at $4.72, but the momentum is slowing down.
TON/USDT daily chart. Source: TradingView
The bulls will try to push the price above the moving averages, which is an important near-term resistance to watch out for. If they can pull it off, the TON/USDT pair could rally to $6 and subsequently to $7.
Alternatively, if the price turns down from the moving averages, it will suggest that the bears remain in charge. That increases the possibility of a retest of the strong support zone between $4.72 and $4.44.
Cardano (ADA) Price Analysis
Cardano remains pinned below the moving averages, but the bears have failed to sink the price to the solid support at $0.31.
ADA/USDT daily chart. Source: TradingView
Buyers will make one more attempt to drive the price above the moving averages. If they succeed, the ADA/USDT pair is likely to rally to the overhead resistance of $0.40. This level may act as a solid hurdle, but if the bulls overcome it, the pair could rally to $0.45 and thereafter to $0.50.
Contrarily, if the price turns down sharply from the moving averages and breaks below $0.33, the pair may reach the $0.31 support.
Avalanche (AVAX) Price Analysis
Avalanche is trying to find support at the 50-day SMA ($25.27), indicating that the bulls are active at lower levels.
AVAX/USDT daily chart. Source: TradingView
If the price sustains above the 20-day EMA ($26.39), the bulls will try to push the AVAX/USDT pair to the resistance line of the symmetrical triangle pattern. If the price turns sharply from the resistance line, it will indicate that the pair may remain inside the triangle for some more time.
The next trending move is likely to begin on a break above or below the triangle. If the price rises above the resistance line, the pair could attempt a rally to the pattern target of $46. On the downside, a slide below the support line may plummet the pair to $17.
Shiba Inu (SHIB) Price Analysis
Sellers pulled Shiba Inu below the 20-day EMA ($0.000017) on Oct. 10, but the long tail on the candlestick shows buying at lower levels.
SHIB/USDT daily chart. Source: TradingView
The SHIB/USDT pair extended the recovery on Oct. 11, indicating sustained demand from the bulls at higher levels. If buyers drive the price above $0.000019, the pair is likely to rally to $0.000022. This level may again act as a strong hurdle, but if the bulls prevail, the rally could extend to $0.000026.
If bears want to prevent the upmove, they will have to swiftly drag the price below the 20-day EMA. That may start a pullback to the 50-day SMA ($0.000015) and later to the critical support at $0.000012.
