Bitcoin (BTC) and specific alternative cryptocurrencies continue to demonstrate resilience, even in the face of the US dollar index surging to nearly a one-year peak.
Despite the S&P 500 experiencing a three-month low and the US dollar index (DXY) reaching a new year-to-date high, Bitcoin has managed to maintain its position above $26,000. This relatively stable performance indicates a lack of aggressive selling at lower price levels, which can be seen as a mildly positive signal.
Bitcoin remains range-bound, and its price action lacks a clear direction, causing many traders to stay on the sidelines. Recent research from the on-chain analytics platform CryptoQuant reveals that Bitcoin’s daily spot exchange transactions exceeded 600,000 in March but have since dwindled to 8,000 to 15,000 in the past week. This decrease in liquidity increases the potential for volatile price swings in either direction, underscoring the importance of caution among traders. It is advisable to await confirmations rather than hastily taking positions based on intraday breakouts.
The near-term price action remains uncertain but has not deterred long-term bulls from adding Bitcoin to their portfolio. MicroStrategy co-founder and executive chairman Michael Saylor announced on X (formerly Twitter) that the firm had acquired 5,445 Bitcoin at an average price of $27,053 per Bitcoin.
Could Bitcoin and select altcoins start a short-term up-move? Let’s study the charts of the top 10 cryptocurrencies to find out.
Bitcoin (BTC) price analysis
Bitcoin is witnessing a tough battle between the bulls and the bears near the 20-day exponential moving average ($26,436). The bulls pushed the price above the 20-day EMA on Sep 27 but could not clear the 50-day simple moving average ($26,757).
BTC/USDT daily chart. Source: TradingView
This indicates that the bears have not given up and are selling the rallies to the 50-day SMA. The bears must pull the price below $25,990 to clear the path for a potential fall to $24,800. This level is likely to attract solid buying by the bulls.
On the upside, the first sign of strength will be a break and close above the 50-day SMA. The BTC/USDT pair may rise to $27,500 and subsequently to the overhead resistance at $28,143. The bears are expected to defend this level with all their might.
Ether (ETH) price analysis
Ether is trying to start a recovery. The price rose above the 20-day EMA ($1,614) on Sep 27, but the bulls could not hold on to the intraday rally. This shows that the higher levels continue to attract sellers.
ETH/USDT daily chart. Source: TradingView
The bullish divergence on the relative strength index (RSI) favours the buyers. If they retain the price above the 20-day EMA, the ETH/USDT pair could rise to the 50-day SMA ($1,668) and attempt a rally to the overhead resistance at $1,746.
Contrary to this assumption, if the price remains below the 20-day EMA, it will suggest that the bears are in command. The sellers will try to yank the price below the critical support at $1,531. If that happens, the pair may crash to $1,368.
BNB price analysis
BNB remains below the breakdown level of $220, but a positive sign is that the bulls have not allowed the price to slip below $203.
BNB/USDT daily chart. Source: TradingView
The 20-day EMA ($213) is flattening out, and the RSI is just below the midpoint, indicating a balance between supply and demand. This equilibrium will tilt in favour of the bulls if they kick the price above $220. The BNB/USDT pair could then ascend to $235.
On the contrary, if the price continues lower and breaks below $203, it will signal that the bears have asserted their supremacy. The pair may then start the next leg of the downtrend to the strong support at $183.
XRP price analysis
Buyers tried to thrust XRP, however, the bears held their ground at $0.51 above the 20-day EMA ($0.50) on Sep 25.
XRP/USDT daily chart. Source: TradingView
The price action of the past few days has formed a symmetrical triangle pattern, indicating indecision between the bulls and the bears.
Sellers will try to gain the upper hand by dragging the price below the uptrend line. If they are successful, the XRP/USDT pair may descend to $0.46 and then to $0.41.
Contrarily, if the price rises and breaks above the resistance line, it will indicate that bulls are trying to seize control. The pair may then climb to the overhead resistance at $0.56.
Cardano (ADA) price analysis
Cardano bounced off the vital support at $0.24 on Sep 25, but the bulls are struggling to push the price above the 20-day EMA. This may result in more selling.
ADA/USDT daily chart. Source: TradingView
The $0.24 level will likely witness a tough battle between the bulls and the bears. If the $0.24 support gives way, the ADA/USDT pair will complete a bearish descending triangle pattern. The pair may then move downward to $0.22 and subsequently to the pattern target of $0.19.
Contrary to this assumption, if the price rises and breaks above the downtrend line, it will invalidate the bearish setup. The pair may then start an up-move to $0.29.
Dogecoin (DOGE) price analysis
The bears pulled Dogecoin below the $0.06 support on Sep 26, but the long tail on the candlestick shows buying at lower levels.
DOGE/USDT daily chart. Source: TradingView
However, the gradually downsloping 20-day EMA ($0.06) and the RSI in the negative territory indicate that bears remain in command. Sellers will make another attempt to sink and sustain the price below $0.06. The DOGE/USDT pair may plummet to the next significant support at $0.055 if they can pull it off.
Alternatively, if the price turns up from the current level and rises above the 20-day EMA, it will signal that the bulls are on a comeback. The pair could rally to $0.07 and dash toward $0.08 afterwards.
Solana (SOL) price analysis
The failure of the bulls to propel Solana In the past few days, $20 above the 20-day EMA ($19.42) shows that the bears are aggressively protecting the level.
SOL/USDT daily chart. Source: TradingView
The price has turned down from the 20-day EMA, and the bears will try to build upon their advantage by pulling the SOL/USDT pair below the nearest support at $18.50. If this level cracks, the selling could pick up, and the next stop will likely be $17.33.
On the contrary, if the price bounces off $18.50, it will suggest buying on dips. The bulls will again try to shove the price above the moving averages. If they do that, the pair may jump to $22.30.
Toncoin (TON) price analysis
Toncoin has dropped to the 20-day EMA ($2.11), an important level to watch. In an uptrend, buyers generally buy the dips to the 20-day EMA.
TON/USDT daily chart. Source: TradingView
The bulls also purchased the fall to the 20-day EMA on Sep 27, but the long wick on the candlestick shows that the bears are selling at higher levels. If buyers maintain the price above the 20-day EMA, the TON/USDT pair will attempt a rally to the 61.8% Fibonacci retracement level of $2.40.
Meanwhile, sellers are likely to have other plans. They will try to yank the price below $2.07 and extend the correction to the next significant support at the 50-day SMA ($1.76).
Polkadot (DOT) price analysis
Polkadot For several days, $4.08 has remained stuck below the 20-day EMA ($4.10), suggesting that the bears are fiercely defending the level.
DOT/USDT daily chart. Source: TradingView
The RSI is showing signs of forming a bullish divergence, but the buyers will have to clear the overhead hurdle at $4.22 to reduce the selling pressure. If that does not happen, the risk of a further fall remains.
If the DOT/USDT pair continues lower and skids below the immediate support at $3.91, it will indicate the start of the next leg of the downtrend. The following support on the downside is at $3.58.
Polygon (MATIC) price analysis
Polygon bounced off the critical support at $0.51 on Sep 25, but the bulls could not push the price above the 20-day EMA ($0.53).
MATIC/USDT daily chart. Source: TradingView
This suggests that the sentiment remains negative, and traders sell on rallies. The bears will try to sink the price below the Sep 11 intraday low of $0.49. A collapse of this support will indicate the resumption of the downtrend.
A minor hope for the bulls is that the RSI forms a bullish divergence. Buyers will have to drive and sustain the price above the 20-day EMA to signal the start of a sustained recovery. The MATIC/USDT pair could rally to the 50-day SMA ($0.56).
