Price analysis 10/2: BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, AVAX, SHIB

However, it is worth noting that Bitcoin has not seen a negative monthly close in October in the past five years. That is likely to attract buyers at lower levels, who will expect history to repeat itself.

Could Bitcoin hang on to the bounce off the $60,000 support? Will that attract buying in altcoins? Let’s analyze the charts of the top 10 cryptocurrencies to find out.

Bitcoin price analysis

The failure to maintain the price above $65,000 resulted in a sell-off in Bitcoin, which pulled the price below the 20-day exponential moving average ($62,490) on Oct. 1.

The BTC/USDT pair reached the 50-day simple moving average ($60,357), which is an important level for the bulls to defend. If the price turns up and rises above the 20-day EMA, the bulls will again attempt to drive the pair above the $65,000 to $66.500 resistance zone. If they can pull it off, the pair may climb to $70,000.

Instead, if the price tanks below the 50-day SMA, it will clear the path for a fall to $57,500. Buyers are expected to vigorously defend this level because if they fail to do that, the pair may slump to $54,000.

Ether price analysis

The bears will try to strengthen their position by pulling the price to the uptrend line. This is a crucial level to watch out for in the near term because a break and close below it will signal the resumption of the downtrend.

If buyers want to prevent the downside, they will have to quickly push the ETH/USDT pair above the resistance line. That will complete the symmetrical triangle pattern, which has a pattern target of $3,409. The bears may pose a strong challenge at $2,850, but the resistance is expected to be crossed.

BNB price analysis

The flattish moving averages and the RSI just below the midpoint suggest that the BNB/USDT pair may extend its stay inside the range for a while. If the 50-day SMA ($550) cracks, the pair could slump toward the support of the range at $460.

On the contrary, if the price rises from the 50-day SMA and breaks above the 20-day EMA ($570), it will suggest that the bulls have not given up. The pair could then make one more attempt to rise above $635.

Solana price analysis

If the price turns up from the 50-day SMA ($142), the bulls will again try to propel the SOL/USDT pair above the $164 resistance. If they manage to do that, the pair will complete an inverted head-and-shoulders pattern. This bullish setup could attract buyers, sending the pair toward $189 and then to the pattern target of $208.

This positive view will be invalidated in the near term if the price skids below the 50-day SMA. That could sink the pair to $127 and eventually to $116.

XRP price analysis

This suggests that the bears continue to sell near the $0.64 level. Sellers will try to pull the price to the uptrend line, which is an essential level for the bulls to defend. If the price rebounds off the uptrend line, the bulls will again try to push the XRP/USDT pair above the $0.64 resistance.

Conversely, a break and close below the uptrend line will suggest that the bulls are rushing to the exit. That could sink the pair to $0.50, bringing the large $0.41 to $0.64 range into play.

Dogecoin price analysis

The DOGE/USDT pair has dropped to the 50-day SMA ($0.10), which is an important level for the bulls to defend. If the price turns up from the 50-day SMA, the bulls will again try to push the pair to $0.14.

Contrarily, if the price fails to achieve a strong rebound off the 50-day SMA, it will suggest that demand has dried up. That increases the risk of a fall to $0.09 and, after that, to the Aug. 5 intraday low of $0.08.

Toncoin price analysis

There is small support at $5.16, but if this level gives way, the TON/USDT pair could descend to the solid support zone between $4.72 and $4.44. Buyers are expected to defend this zone with all their might because if they fail in their endeavor, the pair will complete a bearish head-and-shoulders pattern. That may start a downward move to $3.50.

If bulls want to prevent the downside, they will have to push the price back above the overhead resistance of $6.14. The pair may then climb to $7. 

Cardano price analysis

The ADA/USDT pair fell below the 20-day EMA ($0.36) on Oct. 1, indicating that the bulls have given up. The flattish moving averages and the RSI just below the midpoint suggest that the pair may remain stuck between $0.31 and $0.40.

If bulls want to gain the upper hand, they will have to swiftly push and maintain the price above $0.40. If they do that, the pair will complete a double bottom pattern, opening the doors for a rally to $0.49.

Avalanche price analysis

The price turned down and plunged below the 20-day EMA ($26.78) on Oct. 1, indicating that the bulls are losing their grip. There is minor support at the 50-day SMA ($24.49), but if the bears prevail, the AVAX/USDT pair could plunge to $19.50.

Alternatively, if the price rises above the 20-day EMA, the bulls will again attempt to shove the price above the $29 to $31 resistance zone. If they manage to do that, the pair could rise to $33 and thereafter attempt a rally to $40.

Shiba Inu price analysis

The price has turned down sharply and reached the 20-day EMA ($0.000016). This is an important level for the bulls to defend. If the price rebounds off the 20-day EMA with strength, the buyers will make one more attempt to clear the overhead hurdle.

On the other hand, if the price breaks below the 20-day EMA, the SHIB/USDT pair could slide to the support at $0.000012. A bounce off this level will signal a range-bound action between $0.000012 and $0.000020 for a few days.

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