Cryptocurrency News, Market Analysis

Bitcoin, ETH, BNB, ADA, XRP Price Analysis – EtherDesk Exclusive.

Short-term traders may be booking profits following the recent rise, as Bitcoin and a few altcoins are facing selling at higher levels.

According to JPMorgan in a letter to clients on Oct. 7, Bitcoin’s (BTC) rise above $50,000 appears to have gotten a lift from institutional purchasers trying to hedge their portfolio against rising inflation.

Institutional investors may prefer Bitcoin over gold as a stronger inflation hedge, according to the bank’s experts.

The inclusion of cryptocurrencies to any portfolio increased returns and risk-reward performance, according to a new study by crypto asset management firms Iconic Funds and Cryptology Asset Group titled

“Cryptocurrencies and the Sharpe Ratio of Traditional Investment Models.”

In the October 2021 edition of the Bloomberg Galaxy Crypto Index, senior commodity analyst Mike McGlone stated that $50,000 on Bitcoin may function as significant support amid fourth-quarter falls.

Is this the beginnings of a long-term rally, or is the current surge in Bitcoin and altcoins attracting profit-booking by traders? Let’s look at the top ten cryptocurrency charts to see what we can learn.

Is this the beginnings of a long-term rally, or is the current surge in Bitcoin and altcoins attracting profit-booking by traders? Let’s look at the top ten cryptocurrency charts to see what we can learn.

BTC/USDT – Technical Analysis

On the downside, $52,920 is the initial support, but if bears push the price below this level, the BTC/USDT pair may drop below $50,000, then to the 20-day exponential moving average (EMA) ($48,285).

The upsloping 20-day exponential moving average (EMA) and the relative strength index (RSI) near the overbought zone imply a buyer’s advantage. The bulls will try to restart the rise if the price bounces off the 20-day EMA.

Bitcoin, ETH, BNB, ADA, XRP Price Analysis - EtherDesk Exclusive.

Bitcoin Price chart – Source: Tradingview

If the pair breaks and closes over $56,100, it may move to $60,000, where bears may face tough resistance.

If the price falls below the 50-day simple moving average (SMA) ($47,342), this bullish outlook would be invalidated. After that, the pair may retest the crucial 100-day SMA ($42,691) support.

ETH/USDT – Technical Analysis

Today, Ethereum (ETH) rebound broke over the immediate resistance level of $3,676.28, although bulls may struggle to keep the price above it. The RSI is near the downtrend line, which may function as a barrier.

Bitcoin, ETH, BNB, ADA, XRP Price Analysis - EtherDesk Exclusive.

Ethereum Price chart – Source: Tradingview

The 20-day EMA ($3,324) is the first support level if the price drops from its present level. A big comeback from this level will suggest that traders are buying on dips and the mood is still favorable.

A rally to the severe overhead barrier at $4,027.88 will be more likely as a result. The ETH/USDT pair might drop below the 100-day SMA ($2,899) if the price falls below the 20-day EMA.

BNB/USDT – Technical Analysis

The bulls are fighting to keep Binance Coin (BNB) above $433, implying that greater levels of demand are dwindling. On Oct. 8, the price fell below $433 again, and bears are now attempting to push the price below the 20-day EMA ($409).

The BNB/USDT pair might fall to the 100-day SMA ($379) if they succeed. With such a rise, the pair’s chances of being range-bound between $320 and $450 over the next several days may improve.

Bitcoin, ETH, BNB, ADA, XRP Price Analysis - EtherDesk Exclusive.

Binance Coin Price chart – Source: Tradingview

If the price bounces off the 20-day EMA, on the other hand, it indicates that sentiment is still bullish and traders are buying on dips.

The bulls will next try one more time to overcome the $450 overhead obstacle before continuing northward into $518.90.

ADA/USDT – Technical Analysis.

On Oct. 7, the bulls managed to push and close Cardano (ADA) above the 20-day EMA ($2.25) after numerous unsuccessful efforts in recent days.

The extended wick on the day’s candlestick, on the other hand, indicated that bears are aggressive at higher levels.

Bitcoin, ETH, BNB, ADA, XRP Price Analysis - EtherDesk Exclusive.

Cardano Price chart – Source: Tradingview

The recent price action has created a symmetrical triangle pattern, indicating that bulls and bears are split on the next directional move.

The 20-day EMA ($2.47) and the 50-day SMA ($2.47) are both flat, and the RSI is close to 50, indicating that supply and demand are in balance.

If the price rises and breaks over the triangle’s resistance line, this demand will shift in favor of the bulls.

The ADA/USDT pair may then rally to $2.47, where the bears could reclaim control. If this level is broken, a rally to $2.80 might be possible.

XRP/USDT – Technical Analysis

On Oct. 7, Ripple (XRP) formed an inside-day candlestick pattern, indicating that bulls and bears are undecided.

On Oct. 8, bulls attempted to resolve the ambiguity to the upside but were unable to cross the 50-day SMA ($1.09).

Bitcoin, ETH, BNB, ADA, XRP Price Analysis - EtherDesk Exclusive.

Ripple Price chart – Source: Tradingview

After bulls push the price over the 50-day SMA or bear to drop the XRP/USDT pair below the 20-day EMA ($1.03), the next directional move might begin. If the 50-day SMA is broken and closed above, the way might be cleared for a surge above $1.41 USD.

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