Key Takeaways:
- Bitcoin price witnessed a sudden 10% intraday surge in October, reaching $30,000 before a slight correction. It’s trading close to its highest point in October, near $28,000.
- Ethereum price slipped below $1,600 but sits at $1,560. A minor bullish catalyst could help regain strength. Support lies between $1,500 and $1,550.
- Loom Network price went on a strong bullish rally, surging by 547% from September 19, currently trading at $0.297. Expectations remain bullish with occasional minor corrections.
- Solana’s price, after stability around $20, rallied from $14 to nearly $30, currently trading at approximately $24. It formed a symmetrical triangle pattern, with key levels at $27 resistance and $18.5 support.
- Shiba Inu price entered a bearish phase in mid-August, with a 13.5% decline, facing challenges with its moving averages and support levels.
- The wider crypto market maintains a range, with a total market capitalization of around $1.05 trillion as of writing. It’s slightly bearish due to fundamental concerns and a death cross in major EMAs. A stable rebound is needed for a bullish sentiment.
Bitcoin Price Sees Sudden 10% Intraday Surge!
BTC/USD | Source: TradingView
- Bitcoin price in October traded in a rangebound manner up until October 16, 2023 – when BTC price surged a massive 10% in a matter of a couple of hours, going from just over $27,000 all the way to touch $30,000 before correcting slightly and currently trading just above $28,000.
- BTC price is trading very close to the highest point of October and also one of the highest points since early August 2023.
- On the flip side, the price at the Fibonacci S1 support level of $25,500 and the base of the descending triangle at $25,800 appear to be consolidating as a robust foundation for Bitcoin price in the future. This level endured two tests, first in June and more recently in September, underscoring its resilience.
- On a somewhat bullish note, Bitcoin’s 50-day and 200-day Exponential Moving Averages (EMA) experienced a crossover after a brief increase in BTC price, potentially stimulating buying activity in the market and offering support despite recent corrections.
- The next resistance for BTC price to breach and sustain above is $29,000, which also coincides with the Fibonacci pivot R3 level on the chart.
- Conversely, the range between $25,400 and $25,800 could potentially evolve into a dependable support zone in the near future, serving as a protective buffer for Bitcoin price.
Read More: Bitcoin Price Prediction
Ethereum Price Under Heavy Bearishness
ETH/USD | Source: TradingView
- Ethereum price recently slipped significantly below the $1,600 threshold, a level it had successfully maintained for several weeks – and despite a slight surge over the past day – the $1600 mark couldn’t be breached.
- Ethereum price currently sits just under $1,600, at $1,560. A minor bullish catalyst could potentially assist in its return to a more secure position.
- On the downside, Ethereum price has its next support level in the range of $1,500 to $1,550. This range holds substantial psychological significance and closely corresponds with the S2 level of the Fibonacci pivot structure.
- However, Ethereum price faces the challenge of countering the bearish influence of the 50-day and 200-day exponential moving averages to regain strong bullish momentum. These averages crossed in a bearish manner in early September 2023, potentially increasing selling pressure in the market.
- To reestablish a bullish sentiment, ETH price must effectively surpass both the $1,600 mark and the $1,700 threshold in succession.
- Although the early months of 2023 brought positive developments in the prices of both Bitcoin and Ethereum, Ethereum notably lagged behind. While Bitcoin maintained its strength, Ethereum experienced a significant retracement, with its price dropping by approximately 27% from its year-to-date peak of $2,100, reached in April 2023. Nevertheless, Ethereum has still managed to secure about a 30% gain in the year 2023 so far.
Learn More: Ethereum Price Prediction
Loom Network On Strong Bullish Rally!
LOOM/USD | Source: TradingView
- Loom Network, an altcoin, exhibited a relatively subdued price performance throughout 2023. However, in recent weeks, it has embarked on an astounding rally, surging by an impressive 547% starting from September 19. At the time of writing, it’s trading around $0.297.
- According to CoinMarketCap data, LOOM price has seen a robust 53% in the last seven days. This substantial growth has contributed to a year-to-date increase of approximately 596%.
- This surge triggered an intriguing bullish event called a “golden crossover,” signifying the 50-day moving average crossing above the 200-day moving average. Additionally, prices broke through these moving averages in September, offering strong support for the ongoing rally.
- In early October, LOOM price experienced a minor correction, finding support at the Fibonacci pivot level. Since then, it has surpassed all resistance levels marked by the Fibonacci pivot points, a common occurrence during significant crypto rallies.
- Currently, LOOM price hovers comfortably above the Fibonacci pivot R3 level of $0.245. It has surpassed its previous all-time high of $0.245, entering uncharted territory, suggesting a bullish outlook moving forward.
- In summary, the overall outlook for the token appears notably bullish, with expectations of the rally continuing, occasionally interrupted by minor corrections.
Solana Price Sustains Near $24!
SOL/USD | Source: TradingView
- When examining SOL price from a technical standpoint, it embarked on a significant upward trajectory earlier in the year, ascending from below $10 and nearly reaching the $26 mark.
- Between February and May 2023, SOL price demonstrated remarkable stability, consistently holding above the critical $20 support level on the price charts. However, the situation took a turn in June 2023 when a substantial market downturn caused a drop to $14.
- Following this decline, Solana’s price made a remarkable recovery compared to other cryptos in the top 10 by market capitalization. It rebounded from the $14 level, briefly surging to $30 and then stabilizing around $18 for a period in September before initiating another rally commencing on September 28, 2023.
- Since September 28, 2023, Solana’s price has experienced a substantial 25% rally and is currently finding support near the R2 level of the Fibonacci pivot points. If this support holds, another rally may follow shortly.
- From a broader perspective, Solana’s price formed a symmetrical triangle pattern on the charts. Just a few days into this pattern, the altcoin successfully underwent a convincing breakout, currently trading at approximately $24 at the time of writing this article.
- Key price levels to monitor include $27 as a resistance area on the upside and $18.5 as a support zone on the downside.
- Conversely, SOL’s 50-day and 200-day exponential moving averages show indications of a potential bullish golden crossover. This significant development, combined with a golden crossover, is expected by experts to trigger a fresh surge of buying activity in SOL’s price action.
Additional Read: Solana Price Prediction
Shiba Inu
SHIB/USD | Source: TradingView
- Shiba Inu exhibited strength between June and July 2023 but transitioned into a bearish phase in mid-August, as evident from the descending parallel channel in grey.
- Within the past two months, SHIB price experienced a significant decline of over 13.5%, breaching both the 50-day and 200-day exponential moving averages.
- Furthermore, SHIB’s 50-day and 200-day exponential moving averages encountered a death cross earlier in May 2023, and since then, the gap between them has been expanding at a substantial pace. This widening gap presents a considerable challenge for the bulls in their efforts to stage a recovery.
- From a technical analysis perspective, the primary obstacle for SHIB price recovery lies in surpassing the critical level of $0.0000085, as indicated by the Fibonacci pivot points displayed on the chart.
- However, the current outlook leans bearish, given that Shiba Inu price is trading below the pivot level at $0.0000074 (P). If the bearish momentum persists, the next viable target could be approximately $0.0000067 (S2).
Read On: Shiba Inu Price Prediction
Overall Crypto Market Wrap-Up
In general, the wider crypto market has been relatively range-bound, maintaining a total market capitalization of approximately $1.05 trillion. Over the past two month, it has fluctuated between the $1 trillion and $1.08 trillion thresholds. Presently, there’s a slight bearish bias due to perceived fundamental weaknesses. The overall trend has shifted towards bearish territory, marked by all major Exponential Moving Averages (EMA) experiencing a death cross, alongside weakened support levels.
Therefore, in order to witness a recovery, the market must establish a comprehensive and stable rebound, paving the way for substantial and sustainable bullish sentiment in the foreseeable future.
