Key Takeaways:
- Bitcoin (BTC): BTC price is showing signs of recovery in October, briefly touching $28,000 after breaking out of a bearish pattern.
- Pepecoin (PEPE): PEPE price is looking to overcome resistance zones to rally, with potential gains of 100% if broader market recovery supports it.
- Solana (SOL): SOL price underwent a strong recovery and now trades near $24 after breaking out of a symmetrical triangle pattern, with a bullish EMAs crossover on the horizon.
- Chainlink (LINK): LINK price has delivered a 35% year-to-date price increase and broke out of its price range, with resistance at $8.4 and $9.
- Terra Luna Classic (LUNC): LUNC price has struggled since initiating the bear market in May 2022, and its recent uptick may not be enough to overcome a long-term downward trend.
Bitcoin Price Touches $27000!
BTC/USD | Source: TradingView
- Bitcoin, the leading crypto, displayed a somewhat lackluster performance throughout August 2023. However, September brought more promising signs, with Bitcoin staging a recovery of approximately 10.5% from its lowest point within the month. And now, October too saw a bullish start, with BTC price breaking out of $27,000 and even briefly touching $28,000 before retreating slightly.
- The price movement of BTC reveals a significant development as it has convincingly broken out of the bearish descending triangle chart pattern, as evidenced by the blue trendlines. Nevertheless, it faces resistance at the crucial Fibonacci pivot point at $27,493.
- Conversely, on the downside, the range spanning from the Fibonacci S1 support level at $25,400 to the base of the descending triangle at $25,800 appears to be establishing itself as a robust support level for Bitcoin’s future price. This level has undergone testing twice, first in June and more recently in September, and has remained unbroken.
- Considering these aforementioned observations, there are indications that Bitcoin could yield profitable outcomes under specific conditions.
- Should Bitcoin successfully surpass the resistance at $27,400, there is potential for BTC’s price to surge toward $29,040, as indicated by the Fibonacci pivot lines. A breakout beyond $29k would see resistance coming in around around $31,000 level for the BTC price.
- On the other hand, the range between $25,400 and $25,800 is likely to serve as a reliable support zone in the upcoming days, offering a safety net for Bitcoin’s price.
Read more: Bitcoin Price Prediction
PEPE Price sees a hint of Bullishness Coming in!
PEPE/USDT | Source: TradingView
- PEPE’s price embarked on its journey amid significant excitement, initially making gains upon its listing. However, it was soon overshadowed by a bearish sentiment, leading to a sharp decline. As shown in the chart above, the price experienced a drop of more than 60% in just one month. In mid-June, there was an attempt at recovery, but it faced swift selling pressure, resulting in a continued downward trajectory that ultimately breached its all-time lows by the end of August 2023.
- Currently, PEPE’s price is finding support at the S2 level, indicated by the Fibonacci pivot points on the chart. Additionally, it is trading below its 50-day exponential moving average.
- To rekindle market enthusiasm for PEPE, overcoming critical resistance zones on the chart is essential. The initial challenge lies within the region between S1 and the pivot point (P). This zone also encompasses the former all-time low area, which could now act as a potential resistance level. Therefore, a breakout beyond this zone carries significant importance.
- Looking ahead, if PEPE successfully breaches these levels in the coming months, there is potential for a continued rally toward R1 at $0.00000128. This would signify a substantial 100% increase from the current levels. Such an upsurge is likely to depend on a broader crypto market recovery and a corresponding uptrend in Pepecoin’s price.
- PEPE’s price is currently grappling with noticeable bearish pressures. Thus, it is crucial for PEPE token’s price to maintain levels above the support level situated at $0.0000006.
Read more: Pepecoin Price Prediction
Solid “Uptober” for Solana!
SOL/USD | Source: TradingView
- Looking at SOL, from a technical standpoint, it initiated a significant upward trajectory early in the year, surging from sub-$10 levels to almost touching the $26 mark.
- During the period from February to May 2023, SOL’s price managed to maintain its value and stay above the critical $20 support threshold on the charts. However, in June 2023, it experienced a substantial crash, resulting in a decline to $14.
- Following this decline, Solana demonstrated one of the most remarkable recoveries among the top 10 cryptos by market capitalization. It rebounded from the $14 level, briefly reaching $30, before retracing to its current trading range of approximately $18.
- In a broader overview, SOL’s price had shaped a symmetrical triangle pattern on the charts. A few days into the pattern, the altcoin successfully provided a healthy convincing breakout beyond the symmetrical triangle pattern to now trade close to $24 as of writing this article.
- The critical levels to keep an eye on are $27 as a resistance region on the upside and $18.5 as a support zone on the downside.
- Conversely, SOL’s 50-day and 200-day exponential moving averages are on the brink of undergoing a bullish golden crossover. This major breakout, followed by a golden crossover, can be expected to bring in a fresh wave of buying in the market for Solana.
Read more: Bitcoin vs Solana
Chainlink Price Headed for a Major Rally!
LINK/USD | Source: TradingView
- Amid the prevailing bearish trend in 2023, Chainlink (LINK) has emerged as a standout performer, boasting a year-to-date price increase of around 35%, based on data from CoinMarketCap. The chart depicted above illustrates a significant recovery of 40% in September, following a brief dip in August.
- Notably, throughout 2023, LINK’s value has remained primarily within a steadfast range, shaded in gray, with fluctuations roughly between $6 and $7.5. This range has showcased remarkable resilience despite various attempts to breach it. LINK’s price made three endeavors to surpass this range and one effort to dip below it, yet each was promptly reversed.
- Finally, at the start of the highly anticipated “Uptober”, we can see some bullishness creeping back into the market, with various altcoins beginning to show positivity, as we have seen earlier too. Similarly, Chainlink has been following suit, providing a breakout beyond the $6 to $7.5 range to touch $8.2 briefly and settling in around $7.7 as of writing this article.
- Looking ahead, there are indications that LINK’s price is gathering bullish momentum for the immediate future. However, it’s important to consider that historical trends suggest this momentum could be fleeting unless there’s a broader recovery in the crypto market.
- In the month of September alone, Chainlink’s price rebounded from the recent Fibonacci pivot S1 level and surged toward the R1 level, located at approximately $7.3. A recovery from the pivot level (P) level would signal well for the token, with subsequent targets at $8.4 (R1) and a noteworthy 19% increase toward $9 (R2).
Luna Classic (LUNC) Price Continues Descent
LUNC/USDT | Source: TradingView
- Terra Luna Classic, or LUNC, is the older token – that can be regarded as the token that practically initiated the current cycle of the bear market back in May 2022 – with the depegging of Terra’s algorithmic stablecoin, UST. Some calculations indicate, that the Terra LUNA crash resulted in the loss of over $60 billion in value from the crypto market, and since then, LUNC has not been able to recover.
- According to CoinMarketCap, LUNC price is down about 60% from the beginning of 2023, and as we can see from the chart above, it has been a very strong downward trajectory.
- LUNC price has made some positive headway in the past couple of days, but there is little to indicate that the price will be able to breach the upper end of the downward trend (marked in grey). All other technical indications will fail to provide any support unless there is some fundamental positivity coming into the token.
- This project has seen a massive hit in terms of popularity and goodwill – which would also restrict its upward journey, even if the broader market sees a recovery in the days to come.
Read more: Terra Luna Classic Price Prediction
Overall Crypto Market Wrap-Up
As we have observed in some of the tokens mentioned in this article, things have begun to take a slightly positive turn in the past month or so, with Bitcoin solidifying its position as the most dominant token in the market. Despite that, various other heavyweight altcoins like Solana and Chainlink are also playing into the bullish trend and are seeing probable recoveries. According to data from CoinMarketCap, the overall crypto market cap has also jumped up to $1.08 trillion after quite some time, and an eventual jump above $1.1 trillion would bring in fresh inflows!
Values as of October 3, 2023.
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