Technical analysis October 22nd: ETH, ADA, XRP, DOT

ETH

This week, ETH is up over 8.92% and is on the verge of hitting an all-time high (ATH) at $ 4,380, just under $ 5. The momentum remains bullish and the price is in a strong uptrend as shown by the trendline which is now acting as support around the $ 4,000 level. A break in price below this level could push ETH back to the nearest support at $ 3,500.

The resistance at $ 4,380 continues until the bulls break it. Since Bitcoin has set a new ATH for the week, the market is heating up overall with expectations of further price gains. As the second largest coin, ETH will also attract attention in the coming week.

Accordingly, the ETH could reinforce the upward trend, especially if the price breaks out of the ATH. In the coming weeks, ETH will easily set new highs and trigger a race until a top is found. On the other hand, any correction in a rally is normal.

Source: TradingView

ADA

ADA broke out of the descending channel after several attempts. Currently, the price is in a tight range between $ 2 (support) and $ 2.20 (resistance). This price action is within a larger range that was set between $ 2 and $ 2.4 in late September. Hence, until ADA breaks out of this zone, the trend will be flat and the price could fluctuate between the key levels indicated on the chart.

ADA indicators show bullish signs for the bulls. A retest of the $ 2.40 resistance appears possible next week or shortly after the price breaks the $ 2.20 resistance.

The price is still very far from ATH by more than $ 3. Before it can hit that level again, ADA will need to break the critical resistance at $ 2.40. Any mistake could trigger a rejection and a return to key support levels at $ 2.20 and $ 2.00.

Source: TradingView

XRP

XRP’s price action last week was disappointing with a flat trend. The price bounced between $ 1 (support) and $ 1.16 (resistance) multiple times, forming a descending triangle. However, next week promises to be more interesting as the price compresses above the resistance line of the downtrend. It is expected that at the time of the trend change, XRP could bounce off the top of this pattern (in blue).

Until then, XRP will inevitably get stuck between support and resistance levels. Many indicators are showing a downtrend as the MACD broke into negative territory this week. If the price doesn’t drop below the $ 1 support, however, it’s too early to assume that XRP will drop to lower levels.

XRP ATH is priced at $ 3.3 and has never been retested since its inception in January 2018. The price had an attempt to get close to it in April 2021 but was heavily declined once it hit $ 2. Since then, XRP has consolidated below $ 2 in hopes of hitting ATH in the future.

Source: TradingView

POINT

The DOT continued its steady rise over the past week after breaking key resistance at $ 39 on significant volume. There is some concern about the current price movement as the DOT is only $ 5 below the approximate ATH of $ 50. Therefore, profit taking is very likely and the bulls will have to show a lot of strength to avoid rejection below the resistance line shown on the chart.

There is still room for price movement in the blue top next week (see chart), but at the beginning of November the price of DOT has to decide on its next steps. Can it establish a new ATH or bear DOT pushing to the $ 39 and $ 32 supports? Please be patient.

In the future, most DOT holders predict that ATH will be retested. The indicators are bullish at the time of writing, so retesting seems possible given the current market landscape.

Source: TradingView

You can see the coin prices here.

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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

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