Bitcoin (BTC) is still in correction, but Ether (ETH) has attracted heavy buying, which propelled it to an all-time high on October 29th. Successful upgrade of the Altair chain paved the way for a merger with the Ethereum mainnet and a switch to proof-of-stake.

Meanwhile, MicroStrategy has continued to expand its already impressive Bitcoin pool. The company’s Q3 report shows it added 8,957 bitcoins, bringing its total holdings as of September 30th to 114,042 bitcoins, which were purchased at an average price of $ 27,713.

The software company’s appetite does not appear to have been quenched, and CEO Michael Saylor said the company will continue to raise more capital to implement its bitcoin accumulation strategy.

Could Ether’s strong rally be the start of a new altcoin season? Let’s analyze the top 10 cryptocurrency charts to find out.

BTC technical analysis

Bitcoin fell below the 20-day EMA ($ 59,389) on October 27, but the bears were unable to sustain the lower levels. The price rebounded quickly, rising above the 20-day EMA on October 28th, showing strong buying on the downside.

BTC / USDT daily chart | Source: TradingView

The price action of the past few days has created a bullish flag pattern that completes when price breaks out and closes above the resistance line. Such a move would indicate a continuation of the uptrend. The first resistance to the upside is the all-time high of $ 67,000.

If the bulls break the overhead barrier, the BTC / USDT pair can begin a march north with the target of the pattern at $ 89,476.12.

The rising moving averages and Relative Strength Index (RSI) are in positive territory, suggesting an advantage for the bulls. The bears will have to pull and hold the price to break the bullish setup. If so, the pair can slide to $ 52,920.

Technical analysis of the ETH

Ether rallied sharply from the 20-day EMA ($ 3,953) on October 28, showing that buyers took advantage of the recent pullback to accumulate. The largest altcoin rose to a new all-time high on October 29, signaling the continuation of the uptrend.

ETH / USDT daily chart | Source: TradingView

The 20-day EMA is sloping up and the RSI is in positive territory, showing that the bulls are in charge. If buyers keep the price above $ 4,375, the ETH / USDT pair can begin its journey to the target of the pattern at $ 4,657 and then climb to $ 5,000.

Contrary to this assumption, this suggests that demand will dry up at higher levels unless price can hold above $ 4,375. After that, the pair could consolidate between $ 4,375 and $ 3,888 for a few days. A break and close below this range would indicate the beginning of a deeper correction.

BNB. Technical analysis

The bulls successfully defended the inverse head and shoulders section on October 27th, which is a positive sign. This could have resulted in purchases from traders and propelled Binance Coin (BNB) above the $ 518.90 resistance.

BNB / USDT daily chart | Source: TradingView

The 20-day EMA ($ 470) is rising and the RSI is in positive territory, showing that buyers are in control. If the bulls hold the price above $ 518.90, the BNB / USDT pair may continue the uptrend with the next target at $ 554.

Conversely, if the price fails to hold above $ 518.90, it indicates that traders are making gains at higher levels. After that, the pair can fall to the neckline, which is the critical support the bulls must defend.

Technical analysis of the ADA

The bulls defended strong support at $ 1.87 on October 27, but the rebound lacks strength. This shows that traders are reluctant to buy Cardano (ADA) at higher levels.

Daily ADA / USDT Chart | Source: TradingView

Both moving averages are sloping down and the RSI is in negative territory, suggesting that the path of least resistance is on the downside.

If the price drops from current levels or the 20-day EMA ($ 2.12), the bears will try again to break through and hold the ADA / USDT pair below the $ 1.87 support. Such a move could signal the beginning of a deeper correction to $ 1.58.

This negative view will be invalidated if the bulls push and hold the price above the moving averages. After that, the pair can climb to $ 2.47.

SOL. technical analysis

Solana (SOL) bounced off the 20-day EMA (USD 180) on Oct 27, showing sentiment remains positive and traders are buying on the downside. Now the bulls will attempt to push the price above the $ 216-218.93 resistance area.

Daily SOL / USDT chart | Source: TradingView

The bullish 20-day EMA and RSI in positive territory show that the bulls have the upper hand. A break and a close above $ 218.93 would indicate the continuation of the uptrend and a rally on the SOL / USDT pair to $ 239.83 would be possible.

However, the bears are unlikely to give up anytime soon. If price drops from current levels or overhead resistance, the pair may consolidate between $ 171.47 and $ 218.93 for a few days. A break below USD 171.47 could signal the start of a deeper correction.

Technical XRP analysis

Ripple (XRP) slid below the $ 1 support on October 27, but the bears were unable to sustain lower levels. This shows that the bulls are consolidating near critical support levels. Buyers will now try to push the price above the downtrend line and hold it.

XRP / USDT daily chart | Source: TradingView

If this succeeds, the XRP / USDT pair can rise to $ 1.24 where the bears are likely to create strong resistance. If the price moves down from this level, the pair will likely stay in the range for a few days.

The flat moving averages and the RSI just below the midpoint show a balance between supply and demand. That equilibrium will shift in favor of the bulls if the pair rises to $ 1.24. Conversely, a break below $ 1 may push the pair into the strong support zone at $ 0.88 – $ 0.85.

Technical DOT analysis

Polkadot (DOT) bounced off the breakout at $ 38.77 on October 27, showing sentiment remains bullish and traders are buying on the downside.

DOT / USDT daily chart | Source: TradingView

The bulls will now attempt to push the price above the overhead barrier at $ 46.39 and retest the all-time high of $ 49.78. If this resistance is broken, the DOT / USDT pair can rebound towards the next target at $ 53.90.

Contrary to this assumption, if the price deviates from current levels or overhead resistance, the bears will seek to push the price below the 20-day EMA ($ 40.90). A break below this level may retest the critical support at $ 38.77. If this level is also lost, the next stop could be the 50-day SMA ($ 35.68).

DOGE technical analysis

Dogecoin (DOGE) fell below the 50-day SMA ($ 0.23) on October 27, but the long tail of the intraday bar shows strong buying at lower levels. The bulls continued to buy on October 28th, which may have surprised some aggressive bears.

Daily DOGE / USDT Chart | Source: TradingView

The combination of bear short liquidation and bull bottom catching pushed price above $ 0.27 resistance on October 28th. However, the long wick on the intraday bar suggests that traders could have booked profits at a higher level.

The bulls and bears are likely to have an uphill battle at $ 0.27. If the bulls turn this level into support, the DOGE / USDT pair could attempt to climb to $ 0.35 again. A break through and a close above this level could pave the way for a possible rise to $ 0.45.

Conversely, a break and close below $ 0.27 can push the price to the 20-day EMA ($ 0.25).

Technical SHIB analysis

Shiba Inu (SHIB) rose above 200% Fib expansion at $ 0.00007586 on October 27, and hit a new all-time high of $ 0.0008854 on October 28.

Daily SHIB / USDT Chart | Source: TradingView

The strong rally of the past few days pushed the RSI to 91.66 on October 27th, which resulted in a retracement on October 28th.

While the uptrend is still intact, the pair could begin a few days of consolidation or correction to digest the gains of the past few days.

The 50% fib retracement level at $ 0.00005778 is important as a break below it could intensify selling and pull the pair to the 61.8% fib retracement level at $ 0.00000552.

Alternatively, if the price rises from current levels and breaks above $ 0.00008854 ($ 0.00008854) the pair may expand to the 300% fib expansion at $ 0.000010349 (0.000010349 ) recover.

Technical analysis by LUNA

Terra (LUNA) bounced off the 50-day SMA ($ 38.69) on October 27, showing strong buying at lower levels. The price movement of the past few days has resulted in the formation of an isosceles triangle.

Daily LUNA / USDT chart | Source: TradingView

Now the bulls will try to push the price above the triangle. If they do that, the LUNA / USDT pair can continue on its uptrend. The bears could be challenging at the all-time high of $ 49.54, but if that level is hit the pair may hit the target of the pattern at $ 62.59.

Contrary to this assumption, this suggests that the bears will continue to sell on the rebound if the price deviates from overhead resistance. The couple can then extend their stay within the triangle for a few more days.

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.

SN_Nour

According to Cointelegraph

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