Price Predictions for the Analyst’s Top 3 Cryptocurrencies | 7.10

Bitcoin (BTC) skyrocketed to more than $ 1 trillion in market capitalization on October 6, bringing the total cryptocurrency market capitalization closer to $ 2.3 trillion. This amount coincides with a 100 percent recovery from the all-time low on June 22, when the total cryptocurrency market capitalization fell to around $ 1.15 trillion.

According to Chainalysis, the Central and South Asia and Oceania region saw a 706 percent increase in crypto transactions between July 2020 and June 2021. The total value of the transaction was $ 572.5 billion, equivalent to 14 percent of the global value of the transaction.

So can Bitcoin gain more momentum and hit an all-time high? Or will interest in altcoins increase? Cointelegraph analyst Rakesh Upadhyay attempted to answer these questions by examining the top 3 cryptocurrencies by market capitalization.

BTC / USDT – Bitcoin technical analysis

Bitcoin price broke resistance on October 4 and closed above $ 48,843.20, the first sign of the end of the correction process. This uptrend continued on October 5-6, then stalled when the bears intervened.

BTC / USDT daily chart. Source: TradingView

With the bulls pushing the price above $ 52,920, the head-to-shoulder pattern indicating a bearish possibility was also invalidated. Meanwhile, the 20-day exponential moving average (EMA) ($ 47,708) rose and the Relative Strength Index (RSI) settled near the overbought zone. So bulls dominated the market.

If the price stays above $ 52,920 any longer, the BTC / USDT pair could gain momentum and climb to $ 60,000. This level will act as a resistance, but if it is exceeded, the pair will test the all-time high of $ 64,854 once again.

Contrary to this assumption, if the price does not stay above $ 52,920, it will appear that the demand has decreased at the highs. The pair could see a correction to $ 48,843.20 later.

ETH / USDT: Ethereum price analysis

The price of Ether (ETH) fell back below the 50-day Simple Moving Average (SMA) ($ 3,327) on October 4, after which the bulls increased buying and rallied on October 5. However, the bears tried to stop the rally on October 6 and pushed the price down for a while. As can be seen from the long tail of the day’s candle, the bulls increased buying from these levels.

ETH / USDT daily chart. Source: TradingView

The long tail of the candle on October 6 indicates an aggressive buy near the 50-day SMA. The rising 20-day EMA ($ 3,289) and the RSI in the positive zone suggest that the bulls are still in control of the market.

If buyers push the price above $ 3,676.28, ETH / USDT could rise to $ 4,027.88. The bears should push the price below the 20-day EMA to set the stage for a possible downtrend and then break the psychological support at $ 3,000.

BNB / USDT – Binance Coin Technical Analysis

Binance Coin (BNB) price rose above the resistance above $ 433 and closed there. However, the bulls were unable to continue. The bears pushed the price down below $ 433 on October 4. The positive signal here is that the bulls are aggressively buying in the downtrend as seen in the long tail of the day’s candle.

BNB / USDT daily chart. Source: TradingView

The 20-day EMA ($ 407) is rising and the RSI is in positive territory. So buyers dominate the market. If the bulls push the price above $ 444 and close, the BNB / USDT pair could rally to $ 518.90.

This level will once again act as a stiff resistance, but momentum may build if the bulls can overcome the hurdle. Contrary to this assumption, if the price falls from the current level and breaks below the 20-day EMA, the next stop could be the 100-day SMA ($ 377).

Opinions and comments expressed here are solely those of the author. It may not reflect the views of Cointelegraph. Every investment and trade movement involves risk. You should do your own research when making a decision.

Bir cevap yazın

E-posta hesabınız yayımlanmayacak. Gerekli alanlar * ile işaretlenmişlerdir

Başa dön tuşu