Bitcoin, Altcoins Stage Rebound Rally, Bears Sell The Tops

Key points:

• Bitcoin and most major altcoins have bounced off their support levels, indicating solid demand at lower levels.

• Buyers may find it difficult to sustain the recovery, as the bears are expected to sell on rallies.

Bitcoin (BTC) made a strong comeback on Monday, rising above $111,000. Traders turned bullish after US President Donald Trump confirmed a summit with Chinese President Xi Jinping on Oct. 31. That raised hopes of a possible trade deal between the US and China.

Despite the recent correction, several institutional investors remain positive on BTC. An institutional investor survey of 124 respondents by Coinbase found that 67% of the investors were positive on BTC over the next three to six months. However, 45% of the institutions believe that markets are in the late stages of the bull run.

In addition to BTC, analysts are also bullish on select altcoins. Renowned technical analyst John Bollinger said in a post on X that Ether (ETH) and Solana (SOL) are showing potential W bottoms in Bollinger Band terms, but BTC was yet to form one. He added that it was “time to pay attention soon.”

Could BTC and altcoins build upon the recovery, or will higher levels attract sellers? Let’s analyze the charts of the top 10 cryptocurrencies to find out. 

S&P 500 Index price prediction

Buyers halted the pullback of the S&P 500 Index (SPX) at the 50-day simple moving average (6,570), indicating buying on dips.

The bulls will strive to push the price above the all-time high of 6,764, clearing the path for the resumption of the uptrend. If they manage to do that, the index could march toward the psychological resistance at 7,000.

This optimistic view will be negated in the near term if the price turns down sharply and plummets below the 50-day SMA. The index could then start a deeper correction to 6,350 and subsequently to 6,200.

US Dollar Index price prediction

The US Dollar Index (DXY) is witnessing a tough battle between the bulls and the bears at the downtrend line.

Sellers pulled the price below the downtrend line on Wednesday, but the bulls arrested the fall at the 50-day SMA (98.03). Buyers are again attempting to drive the price above the downtrend line. If they succeed, the index could rise to the 100.50 level.

Instead, if the price continues lower and breaks below the 50-day SMA, it suggests that the markets rejected the breakout above the downtrend line. The index risks falling to 97.46 and then to 97.19.

Bitcoin price prediction

Failure of the bears to sustain the price below the $107,000 support attracted strong buying by the bulls.

The Bitcoin price could reach the moving averages, where the bears are expected to mount a strong defense. If buyers overcome the barrier, it suggests that the correction may be over. The BTC/USDT pair will then attempt a rally to the all-time high of $126,199.

Sellers will have to fiercely defend the moving averages and swiftly yank the price below the $107,000 support to retain the advantage.  Such a move increases the risk of a break below the $100,000 support.

Ether price prediction

ETH rebounded off the support line on Friday, indicating that the bulls are trying to keep the price inside the descending channel pattern.

Sellers will try to halt the relief rally at the moving averages, but if the bulls prevail, the ETH/USDT pair could rally to the resistance line. Buyers will have to drive the Ether price above the resistance line to signal the start of a new up move. There is resistance at $4,957, but it is likely to be crossed. 

Time is running out for the bears. They will have to swiftly pull the price below the support line to accelerate selling. The pair could then plummet to the solid support at $3,354.

BNB price prediction

BNB (BNB) turned up from the 50-day SMA ($1,032) on Friday, signaling that the bulls are active at lower levels.

There is resistance at the 20-day exponential moving average ($1,135), but if the level is crossed, the BNB/USDT pair could rise to the 50% Fibonacci retracement level of $1,198. The bulls will gain the upper hand if they push the BNB price above the 61.8% retracement level of $1,239. That opens the doors for a retest of the all-time high at $1,375.

This positive view will be invalidated in the near term if the price turns down and breaks below the $1,021 support. That suggests the pair may have topped out in the short term.

XRP price prediction

XRP (XRP) fell below the $2.30 support on Friday, but the long tail on the candlestick shows solid buying at lower levels.

The relief rally could face resistance in the zone between the 20-day EMA ($2.57) and the breakdown level of $2.69. If the price turns down from the overhead zone, the bears will attempt to pull the XRP/USDT pair to $1.90.

On the contrary, a close above $2.69 suggests that the bulls are back in the game. The up move is expected to pick up momentum after buyers propel the XRP price above the downtrend line. The pair may climb to $3.20 and then to $3.38.

Solana price prediction

SOL bounced off the support line of the descending channel pattern on Friday, signaling demand at lower levels.

The recovery could face selling at the 20-day EMA ($201), which is sloping down. If the price turns down sharply from the 20-day EMA, the bears will again try to sink the SOL/USDT pair below the support line. If they can pull it off, the Solana price risks slumping to $155.

Contrarily, a break and close above the 20-day EMA signals that the selling pressure is reducing. The pair could rally to the resistance line, where the bears are expected to step in. Buyers will be back in the driver’s seat on a close above the resistance line. The pair may then ascend to $238 and later to $260.

Related: XRP price targets $3 as whale wallet count hits new all-time highs

Dogecoin price prediction

Dogecoin (DOGE) remains stuck inside the large range between $0.14 and $0.29, signaling indecision between the bulls and the bears.

The downsloping 20-day EMA ($0.21) and the RSI in the negative territory indicate advantage to bears. If the price turns down sharply from the 20-day EMA, the sellers will attempt to drag the DOGE/USDT pair to the bottom of the range at $0.14.

On the contrary, if buyers thrust the price above the 20-day EMA, it suggests that the bulls are trying to make a comeback. The Dogecoin price could then rally to the $0.29 to $0.31 resistance zone.

Cardano price prediction

Cardano (ADA) slipped below the $0.61 support on Friday, but the bears could not sustain the lower levels.

The ADA/USDT pair has started a recovery that is expected to face selling at the 20-day EMA ($0.72) and then at the breakdown level of $0.75. If the price turns down from the overhead resistance, the bears will attempt to sink the pair below $0.60. If they succeed, the Cardano price could descend to $0.50.

The first sign of strength will be a break and close above the 50-day SMA ($0.80). The pair may then rise to the downtrend line, which is a critical level for the bears to defend. If the sellers fail in their endeavor, the pair could surge toward $1.02.

Hyperliquid price prediction

Hyperliquid (HYPE) fell below the $35.50 support on Friday, but the long tail on the candlestick shows solid buying at lower levels.

The HYPE/USDT pair could reach the 20-day EMA ($41.13), which is a vital near-term resistance to watch out for. If buyers push the price above the 20-day EMA, the pair could rally to the 50-day SMA ($46.77) and later to $51.

Contrary to this assumption, if the price turns down sharply from the 20-day EMA, it suggests that the sentiment remains negative. The bears will then try to sink the Hyperliquid price to $30.50. 

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.