Price Analysis: BTC, ETH, ADA, BNB, XRP, SOL, DOT, DOGE, AVAX, UNI

Bitcoin (BTC) and Ethereum (ETH) are attempting to bounce off their key support levels as bulls attempt to thwart bears' attempts to deepen their correction.

Tesla CEO Elon Musk said at the recent Code Conference in California that due to the decentralized nature of cryptocurrencies, governments cannot “destroy cryptocurrencies,” but they can “slow them down.”

The data shows that in the past two weeks, the amount of bitcoin transferred by whales has reached a new high. The total transfer volume of transactions worth more than $10 million has exceeded the level when the price of Bitcoin was around $60,000.

According to on-chain analytics resource Material Indicators, “smaller” whales sold and giant whales increased their holdings.

Former BTCC exchange CEO Bobby Lee said in an interview with Bloomberg on September 29 that Bitcoin's rally is expected to begin at the end of 2021, which will not only push the price to an all-time high, but clear $100,000 psychological barrier, and could hit $200,000.

Are Bitcoin and altcoins ready to ease the rally, or will the bears pull prices below their respective support levels? Let’s analyze the chart of the top ten cryptocurrencies to find out.

BTC/USDT

Bitcoin continues to trade between the 100-day simple moving average (SMA, $41221) and the 20-day exponential moving average (EMA, $44229). Prices bounced off the 100-day SMA yesterday, suggesting bulls continue to aggressively defend this support.

The 20-day EMA is sloping down and the relative strength index (RSI) is in negative territory, indicating that sentiment remains negative and bears may sell on the rally. If the price turns down from the 20-day EMA, the narrow range may persist for a few days.

A break and close below the 100-day SMA could lead to panic selling and drag the price down to $37,332.70. If this level fails, BTC/USDT could plummet to $30,000.

Alternatively, a breakout and close above the 20-day EMA would be the first sign that selling pressure may be diminishing. Then, BTC/USDT may rise to the 50-day SMA ($46,580) and then to $48,843.20.

ETH/USDT

Ethereum turned down from the 20-day EMA ($3118) on September 27 and fell to the 100-day SMA ($2771) on September 28. The bulls have once again held the support and are attempting to push the price towards the 20-day EMA.

The descending 20-day EMA and the RSI in negative territory suggest that the bears are still in control. If the price turns down from the current levels or the 20-day EMA, the bears will make another attempt to break the support of the 100-day SMA.

If this happens, ETH/USDT could fall to $2,400, and if this support fails, the decline could extend to $1,972.12. The bulls must push and sustain the price above $3174.50 to indicate that the correction may be over. ETH/USDT could then rise to the 50-day SMA ($3291) and then to $3676.28.

The descending 20-day EMA and the RSI in negative territory suggest that the bears are still in control. If the price turns down from the current levels or the 20-day EMA, the bears will make another attempt to break the support of the 100-day SMA.

If this happens, ETH/USDT could fall to $2,400, and if this support fails, the decline could extend to $1,972.12. The bulls must push and sustain the price above $3174.50 to indicate that the correction may be over. ETH/USDT could then rise to the 50-day SMA ($3291) and then to $3676.28.

ADA/USDT

Cardano (ADA) has been trading between the 20-day EMA ($2.27) and the $1.94 support for the past few days. Yesterday's long shadow suggests that the bears are selling on the rally.

The descending 20-day EMA and RSI below 40 suggest that bears have the upper hand. The bears are likely to make another attempt to sink and sustain the price in the area between $1.94 and the 100-day SMA ($1.87).

If the price falls below this support area, the sell-off could pick up momentum and ADA/USDT could drop to $1.60 and then to $1.40. This negative view will be invalidated if the bulls push and sustain the price above $2.47.

BNB/USDT

BNB closed below the $340 support on Sept. 27, but the bears were unable to capitalize on the move and pushed the price below $320. This suggests that selling dried up at the lows.

The RSI has formed a positive divergence, suggesting that the bearish momentum may be weakening. Yesterday's strong rally suggested aggressive buying at the lows and possible short-covering on the bear side.

If the bulls push the price above the 20-day EMA ($381), it will indicate that the correction may be over. BNB/USDT could then rally to $433.

Conversely, if the price turns down again from the 20-day EMA, it will indicate that traders are selling on the rally. The bears will then make one more attempt to pull the price below $320.

XRP/USDT

On September 28, XRP fell again to the 100-day SMA ($0.88). Repeated retests of support tend to weaken the support, but a small positive sign is that the bulls have successfully defended the support several times over the past few days.

A breakout and close above the 20-day EMA will be the first sign that selling pressure may be weakening. SOL/USDT could then rise to the 38.2% Fibonacci retracement level at $154.20 and then to the 50% retracement level at $166.

Alternatively, if the price turns down from the 20-day EMA or overhead resistance, the bears will attempt to pull SOL/USDT below the 50-day SMA ($118). A break and close below $116 could lead to panic selling.

DOT/USDT

DOT is attempting to bounce off the neckline of a developing head and shoulders pattern. This is an important level for bulls to defend, as a break and close below this level would create a bearish move.

Sellers are likely to gain momentum below the neckline, pulling the price to the 100-day SMA ($22.28) before heading towards the pattern target of $12.23. The descending 20-day EMA ($30.12) and the RSI are just below the midpoint, suggesting a slight advantage for the bears.

Conversely, if the bulls push the price above the 20-day EMA and the downtrend line, it will indicate that the bears may be losing control. DOT/USDT could then rally towards $33.60, where bears could once again pose a stiff challenge. A break and close above this resistance could clear the way for a retest of $38.77.

DOGE/USDT

Dogecoin (DOGE) has traded between $0.19 and $0.21 for the past three days. This tight range trade shows that bulls and bears are hesitating about the next direction in which to move.

The RSI is attempting to form a positive divergence, suggesting that selling pressure may be waning. If the bulls push the price above $0.21, DOGE/USDT could rise towards the 20-day EMA ($0.22), which could once again act as a stiff resistance.

A breakout and close above the 20-day EMA would be the first sign of strength and could open the floodgates for a possible upside to the downtrend line.

Alternatively, if the price turns down from current levels or overhead resistance and breaks below $0.19, DOGE/USDT could plummet to $0.15.

AVAX/USDT

Avalanche's (AVAX) long shadow from September 27 shows that bears sold aggressively on rallies. On September 28, the sell-off continued, with the bears pulling the price below the support line of the ascending channel.

Although the bulls pushed the price back inside the channel, the long shadows on the day showed that every minor rally was followed by a sell-off by the bears. The 20-day EMA ($62.12) has flattened out and the RSI is just above the midpoint, suggesting that the bulls may be losing control.

If the price fails to stay within the channel, AVAX/USDT could drop to the next support at $52. Conversely, if the bulls maintain the price within the channel, AVAX/USDT could rise to $72, and if this level is breached, a retest of the all-time high of $79.80 is possible.

UNI/USDT

The bulls have pushed Uniswap (UNI) above the downtrend line of the descending channel for the past two days but were unable to sustain the higher levels. However, a smaller positive is that the bulls have not given up much, again trying to break overhead resistance.

The 20-day moving average ($23) and the RSI are flat near the midpoint, suggesting that the bears are losing control. If the price sustains above the channel, UNI/USDT could rise to the 50-day moving average ($25.88) and then to $27.62.

A break and close above $27.62 could lead to a retest of the overhead barrier at $31.41. Conversely, if the price turns down from the current levels, it will indicate that the bears are aggressively defending the resistance level. If UNI/USDT falls below $21.84, the next stop is $17.73.