The concept of “Uptober” in the crypto world proved to be no accident, as Bitcoin, the largest cryptocurrency, made a remarkable uptrend surge with a 26% rally.
This positive momentum set the stage for many altcoins and higher-cap tokens to also rally. Bitcoin’s surge was unexpected for many, even though there were reports of a Bitcoin spot Exchange-traded Fund (ETF) that turned out to be false.
Despite this, the price of Bitcoin remained strong, and many traders and investors are still hopeful that a Bitcoin spot ETF will be approved before the next Bitcoin bull run.
Recent Bitcoin price action has brought optimism for many traders and investors, indicating a potential end to the bearish trend that has weighed on major cryptocurrencies. Bitcoin’s rally, resulting in over $400 million in short liquidations in just a few hours, showcases the bullish dominance in the crypto market, with many top cryptocurrencies, such as XRP, DOGE, FLOKI, SHIB, and FET, showing signs of recovery.
While several cryptocurrencies have demonstrated strong price performances in recent days and weeks, Ethereum’s performance has raised concerns. Ethereum’s lagging price action, failing to outperform Bitcoin as expected, has left traders and investors disappointed.
A cryptocurrency market heatmap on coin360.com reflects the bullish price action for Bitcoin while Ethereum and other cryptocurrencies remain in a bearish zone with limited positive price movements.
Bitcoin, which traded within the range of $25,500 to $26,800 for over two months, surged to $29,000 after a bullish rally sparked by rumors of a Bitcoin ETF approval. Despite the ETF news turning out to be fake, Bitcoin’s price remains robust. It broke through key resistances at $30,500 and $32,000, paving the way for potential new yearly highs.
Bitcoin swiftly rallied to $35,000 after surpassing the $32,000 resistance, and it could potentially target levels between $40,000 and $45,000 if the current bullish momentum is sustained.
Bitcoin is striving to establish a robust support level at $32,000, a promising sign for its bullish trajectory in the coming weeks and days. The cryptocurrency has achieved a significant milestone, trading above its 38.2% Fibonacci Retracement Value for the first time this year, indicating bullish market sentiment. To sustain its upward momentum, Bitcoin needs to break through the $35,500 price range, paving the way for further gains towards $40,000.
Multiple indicators, including the weekly and monthly Relative Strength Index (RSI) and Moving Average Convergence Divergence, all point to a bullish outlook for Bitcoin. On the daily and weekly timeframes, Bitcoin’s price is trading above its 50-day and 200-day Exponential Moving Averages (EMA) for the first time in months, underscoring the current dominance of bullish sentiment.
While a retracement to the $32,000 region could provide healthy support, a drop below $31,000 to $30,000 might give bears an advantage. However, it appears that bullish forces are firmly in control of Bitcoin’s price, with the potential for a significant breakthrough above $35,500.
In contrast, Ethereum is facing challenges despite a successful breakout above $1,750. Strong resistance at around $1,830 is impeding its progress toward $1,950 or even $2,000. Ethereum’s price is currently positioned above its 50-day and 200-day EMA, but it remains in the shadow of better-performing cryptocurrencies like Solana, Injective Protocol, and Bitcoin.
Turning our focus to the altcoin and memecoin landscape, the new week offers potential opportunities for traders and investors to keep a keen eye on the following top 5 cryptocurrencies: XRP, DOGE, FLOKI, SHIB, and FET. These assets have been exhibiting positive price movements, making them interesting prospects for the week ahead.
Top 5 Cryptos to Watch: XRP, DOGE, FLOKI, SHIB, FET
1. Floki Inu (FLOKI) Price Analysis: The price of Floki Inu (FLOKI) has been quite dynamic recently, outperforming other cryptocurrencies. After trading within a range for weeks, it broke out with significant volume and surged from $0.0000185 to $0.0000400 in less than a month, marking a 200% increase. Floki Inu’s popularity is also tied to the upcoming launch of its staking program called TokenFi, which could drive further price gains.
FLOKI USDT DAILY PRICE CHART 29OCT23
2. Ripple (XRP) Price Chart Analysis: XRP has attracted attention due to the possibility of a substantial price rally. After being range-bound for some time, it broke out above $0.5 and reached $0.55. If it surpasses $0.65, it might climb to $0.75 to $0.9, as there are limited obstacles. The current bullish trend is supported by various indicators, including on-chain analysis.
XRP USDT PRICE CHART 29OCT23
3. Dogecoin (DOGE) Price Chart Analysis: DOGE experienced a modest resurgence after trading around $0.055. Although it couldn’t maintain its peak at $0.075, flipping this level could lead to further gains, potentially reaching $0.09 to $0.1.
DOGE USDT DAILY PRICE CHART 29OCT23
4. Fetch.AI (FET) Daily Price Analysis Chart: FET’s price showed significant volatility, rallying to $0.6 before a drop to $0.18. However, it has rebounded above $0.27, aiming for a retest of $0.6. Positive indicators suggest potential for price growth.
FET USDT DAILY PRICE CHART 29OCT23
5. Shiba Inu (SHIB) Price Chart Analysis: SHIB has been struggling recently, but there’s potential for a rebound. Breaking and closing above $0.00000850 could trigger a price rally, while failure to hold above the 25% FIB value might lead to a retest of the low at $0.00000660. The MACD and RSI indicators are showing a shift to a bullish trend.
SHIB USDT 29OCT23
Important:Â Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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