Bitcoin price push through $68K adds strength to SOL, DOGE, RUNE and BGB
2024.10.27 17:54
Bitcoin (BTC) is down just over 2% this week, but a positive sign is that the buyers have not allowed the price to sustain below $65,000. That started a recovery, pushing Bitcoin above $67,500 on Oct. 27. Kraken analysts believe that Bitcoin’s “trend should remain constructive” as long as Bitcoin stays above $66,500.
However, not everyone is bullish on Bitcoin’s prospects in the near term. Crypto analyst Luca said in a post that Bitcoin could witness “another flush to 60K,” before a local bottom can be confirmed.
Crypto market data daily view. Source: Coin360
Several analysts have been expecting an altcoins season to rally after Bitcoin’s dominance hits 60%. Pseudonymous crypto trader Willy Woo said in a post on X that altcoin season will come, but the intensity “will be weaker each cycle on from the great 2017 alt bubble.”
Could Bitcoin’s rise above $70,000 present a short-term buying opportunity in altcoins? Let’s study the top 5 cryptocurrencies that look strong on the charts.
Bitcoin price analysis
Sellers tried to pull Bitcoin below the 20-day exponential moving average ($66,201) on Oct. 25, but the bulls held their ground. This suggests that the sentiment remains positive, and traders are buying the dips.
BTC/USDT daily chart. Source: TradingView
Buyers will have to propel the price above $69,550 to signal the resumption of the up move toward the top of the range at $73,777. There is resistance at $70,000, but that is likely to be crossed. The BTC/USDT pair could reach $72,000, where the bulls are expected to face significant resistance from the bears.
On the downside, the bears will gain the upper hand on a break and close below $65,000. If that happens, the pair could slide to the 50-day simple moving average ($63,259) and later to the crucial support at $60,000.
BTC/USDT 4-hour chart. Source: TradingView
The moving averages have flattened out on the 4-hour chart, and the relative strength index (RSI) is just above the midpoint, indicating a balance between supply and demand.
Buyers will have to push the price above the downtrend line to signal strength. The pair could then rally to $70,000. Contrarily, a break and close below $66,500 will tilt the advantage in favor of the bears. The pair may then slump to $65,000, which remains the essential level to watch out for. If this support cracks, the pair may plummet to $62,000.
Solana price analysis
Solana (SOL) broke out of an ascending triangle pattern on Oct. 20, and the bulls successfully held the retest of the breakout level on Oct. 25.
SOL/USDT daily chart. Source: TradingView
The upsloping moving averages and the RSI above 65 show that the bulls are in command. There is minor resistance at $179, but if this level is crossed, the SOL/USDT pair could rally to $189. Sellers are expected to fiercely defend the $189 level because if it breaks down, the next stop could be $210.
If bears want to prevent the up move, they will have to swiftly tug the price below the 20-day EMA ($161). If they do that, the pair may drop to the 50-day SMA ($148).
SOL/USDT 4-hour chart. Source: TradingView
The bulls have pushed the price above the 20-EMA, but the negative divergence on the RSI suggests slowing momentum. The bears will try to halt the recovery at $179. If the price turns down from the overhead resistance and breaks below the 20-EMA, it will signal that bears are active at higher levels. The pair may then retest the $164 support.
Instead, if the bulls pierce the $179 resistance, it will signal the resumption of the uptrend. The pair may rally to $189.
Dogecoin Token price analysis
Dogecoin (DOGE) broke out of the symmetrical triangle pattern on Oct. 18, and the bulls successfully defended the pullback to the breakout level on Oct. 25.
DOGE/USDT daily chart. Source: TradingView
The 20-day EMA ($0.13) is sloping up, and the RSI is in the positive zone, signaling that the bulls are in control. Buyers will gain further strength if they push and maintain the price above the $0.15 resistance. If they do that, the DOGE/USDT pair could surge to $0.17 and later to $0.19.
Conversely, if the price turns down from the current level or the overhead resistance and re-enters the triangle, it will suggest that the markets have rejected the breakout. The pair could descend to the 50-day SMA ($0.11).
DOGE/USDT 4-hour chart. Source: TradingView
Buyers have pushed the price above the resistance line of the descending channel pattern, indicating a potential trend change in the short term. The pair will next attempt a rally above the overhead resistance of $0.15.
The 20-EMA is the critical support to watch out for on the downside. If the price turns down and breaks below the 20-EMA, it will suggest that the breakout from the channel may have been a bull trap. The pair could then dip to the channel’s support line.
Related: 3 signs Ethereum price is gearing up for a rebound toward $6K
THORChain price analysis
THORChain (RUNE) has formed a symmetrical triangle, which usually acts as a continuation pattern. The trend that was in force before the formation of the pattern generally resumes following the breakout from it.
RUNE/USDT daily chart. Source: TradingView
The upsloping 20-day EMA ($5.04) and the RSI just above the midpoint signal a minor advantage to the bulls. A break and close above the triangle will signal the start of the next leg of the uptrend. The RUNE/USDT pair could rise to $5.71 and subsequently to the pattern target of $6.76.
This positive view will be invalidated in the near term if the price turns down and plunges below the triangle. The pair may slump to $4.42 and then to $3.80.
RUNE/USDT 4-hour chart. Source: TradingView
The bulls have pushed the price above the moving averages, and the RSI has risen to the positive territory, indicating that the bulls have the upper hand. The price could reach the resistance line, where the bears are expected to pose a strong challenge. However, if the bulls prevail, the pair may start a new up move.
Contrarily, if the price turns down sharply from the resistance line, it will signal that the pair may remain inside the triangle for some more time. The bears will be in control if the pair breaks below the support line.
Bitget Token price analysis
Bitget Token (BGB) has been gradually climbing in the past few days, indicating that the bulls are in charge.
BGB/USDT daily chart. Source: TradingView
The price turned down from the $1.22 overhead resistance on Oct. 24, but the bulls did not allow the price to dip below the 20-day EMA ($1.12). Buyers will again attempt to thrust the price above the overhead resistance. If they can pull it off, the BGB/USDT pair could rally to $1.34 and later to $1.43.
This optimistic view will be negated if the price turns down and breaks below the 20-day EMA. If that happens, it will signal that the bulls are booking profits. The pair may then descend to the 50-day SMA ($1.03).
BGB/USDT 4-hour chart. Source: TradingView
The 20-EMA is flattening out, and the RSI is just below the midpoint on the 4-hour chart, signaling a possible range-bound action in the near term. If the price skids below the 50-SMA, the pair may drop to $1.14. A strong bounce off the $1.14 level will signal buying at lower levels. The pair may swing between $1.14 and $1.21 for some time.
Contrary to this assumption, a break below $1.14 will indicate that the bears are back in the game. The pair may drop to $1.12 and later to $1.09.
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.
