Cryptocurrency markets have corrected as US employment data reflects a stubbornly robust labor market. This further reaffirmed investors’ belief that the Fed will continue its aggressive rate hikes. Market leaders Bitcoin and Ethereum are currently trading in a consolidation phase. Meanwhile, Bitcoin climbed to the $20,400 level. However, after a short period of selling pressure, it exhibited a minor pullback over the weekend. Ethereum also hit a weekly high of $1,380. However, it has retraced back to $1,327.95 where it is currently trading. So, what are the levels to watch out for next week? Here are the levels to watch in XRP, ETH, SOL, ADA, according to analysts Ann Mugoiri and Bob Mason.
Ethereum analysis before XRP, SOL, ADA, DOT: What to expect?
Last week, Ethereum dropped to $1,280 before witnessing a sharp bullish momentum pushing it to $1,328.73. After also peaking at $1,380 on Thursday, the market started to pull back and dropped to the $1,321.75 support. However, after another bullish attempt, the crypto price momentum changed around $1,350. It began to lose ground rapidly. ETH/USD has been trading near the 20-day EMA ($1,364) since Oct. If buyers push the price above the 20-day EMA or $1,410, the ETH/USDT pair could rally towards the resistance line of the descending channel. This level could attract strong selling by the bears.
If the price drops sharply from the resistance line, the pair could stay inside the channel for a few more days. The bullish momentum could increase once the bulls push the price above the channel. Alternatively, selling could intensify if the bears sink the price below the $1,220 support. Technical indicators show that the MACD is on the verge of crossing the “red signal line”. Therefore, according to analysts, ETH is currently in a state of equilibrium.
What are the expected levels for XRP?
Weekly crypto price analysis shows that Ripple is trying to break through its first overall hurdle, around $0.51. Also, the coin is attempting to retest the intraday high of $0.56 on September 23. XRP is showing strong bullish momentum after opening the weekly chart with a large red candlestick. Also, the coin is now trading above the 20-day and 50-day SMAs. The ascending moving averages and the RSI in the positive zone suggest the path of least resistance is up.
The XRP/USDT pair could gain further momentum if buyers push the price above $0.56. It could then rally to $0.66. Conversely, if the price declines from the current level or the overhead resistance at $0.56, the bears will attempt to push the pair to the 20-day EMA. A break below this support could take the pair to $0.41. Currently, the bulls are defending the key $0.50 support area. According to the analyst, they are likely to make another attempt to push prices above the $0.55 resistance area. If they are successful, there could be a sharp increase in buying pressure and prices could even retrace the $0.5500 level.
Solana needs to see these levels to recover
Solana fell sharply to 31.2 but recovered towards the weekly high at $34.50. The price broke the key $34 resistance area and rallied towards the next major resistance at $35.17. According to the analyst, buyers are trying to create a higher bottom on Solana (SOL). The price recovered from $32.91 on October 3 and reached the 50-day SMA ($34.70) on October 4.
The 20-day EMA ($33.17) is stable and the RSI is near the midpoint, indicating a balance between supply and demand. If the price stays below the moving averages, the SOL/USDT pair could drop to $31.65. If the price rebounds strongly from the support, it will suggest that the range-bound move could continue for a few more days. Buyers will have to push the SOL above the overhead resistance, above $35.50, to push the price up to $39. Network news, however, seems to have added support to the SOL. On October 5th, NvirWorld Metaverse partnered with Solana, as we reported as Kriptokoin.com.
Prospects for Cardano (ADA)
Cardano price analysis reveals that ADA has dropped from $0.4365. According to the analyst, ADA broke below the bullish line on September 30. Then the bears successfully defended the level during the test of this level from October 4-6. This indicates that the bears have turned the bullish line into resistance. The bears will try to challenge the critical support at $0.40. If this support is broken, sales can gain momentum. The ADA/USDT pair could start the next leg of the downtrend. The pair could decline to $0.35 later.
If the bulls want to avoid taking another foot lower, they will have to push the price above the moving averages quickly. If this happens, the pair could climb to the downtrend line. Buyers will need to break through this hurdle to suggest a potential trend change. A break above $0.5000 could result in a rally towards the $0.500 level. On the other hand, a break below $0.4600 could result in a decline towards the $0.4400 level.
Last altcoin on the list: Weekly analysis for Polkadot (DOT)
The DOT rallied from Monday’s low of $6.10 to Tuesday’s high of $6.54. However, the decline in the second half of the week caused the DOT to drop below $6.30. According to analysts, DOT needs to break the September high of $8.05 to experience a change in sentiment.
However, the DOT must avoid the weekly low of $6.10 to avoid a return to $5.97, the 2022 low. The DOT is currently sitting below the 50-day EMA at $6.37. According to analysts, the DOT will need to move between the 50-days EMA ($6.37) and the 100-days EMA ($6.44) to support a return to $6.50.
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