Following the Fed’s September interest rate decision, the latest situation in the cryptocurrency market is being closely followed. The interest rate for September 2023 was announced as 25 basis points, keeping it constant within expectations. If the expectation came true, it was predicted that there would be volatility in altcoins.
Price analysis of popular cryptocurrencies and leading altcoins is very important for investors. Asset manager CoinShares reported that outflows from exchange-traded products reached $455 million in the last nine weeks.
What are the important levels to watch out for in Bitcoin and major altcoins? Let’s look at the price analysis of 10 cryptocurrencies that are frequently traded and are the favorites of investors…
Bitcoin price analysis
Bitcoin is facing stiff resistance at the 50-day simple moving average, indicating that the bears are trying to stop the recovery.
The upwardly sloping 20-day moving average and the relative strength index (RSI) in the positive zone indicate that the bulls are in control. If the price bounces back from the 20-day EMA, it will increase the possibility of a rally above the 50-day SMA. If this happens, the BTC/USDT pair could climb to $28,143.
Conversely, if the price declines and breaks below the 20-day EMA, it will indicate that the bears remain active at higher levels. A breakout and a close below $26,000 could accelerate the sell-off and sink the pair towards the important $24,800 support.
Ethereum price analysis
The long wick on the candlestick on September 18-19 indicates that the bears are selling higher. The horizontal 20-day EMA and the RSI just below the midpoint indicate a balance between buyers and sellers.
A rally above $1,680 could tip the advantage in favor of the bulls. The ETH/USDT pair could then rise as high as $1,745. On the contrary, a break below $1,600 would indicate that the bears have not given up yet. This could push the parity to $1,530.
BNB price analysis
A slight advantage in favor of the bulls is that they did not allow the price to fall below the 20-day EMA. This indicates that the bulls are buying small dips as they expect the upward move to extend further.
If buyers clear the zone between $220 and the 50-day SMA, the BNB/USDT pair could start a rally towards $235.
If the bears want to prevent an upward move, they will need to pull the price below the 20-day EMA. This may keep the price in the range of $203 to $220 for a while.
XRP price analysis
If the price remains above the 20-day EMA, it will indicate that the bulls are trying to turn the level into support. This would open the doors for a potential rally to the overhead resistance at $0.56, where the bears will most likely stall.
The price action of the last few days is showing signs of forming an ascending triangle formation that will complete with a breakout and close above $0.56. Buyers will need to keep the XRP price above the uptrend line to maintain the setup.
ADA price analysis
The flattening 20-day EMA and the RSI just below the midpoint indicate a balance between supply and demand. If buyers continue to hold the price above the 20-day EMA, ADA price will attempt to rise towards the overhead resistance at $0.28.
Alternatively, if the price falls sharply from the current level, it would indicate that the bears are selling in relief rallies. A breakout and close below the $0.24 support will indicate the beginning of the next leg of the downtrend. The next support on the downside is at $0.22.
DOGE price analysis
One small positive point in favor of the bulls is that they did not allow the price to fall below $0.06. This shows that the bulls are trying to break through the overhead hurdles. If the 20-day EMA gives way, the DOGE/USDT pair could climb to $0.07 and then to $0.08.
Instead, if the price falls sharply from the current level, it would indicate that sentiment remains negative and investors are selling. The bears will then aim to sink the price below $0.06 and pull the critical support at $0.055.
SOL price analysis
The 20-day EMA is flattening and the RSI is just above the midpoint, indicating that the bears may be losing control. Buyers will try to push the price towards the 50-day SMA and then the overhead resistance at $22.30. This level is likely to attract strong selling by the bears.
This positive view will be invalidated in the near term if SOL/USDT declines and breaks below $18.50. The pair could then retest the strong support at $17.33.
TON price analysis
Toncoin (TON) is currently in a strong uptrend. The bulls are trying to strengthen their position further by pushing the price above $2.59.
Although the bullish move faced a sell-off near $2.59, the bulls gave no ground to the bears. This suggests that investors are holding their positions because they expect another leg up. Above $2.59, the TON/USDT pair may reach $2.90 and eventually $3.28.
Upward sloping moving averages indicate an advantage for buyers, but the overbought level on the RSI warns of a possible correction or consolidation in the short term. The first support for TON price on the downside is $2.25 and the next level to watch out for is $2.07.
DOT price analysis
The bears will try to strengthen their position by pushing the price below the $4 immediate support. If they succeed, the DOT/USDT pair risks falling to the key support at $3.90. A breakout and close below this level could initiate the next leg of the downtrend.
Instead, if the price turns up from the current level and rises above the $4.22-$4.33 resistance zone, it could lead to a short close. The pair may first reach the 50-day SMA and then climb to the downtrend line.
MATIC price analysis
The 20-day EMA is likely to witness a tough battle between bulls and bears. If the bulls sustain the price above the 20-day EMA, the MATIC/USDT pair could climb towards the overhead resistance of $0.60 and then to $0.65.
Conversely, if the bears pull the price back below the 20-day EMA, it will signal that higher levels continue to attract selling. The bears will then try to increase their advantage by pushing the price below $0.49.
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