New Delhi: Cryptocurrency price continues to give a mix of red and green indexes on the other hand global cryptocurrency market cap stands at Rs 187.57 lakh crores which is a 0.92 percent increase over the last day. The total crypto market volume saw a decrease of 6.49 percent which makes the market volume stand at Rs 6,49,160 crores in the last 24 hours.
World’s largest cryptocurrency Bitcoin’s minor pullback increases the chances to make a new all-time high in the short term and coins like Solana, Etherium, Fantom and MATIC can surge while BTC prepares for the next leap.
Can a BTC’s rally to the new ATH take the altcoins along with it?
Bitcoin
King of cryptocurrency market Bitcoin jumped above the $58,000 resistance price level and the psychological mark of $60,000 on Oct. 15. Though bears are attempting to stop this move at the $62,933 price mark, as the experts suggest the bulls are still in very much control.
Both moving averages and the relative strength index are sloping up which indicates that bulls are in control.
As per analysts, if the BTC breaks through the $62,933 resistance level then it can rally to $75,000 very soon. BTC has immediate support on the downside at $58,000.
BTC/USDT has been rising steadily on the four-hour chart. The bears are still unable to sink the price below the 50-simple moving average ever since the coin broke above the symmetrical triangle.
Etherium
Etherium’s closing price above the neckline on October 14 finalized the inverse head and shoulders pattern but a long wick on the October 16 suggests that bears are trying to stop the upward trend.
A close above the $4,027.88 price level will clear the way towards the all-time high of $4,372.72 and the next level as per the pattern will be $4,657. But a break below the moving averages can sink the price to $3,257.
Solana
Solana managed to close its downtrend line on October 15 which is the sign that bulls are trying to revive the upward rally. The bears still tried to bring the price down on October 16 but failed to do so.
If bulls can maintain the price above the line then Solana could rise by 61.80% resistance at $177.80. Bears have to defend this price level otherwise if bulls managed to break this level then SOL/USDT can even rise to the 78.6% retracement level at $194.60 and retest the all-time high at $216.
Polygon (MATIC)
MATIC has been hovering around a large price range of $1 and $1.80 for the past few days. The 20-day Exponential Moving Average has started to turn up and rising into the positive territory.
As per analysts, MATIC can rise to $1.80 which is a tough obstacle and if the price turns down from the resistance level then it may drop to the 20-day EMA which is $1.80.
Fantom
Fantom’s FTM is in a strong upswing zone as the bulls managed to defend the breakout level at $1.94 which indicates the positive sentiment for the coins.
If the bulls can push the price above $2.45 then it can fire a new uptrend to the next target of $3.20. On the other hand, if the price sinks from $2.45 then FTM may drop to $1.94.
