Price analysis 10/2: BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, AVAX, SHIB

Bitcoin Price Analysis

Heightened tensions in the Middle East triggered a sell-off in Bitcoin (BTC), driving it near the crucial support level of $60,000 on October 1st. However, on October 2nd, bulls regained control, pushing the price back above $62,000. The bulls now face the challenge of maintaining these higher levels to build upward momentum.

The market sentiment has grown cautious, with institutional investors reducing risk in their portfolios. According to Farside Investors data, United States spot Bitcoin exchange-traded funds witnessed outflows of $242.6 million on October 1st.

Despite the recent volatility, Bitcoin has not closed a month in negative territory during October for the past five years. This historical trend may encourage buyers to enter the market at lower levels.

Altcoin Price Analysis

Ether (ETH)

After trading within a tight range, Ethereum (ETH) broke down on October 1st. Bears aim to drive the price to the uptrend line, a crucial level. A break below this line would signal a renewed downtrend. Conversely, bulls seek to push the ETH/USDT pair above the resistance line, completing a symmetrical triangle pattern and setting it up for a potential rally to $3,409.

BNB (BNB)

BNB's inability to break above $635 indicates ongoing selling pressure near resistance levels. Flattish moving averages and a neutral RSI suggest a continuation of the sideways trend. A break below the 50-day SMA could push the BNB/USDT pair towards $460, while a break above the 20-day EMA ($570) would signal renewed bullish momentum.

Solana (SOL)

Solana (SOL) reversed from the $164 resistance, suggesting a continuation of range-bound action. A bounce from the 50-day SMA could lead to another attempt to breach $164, completing an inverted head-and-shoulders pattern and triggering a potential rally to $189. However, a break below the 50-day SMA would negate the bullish scenario and bring $116 into view.

XRP (XRP)

XRP briefly surpassed the $0.64 resistance but failed to hold, indicating continued selling pressure. Bears target the uptrend line, a crucial level for bulls to defend. A rebound from this line would prompt another attempt to clear $0.64. Conversely, a decisive move below the uptrend line could send XRP towards $0.50.

Dogecoin (DOGE)

Dogecoin (DOGE) broke below the $0.12 breakout level on September 30th, signaling a bearish trend. It has fallen to the 50-day SMA, a key support level. A recovery from here would see bulls push towards $0.14, while a failure to do so would increase the risk of a decline to $0.09.

Toncoin (TON)

Toncoin (TON) fell below the moving averages on October 1st, suggesting a bearish comeback. There is support at $5.16, but a break below it could lead to a drop to the $4.72-$4.44 support zone. Buyers must defend this zone, as a failure to do so would complete a bearish head-and-shoulders pattern and potentially trigger a decline to $3.50.

Cardano (ADA)

Cardano's (ADA) breakout above the $0.40 resistance on September 27th proved to be a false move, as the bears pulled the price back below this level on September 29th. The ADA/USDT pair fell below the 20-day EMA on October 1st, indicating a loss of momentum. A return above $0.40 would signal a potential rally to $0.49.

Avalanche (AVAX)

Avalanche (AVAX) buyers failed to maintain the price above the $29 breakout level, indicating a lack of demand at higher levels. The price has fallen below the 20-day EMA, and there is minor support at the 50-day SMA. A break below the 50-day SMA could lead to a drop to $19.50. Conversely, a recovery above the 20-day EMA would suggest a potential rally to $33.

Shiba Inu (SHIB)

Shiba Inu (SHIB) initially closed above the $0.000020 resistance on September 27th, but this move turned out to be a bull trap. The price has plunged below the 20-day EMA. A bounce from here would signal a potential move towards the $0.000020 resistance, while a break below the 20-day EMA could lead to a slide towards $0.000012.

Please note that this analysis does not provide investment advice or recommendations. Trading involves risk, and you should always conduct thorough research before making investment decisions.