By James Davis
Last week, Bitcoin’s value jumped 15.3%, and it is up 0.7% in the past 24 hours. Volatility is expected later today when the Federal Open Market Committee (FOMC) holds its meeting. However, it is likely that there won’t be massive price moves as no surprises are expected. According to CME’s FedWatch Tool, over 97% of traders expect interest rates to remain the same after the FOMC meeting.
The recent gains witnessed in Bitcoin are primarily fueled by a growing expectation that the US Securities and Exchange Commission (SEC) will give the green light to a Bitcoin spot Exchange-Traded Fund (ETF) in the coming weeks. The bulls could suffer a significant setback if the SEC decides otherwise. That’s because they have been buying BTC at a considerably high price, hoping that the coin’s value will go higher when the SEC approves the most awaited ETF.
Let’s explore a number of price charts to determine whether cryptocurrencies led by Bitcoin will continue rising or a correction phase is imminent.
Bitcoin Price Analysis
After rallying massively last week, BTC is now in the consolidation phase. The coin has been trading between $33,600 and $35,000 since Sunday. This suggests that the bulls are not planning to book profit anytime soon, which is a bullish sign. Although the Relative Strength Index (83.2) warrants caution, the growing moving averages indicate that the buyers remain in the driver’s seat. If they sustain Bitcoin above the $35,000 strong resistance level, the most famous crypto asset could touch $40,038.
On the other hand, if bears sink BTC below $33,600, the 20-day Exponential Moving Average (EMA) of $31,167 might be the coin’s next destination.
Ethereum Price Analysis
Ethereum bulls have succeeded in maintaining the token above the $1,747.03 resistance level over the last few days. However, their failure to thrust ETH above $1,863.28 shows that demand is drying up on higher prices. That said, Ethereum may continue consolidating in a wide range of $1,747.03 – $1,863.28 for some time. A break below $1,747.03 opens up the possibility of a price crash to the 20-day EMA of $1,704.96, while a break above $1,863.28 gives room for a rally to $2,026.04.
BNB Price Analysis
BNB is still stuck in the $203.94 – $234.93 range. A positive sign to note is that the token’s value is above the 20-day EMA of $220.03. Moreover, the Relative Strength Index is still inside a positive zone, suggesting that the bulls are controlling the market. They will now try to push BNB above $234.93 to thrust the token further to $252.03 and even $263.48. However, if the support at the 20-day exponential Moving Average crumbles, BNB may head toward $203.94, where a reverse is expected.
XRP Price Analysis
XRP has finally cleared the tough hurdle at $0.570941 to trade at $0.587109 as of this writing. With the 20-day EMA rising, the buyers are at a massive advantage. They may leverage it to push XRP above the $0.600291 minor resistance for a solid rally to $0.670018, where intense selling activity is expected. Any drop below the 20-day EMA of $0.530882 makes $0.469216 and $0.420001 easy targets for the bears.
Solana Price Analysis
SOL entered a brief correction phase at the start of the week and then continued rallying on October 31. It is up 5.3% in the past 24 hours to trade at $38.12 as of this writing. It is worth mentioning that no other top 20 cryptocurrency has rallied more than Solana in the past seven days. FTX’s move to stake its SOL holding is the primary driver of the current rally. Many anticipated that the collapsed crypto exchange would sell its tokens to compensate its creditors.
With the major barrier at $34.49 already cleared, Solana bulls will try to push the asset’s price to $47.80 for the first time since May last year. Buyers must guard the 20-day EMA of $28.86 to maintain their advantage. Otherwise, a drop to $21.04 could become possible.