Following the crypto crash over the last few days, which saw the BTC price fall below $60,000 and effectively put the bears in control, the crypto market, in general, has seen the bulls struggle to regain control and create positive momentum.
The Bitcoin price as of 28th October stands at $61,300, translating to a 3.68% price increase in the last 24 hours, which could mean that investors and traders utilized the dip as an opportunity to accumulate more Bitcoins, and the buying volume seen reflects this. The percentage change in the last seven days for BTC remains in the red, at -2.19% due to the dumb.
With the increasing momentum by the bulls, the price target to beat will be the $64,084 price mark which has previously acted as resistance; if the bulls get past this price mark, a potential breakout to the previous all-time high set at $67,000.
29th October carries on the buying momentum as evidenced by a new increase in buying volume starting. The current price of BTC stands at $61,555, representing a price gain of 1.59% in the last 24 hours and a loss of 2.36% in the last seven days.
The price action over the next few days will be crucial in determining the directional momentum of the Bitcoin market.
Due to the sell-off seen by Bitcoin, the Relative strength index is seen to fall, and as the bulls bought on the dips, the sell-off was seen to be halted. The increase in relative strength index to the value 59 reflects the buying on the dips, which creates a bullish recovery. In the same light, the negative momentum portrayed by the MACD histogram is losing intensity as the bulls gain more momentum. If the bulls can maintain positive momentum, the macd and signal line will be expected to break to the upside.
The relative strength index of the 29th stands at 58, showing that the bulls are putting up a fight against the bears who try to seize control of the market. With that said, the bulls maintain overall dominance, and the coming days will fully confirm the market sentiment.
Several altcoins experienced huge corrections as the bears took over the market, Ethereum being a victim, falling below $4000 as individuals panicked in light of the Bitcoin crash. However, as expected, individuals utilized this opportunity to increase their holdings or initiate a long trade with a good entry,
Ethereum hit a peak price of $4,371, which was strongly rejected by the bears, followed by a bearish action; however, the ETH bulls attempted to create a comeback rejected at the $4,317 mark, corresponding to the BTC crash. As of the 28th of October, the ETH price has rallied back above $4,000 as the bulls attempt previous rejection levels, with a price target set at $4,400 required to break that resistance.
Ethereum stands at $4,257, which translates to a gain of 8.37% in the last 24 hours; buying volume also reflects a bullish sentiment as individuals buy into ETH. Despite its price fall, Ethereum maintains its positive seven-day price gain of 4.77%. With the momentum seen on the ETH market, individuals are expecting new all-time highs.
As of the 29th of October, we see Ethereum crush previous all-time highs to create a new one at a price tag of $4,370. The wick above the candle illustrates a pushback by the bear, rejecting the price from $4,400. As earlier stated, the bulls initiated a massive buying volume, which led to ETH being less than 2% away from new all-time highs; on the 29th of October, it made a 1.7% gain to achieve new all-time highs.
The macd and relative strength index accurately reflects the price dump experienced in the last few days. At the lowest point of the sell-off, the RSI had a value of 54, while as of the 28th of October, that value has increased to 62, indicating increased buying power in the market which correlates to the volume chart. The relative strength index on the 29th of October reflects a push that saw the creation of a new all-time high, with a value of 64. The next few days will show how far the bulls can take this momentum to consolidate a new all-time high.
Similarly, the MACD is still placed in the bullish zone despite the sell-off action by the bears. Therefore, we can say that the bulls still hold long-term dominance in the market.
Ripple’s XRP amidst the court drama with the SEC has been trading sideways; however, on 27th October, we saw a major sell-off that placed the bears as the dominant force.
On 28th October, we saw a bullish trend, and this means individuals utilized the price drop as an opportunity to get good entry points. The buying volume increase, which took Ripple back to the 50-day moving average, price of Ripple is also back above $1, closing at $1.05, which translates to a price gain of 6.41% in the last 24 hours. It is expected that the bulls will aim to take Ripple’s price well above the 50-day moving average.
As of 29th October, the bulls maintain the buying momentum, pushing the Ripple price above the 50-day moving average to $1.07, representing a 24 hour gain of 1.74% so far, which is reflected by a building increase in buying volume. However, Ripple’s price change over the last seven days remains in the red with a value of -2.21%.
Regarding the price dump on the 27th of October, the relative strength index with a value of 39 reflected increased selling action, effectively placing Ripple in bearish territory, while the MACD reflected an increasing negative momentum in the market. However, with individuals buying on the dip, the relative strength index on the 28th & 29th of October reflects an end to the bearish action and the bulls pushing to gain control of the market.
Currently, the relative strength index stands at 49.61, reflecting the recovery of the momentum by the bulls. Despite trading in a bearish zone (below 50), the recovery is a sign of premature bullish momentum. Therefore, we can expect the RSI to be higher by the end of the day.
The MACD (and histogram) correlates with the RSI, reflecting the dominance of the bears; however, just as the bulls are shifting the momentum to the upside, we see the macd flattened just before breaking the zero line and also the histogram illustrating a shift in the momentum of the market.
The 50-day moving average served as support following the price drop on the 27th of October, and the bulls have utilized the price drop to add to their stack of Litecoin.
As of the 28th of October, the bulls were able to reverse the market's negative outlook, which was reflected by the increase in buying volume, which brought the price to $190 per coin, reflecting a price gain of 5.88% in the last 24 hours.
The 29th of October sees a continuation of this bullish action as the buying volume has started increasing, the Litecoin price standing at $193, representing a 2.22% price gain in the last 24 hours. The seven-day outlook for litecoin, despite the bullish control, remains negative at a value of -3.34%. If the bullish action continues, it is expected that $207 will serve as a price to beat, as LTC experienced rejection from this point. If the bulls can surpass this price, we can expect upward action, challenging the $219 to $232 price mark.
Following the dip, the MACD and relative strength index reflected a negative market with increased momentum favouring the bears. However, the indicators as of the 28th and 29th reflect a market recovery. Over these days, the relative strength index shows a recovery from a value of 47 at the peak of the sell-off to a value of 55 as of the 29th of October, indicating buying on the dips buy the bulls, and also, a bullish momentum coming to the market.
Similarly, the MACD line and histogram portrayed a bearish momentum during the dip, but current indications illustrate a reduction in the bearish momentum and a potential bullish breakout. However, in the long-term, the MACD signals that the bulls have been in control the longest, corresponding to the overall crypto bull-run.
As earlier stated, the massive sell-off of Bitcoin reflected across several altcoins, and Bitcoin Cash experienced a fall to test the previous support of $548 on the 27th of October, which saw the price fall below the 50-day moving average. Currently, the bulls have initiated a comeback illustrated by the increase in buying volume, which brought the price back to the moving average, resulting in a 5.51% gain to bring the price to $578.
As of the 29th of October, we see the bulls continue this bullish momentum as the buying volume maintains an increase, and the price experiences a 2.07% gain to place at $591 per coin. With this, we can tell the bulls target to get the price back over $600. $655 remains the ultimate target for the bulls to gain grounds on challenging previous all-time highs.
Appropriately, the above chart reflects the market momentum. In the last few days, the bears gained control of the market, illustrated by the increased sell-off, therefore, pushing the relative strength index to a value of 38. However, the current relative strength index of 48 reflects the recent bullish attempt to recover the positive market momentum. The bulls will have to maintain the buying pressure to push the relative strength index back above 50. The MACD, in a similar manner, shows a reduction in the dominance of the bears as the bulls gain more momentum; however, since they are still in the negative, the next few days will be crucial to see if the bulls maintain this momentum.
The above chart illustrates the long-term downtrend Cardano has been on since hitting new all-time highs. This was further worsened on the 27th of October when a big red candle initiated a bearish control on the market, which tested the previous support of $1.90.
However, the price dip also acted as an opportunity for the bulls to accumulate, which is evident by the increased buying volume on the 28th & 29th. Currently, the ADA price stands at $2.02, reflecting a price increase in the last 24 hours of 1.74%, while the seven-day price change remains -7.74%. For the bulls to gain ground flipping the long-term outlook, they will first be required to bring the price back above the 50-day moving average of $2.21.
Despite the bears being in control of the ADA market, the sell-off worsened the outlook for the token. However, the accumulation phase by the bulls helped revive the falling RSI.
Currently, the relative strength index stands at 41 as the bulls try to increase buy pressure. However, the ADA market remains in control of the bears. The MACD line reflects consistency in the bearish market momentum as it trades below the zero line, which has not changed with the buy volume by the bulls.
To effectively shift ADA into the active bull run, the bulls will have to break past the 50-day moving average, resulting in a bullish ripple effect.
From the chart above, we can see that before the dip that saw several altcoins suffer huge losses, Dogecoin was already in a downtrend, and the dip only escalated this. Following the dip, bulls attempted to revive the momentum, resulting in a massive price increase that saw Doge break past previous areas of resistance on the 28th of October. The long wick seen on the candle on the 28th of October signifies a rejection by the bears from the $0.34 price mark, and this is carried onto the 29th as the Bears seek to bring the price down to previous resistance to test support.
As a result of its price pump, Dogecoin could reestablish itself above Shiba Inu in the top ten cryptocurrencies worldwide. Currently, the price of Dogecoin stands at $0.29, translating to a loss of 2.10% in the last 24 hours and seven days gain of 19.95%.
Accurately corresponding to the parabolic market action, the relative strength index is seen to recover from a low experienced on the 27th of October to place above the 50 mark, indicating a massive buy-in by traders and investors.
The relative strength index on the 29th of October also reflects the bears trying to reduce the positive momentum seen in the marker, and this places the relative strength index at a value of 63.
In correlation with the RSI, the MACD shows a surge in the market's positive momentum, providing a bullish outlook for the meme coin.
