Price Analysis 10/23: BTC, ETH, BNB, XRP, SOL

BTC is currently trading at $109,530, depicting a recovery from the day’s low. It grapples with slight selling pressure amid the ongoing recovery.

Nonetheless, BTC saw a massive 23% increase in trading volume. Interestingly, its recent volume suggests that investors are shifting their attention to the coin as it posted its second-highest volume in the last thirty days.

Aside from Bitcoin, the global cryptocurrency market saw such increases in trading activity, resulting in an 18% surge in volume. However, these spikes do not reflect massive gains as the global cryptocurrency market is down by almost 4%.

Several assets continued to shed more gains on Wednesday. One such is Aster, which opened Wednesday at $1.04 but retraced after a short uptick. It is currently trading almost 5% below its opening price. Additionally, the asset is edging closer to registering its third consecutive day of downtrend, having lost over 18% since the week started.

Away from prices, investors continue to show intense fear following the recent price action. The fear-and-greed index is at 28, down 5 points from Tuesday’s reading.

Following the brief overview of the crypto market, let’s examine how some in the top 10 are performing.

BTC/USD

Bitcoin prints a doji at the time of writing, with the price remaining close to where it started on Wednesday. However, trading activity over the last 16 hours was not devoid of volatility, as the candlestick shows a long wick extending in both directions.

The apex coin retraced to a low of $106,101 but rebounded and is trading at its opening price. Nonetheless, it had a slight uptick before the recent decline.

The 1-day chart shows that the asset had another significant increase on Tuesday. It broke above $112k for the first time since Friday, peaking at $114k. However, it saw massive selloffs afterward, resulting in a red close.

It is worth noting that a previous outlook termed the previous day’s uptick as short-term. It suggested that prices will decline after breaking above $113k. The current price indicates the prediction was spot-on.

However, price actions over the last five days revealed a new level with demand concentration. BTC recently rebounded at $106k, marking the second such event since Sunday. The mark is slowly becoming a critical mark, as the last slip below it resulted in a drop to $103k.

Nonetheless, indicators are gradually flipping bullish. For example, the histogram associated with MACD shows smaller bars as the gap between the 12- and 26-EMA narrows, hinting at an impending convergence.

ETH/USD

Ethereum is printing a red candle as it grapples with notable selling pressure at the time of writing. Nonetheless, the candlestick indicates that the asset rebounded after its recent decline to $3,772. Although the altcoin is trading above $3,840, it is edging toward a slight loss on Wednesday.

However, the 1-day chart shows that a bearish close will mark the third consecutive day of notable declines. It also reveals that the altcoin slipped below a critical support level a few hours ago. ETH held above $3,820 following its Friday retracement. The day’s low indicates a slip below the mark, which may raise concerns, as the last time it broke the mark, it dropped to $3,500.

Away from support and resistance, the moving average convergence divergence reveals improving conditions. The 12 and 26 EMAs are edging closer together, and a crossover may be imminent. Nonetheless, RSI points to growing selling pressure.

BNB/USD

BNB is currently trading at $1,091 after peaking higher. It prints a green candle as it edges closer to sealing its second bullish close after a two-day downtrend.

It had a similar price action on Wednesday. However, it was barely half the losses it incurred on Tuesday. It lost almost 4% during the previous intraday session but is up by barely 1% at the time of writing.

A closer look at the 1-day chart shows that the altcoin is trading a few dollars away from an established demand level. BNB rebounded off $1,020 twice since the start of October. Nonetheless, it peaked at $1,123 a few hours ago, approaching its six-day high at $1,235.

A look at indicators shows that trading conditions have significantly improved over the last 48 hours. For example, the relative strength index rose slightly as buying pressure increased. Additionally, the like on BTC, MACD’s gap is narrowing, hinting at an impending breakout.

XRP/USD

XRP had a good start to the week, gaining over 4% on Monday. However, subsequent trading actions saw it shed all the gains. It registered a new low on Tuesday, retracing from $2.43 to $2.32, but then rebounded.

It prints a green candle at the time of writing, as buyback follows the rebound. The coin is trading $2.38, retracing slightly after it experienced rejections at $2.42. Nonetheless, price action on Wednesday shows an increased demand concentration around $2.32.

The asset tested the mark twice in the last six days and rebounded on both occasions. A closer look at the chart suggests a possible dip to $2 if the bulls fail to defend it. 

Away from prices, the relative strength index was on the decline for most of the last three days. However, it slightly improved in response to the recent increase in demand.

The moving average convergence divergence is also responding to the recent improvements and prints buy signals.

SOL/USD

Solana is currently having one of its strongest runs since last week. It opened Thursday at $180 and surged, breaking above $192. The 1-day chart shows it is edging toward a break above its 7-day high at $198.

However, the coin is seeing a slight correction. Nonetheless, it erased all of the losses it incurred since the week started. One of the biggest losses happened during the previous intraday session, when it lost 3%.

On the 1-day chart, the asset has been in a range-bound movement since Friday. It maintained trading close to the $180 support and briefly broke above the $192 barrier on several occasions. 

Nonetheless, the bollinger bands are declining. In previous times, the middle band served as a barrier. It may be shaping for a repeat of this trend.

Contrary to BB’s movements, the moving average convergence divergence prints buy signals. The first indication of this is its histogram, which prints smaller red bars.

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