Price Prediction 10/19: BTC, ETH, BNB, XRP, SOL, HYPE

HYPE is off to a positive start, gaining slightly less than 2% over the past 12 hours. If the coin maintains its green start to the week, it could extend Sunday’s rebound.

However, the modest gains have done little to ease growing uncertainty across the market. HYPE was one of the top 10 cryptocurrencies’ biggest losers last week, plunging almost 9%. It remains to be seen whether the recovery will last through the next six days.

Interestingly, expectations of a potential uptrend are not limited to HYPE. The global cryptocurrency market cap failed to end the previous weekly session with notable gains. Nonetheless, the market is showing signs of recovery at the time of writing, with investors hoping to sustain the upward momentum.

Macroeconomic developments were among the key factors contributing to last week’s losses. In particular, US economic data reignited inflation concerns, coinciding with a broader market sell-off. Looking ahead, the economic calendar appears relatively quiet, with weekly jobless claims among the key releases to watch. However, other developments could still influence market sentiment.

The market’s performance over the next six days remains uncertain. Nevertheless, several chart patterns suggest the possibility of a recovery. Here’s how the top 10 cryptocurrencies could perform this week.

BTC/USD

Bitcoin reached $83,000 for the first time in four days a few hours ago. It has since slipped a few hundred dollars but remains in positive territory on the daily timeframe, extending the previous day’s gains.

If Bitcoin sustains its upward momentum, it could return to its seven-day high. Following the previous week’s performance, investors will be watching closely for such a recovery. Interestingly, an earlier analysis also pointed to the possibility of this move.

However, the asset appears to be facing reduced buying pressure on the four-hour chart. The 200MA is acting as resistance, with Bitcoin failing to break above it on two attempts. The latest rejection resulted in a lower high, suggesting that bearish pressure remains.

The next upward move may depend on bulls pushing the asset decisively above this moving average. A successful breakout could see Bitcoin retest $84,000 within the next two days. Conversely, a drop below the 50-period MA could expose the $81,000 level.

ETH/USD

Last week marked Ethereum’s second consecutive weekly decline, with the asset losing 5% over the seven-day period. However, price action between Sunday and Monday suggests that ETH could be preparing for a recovery in the coming days.

On the daily chart, the asset rebounded from a level with notable demand concentration on Sunday. This has strengthened the possibility that buyers are returning to the market.

However, the four-hour chart presents reasons for caution. Ether failed to decisively break above its pivot point after testing the level twice in the past eight hours. More concerningly, the latest rejection was followed by a red candle, suggesting that selling pressure may be increasing.

Under traditional pivot-point analysis, a decisive break above the pivot could open the way for a retest of the first resistance level (R1).

ETH’s inability to move above this level suggests that selling pressure remains significant. It remains to be seen whether this will trigger another decline. If the asset fails to reclaim the pivot point decisively, a drop toward $2,300 could follow.

BNB/USD

BNB faces a similar challenge to ETH, having failed to break above its pivot point. However, the situation appears more challenging for the altcoin, as it has erased all of Monday’s gains. Whether market conditions improve in the coming hours remains to be seen.

While investors monitor the next price move, the relative strength index (RSI) offers limited evidence of an impending recovery. Previous price action established the 50 level as a key resistance, and the latest decline coincided with another rejection at that mark.

Previous rejections at this level were followed by further declines. If the pattern repeats, BNB could retest $700 within the next 48 hours.

XRP/USD

The Bollinger Bands suggest that XRP is approaching a critical point. After recording modest gains in the early hours of Monday, the asset turned lower. However, before the latest red candle, XRP had moved above the middle band. Under traditional Bollinger Bands analysis, holding above this level could open the way for a move toward the upper band.

Nevertheless, XRP remains below the simple moving average (SMA), although it has yet to record a new candle closing below the relevant level. The next four hours could therefore prove important. If the asset holds its current position, another attempt to reach $1.25 could follow.

Conversely, the Bollinger Bands setup leaves room for a move toward $1.35 if XRP decisively breaks above the middle band and sustains the upward momentum.

SOL/USD

Like HYPE, Solana faced notable selling pressure between Saturday and Sunday. However, it rebounded late in the previous intraday session. As a result, the four-hour chart shows SOL moving above the middle Bollinger Band. The asset continues to trade above this level despite growing bearish sentiment across the broader market.

If bulls maintain control above the middle band, SOL could climb toward $108 within the next 48 hours.

However, the asset recently faced a notable rejection near its five-day high. Failure to break above this level could trigger another decline, potentially sending SOL toward $100.

HYPE/USD

HYPE could attempt to reclaim $82 if it sustains its recent upward momentum. The 50MA and previous price action offer some support for this possibility.

The asset has yet to retest its five-day high near $82 despite the recent rebound, making that level a potential near-term target. Interestingly, the target also sits close to the 50MA, creating a key area to watch.

However, the latest red candle on the four-hour chart suggests that bullish momentum may be weakening. If buyers fail to regain control, HYPE could retreat toward $76 instead.

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