Price Analysis 10/30: BTC, ETH, XRP, BNB, SOL

ETH appears to rouse the interest of some investors. Price action suggests that it is not one many anticipate, as a bulk of the 12% hike in trading volume came from sellers. 

ETH experienced another massive retracement a few hours ago as selling pressure increased, continuing the downtrend that began on Wednesday.

Nonetheless, as seen during the previous intraday session, the entire crypto market is in disarray and heavily bleeding. Almost every asset in the top 100 is red at the time of writing amid the increase in trading volume. 

The Fear and Greed Index reflects the current market sentiment. It is at 34, down a few points from the previous day’s reading as fear and uncertainty ravage the sector. 

There are several speculations on the reasons for the recent price drop. However, no one can tell with certainty why the downtrend occurred. The situation became even more confusing as several bullish events occurred over the last 48 hours. However, the sector under consideration is yet to post any significant gains.

Away from fundamentals, the derivatives market is not exempt from the bearish trend. Long positions worth over $1 billion were liquidated.

Let’s take a closer look at how several cryptocurrencies have performed in the last three days.

BTC/USD

Bitcoin is trading slightly below $107k after breaking below the mark a few minutes ago. Several analysts have called $108k the bottom, but prices are even lower at the time of writing. 

BTC is edging closer to its fourth day of consecutive decline. It started on Monday after it faced rejection shortly after breaking above $116k. It retraced and closed with slight losses. However, the downtrend worsened the next day.

The last 48 hours have been some of the most bearish as the asset dropped from $112,900 to $109,265 during the previous intraday sessions. It is closer to $106 as the downtrend continues. 

Nonetheless, the asset is trading close to a key level of demand concentration. Previous price movements have shown that several declines have ended at this support level. It remains to be seen if history will repeat itself.

A look at indicators paints a grim picture of next price actions. For example, the moving average convergence divergence shows a nearly complete bearish crossover. The last bullish divergence ended with no significant improvement in price. Additionally, the relative strength index is declining in response to the growing selling pressure and is at 39.

The current is gearing up to be one of the worst if the price trajectory remains the same.

ETH/USD

ETH continues its decline and may be the worst-hit in the top 10. However, it had a good start to the week, surging to a high of $4,254 before retracing and ending the session with slight losses. The downtrend worsened on Tuesday, and the asset lost over 3% as it retraced to $3,931.

Ethereum opened Thursday at $3,904 but retraced to a low of $3,716. It threatens to slip even lower in the coming hours. Currently, there is no indication of a strong buyback underway. As a result, the coin may drop $3,600. 

Nonetheless, the altcoin is trading at a level where other declines ended. It remains to be seen if the bulls will defend the mark this time. The relative strength index indicates a significant increase in selling pressure that may hinder bids at a trend reversal. The metric is trending at 38, its lowest reading in the last fourteen days.

XRP/USD

XRP is trading at its lowest value this week. Nonetheless, price action between Monday and Tuesday shows that the bulls attempted to maintain prices, as it closed with no significant losses. It peaked at $2.70 but retraced, losing barely 2% between the two days.

However, they slowly lost their grip on the market starting on Wednesday when the asset retraced from $2.66 to $2.53 and ended the session with losses exceeding 2%.

The situation is far worse at the time of writing. Like ETH, it is having its worst performance this week. It retraced from $2.59 and is currently trading at $2.39. It may end the day with losses exceeding 6% if the prices remain the same.

However, indicators have slipped bearish following the massive downtrends. For example, the relative strength index is at 40, down 10 points from when it started the week. Additionally, the moving average convergence divergence prints sell signals. The 12 EMA is currently declining and may start a bearish convergence.

BNB/USD

Like ETH and the rest of the market, BNB is edging toward its fourteen-day low. It opened at $1,108 and saw small upticks, sending prices slightly higher. The hike was short-lived as the altcoin retraced and is trading at $1,044.

Its recent price brought the total day’s loss to almost 5%. The coin is edging closer to registering its biggest decline this week. Nonetheless, Tuesday was another bearish day for the coin as it lost over 3%. 

Cumulative down by almost 8%, the once bullish indicators are gradually flipping negative. MACD’s 12 EMA experienced a short period of uptrend, which ended following the recent declines. Additionally, RSI suggests that the altcoin is experiencing a selloff, similar in magnitude to that seen on Oct 17. The metric is retracing in response and trends at 43.

Nonetheless, BNB is trading at a level with significant demand concentration, increasing the likelihood of a rebound.

SOL/USD

Solana slipped below $180 a few minutes ago, but rebounded. Its current price shows that it is trading more than 7% lower than its opening price. 

A look at the 1-day chart shows that the asset has been on a decline since Monday. However, the bulls tried to continue the uptrend on several occasions with limited success. For example, the coin peaked at $203 but lost momentum and dropped to a low of $190. 

Nonetheless, RSI suggests that the altcoin is seeing a massive increase in selling pressure. As a result, prices revisited their seven-day low. The indicator sits at 39 and shows strong attempts at buybacks. 

Additionally, the moving average convergence divergence prints sell signals. The 12 EMA is currently declining and may start a bearish convergence.

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