Key Takeaways:
- Cryptocurrency prices recent minor uptrend was crushed by the bears' selling.
- BTC and ETH prices fell near immediate supports.
PATNA (CoinChapter.com) — The cryptocurrency market failed to continue its price uptrend as the weekend drew close.
A lack of bullish catalysts for the major cryptos resulted in the market failing to hold on to the slim gains it managed in the week beginning Oct 17. As a result, Bitcoin (BTC) prices and Ethereum (ETH) prices have been crabbing inside a narrow channel.
However, the longer BTC prices move inside the narrow channel, the chances of a massive breakout increase. Furthermore, institutional investors remain bullish on BTC and other cryptos long-term.
1. Dogecoin (DOGE) Price Prediction
Like the wider crypto market, the meme token Dogecoin continued its lateral movement. DOGE price did move above their 20-day EMA (red wave) on Wednesday, but the resistance from its 50-day EMA (purple wave) near $0.061 pushed back prices.
The price movement indicated negative market sentiment and a strong bearish presence, even on minor rallies. On Oct 20, DOGE price again targeted the 20-day EMA.
However, Dogecoin would need to move above the 50-day EMA resistance to target resistance near $0.066, where the 100-day EMA (blue wave) awaits.
The bulls would try to defend $0.06, while the bears will be looking to push DOGE prices to support near $0.057.
If the price rebounds off the support, Dogecoin might look to target the EMA resistance. But, if DOGE prices break below immediate support, the token would likely fall to support near $0.054 before recovering.
2. Polygon (MATIC) Price Prediction
MATIC price broke and closed above a multi-month descending trendline on Oct 17. The move indicated the beginning of a relief rally. But, the Polygon token fell nearly 4.5% on Thursday, ending up testing the recently flipped trendline support.
Also Read: BNB Price Prediction: This Scenario Could Trigger New Rally, Support To Watch
Moreover, MATIC price needled below their 20-day EMA (red wave), 50-day EMA (purple wave), and 100-day EMA (blue wave) as a result of Oct 20’s downtrend. If the trendline support fails, MATIC prices would likely fall to test support near $0.77.
However, if the token rebounds off the trendline support, MATIC prices could challenge resistance near $0.86. Moreover, breaking and holding above immediate resistance would boost investor confidence and increase the buying pressure for MATIC.
Hence, MATIC price could rise to challenge their 200-day EMA (green wave) near $0.91 before retreating. The relative strength index for MATIC remains neutral, clocking at 50.28 on the daily timeframe, with the RSI trendline painting a negative slope.
3. Shiba Inu (SHIB) Price Prediction
Shiba Inu’s recovery rally could not overcome the token’s 20-day EMA (red wave), which formed a resistance confluence with multi-month descending trendline resistance. If the downtrend continues, SHIB price might end up testing support near $0.0000097.
The memecoin’s immediate support has held strong, despite SHIB price testing it nearly five times since Jun this year. Hence, a break below immediate support could lead to a FUD-fueled sell-off, pushing SHIB prices to support near $0.00000928.
Moreover, the downsloping EMA trendlines, the long upper wick on Oct 20’s daily candle, and the RSI clocking at 35.09 combine to paint a very bearish scenario for SHIB price.
If bulls manage to defend immediate support, SHIB price would need to break above descending trendline resistance and target the 20-day EMA (red wave) resistance near $0.0000105.
Also Read: Japanese Yen Falls Below 150 against the US Dollar — What to Expect Next?
Breaking above immediate support and flipping trendline resistance would help SHIB price rise to $0.0000111 before corrections pare gains.
4. Cardano (ADA) Price Prediction
ADA price continued their bear run. The token registered a minor two-day uptrend between Oct 16 and 17 before massive sell-offs pushed ADA price to levels last seen in Jan 2021.
ADA’s price action suggests that bears have been selling on relief rallies. Therefore, even if the token’s RSI, currently oversold with a value of 22 on the daily charts, attracts traders, the resulting rally might not last long.
An uptrend would require ADA price to move and consolidate above immediate resistance near $0.355. Breaking past immediate resistance would help the Cardano token rise to challenge resistance from its 20-day EMA (red wave) near $0.38.
However, the current bearish scenario would likely see ADA prices fall to test support near $0.33. Without major bullish cues, ADA prices might break below immediate support and reach $0.30 before recovering.
