NEW DELHI (CoinChapter.com) — The cryptocurrency market seems to be recovering, with both Bitcoin (BTC) prices and Ethereum (ETH) prices holding above key support levels.
However, the bears’ hold on the market is strong, evident from BTC prices barely keeping above $20,000. Other cryptocurrencies have been struggling as well. Meanwhile, Bitcoin’s dominance in the market has dropped to 38.86%.
1. SUSHI/USD Price Chart
SUSHI prices had a good run in the week starting Oct 3, with the cryptocurrency token jumping more than 30% between Oct 3 and 5. However, bears have started selling to profit from the cryptocurrency token’s recent rally.
On Thursday, SUSHI prices painted a red candle, but long wicks on both ends indicate both bulls and bears are aggressively fighting for control of the token’s prices.
If bulls manage to get control, SUSHI prices will move up to target resistance from their 100-day exponential moving average (100-day EMA, blue wave) near $1.35. A move above immediate resistance could help SUSHI prices jump to $1.52 before corrections pare gains.
Conversely, if bears win the tussle over prices, SUSHI prices might fall to support from their 50-day EMA (purple wave) near $1.2. Moreover, a marketwide sell-off could see the cryptocurrency token test support near $1.11 before recovering.
Meanwhile, SUSHI’s relative strength index stopped short of entering the overbought region. Currently, the RSI is neutral, with a value of 63.19 on the daily timeframe.
2. SYS/USD Price Chart
SYS prices have been moving laterally for the last several days. On Oct 6, the token dropped 11% between intraday high ($0.181) and low ($0.161) levels.
Furthermore, the cryptocurrency token might see more bearish times ahead as SYS’s 20-day EMA (red wave) looks poised to cross below its 50-day EMA (purple wave), forming a bearish pattern called the death cross.
If the pattern forms, SYS prices might end up testing support near $0.155. Moreover, a marketwide sell-off could see the cryptocurrency token prices fall to $0.141 before recovering.
On the other hand, if SYS manages to break out from the downtrend, the token would likely challenge resistance near $0.173. A move above immediate resistance might see SYS prices rise to target resistance from its 100-day EMA (blue wave) near $0.187 before retreating.
Meanwhile, the relative strength index for SYS remains neutral, clocking at 45.69 on the daily charts. The RSI trendline is sloping downwards.
3. VET/USD Price Analysis
The VeChain token has been gaining in the week starting Oct 3. Thursday’s daily candle’s long wicks on both ends indicate bulls and bears are vying for control of the token’s prices. If the uptrend continues, VET prices would first target immediate resistance near $0.0255.
A move above immediate resistance could help VET prices reach resistance near $0.0274 before corrections pare gains.
However, if the bears gain control of SYS’s price action, the cryptocurrency token would likely fall to support near $0.0232. A marketwide sell-off might see VET prices fall to support near $0.022 before recovering.
Meanwhile, VET’s relative strength index remains neutral, clocking at 52.07 on the daily charts.
4. ENS/USD Price Analysis
ENS, the native token of Ethereum Name Service, registered impressive gains in the week beginning Oct 3. The cryptocurrency token jumped more than 26% between Oct 3’s low ($14) and Oct 5’s intraday high ($17.1) levels.
However, traders seem to have started selling to profit from ENS’s recent rally, as the token shed 4% on Thursday. ENS prices have been forming higher lows over the past few weeks. The relative strength index, however, is near the overbought threshold, with a value of 63.75 on the daily charts.
As such, ENS doesn’t have much room to start an uptrend. But, if the token does continue moving upward, ENS prices would first face resistance near $18.25. A sustained uptrend might see ENS prices rise to $20.2 before corrections pare gains.
Conversely, a downtrend would have ENS prices test support near $16.5, a price level that previously acted as resistance for the cryptocurrency token between Aug 10 and Oct 5. A marketwide sell-off might result in ENS prices falling 11% from current levels to reach $15.3 before recovering.
5. DIA/USD Price Analysis
DIA’s price action has been more or less flat since mid-Aug this year. But, the cryptocurrency token enjoyed a minor rally in the current week, reaching $0.434 on Oct 6 from Oct 3’s low of $0.379. The rally seems to have exhausted itself on Thursday, as prices fell sharply from the day’s high of $0.434.
Additionally, the long upper wick on Oct 6’s daily candle suggests a strong presence of bears. If DIA prices continue to fall, the token would likely end up testing a support confluence of 20-day EMA (red wave) and 50-day EMA (purple wave) near $0.392.
A marketwide sell-off could see DIA prices breaking below immediate support to reach $0.36 before recovering.
Conversely, if DIA starts moving up, the token would first face resistance from its 100-day EMA (blue wave) near $0.432. Moreover, a move above immediate resistance would likely help DIA prices reach $0.46 before retreating.
Meanwhile, the relative strength index for DIA spiked with the uptrend but pulled back before entering the overbought region. The RSI is currently neutral, with a value of 59.8 on the daily charts.
A Delhi-based Markets writer, I did my bachelor's in engineering with major in electronics and communications. I first heard of bitcoin while writing an article about blockchain technology a few years back, and have been following it ever since. Bitcoin may well be current big thing happening in the finance industry, and it feels like the right time to join the crypto bandwagon.