Key Takeaways:
- Cryptocurrency prices continued crabbing on Oct 18.
- Bitcoin prices remained flat, but hodler sentiment remained positive.
PATNA (CoinChapter.com) — Cryptocurrency prices continued crabbing on Oct 18.
Bitcoin (BTC) price, which analysts expected to follow the US equities market, continued to linger just above $19,500. To recap, both S&P 500 and the Nasdaq composite started the current week on a bullish note.
BTC price should have capitalized on their correlation with the traditional markets to break out of the range it has been stuck in for the past several days. However, a positive outlook for Bitcoin bulls comes from Glassnode data, which stated that the amount of BTC hodled or lost rose to a five-year high.
1. Ethereum (ETH) Daily Price Chart
Ethereum price continued their sideways movement as ETH showed no interest in challenging resistance from its 50-day EMA (purple wave) near $1,400. The prime altcoin last reached $1,400 exactly a month ago, on Sept 17.
Therefore, if ETH price scale their immediate resistance, the move will provide the impetus to target resistance from their 100-day EMA (blue wave) near $1,500 before corrections pare gains.
Conversely, bulls would try to ensure ETH price test support near $1,250, below the key $1,300 level. Moving below immediate support could trigger a FUD-fuelled sell-off, forcing ETH price to fall 12% from current levels and reach $1,166 before recovering.
Meanwhile, the relative strength of ETH remains neutral, clocking at 47.45 on the daily charts.
2. Stellar Lumens (XLM) Price Analysis
Stellar Lumens price have been range bound between $0.13 and $0.099 since Jun this year. However, on Oct 10, XLM price dropped 18.5% from the upper threshold of the parallel channel ($0.13) to reach a low of $0.106 on Oct 13.
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Since then, the token has been moving laterally. XLM price dropped 3.2% between intraday high ($0.115) and low ($0.111) on Oct 18. For XLM to uptrend, the token must conquer a resistance confluence of 20-day EMA (red wave) and 50-day EMA (purple wave) near $0.116.
Moving above the resistance confluence would give XLM prices the boost they need to push past the 100-day EMA (blue wave), and target resistance near $0.123 before corrections pare gains.
Conversely, if XLM starts trending downward, the token’s price could fall to immediate support near $0.109. Moreover, a marketwide sell-off could force XLM price to test support near $0.102 before recovering.
The relative strength index for XLM remains neutral, with a value of 44.56 on the daily timeframe.
3. RSR Price Prediction
The Reserve Rights token price gained an impressive 14.44% as the week started on Oct 17. However, the jump came after RSR price fell nearly 35% between Oct 7’s high of $0.0093 and Oct 16’s low of $0.0061.
Moreover, bears started selling to protect the resistance confluence of 20-day EMA (red wave), 50-day EMA (purple wave), and 100-day EMA (blue wave) near $0.0073. As a result, RSR price fell more than 9% to reach a low of $0.0064 on Tuesday.
If bulls break past the resistance confluence, RSR price might rise 24.2% to challenge resistance near $0.0082 before corrections pare gains.
But, if bears continue selling, the token might fall to support near $0.0065. Moreover, a marketwide sell-off might see RSR price testing support near $0.0059 before recovering.
The relative strength index for RSR price remains neutral, with a value of 44.53 on the daily charts.
4. Litentry (LIT) Price Prediction
Litentry price showed signs of life on Oct 15 as the token registered nearly 25% gains. However, the jump came on the heels of a 12-day-long downtrend. In addition, the long wick on Oct 15’s daily candle highlights the strong bearish presence.
LIT price started falling on Oct 16. If the downtrend continues, LIT prices might fall to support near $0.69. Moreover, a sustained sell-off could result in the token falling to $0.57 before recovering.\
Conversely, if bulls manage to start an uptrend, LIT price would need to move above resistance from 100-day EMA (blue wave) near $0.80 to sustain the uptrend. Moreover, conquering immediate resistance would provide LIT price the momentum to target resistance near $0.92 before retreating.
Meanwhile, the RSI for LIT remains neutral, clocking at 49.94 on the daily timeframe.
5. STEPN (GMT) Price Prediction
One of the STEPN native tokens, GMT, has been moving inside a bullish pattern called the falling wedge.
In detail, the technical pattern forms when the price fluctuates inside a pair of falling trendlines that would converge down the slope. The outcome of such downside patterns is typically a price breakout to the upside, with increasing volume indicating traders’ bullish sentiment.
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The upside target for the breakout is equal to the maximum distance between the falling wedge’s upper and lower trendlines.
GMT price might jump more than 56% and reach $0.89 if the token confirms the pattern. Meanwhile, the relative strength index for GMT is near the oversold threshold, with a value of 37.38 on the daily timeframe.
An oversold RSI often preludes a trend reversal favoring the bulls. However, for the uptrend to last, GMT price need to break out above the falling wedge pattern’s upper trendline and 20-day EMA (red wave) resistance near $0.61.
Breaking out from the pattern would likely attract traders, helping GMT price rise to $0.663 before corrections pare gains.
Conversely, if the downtrend continues, GMT could fall to support near $0.56. A sustained downtrend might push prices below the lower trendline of the wedge pattern, causing a FUD-infused sell-off that could push GMT to $0.5 before recovering.
6 Mina Protocol (MINA) Price Prediction
MINA price reached a new all-time low of $0.503 on Oct 13, highlighting the steep downtrend the token has been under since Aug this year. However, the token recovered over the next few days before falling 4.3% between intraday high ($0.575) and low ($0.55) levels on Oct 18.
If the downtrend continues, MINA price will likely fall to support near $0.54. Moreover, a marketwide sell-off could result in MINA price testing support near $0.52 before recovering.
Conversely, if bulls can defend immediate support and consolidate above it, the token might challenge resistance from its 20-day EMA (red wave) near $0.57.
Moreover, moving above immediate resistance would help MINA price target resistance from their 50-day EMA (purple wave) near $0.61 before retreating.
Meanwhile, MINA’s RSI remains neutral, with a value of 42.56 on the daily charts.
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