The S&P 500 index has been facing a decline, but Bitcoin continues to perform well above its June low, which might indicate strength in the market. While the US equities markets showed resilience on Sept. 28, Bitcoin faced challenges breaking above its resistance level.
Looking ahead, October has historically been a strong month for Bitcoin, except for a few instances. However, given the current uncertain macroeconomic conditions, caution is advised.
Let’s delve into the top 10 cryptocurrencies to see how they are performing:
Bitcoin (BTC/USDT)
Bitcoin briefly crossed the 20-day EMA but faced resistance. A positive RSI divergence suggests a potential recovery if it clears the 20-day EMA. However, failure to do so could lead to a drop back to the 20-day EMA support.
Ethereum (ETH/USDT)
Ethereum is trading within a range with resistance at $1,410. Breaking above this level could trigger a rally, while a drop below $1,250 may signal more selling pressure.
Binance Coin (BNB/USDT)
BNB broke above a downtrend channel but faced resistance at the 50-day SMA. A sustained move above this level could indicate a trend change, with targets at $300 and $338.
Ripple (XRP/USDT)
XRP retraced to a key support level at $0.41. A rebound from here could lead to a rally, while a breakdown may result in a drop to $0.37.
Cardano (ADA/USDT)
ADA is struggling near the 20-day EMA. To shift the momentum, it needs to break above the moving averages. Otherwise, a drop to $0.33 is possible.
Solana (SOL/USDT)
SOL faces resistance at the 50-day SMA. A breakthrough could lead to further gains towards $39, while a drop below $30 may push it back to the June low.
Dogecoin (DOGE/USDT)
DOGE is consolidating near the 50-day SMA. A move above $0.07 could signal a bullish trend, while a drop below $0.06 may lead to a retest of $0.05.
Polkadot (DOT/USDT)
DOT is squeezed between the 20-day EMA and $6 support, with uncertain direction. A breakout could lead to a rally to $8, but a drop below $6 may trigger a downtrend.
Polygon (MATIC/USDT)
MATIC faces selling pressure near the 20-day EMA. A drop below $0.69 could result in a decline to $0.62, while a break above $0.78 may lead to a rally to the 50-day SMA.
Shiba Inu (SHIB/USDT)
SHIB is trading near the 20-day EMA. A move above $0.000011 could lead to a surge to $0.000014, while a drop below $0.000010 may result in a decline to $0.000007.
Please note that all investments carry risks, and market data is provided by HitBTC exchange.
Image Source: Varga Jozsef Zoltan/shutterstock
