The S&P 500 Index had a positive week, increasing by 0.45%. However, it was gold that had a remarkable run, surging more than 5% over the week. This surge was led by a 3.11% rally on October 13th, which marked its best one-day performance since last year.
Unfortunately, Bitcoin did not experience the same luck, as it is set to end the week down more than 3%. Bitcoin’s weakness, combined with regulatory concerns, have kept crypto investors away from altcoins, resulting in Bitcoin’s market dominance hovering near the 50% mark for the past few days.
Market observers are closely watching Bitcoin, as a sustained price above $25,000 could signal a bullish move and potentially lead to buying in select altcoins. Some cryptocurrencies are showing signs of forming a base, and if they break out to the upside, a new upward movement may begin.
Let’s analyze the charts of the top 5 cryptocurrencies that could potentially outperform in the near term.
Bitcoin:
Bitcoin has been trading between the moving averages, indicating indecision between the bulls and the bears. If buyers push the price above the 20-day exponential moving average ($27,110), the BTC/USDT pair could rise to $28,143, where the bears are expected to mount a strong defense. On the downside, a drop below the 50-day simple moving average ($26,671) could signal bears’ supremacy, with the pair potentially dropping to $25,990 and $24,800, where aggressive buying from the bulls may come into play.
Solana:
Solana has been engaged in a battle between the bulls and bears near the 20-day EMA ($21.77). If the bulls manage to flip this level into support and cross the minor resistance at $22.50, the SOL/USDT pair could rise to the neckline of an inverse head and shoulders pattern. Breaking this resistance would complete the bullish setup, potentially leading to a surge to the target objective at $32.81. However, a move below the 50-day SMA ($20.50) would negate this positive view and send the pair lower to $18.58 and $15.33.
Lido DAO:
Lido DAO has been trading near the moving averages, suggesting that the bears may be losing their grip. If the price scales the immediate resistance at $1.73, the LDO/USDT pair could climb to the downtrend line, facing another tough battle between the bulls and bears. On the downside, a break below the moving averages would indicate bearish control, with the pair potentially retesting the support at $1.38.
Internet Computer:
Internet Computer has been consolidating in a tight range between $2.86 and $3.35. A break and close above $3.35 would signal a potential trend change, with the first target on the upside at $4, followed by $4.50. However, a slide below $2.86 would indicate a continuation of the downtrend.
VeChain:
VeChain has been trading inside a descending triangle, but the price has been holding onto the downtrend line, which is a positive sign. If buyers can propel the price above the downtrend line, it would invalidate the negative setup and potentially start a new up-move towards $0.021. On the downside, a turn down from the current level would suggest bears are defending the downtrend line, with a potential drop to the critical support at $0.014.
It is important to note that this article does not provide investment advice or recommendations. Each investment involves risk, and readers should conduct their own research.
