Bitcoin indicates possibility of wider price range—Can SOL, LDO, ICP, and VET follow suit?

The S&P 500 Index saw a slight increase of 0.45% last week, marking its second positive week. While US equities remained relatively steady, the price of gold experienced a significant surge of over 5% during the same period. On October 13th, gold rallied by 3.11%, achieving its best one-day performance since December 1st of the previous year. However, Bitcoin did not fare as well, as it is on track to end the week down by more than 3%. The weakness of Bitcoin and the regulatory concerns surrounding cryptocurrencies have kept investors away from altcoins, resulting in Bitcoin’s market dominance remaining around the 50% mark for the past few days.

Market experts are expected to closely monitor Bitcoin in the coming days. If the bulls can sustain the price above $25,000, there is a higher likelihood that the next move will be to the upside, potentially signaling a bull market. This optimistic outlook for Bitcoin could also lead to increased buying in select altcoins as investors sense a potential bull market. Some cryptocurrencies are already showing signs of forming a base, and if they break out to the upside, a new upward trend may emerge.

As for Bitcoin’s price action, it has been trading between the moving averages in recent days, indicating uncertainty among buyers and sellers about the next direction. If buyers can push the price above the 20-day exponential moving average ($27,110), the Bitcoin/USDT pair could rise to $28,143. However, the bears are expected to fiercely defend this level. On the other hand, if the price falls below the 50-day simple moving average ($26,671), it will signal the bears’ dominance, potentially leading to a drop to $25,990 and further down to the pivotal support level at $24,800.

In the shorter time frame, the Bitcoin/USDT pair’s recovery is meeting resistance at the 20-EMA on the 4-hour chart, but buyers are holding their ground. This indicates that buyers are not panicking and are maintaining pressure. If the 20-EMA is breached, the pair could rise to the 50-SMA and potentially reach $27,750 and then $28,143. Conversely, if the bulls fail to surpass the 20-EMA, sellers may see an opportunity to push the price lower, potentially dropping below $26,500 and targeting $26,000 and $24,800.

Moving on to other cryptocurrencies, Solana (SOL) has been caught in a battle between buyers and sellers near the 20-day EMA ($21.77). The bulls are attempting to turn this level into support, and if they succeed, the SOL/USDT pair could rise to the neckline of an inverse head and shoulders pattern. A breakout above this resistance would complete the bullish setup, potentially leading to a climb to $27.12 and the target objective at $32.81. However, if the price turns down and falls below the 50-day SMA ($20.50), it would suggest bears are in command, potentially pushing the pair down to $18.58 and then $15.33.

Lido DAO (LDO) has been trading near the moving averages, indicating a potential weakening of bearish pressure. The RSI has entered positive territory, suggesting a comeback by bulls. If the price manages to break the immediate resistance at $1.73, the LDO/USDT pair could rise to the downtrend line. However, a downturn below the moving averages would indicate bears still have control and could result in a retest of support at $1.38.

Internet Computer (ICP) has been consolidating within a narrow range between $2.86 and $3.35. The RSI has formed a positive divergence, indicating reduced selling pressure. If the price breaks above $3.35, it could signal a potential trend change and lead to targets at $4 and $4.50. However, a slide below $2.86 would imply a continuation of the downtrend.

Lastly, VeChain (VET) has been trading inside a descending triangle but has managed to hold onto the downtrend line, showing resilience. The moving averages have flattened, and the RSI is near the midpoint, suggesting decreasing bearish pressure. If buyers can push the price above the downtrend line, it would invalidate the negative setup, potentially starting a new upward movement towards $0.021. However, if the price is unable to break the downtrend line, bears may continue defending it, potentially leading to a retest of critical support at $0.014.

It is important to note that this article does not provide investment advice or recommendations. As with any investment or trading decision, there are risks involved, so readers should conduct their own research before making any decisions.

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