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Price analysis 9/26: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, SHIB

Price analysis 9/26: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, SHIB

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Britain is in the spotlight after the British pound hit a new all-time low against the US dollar. The sale was triggered by aggressive tax cuts announced by Prime Minister Liz Truss’s government. The 10-year gilt yield rose 131 basis points in September, the biggest monthly gain since 1957, according to Reuters.

The currency crisis and the skyrocketing US dollar index (DXY) are not necessarily good news for US stocks and the cryptocurrency market. A ray of hope for Bitcoin (BTC) investors is that the downward momentum has slowed in recent days and the June bottom has yet to be retested.

Daily development of the cryptocurrency market. Source: Coin 360

This may be due to the fact that long-term Bitcoin investors do not seem to be panicking. Data from on-chain analytics firm Glassnode shows that Bitcoin’s Coin Days Destroyed (CDD) metric, which gives more weight to long-dormant coins, hit a new low. This indicates that long-held coins “are the most dormant they’ve ever been.”

Can Bitcoin and Altcoins Continue Their Short-Term Outperformance? Let’s examine the charts of the top 10 cryptocurrencies to find out.

BTC/USDT

The bulls continue to defend the $18,626-$17,622 support area with all their might. This is a positive sign as it shows that buyers are flocking to the support zone with declines.

BTC/USDT Daily Chart. Source: TradingView

The price has broken out of the support zone of September 26 and the bulls are trying to push the BTC/USDT pair above the 20-day exponential moving average (EMA) ($19,653). Almost above this top resistance is the first sign of strength. The pair may then rise to the 50-day simple moving average (SMA) ($20,960).

Bears are likely to mount a strong challenge in the zone between the 50-day SMA and $22,799. Buyers need to push the price above this area to clear the path for a potential rally to $25,211.

This positive view can be invalidated if the price turns below the moving average and falls below $17,622. It may mark the beginning of the next phase of the downtrend.

ETH/USDT

Ether (ETH) has been trading in a tight range between $1,262 and $1,360 for the past three days. This suggests indecision among bulls and bears.

ETH/USDT Daily Chart. Source: TradingView

If the bulls push the price above $1,360, the ETH/USDT pair may rise to the 20-day EMA ($1,430). This is an important level to watch out for, as a break above it suggests the bears may be losing their grip. The pair could then rally at the resistance line of the descending channel.

Conversely, if the price breaks below $1,360 or the 20-day EMA, it suggests that sentiment remains negative and traders are selling the rally. The bears then try again to sink the price to the support line of the channel.

BNB/USDT

Buyers pushed BNB above the 20-day EMA ($276) on September 24 and 25, but were unable to sustain higher levels. The price formed a Doji candlestick pattern on September 25, indicating that traders are undecided about the next move.

BNB/USDT Daily Chart. Source: TradingView

However, since the price has been close to the 20-day EMA in recent days, it improves the chances of rising to the resistance line of the descending channel.

This level may prove aggressive selling by the bears, but if the bulls do not allow the price to drop below the 20-day EMA, BNB/USDT may break above the 50-day SMA ($289). Such a move could indicate a possible trend change in the near future.

If the price turns below the 20-day EMA or the resistance line of the channel, the bears will try to pull the pair to the strong $258 support.

XRP/USDT

XRP rose to $0.56 on September 23, when profit booking was placed. The bulls tried to continue the rise on September 25, but the long heart of the candlestick shows selling on intraday rallies.

XRP/USDT Daily Chart. Source: TradingView

The XRP/USDT pair may next fall to the 50% Fibonacci retracement level at $0.44. If the price breaks from this level, the bulls will make one more attempt to push the price above $0.56 and continue to rise to $0.66.

Conversely, if the price falls below $0.44, the pair may fall to the breakout level of $0.41. The 61.8% Fibonacci retracement level is also near $0.41, so bulls are likely to defend this support aggressively.

ADA/USDT

Cardano (ADA) rose above the 20-day EMA ($0.46) on September 23, but the bulls failed to break through the 50-day SMA ($0.48). The long wick of the daily candlestick suggests that the bears are active at a higher level.

ADA/USDT Daily Chart. Source: TradingView

Buyers again tried to push the price back above the 20-day EMA on September 24 and 25, but the bears held their ground. This has pulled the price into an upward trend. This is an important level for the bulls to defend because if they fail, the ADA/USDT pair could fall to the vital support at $0.40.

Conversely, if the price bounces off the uptrend line, the bulls will again try to drive above the pair’s downtrend line. If they succeed in that, the pair can jump to $0.52.

SOL/USDT

Solana (SOL) broke and closed above the 20-day EMA ($33) on September 23, but the bulls could not build on this strength. Failure to push the price above the 50-day SMA ($35) attracted selling on September 24. This pulled the price back below the 20-day EMA on September 25.

SOL/USDT Daily Chart. Source: TradingView

The bulls have not given up yet and are trying to push the price back above the 20-day EMA. If they succeed, the SOL/USDT pair could reach the 50-day SMA. The bulls need to clear this barrier to set the stage for a potential rally to $39.

Contrary to this assumption, if the price turns down from the moving average, it suggests that the bears are not in the mood to give up. This can increase the risk of a break below $30. If this happens, the pair can retest the important support at $26.

DOGE/USDT

Dogecoin (DOGE) broke down to close above the 20-day EMA ($0.06) on September 23, the first sign that selling pressure could ease.

DOGE/USDT Daily Chart. Source: TradingView

Buyers maintained momentum and pushed the price above the 50-day SMA ($0.07) on September 24, but were unable to sustain higher levels. This shows that the bears have not given up yet and are happy to sell.

The price dropped back to the 20-day EMA on September 25, but the small positive is that the bulls are trying to defend this level. If the bulls turn this level into support, the pair could rise to $0.08.

Alternatively, if the price continues its decline and breaks below the strong support, the DOGE/USDT pair could retest the June low at $0.05.

Related: Cardano Bulls Run Out Of Steam After Vasili Hard Fork – 40% ADA Price Crash In Play

DOT/USDT

Polkadots (DOT) bounced back from critical support at $6 on September 26, suggesting bulls will aggressively defend this level. The price may jump to the 20-day EMA ($6.74), where the bears will try to stop the recovery.

DOT/USDT Daily Chart. Source: TradingView

If the price turns below the 20-day EMA, it increases the probability of a break below the $6 support. If this happens, selling may accelerate and the DOT/USDT pair may continue its downtrend. The pair can then drop to $4.

If the bulls want to prevent this drop, they need to quickly pressure and sustain the price above the 20-day EMA. The pair could then rise to the upper resistance area between the 50-day SMA ($7.48) and $8. A break and close above the zone could open the door for a potential rally to $9.17 and then $10.

MATIC/USDT

Polygon (MATIC)’s relief rally stalled near the 20-day EMA ($0.79) on September 23, indicating bears are continuing to sell in small rallies. The price has fallen to strong support at $0.72, where buyers are likely to intervene on the decline.

MATIC/USDT daily chart. Source: TradingView

A strong bounce from current levels suggests accumulation near $0.72. The bulls will then try to drive the price above the 20-day EMA. If they can pull through, the MATIC/USDT pair could rise to the 50-day SMA ($0.84) and then $0.94.

On the other hand, if the price declines and breaks below the $0.72-$0.69 support zone, it indicates that the $0.72-$1.05 range has turned down. This could bring the pair down to $0.62 and then $0.52.

SHIB/USDT

Bulls drove Shiba Inu (SHIB) above the 20-day EMA ($0.000011) on September 24, but a long heart on the candlestick indicates bears are still selling higher.

SHIB/USDT Daily Chart. Source: TradingView

The bears are trying to sink the price to the immediate support at $0.000010. This level has served as strong support in the past, so the bulls are likely to defend it vigorously.

Buyers need to push the price above the moving averages to suggest that selling pressure could ease. The SHIB/USDT pair may then rise to $0.000014, where the bears may face strong resistance again. If the bulls break this barrier, the pair could rise to $0.000018.

On the downside, a break below $0.000010 could trigger selling and the pair could slide to the crucial support at $0.000007.

The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading business involves risk. You should do your own research when making a decision.

Market information provides HitBTC exchange.