Analytics: XRP, GMX, BTC, ETH

Bitcoin price is showing positive signs above $20,000 against the US Dollar. BTC could start a strong surge if it clears the $20,500 resistance.

  • Bitcoin is gaining pace above the $19,800 and $20,000 resistance levels.
  • The price is trading above $20,100 and the 100 hourly simple moving average.
  • There is a key bullish trend line forming with support near $20,150 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could gain bullish momentum if there is a clear move above the $20,500 resistance.

Bitcoin Price Remains Supported

Bitcoin price attempted an upside break above the $20,500 resistance zone. However, BTC struggled near the $20,450 zone and started a downside correction.

There was a move below the $20,000 support zone, but the price remained supported well above the 100 hourly simple moving average. It traded as low as $19,754 and recently started a fresh increase. There was a clear move above the $20,000 and $20,200 resistance levels.

Bitcoin price climbed above the 50% Fib retracement level of the recent decline from the $20,475 swing high to $19,754 low. It is now trading above $20,100 and the 100 hourly simple moving average. Besides, there is also a key bullish trend line forming with support near $20,150 on the hourly chart of the BTC/USD pair.

It also cleared the 76.4% Fib retracement level of the recent decline from the $20,475 swing high to $19,754 low. On the upside, an immediate resistance is near the $20,450 level. The next major resistance sits near the $20,500 zone.

Source: BTCUSD on TradingView.com

A proper close above the $20,500 resistance might start another increase. In the stated case, the price could even surpass the $21,000 resistance zone. In the stated case, the bulls might aim a move towards the $22,000 level.

Dips Supported in BTC?

If bitcoin fails to rise above the $20,450 resistance zone, it could start a downside correction. An immediate support on the downside is near the $20,200 zone.

The next major support is near the $20,100 zone and the trend line. A downside break below the trend line might send the price towards $19,750. The main support is near $19,500, below which the price might start a steady decline.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $20,200, followed by $20,000.

Major Resistance Levels – $20,500, $21,200 and $22,000.

Ripple (XRP) has been steadily climbing, adding over 12.50% in the past seven days. This is despite its ongoing case with the SEC coupled with the overall bearish market sentiments. 

The bulls have managed to keep the XRP token flying high above $0.48 and are edging to break through its $0.50 resistance. XRP experienced a rocky start last week Wednesday, falling below its $0.44 floor price. However, the coin quickly gained momentum the next day, adding over 13% gains before the end of the trading day.

Ripple Closed Its Best Month In 2022

September was a good month for Ripple as it closed out the best month since the beginning of the year. In the previous week, XRP’s price on the weekly chart approached a significant resistance level at $0.56. However, it was unsuccessful in breaking through that level. 

This resistance is a combination of the yellow rising line and the horizontal barrier seen in red. By the way, a weekly red candle following several consecutive green candles is not uncommon by any means. 

XRP retested the $0.56 level again on the 29th but couldn’t sustain it. It finally closed the month with a $0.49 high. Upward momentum is anticipated once the price of the asset breaks and sustains a closing above $0.56.  We might see this soon enough unless it drops below the $0.4 support level. 

XRP Holds Its End Against BTC

XRP’s over 12% weekly gain isn’t the only thing that caught our attention. The asset also held its end against Bitcoin (BTC). Although the XRP/USD exchange rate is down 0.5%, it is up 1.5% to 3% against BTC. In comparison to Bitcoin, the XRP price has increased by more than 50% over the previous three weeks. This puts XRP at levels not seen since the summer of 2021.

XRP price movement might have several causes. Of course, the primary driver is the SEC’s legal battle with Ripple, which seeks to recognize XRP as a security. Recent events seem to favor XRP and Ripple, but the final verdict is not yet out.

The second, less obvious explanation may be today’s announcement about SWIFT and CBDC tests. SWIFT successfully tested several technologies with CBDC. Financial institutions from France and Germany, including their central banks and commercial counterparts, participated in the experiments. They explored using CBDC worldwide and converting it to fiat if needed.

What Next For Ripple

Ripple is currently trading at $0.4928 and is set to retest the $0.50 resistance floor. As long as buyers outnumber sellers, this uptrend is likely to continue. However, if the price reaches a critical level of $0.44, bears may come in as they did on September 23.

The 12% weekly gain demonstrates that buyers are dedicated to taking XRP over $0.50 and $0.55. Achieving this goal will pave the way for the token to go to $0.70 soon.

  • NEAR price continues to struggle on both low and high timeframe despite showing signs of recovery in recent times. 
  • NEAR price trades in a range as the price looks set for a retest of key support areas.
  • The price of NEAR fails to break above resistance despite forming rounded bottom on the daily timeframe. 

Near Protocol (NEAR) has struggled with the less bullish scenarios as many traders and investors are beginning to get fed up with the price action as the price fails to have a relief bounce against tether (USDT). Near Protocol has shown little or no glimpse of relief bounce as the price aims for a retest of its support region at $3. With the current market looking more promising ahead of more relief bounces from altcoins, there are doubts about Near Protocol as the price isn’t as promising as others. (Data from Binance)

Near Protocol (NEAR) Price Analysis On The Weekly Chart

Most crypto projects have found relief in the new month, with altcoins such as BTC, ETH, and even XRP continuing to show strength after weeks of downtrend movement.

The price of NEAR is not looking promising as it continues to move in its downtrend range despite attempting to break $6 and trend above this resistance.

Following a rejection from $6, the price retested its $3.5 support area. Since then, the price has struggled to recover and trend above this support level, with many traders and investors concerned about their NEAR positions.

The weekly price for NEAR closed bearish ahead of a new week, with the price opening with a range price movement, creating mixed feelings as regards the recovery of NEAR. For NEAR price to resume its bullish trend, the price needs to break and close above $6.

Weekly resistance for the price of NEAR – $6.

Weekly support for the price of NEAR – $3.5.

Price Analysis Of NEAR On The Daily (1D) Chart

On the daily timeframe, the crypto market cap price remains bullish, holding support at $850 billion ($850B); this has aided most altcoins, but not NEAR, which remains in a range-bound price movement with little price movement.

The current price of NEAR is $3.68, as the price remains below the 8 and 20-day Exponential Moving Averages (EMA), unable to break above this region. The price of $3.75 corresponds to the 8 and 20-day EMA values acting as support.

A break above this resistance region could signal a little relief for the NEAR price that has maintained a downtrend for a long.

Daily resistance for the price of NEAR – $6.

Daily support for the price of NEAR – $3.6.

  • GMX price continues to show bullish strength as price increases on all timeframes, as there is no sign of retracement. 
  • GMX is one of the arbitrum favorites listed on the Binance innovation trading interface. 
  • The price of GMX holds above support as price trends on the daily timeframe to create new all-time highs.  

GMX token (GMX) has continued to look bullish as the price trend week in week out on the Arbitrum network as GMX token gets listed on Binance innovative center. The price of GMX has seen a rosy start to its launch despite its emergence in the bear market; the price continues to trend and remain bullish even in the face of uncertainty in the market. With the current market looking more promising ahead of more relief bounces from altcoins, we could see the price of GMX token (GMX) doing extremely well. (Data from Binance)

GMX Token (GMX) Price Analysis On The Weekly Chart

The new month has come with more relief for most crypto projects, with altcoins, such as BTC, ETH, and even XRP, continuing to show strength after weeks of downtrend movement. 

The price of GMX has continued to show its bullish strength despite being rejected from the $60 mark as the price tried to trend higher, creating a new all-time high.

After a rejection from $60, the price retested its support area of $37 as price quickly bounced off, rallying with great strength to $50. With the current bullish structure, GMX has continued to sustain it is just a matter of time before the price retests its all-time high.

The weekly price for GMX closed bullish ahead of a new week, with the price opening with a more bullish sentiment. The news of the token being listed on the Binance innovation zone is a big plus for the price of GMX.

Weekly resistance for the price of GMX – $60.

Weekly support for the price of GMX – $37.

Price Analysis Of GMX On The Daily (1D) Chart

On the daily timeframe, the crypto market cap price remains bullish, holding the support at $850 billion ($850B); this has helped most altcoins, including the price of GMX; despite losing its uptrend line, the price has continued to show great bullish strength to reclaim this region. 

The current price of GMX is $49.8 as the price continues to trade above 8 and 20-day Exponential Moving Averages (EMA) after flipping this into support for GMX price. The price at $40 corresponds to the values of 8 and 20-day EMA acting as support.

Daily resistance for the price of GMX – $60.

Daily support for the price of GMX – $37.

  • TRX price could be ready for a short-term relief rally as the price breaks out from the downtrend, creating more bullish sentiment for a recovery.
  • TRX looks strong on both low and high timeframes. 
  • The price of TRX breaks out on the daily timeframe after forming a descending triangle.

Tron (TRX) has struggled to remain bullish against tether (USDT) after seeing its price rejected from a region of $0.11 on several occasions to trend higher. Tron (TRX), despite being loved by the Tron community, the token has had its fair share of the current bear run coupled with the rumors of its decoupling from its pegged fiat token USSD. With the current market looking more promising ahead of more relief bounces from altcoins, we could see the price of Tron (TRX) making moves. (Data from Binance)

Tron (TRX) Price Analysis On The Weekly Chart

The new month has come with more relief for most crypto projects, with altcoins, such as BTC, ETH, and even XRP, continuing to show strength after weeks of downtrend movement. 

The price of TRX has struggled to remain bullish, falling from a high of $0.11 to a weekly low of $0.05, with the price looking more stable as the price looks ready to bounce off from this region. 

After hitting a bottom low of $0.05, the price of TRX bounced swiftly from that region as the price rallied to a high of $0.07 as the price faced more rejection to flip this region into a support zone for TRX price. 

The weekly price for TRX closed bullish ahead of a new week, with the price opening with a more bullish sentiment. If the price of TRX continues to maintain this structure, we could see a retest of the $0.1 area. 

Weekly resistance for the price of TRX – $0.1.

Weekly support for the price of TRX – $0.06.

Price Analysis Of TRX On The Daily (1D) Chart

On the daily timeframe, the crypto market cap price remains bullish, holding the support at $850 billion ($850B); this has helped most altcoins, including the price of TRX, as it shows more strength to rally. The price of TRX broke out of its descending triangle on the daily timeframe, with the price ready for a rally to $0.1-$0.11. 

Haven reclaimed the 8 and 20-day Exponential Moving Averages (EMA) after flipping this into support for TRX price. We could see the price rallying high if the BTC remains stable. The price at $0.061 corresponds to the values of 8 and 20-day EMA acting as support.

Daily resistance for the price of TRX – $0.07-$0.1.

Daily support for the price of TRX – $0.06-$0.055.

  • IMX price could be ready for a short-term relief rally as price breaks out from the downtrend, creating more bullish sentiment for a recovery.
  • IMX looks strong on both low and high timeframes. 
  • The price of IMX breaks out on the daily timeframe after forming a descending triangle.

ImmutableX (IMX) has struggled to remain bullish against tether (USDT) after seeing its price rejected from a region of $1.3. Previous weeks for the crypto space have been slow as most altcoins, and major cryptocurrencies like Bitcoin (BTC) continued to move in a range. With so much belief in Uptober, as many would call it, has brought some relief bounces across the crypto space with ImmutableX (IMX) not left out of the train. (Data from Binance)

ImmutableX (IMX) Price Analysis On The Weekly Chart

The new month has been a relief for most crypto projects, with altcoins such as BTC, ETH, and even XRP, continuing to show strength after weeks of downtrend movement. 

The price of IMX has struggled to remain bullish, falling from a high of $1.3 to a weekly low of $0.7, with the price looking more stable as the price looks ready to bounce off from this region. 

After hitting a bottom low of $0.7, the price of IMX bounced swiftly from that region as the price rallied to a high of $1.1. Still, the price was rejected from that region as IMX was unable to breach this area aching as resistance for price and preventing a major rally to the $1.2 area.

The price would not hold as IMX found its price retesting the support at $0.7, IMX closed the week with so much indecision among buyers and sellers, but the new week looks good as there have been more buyer orders pushing the price upward. 

If the price of IMX continues to maintain this structure, we could see a retest of the $1.1 area, and if the price of IMX breaks and hold above this region, we could see a more bullish scenario.

Weekly resistance for the price of IMX – $1.1.

Weekly support for the price of IMX – $0.7.

IMX Analysis On The Daily (1D) Chart

On the daily timeframe, the crypto market cap price remains bullish, holding the support at $850 billion ($850B); this has also impacted the price of the altcoins like IMX as it shows a more bullish form on the daily price chart. The price of IMX broke out of its descending triangle on the daily timeframe, with the price ready for a rally to $1-$1.2. 

The price of IMX is currently trading at $0.78, with the price holding above the 8 and 20-day Exponential Moving Averages (EMA) after breaking through resistance in this region, flipping it into a support for IMX price. The price at $0.75 corresponds to the values of 8 and 20-day EMA acting as support.

Daily resistance for the price of IMX – $1.2.

Daily support for the price of IMX – $0.75-$0.7.

Ethereum cleared the key $1,350 resistance zone against the US Dollar. ETH is rising and might climb further higher towards the $1,500 resistance zone.

  • Ethereum is slowly moving higher and trading above the $1,350 level.
  • The price is now trading above $1,350 and the 100 hourly simple moving average.
  • There is a major bullish trend line forming with support near $1,350 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could continue to rise if there is a clear move above the $1,370 resistance.

Ethereum Price Eyes More Upsides

Ethereum formed a support base above the $1,250 level. ETH remained strong and started a steady increase above the $1,300 level. The price was able to clear the $1,320 resistance zone and the 100 hourly simple moving average.

There was also a move above the $1,350 level. It traded as high as $1,369 and is currently consolidating gains. Ether price is now trading above $1,350 and the 100 hourly simple moving average. The price is also trading above the 23.6% Fib retracement level of the upward move from the $1,268 swing low to $1,369 high.

Besides, there is a major bullish trend line forming with support near $1,350 on the hourly chart of ETH/USD. On the upside, the price is facing resistance near the $1,370 zone.

Source: ETHUSD on TradingView.com

A clear break above $1,370 might start another increase towards the $1,400 level. If the bulls remain in action, the price could rise towards the $1,450 level. Any more gains may perhaps open the doors for a move towards the $1,500 resistance zone. The next major resistance sits near the $1,550 level.

Dips Limited in ETH?

If ethereum fails to climb above the $1,360 resistance, it could start a downside correction. An initial support on the downside is near the $1,350 level and the trend line.

The next major support is near the $1,320 level. It is near the 50% Fib retracement level of the upward move from the $1,268 swing low to $1,369 high. A downside break below the $1,320 level might send the price towards the $1,275 support.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now well above the 50 level.

Major Support Level – $1,320

Major Resistance Level – $1,370

Bitcoin price gained pace for a move above $20,000 against the US Dollar. BTC is showing positive signs and might rise further above $20,500.

  • Bitcoin started a steady increase above the $19,200 and $19,500 resistance levels.
  • The price is trading above $20,000 and the 100 hourly simple moving average.
  • There is a connecting bullish trend line forming with support near $20,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is gaining pace and might rally further above the $20,500 level.

Bitcoin Price Gains Pace

Bitcoin price formed a base above the $19,000 level and started a steady increase. BTC was able to clear the $19,500 and $19,650 resistance levels.

The bulls were able to pump the price above the $20,000 resistance zone. The price traded as high as $20,475 and the price is now correcting gains. It is trading above $20,000 and the 100 hourly simple moving average. Bitcoin is now slowly moving lower below $20,400.

It is trading well above the 23.6% Fib retracement level of the upward move from the $18,937 swing low to $20,475 high. There is also a connecting bullish trend line forming with support near $20,000 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com

On the upside, an immediate resistance is near the $20,450 level. The next major resistance sits near the $20,500 zone. A clear move above the $20,500 resistance might start another increase. In the stated case, the price could even surpass the $21,200 resistance zone. The next major resistance is near the $22,500 zone.

Dips Limited in BTC?

If bitcoin fails to rise above the $20,500 resistance zone, it could start a downside correction. An immediate support on the downside is near the $20,100 zone.

The next major support is near the $20,000 zone and the trend line. A downside break below the trend line might send the price towards $19,700. It is near the 50% Fib retracement level of the upward move from the $18,937 swing low to $20,475 high. The main support is near $19,500, below which the price might drop to $19,200.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $20,100, followed by $20,000.

Major Resistance Levels – $20,500, $21,200 and $22,500.

  • Cryptocurrency market capitalization could be ready to break out from the downtrend as price gears up for a short-term recovery creating more bullish sentiment for the altcoins.
  • Cryptocurrency market capitalization looks strong on both low and high timeframes. 
  • Cryptocurrency market capitalization prepares for a breakout on the daily timeframe after forming a descending triangle.

The Crypto Marketcap had had a tough time regaining its hype when the crypto market cap was at its peak of over $2.8 trillion, with most crypto assets performing at their best. The crypto market capitalization also called the crypto market cap, takes in market data from a range of cryptocurrencies — including Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and EOSIO network (EOS) — to provide a fuller, real-time picture of how the crypto asset sector is performing.

Crypto Market Capitalization Price Analysis On The Weekly Chart

The new month has been a relief for most crypto projects, with altcoins such as BTC, ETH, and even XRP, with the market cap, continues to look promising ahead of a major rally.  

With the market having a rally to an all-time of over $2.9 trillion, this positively impacted the price of altcoins and major assets as the market found itself in a blooming phase with so much euphoria.

After hitting over $2.9 trillion market cap, the price declined from that region, acting as resistance or blown-off top as the price struggles to regain its form. It dropped to a region of $774 billion market cap seeing a huge sell-off in assets across the crypto market.

The market cap bounced from its weekly low of $774 billion as the price rallied to a region of $1.17 before facing resistance to breaking above this region as the price retraced to $850 billion as the price formed a good support zone with what seemed to be a key demand zone for buy orders across the market.

In recent weeks, the price of assets in the crypto market has not shown some strength as prices rally, showing some glimpses of relief bounce.

Weekly resistance for the price of crypto market cap – $1.2T.

Weekly support for the price of crypto market cap – $850T.

Crypto Marketcap Analysis Of REN On The Daily (1D) Chart

On the daily timeframe, the crypto market cap price remains bullish, holding the support at $850 billion ($850B) as the price range in a descending triangle trying to break out. 

The crypto market cap is currently trading at $930 billion, with the price holding above the 8 and 20-day Exponential Moving Averages (EMA) after breaking through resistance in this region. 

If the market cap maintains its structure, we could see more relief rallies for all most crypto assets.

Daily resistance for the crypto market cap price – $1.2 Trillion

Daily support for the crypto market cap price – $850 Billion.

  • REN price could be ready to break out from the downtrend as price gears up for a short-term recovery creating more bullish sentiment.
  • REN looks strong on both low and high timeframes. 
  • The price of REN breaks out on the daily timeframe after forming an descending triangle.

Ren Protocol (REN) has recently shown great recovery after some setbacks as the price has remained downtrend against tether (USDT). Previous weeks in the crypto space have been slow, with most altcoins and major cryptocurrencies such as Bitcoin (BTC) moving in a range. The month appears promising, with altcoins such as Ren Protocol (REN) bouncing off their lows with hopes of a rally with the current trend shift. (Data from Binance)

Ren Protocol (REN) Price Analysis On The Weekly Chart

The new month has been a relief for most crypto projects, with altcoins such as REN showing bullish strength and BTC leading the market rally from a low of $18,800 to $20,100. With the market looking more promising for crypto assets, we may see more cryptocurrency recovery, as the previous month prevented major altcoins from rallying.

In recent weeks, the price of REN has not shown the same strength as seen in other altcoins such as Cosmos, as it has continued to fall to its weekly low of $0.1.

Following a rally from a low of $0.1 to a high of $0.11, the price of REN was rejected because it could not break above $0.11, acting as resistance to the price of REN and the area of supply.

Since then, the price has struggled to find support, falling to a weekly low of $0.1, forming a good support zone with what appears to be a demand zone for more buy orders.

The price of REN remained in this $0.11 range before breaking out following a bullish weekly close, with the price looking more bullish for the week.

Weekly resistance for the price of REN – $0.1.

Weekly support for the price of REN – $0.15.

Price Analysis Of REN On The Daily (1D) Chart

On the daily timeframe, REN’s price remains bullish, flipping the resistance at $0.11 and holding above this region with good volume as the price targets $0.14 creating more bullish sentiment after breaking out of descending wedge.

REN is currently trading at $0.12, with the price holding above the 8 and 20-day Exponential Moving Averages (EMA) after breaking through resistance in this region. The price of $0.116 corresponds to the 8 and 20-day EMAs of REN.

Daily resistance for the REN price – $0.14

Daily support for the REN price – $0.11.

2022-10-06 05:51