Home Cryptocurrency Bitcoin signals potential range expansion— Will SOL, LDO, ICP and VET follow?

Bitcoin signals potential range expansion— Will SOL, LDO, ICP and VET follow?

by Harry Garcia

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 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 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 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.

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