Analyst tells you how the cryptocurrency market is going BTC, SOL, LDO, ICP, VET

Crypto Analyst Shares Insights on Bitcoin, Solana, Lido, Internet Computer, and VeChain Trends

Author: Rakesh ULianGuaidhyay, Cointelegraph; Translation: Song Xue, LianGuai

The S&P 500 index rose slightly by 0.45% and recorded its second consecutive weekly gain. Despite the slow trend in the US stock market, gold saw a significant increase of over 5% this week. On October 13th, it surged by 3.11%, marking its best single-day performance since December 1st of last year.

The weakness of Bitcoin and pending regulations have kept cryptocurrency investors away from altcoins. This has kept Bitcoin’s market dominance hovering around 50% in the past few days.

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Cryptocurrency market data. Source: Coin360

In the coming days, market observers may continue to keep an eye on Bitcoin. The longer the bulls can maintain the price above $25,000, the greater the likelihood of the next upward move. The bullish trend of Bitcoin may stimulate the purchase of certain altcoins, as cryptocurrency investors will subsequently feel the bull market.

Some cryptocurrencies are showing new signs. If they break upwards, they may start a new upward trend. Let’s study the charts of the top 5 cryptocurrencies that may outperform the market in recent times.

Bitcoin Price Analysis (BTC: $27,189)

In the past few days, Bitcoin has been trading between moving averages, indicating indecision between the bulls and the bears regarding the next move.

BTC/USDT daily chart. Source: TradingView

Typically, after a period of consolidation, there will be a range expansion. In this case, if buyers push the price above the 20-day exponential moving average ($27,110), the BTC/USDT trading pair could rise to $28,143. It is expected that the bears will strongly defend this level.

Alternatively, if the price falls and breaks below the 50-day simple moving average ($26,671), it would indicate that the bears have established their dominance. The trading pair could first fall to $25,990 and then to the key support level of $24,800. This level could attract bullish buying interest.

BTC/USDT 4-hour chart. Source: TradingView

On the 4-hour chart, the recovery of this trading pair faces selling pressure from the 20-day moving average, but a positive sign is that the bulls have not given up too much ground. This indicates that buyers are not eager to exit but continue to exert pressure.

If it breaks above the 20-day moving average, this trading pair may first rise to the 50-day moving average. This level could be a small obstacle, but if overcome, the trading pair could climb to $27,750 and then to $28,143.

On the contrary, if the bulls fail to break above the 20-day moving average, sellers will feel the opportunity to lower the price. Breaking below $26,500 could cause the trading pair to fall to $26,000 and then to $24,800.

Solana Price Analysis (SOL: $22)

SOL/USDT daily chart. Source: TradingView

There is a minor resistance at $22.50, but if this level is broken, the SOL/USDT trading pair may rise to the neckline of the inverse head and shoulders pattern. A breakout and close above this resistance will complete the bullish setup. Buyers may face strong resistance at $27.12, but if this obstacle is cleared, the trading pair could soar to the target of $32.81.

If the price falls and breaks below the 50-day moving average ($20.50), this bullish view will be negated in the short term. This could initiate a decline to $18.58 and then to $15.33.

SOL/USDT 4-hour chart. Source: TradingView

After trading between the moving averages for some time, the price broke below the 20-day moving average, indicating that bears may still be in control. The trading pair may first fall to $20.93, and if this level is also broken, it could drop to $20.

On the contrary, if the price fails to stay below the 20-day moving average, it indicates strong buying interest at lower levels. The first sign of strength would be a breakout and close above the 50-day moving average. This could open the door for a rebound to $23.50 and then to the neckline of the inverse H&S pattern.

Lido DAO Price Analysis ($1.62)

LDO/USDT daily chart. Source: TradingView

The moving averages have flattened out, and the RSI has risen into positive territory, indicating that bulls are trying to make a comeback. The immediate resistance on the upside is $1.73. If this level is broken, the LDO/USDT trading pair could rise to the downward trendline. This level is likely to witness another battle between bulls and bears.

On the contrary, if the price falls and breaks below the moving average line, it indicates that the bears are dominating and selling on every minor rebound. Subsequently, the trading pair may retest the important support level of $1.38.

LDO/USDT 4-hour chart. Source: TradingView

The 20-period moving average on the 4-hour chart has started to rise, and the RSI is in the positive zone, indicating that the bulls are in control. There is a minor resistance at $1.63, but it is likely to be surpassed. The trading pair may then rise to $1.73.

If the bears want to weaken the bullish momentum, they will have to quickly pull the price below the moving average line. Subsequently, the trading pair may drop to the support area of $1.45 to $1.50.

Internet Computer Price Analysis ($3.16)

ICP/USDT daily chart. Source: TradingView

The RSI has formed a bullish divergence, indicating that selling pressure is easing. The ICP/USDT trading pair may soon reach the resistance level of $3.35. Breaking and closing above this level will signify a potential trend change. The first target on the upside is $4, followed by $4.50.

On the other hand, if the price drops below $3.35, it indicates that the trading pair may remain within this range for a while. Breaking below $2.86 will indicate a resumption of the downtrend.

ICP/USDT 4-hour chart. Source: TradingView

The moving averages have completed a bullish crossover, and the RSI is in the overbought zone on the 4-hour chart. This indicates that buyers are in control. The trading pair may reach the resistance level of $3.35, and the bears may pose a strong challenge there.

If the price falls below $3.35, consolidation may continue for a while. On the other hand, if buyers push the price above $3.35, it indicates that the bulls are dominating. Subsequently, the trading pair may surge to $3.74 and then to the target of $3.84.

VeChain Price Analysis ($0.02)

VET/USDT daily chart. Source: TradingView

The moving averages have flattened, and the RSI is close to the midpoint, indicating that the bearish pressure may be easing. Buyers will attempt to push the price above the downtrend line. If they succeed, the negative setup will be invalidated. This could potentially initiate a new uptrend towards $0.021.

On the contrary, if the price drops from the current level, it would indicate that the bears continue to strongly defend the downtrend line. In that case, the bears will again try to pull the price towards the key support level of $0.014.

VET/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows that the price has been trading within a descending wedge pattern. Buyers are attempting to push the price higher and keep it above the 50-period moving average. If they succeed, the VET/USDT pair could touch the downtrend line of the wedge. A breakout and close above the wedge could initiate a new uptrend.

The bears are unlikely to give up easily. They will actively defend the area between the 50-period moving average and the downtrend line. If the price drops significantly and breaks below the 20-period moving average, it would indicate that the pair may remain within the wedge for some time.

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