October 5, 2022

Crypto Price Analysis Oct-22: Ethereum, Cardano, Ripple, Polkadot & Solana

4 min read


This week, Ethereum managed to rally over 8.5% and almost touched the all-time high at $4,380, missing it by $5 (Bitstamp). The momentum remains bullish and the rate is in a high uptrend as shown by the trendline which is currently serving as support around $4,000. A break below this level can push ETH back to the next assistance discovered at $3,500.

The resistance at $4,380 continues to hold, at least until another effort is made by the bulls to break it. Considering that in the previous week Bitcoin has set a brand-new all-time high, the total market is warmed in expectations of more gains in cost. Ethereum, as the second-largest cryptocurrency, is looking set to take the spotlight in the upcoming week as well.

Looking ahead, Ethereum can see an amplification of its uptrend, especially if the price breaks the all-time high. In spite of any pullbacks, that are normal in a rally, ETH might quickly set brand-new highs in the coming weeks which would trigger a race till a top is discovered.

Chart by TradingView Cardano managed to break away from its coming down channel after numerous efforts. Now, ADA’s cost finds itself in a tight range between$ 2(assistance) and$2.2(resistance). This cost action is within bigger confinement that was held up in late September between $2 and$2.4. Therefore, till ADA breaks away from it, the

trend is flat and the cost can bounce in between the essential levels showed on the chart. The signs on ADA give signs of some optimism for the bulls. A retest of the $2.4 resistance seems likely in the coming week or as quickly

as the price breaks away from the$2.2 resistance. Looking ahead, ADA’s all-time high is still far away at over $3. Before such levels can be reached again, the cryptocurrency has to pass the key resistance at $2.4. Any failure to do so could trigger a rejection back to the key assistance levels at $2.2 and $2.

Chart by TradingView Ripple Ripple’s rate action in this past week dissatisfied with a flat trend. XRP bounced numerous times in between$1 (assistance)and$ 1.16 (resistance)forming a descending triangle. Nonetheless, the upcoming week assures more exciting price action due to the compression versus the sag resistance line. The expectation is that cost can break away from the pinnacle of this development in blue at which point a change in trend can occur.

Until then, XRP is bound to be stuck in between the support and resistance levels. The indicators recommend a bearish bias due to MACD crossing on the negative side today. However, without the cost breaking listed below the support level of $1, it is prematurely to presume XRP will be up to lower levels.

Looking ahead, the all-time high for XRP sits easily at $3.3 and was never ever retested given that January 2018 when it was set. There was an effort in April 2021 to approach it, but the price was sharply turned down as soon as it reached $2. Ever since, XRP has actually been consolidating below $2 with the hopes that another effort to reach the all-time high can follow in the future.

Chart by TradingView Polkadot DOT has actually continued to make continual gains in this previous week after breaking the essential resistance at$39 on significant volume. There is some stress and anxiety in the price action currently because DOT is less than $5 from its all-time high simply under $50. Therefore, profit-taking at this level is most likely and the bulls need to show a lot of strength to avoid a rejection listed below the resistance line indicated on the chart. There is still space for the price to relocate the coming week within the blue pinnacle(see chart), however by early November DOT’s cost will need to take a decision on the next actions. Can it set a brand-new all-time high or can the bears take DOT lower to the assistance levels discovered at $39 and $32? Persistence is essential.

Looking ahead, the anticipation of a retest of the all-time high is on the mind of many DOT holders. The signs are bullish at the time of this post, for that reason a retest promises in the current market context.

Chart by TradingView Solana Today SOL had an excellent efficiency after breaking above the big pennant in blue with over 35%boost in cost. This bullish move was anticipated in our last analysis as the most likely situation based upon the indicators. After confirming the breakout, Solana moved very quick towards the crucial resistance line at$216 which is likewise the all-time high. At the time of this post, SOL is less than 5% from the ATH.

Considering the bullish bias on the signs and the sustained rally because the break above the blue pennant, the resistance at $216 is likely to face mounting pressure in the coming days. If the bulls sustain this further, a break above can become a reality by next week.

Looking ahead, SOL has good assistance at $170 in case of any rejections at the resistance level. However, a break of resistance appears more likely at this time. It is important to see closely the rate action around the $216 level.


Chart by TradingView