Bitcoin’s Rise to $68K Boosts SOL, DOGE, RUNE, and BGB

Bitcoin’s recent surge to $68,000 enhances the potential for upward movement in cryptocurrencies such as SOL, DOGE, RUNE, and BGB.

Bitcoin Price Overview

Bitcoin (BTC) experienced a slight decline of just over 2% for the week; however, it is encouraging that buyers have managed to maintain the price above $65,000, setting the stage for recovery. On October 27, the price climbed above $67,500, with analysts from Kraken suggesting that the “trend should remain constructive” as long as Bitcoin holds above $66,500.

On the flip side, some analysts express caution regarding Bitcoin’s near-term prospects, with a notable prediction that Bitcoin might drop to around $60,000 before a more stable bottom is established.

Several market analysts are anticipating an altcoin rally, particularly if Bitcoin’s market dominance approaches 60%. Well-known trader Willy Woo mentioned that while “altcoin season will come,” the intensity of movements is likely to be less than in previous cycles.

With Bitcoin potentially exceeding $70,000, an investigation into promising altcoins is warranted. Below, we delve into five cryptocurrencies showing potential on recent charts.

Bitcoin Technical Analysis

On October 25, sellers attempted to pull Bitcoin below the 20-day exponential moving average (EMA) of approximately $66,201, but buyers successfully resisted this move, indicating positive market sentiment among traders.

To indicate a resumption of the bullish trend, buyers must elevate the price above $69,550, with a target of reaching $73,777. While resistance is expected at $70,000, a breach here could propel BTC/USDT toward $72,000, where significant resistance may arise.

On the bearish side, if the price dips below the $65,000 mark, it may slide to the 50-day simple moving average (SMA) at approximately $63,259, with a further decline to the critical support level of $60,000 anticipated.

The moving averages have leveled out on the 4-hour chart, and the relative strength index (RSI) is sitting just above the midpoint, indicating a balance between supply and demand. To confirm strength, buyers need to push the price above the downtrend line, while a drop below $66,500 would favor bears, potentially bringing the price down to $65,000. If this critical support is broken, Bitcoin may plunge to $62,000.

Solana Price Analysis

Solana (SOL) successfully broke out from an ascending triangle pattern on October 20, with the bulls defending the breakout level during a retest on October 25.

With the moving averages trending upwards and an RSI over 65, the bulls appear to be in the driver’s seat. Resistance lies at $179; a breakthrough here may see the SOL/USDT pair rally toward $189, but sellers are expected to put up a significant fight at this resistance level.

If the bears want to impede this upward movement, they need to quickly drive the price below the 20-day EMA of $161; otherwise, the price may retrace to the 50-day SMA at $148.

The bulls have managed to push prices above the 20-EMA, although a negative divergence on the RSI suggests a slowing momentum. Bears will likely attempt to halt the uptrend at $179. If prices retreat from this resistance and break below the 20-EMA, it may indicate bearish activity at higher levels, potentially retesting support at $164. Conversely, breaking above $179 would signal a resumption of the bullish trend, setting a target of $189.

Dogecoin Price Analysis

Dogecoin (DOGE) emerged from a symmetrical triangle formation on October 18, with bulls effectively defending pullbacks to the breakout level on October 25.

The 20-day EMA at $0.13 is trending upwards, and the RSI remains positive, indicating bullish control. If buyers can maintain the price above the $0.15 resistance, the DOGE/USDT pair could move towards $0.17 and $0.19.

However, if the price falls back below the breakout point or the triangle, this could suggest a rejection of the breakout, potentially dropping the pair to the 50-day SMA at $0.11.

Buyers pushing above the resistance of $0.15 could signify a trend change in the short term. Conversely, monitoring the 20-EMA for potential breaks is essential, as a slide below this support may lead to a deeper retracement toward the channel’s support line.

THORChain Price Analysis

THORChain (RUNE) has formed a symmetrical triangle, often seen as a continuation pattern, indicating that prior trends typically resume following a breakout.

The upwards slope of the 20-day EMA (approximately $5.04) and the RSI indicating slight bullish momentum suggest favorable conditions for the bulls. A breakthrough and sustained move above the triangle could indicate the start of a short-term uptrend, with targets set at $5.71 and the overall pattern target of $6.76.

However, if prices drop below the triangle formation, this could invalidate the bullish outlook, potentially driving RUNE down to $4.42 and then to $3.80.

The bulls have successfully pushed the price above the moving averages, and with the RSI indicating bullish territory, there’s a strong potential for upward movement. However, if resistance is encountered at the upper resistance line, further consolidation may take place unless bulls regain control through a decisive breakout.

Bitget Token Price Analysis

Bitget Token (BGB) has shown consistent upward movement recently, indicating bullish momentum.

After encountering resistance at $1.22 on October 24, the price retreated but remained above the 20-day EMA of $1.12. Buyers aim to push through this resistance, which may enable the BGB/USDT pair to climb to $1.34 and even to $1.43.

If sellers take over and the price falls below the 20-day EMA, it could indicate profit-taking by bulls, potentially driving the price down to the 50-day SMA at $1.03.

On the 4-hour chart, the 20-EMA is stabilizing, and the RSI is just below the midpoint, indicating potential range-bound movement ahead. If the price drops below the 50-SMA, it could see a decline towards $1.14. A rebound from this level would suggest buying interest, while a fall below $1.14 could signify bearish control and potential declines to $1.12 and then $1.09.

This analysis does not constitute investment advice. All trading carries risks, and individuals should conduct thorough research when making investment decisions.