As October draws to a close, crucial events for the month are set to unfold. Today marks the announcement of interest rate decisions, followed tomorrow by a key agreement between China and the United States, along with earnings reports from trillion-dollar giants. Typically, during periods of volatility, Bitcoin (BTC) price movements can swing both ways, but up until now, the trend has been negative.
Altcoins Analysis
The BTC chart is showing a downward trend as it attempts to fill the CME gap. Many altcoins also exhibit a notable decline, with some experiencing losses of over 4%. The Federal Reserve’s interest rate announcement is imminent, and its impact is eagerly anticipated. According to the pseudonymous analyst DaanCrypto, BTC needs to reclaim the $116,000-$118,000 range before expecting a rebound in altcoins. He identified two critical regions, suggesting that a breakout is necessary.
“BTC is still within the range. It faced rejection twice at $116,000 and has returned to the high-volume node near $111,000. After losing the 200MA (purple), it is currently trading around the 4H 200EMA (blue). Following recent gains, there’s an apparent loss of momentum. In the short and medium term, the key levels remain at $107,000 and $116,000. Anything in between is simply fluctuation.”
If Federal Reserve Chair Jerome Powell makes dovish remarks, and earnings reports meet expectations, the closure of markets could accelerate the rise of cryptocurrencies. Tomorrow’s China agreement also represents another potential boost to risk appetite. To gain insight into the market’s direction, observers can look to analysts’ identified boundaries for breakouts.
LTC and XRP Coin
Currently trading at $2.63, XRP Coin has yet to receive ETF approval. Despite this, Ripple continues to pursue expansion, announcing Ripple Prime just this week. Analyst Ali Martinez, even if XRP tests the resistance point of its descending channel, remains skeptical about its short-term prospects. He suggests that even if the $2.8 resistance is tested, a downward trend is likely.
Possible lower targets for XRP are $2.42 and $2.185.
Litecoin (LTC) benefits from a strong community, and its accumulation phase has extended due to halving. While technically entering a rally phase, the price has not ascended as sharply as envisioned. Analyst Yoddha notes the absence of a peak typically seen during rally periods, forecasting a high near $400.