February 1, 2023

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Price analysis 10/14: SPX, DXY, BTC, ETH, BNB, XRP, ADA, SOL, DOGE, MATIC

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Price analysis 10/14: SPX, DXY, BTC, ETH, BNB, XRP, ADA, SOL, DOGE, MATIC

The United States Consumer Price Index (CPI)

SOL/USDT

Solana (SOL) plunged below the $30 support on Oct. 13 but the bears could not build upon this strength and sink the price to the vital support at $26. The bulls arrested the drop at $27.87 and pushed the price back above $30.

SOL/USDT daily chart. Source: TradingView

Buyers tried to extend the positive momentum on Oct. 14 but ran into heavy selling near the downtrend line as seen from the long wick on the candlestick. The bears will now again try to pull the price below $30 and extend the decline to $26.

If bulls want to invalidate this bearish view, they will have to quickly push the SOL/USDT pair above the downtrend line. That could clear the path for a possible rally to $35.50 and thereafter to $39 where the bears may again offer a strong resistance.

DOGE/USDT

Dogecoin (DOGE) rebounded off the strong support near $0.06 on Oct. 13, indicating that the bulls are defending the level aggressively. Buyers are trying to propel the price above the moving averages on Oct. 14.

DOGE/USDT daily chart. Source: TradingView

If they manage to do that, the DOGE/USDT pair could rise to $0.07. This level is again likely to act as a strong resistance but if bulls push the price above it, the pair could attempt a rally to the overhead level of $0.09.

Contrarily, if the price turns down from the moving averages, the bears will again attempt to sink the price below the support near $0.06. This is an important level for the bulls to defend because if it cracks, the pair could retest the June low near $0.05.

MATIC/USDT

The long tail on Polygon’s (MATIC) Oct. 13 candlestick shows that bulls are aggressively buying near the $0.71 to $0.69 support zone. Buyers continued their momentum on Oct. 14 and tried to push the price above the downtrend line but the bears held their ground.

MATIC/USDT daily chart. Source: TradingView

The flattish moving averages and the RSI near the midpoint suggest a balance between supply and demand. This equilibrium could tilt in favor of the buyers if the price rises above the downtrend line. The MATIC/USDT pair could then rise to $0.86 and if this level is crossed, the next stop could be $0.94.

On the other hand, if the price reverses direction from the downtrend line, it will show that bears continue to sell on rallies. The pair could then remain stuck between the downtrend line and the support at $0.69.