January 29, 2023

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Price analysis 10/19: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, SHIB

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Price analysis 10/19: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, SHIB

The lack of a decisive catalyst and the strength in the United States Dollar Index (DXY) has kept the recovery of risky assets under check. Bitcoin (

DOT/USDT

Buyers failed to push Polkadot (DOT) above the 20-day EMA ($6.27) on Oct. 17 and 18, indicating that the bears are vigorously defending this level.

DOT/USDT daily chart. Source: TradingView

The sellers will try to further cement their advantage by pulling the price below the vital support at $6. If they succeed, the selling could accelerate and the DOT/USDT pair could decline to $5.68. If this level also cracks, the next stop could be $5.36.

Alternatively, if the price rebounds off $6 with force, it will indicate that the bulls are accumulating on dips. Buyers will then again try to clear the overhead hurdle at the 20-day EMA and push the price toward $6.64.

MATIC/USDT

Polygon (MATIC) broke and closed above the downtrend line on Oct. 17. This indicates the start of a sustained recovery in the near term.

MATIC/USDT daily chart. Source: TradingView

The MATIC/USDT pair could rise to $0.94 where the bears may mount a strong defense. If the price turns down from this level but rebounds off the 20-day EMA ($0.81), it will suggest that the sentiment has turned positive and traders are buying on dips. That could improve the prospects of a rally to $1.05.

Alternatively, if the price turns down and breaks below the moving averages, it will suggest that the recent breakout may have been a bull trap. The pair could then decline to $0.69.

SHIB/USDT

Shiba Inu’s (SHIB‘s) recovery fizzled out near the 20-day EMA ($0.000011) and the price has declined to astrong support at $0.000010.

SHIB/USDT daily chart. Source: TradingView

The downsloping moving averages and the RSI below 37 suggest that bears have the upper hand. If the price breaks below $0.000010, the SHIB/USDT pair could drop to $0.000009 and thereafter to the crucial support at $0.000007.

If bulls want to prevent the pair from going downhill, they will have to quickly push the price above the 20-day EMA. The pair could then rise to the 50-day SMA ($0.000011) and thereafter to $0.000014.