Although Bitcoin remains range-bound, altcoins are showing signs of divergence, but it’s unclear which direction price will take.
) recovered and closed above the 20-day EMA on Oct. 17 but the bulls could not build upon this advantage. This shows that bears are selling on rallies.The price turned down sharply and slipped below the 20-day EMA on Oct. 18. The selling intensified and the XRP/USDT pair dropped to the support line of the triangle. This is an important level to watch out for in the near term because a break below it could sink the pair to $0.41.
On the upside, the first sign of strength will be a break and close above $0.49. The bulls will then try to drive the price to the overhead zone between the resistance line and $0.56. A break and close above this zone could indicate the resumption of the uptrend.In a strong trend, the relief rally usually lasts between one to three days and that is what happened in Cardano . The price turned down after a two-day recovery on Oct. 18 indicating that bears are selling on every minor rally.
If bulls want to avert a collapse, they will have to quickly push the price above the 20-day EMA . The pair could then rise to the resistance line of the wedge. A break above this level could point to a potential trend change.The bulls could not push the price to the downtrend line as the bears stopped the recovery at the 20-day EMA on Oct. 18. Solana has dropped back to the strong support zone between $30 and $29.42.
However, the bears may have other plans. They will strive to sink the price below $29.42 and challenge the intraday low of $27.87 made on Oct. 13. This level is likely to attract strong buying by the bulls but if bears manage to break the support, the next stop could be $26.
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