Analysts tell you how the crypto market is going: BTC, SOL, LDO, ICP, VET

The S&P 500 rose slightly by 0.45%, recording its second consecutive weekly gain. Despite the slow movement of the US stock market, gold has risen sharply by more than 5% this week. On October 13, its increase of 3.11% was the best single-day performance since December 1 last year.

Bitcoin’s weakness and regulatory uncertainty have kept cryptocurrency investors away from altcoins, causing Bitcoin’s market dominance to hover around 50% over the past few days.

Cryptocurrency market data. Source: Coin360

Market watchers will likely continue to keep an eye on Bitcoin in the coming days. The longer bulls can keep the price above $25,000, the more likely it is that the next move higher will be. Bitcoin’s bullish move could spur buying in certain altcoins as crypto investors will then feel the bull run.

Some cryptocurrencies are showing signs of fresh gains. If they break out to the upside, they could start a new up move. Let’s examine the charts of the top 5 cryptocurrencies that could outperform the market in the near term.

Bitcoin Price Analysis (BTC: $27189 )

Bitcoin has been trading between the moving averages for the past few days, showing indecision between the bulls and bears as to the next move.

BTC/USDT daily chart. Source: TradingView

Usually, tight consolidation is followed by range expansion. In this case, if the buyers push the price above the 20-day exponential moving average ($27,110), the BTC/USDT trading pair could rise to $28,143. Bears are expected to defend strongly at this level.

Alternatively, if the price turns down and breaks below the 50-day simple moving average ($26,671), it will indicate that the bears have established their hegemony. The pair could first drop to $25,990 and then to the critical support at $24,800. This level is likely to attract aggressive buying by the bulls.

BTC/USDT 4-hour chart. Source: TradingView

On the 4-hour chart, the pair’s recovery is facing selling at the 20-day EMA, but a positive sign is that the bulls have not given up much ground. This suggests that buyers are not in a hurry to exit and continue to apply pressure.

If the 20 SMA is broken, the pair might rise to the 50 SMA first. This level might be a minor hurdle, but if overcome, the pair might climb to $27,750 and then to $28,143.

Conversely, if the bulls fail to break out of the 20 EMA, sellers will sense an opportunity to pull the price lower. A break below $26,500 could sink the pair to $26,000 and below it to $24,800.

Solana Price Analysis (SOL: $22)

SOL/USDT daily chart. Source: TradingView

There is a minor resistance at $22.50, but if this level is crossed, the SOL/USDT pair could rise to the neckline of the inverse head and shoulders pattern. A breakout and close above this resistance will complete the bullish setup. Buyers may face stiff resistance at $27.12, but if this hurdle is cleared, the pair could surge towards its target objective of $32.81.

This positive view will be negated in the short term if the price turns down and breaks below the 50-day SMA ($20.50). This could start a decline to $18.58 and then to $15.33.

SOL/USDT 4-hour chart. Source: TradingView

After trading between the moving averages for a while, the price broke below the 20 EMA and finally turned down. This shows that the bears are likely still in control. The pair could drop to $20.93 first and if this level also breaks, the pair can drop to $20.

Conversely, if the price fails to sustain below the 20 EMA, it will indicate strong buying at lower levels. The first sign of strength will be a breakout and close above the 50 EMA. This could open the doors for a rally to $23.50 and then to the neckline of the inverse H&S pattern.

Lido DAO Price Analysis ($1.62)

LDO/USDT daily chart. Source: TradingView

The moving averages have flattened out and the RSI has jumped into the positive territory, suggesting that the bulls are attempting a comeback. An immediate resistance on the upside is $1.73. If this level is crossed, the LDO/USDT trading pair is likely to climb to the downtrend line. This level is likely to witness a tough battle between the bulls and bears once again.

Conversely, if the price turns down and breaks below the moving averages, it will indicate that bears are in command and are selling on every minor bounce. Subsequently, the pair is likely to retest the important support at $1.38.

LDO/USDT 4-hour chart. Source: TradingView

The 20 EMA has started to turn up on the 4-hour chart and the RSI is in the positive territory, which shows that bulls have the upper hand. There is a minor resistance at $1.63, but it is likely to be crossed. The pair can then move up to $1.73.

If the bears want to weaken the bullish momentum, they will have to pull the price back below the moving averages quickly. The pair could then drop to the $1.45–$1.50 support zone.

Internet Computer Price Analysis ($3.16)

ICP/USDT daily chart. Source: TradingView

The RSI has formed a positive divergence, which suggests that the selling pressure is easing. The ICP/USDT pair is likely to hit the overhead resistance at $3.35 next. A breakout and close above this level will signal a potential trend change. The first target on the upside is $4 and then $4.50.

Contrary to this assumption, if the price turns down from $3.35, it will suggest that the pair might stay inside the range for a while. A break below $2.86 will indicate a resumption of the downtrend.

ICP/USDT 4-hour chart. Source: TradingView

The moving averages have completed a bullish crossover and the RSI is in the overbought zone on the 4-hour chart. This suggests that buyers have the upper hand. The pair is likely to hit the overhead resistance at $3.35, where the bears are likely to pose a strong challenge.

If the price turns down from $3.35, consolidation is likely to continue for a while. On the other hand, if the buyers push the price above $3.35, it will indicate that the bulls are in command. The pair can then surge to $3.74 and above it to the pattern target of $3.84.

VeChain Price Analysis ($0.02)

VET/USDT daily chart. Source: TradingView

The moving averages have flattened out and the RSI is close to the midpoint, which suggests that the bearish pressure might be easing. Buyers will try to push the price above the downtrend line. If they succeed, the negative setup will be invalidated. This could start a fresh increase to $0.021.

Conversely, if the price turns down from the current levels, it will indicate that the bears continue to defend the downtrend line vigorously. The bears will then once again try to pull the price to the critical support of $0.014.

VET/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows that the price has been trading inside a descending wedge pattern. Buyers are trying to push the price higher and sustain it above the 50 SMA. If they do so, the VET/USDT trading pair could touch the downtrend line of the wedge. A breakout and close above the wedge could start a new up move.

The bears are unlikely to give up easily. They will aggressively defend the zone between the 50 SMA and the downtrend line. If the price turns down sharply and breaks below the 20 SMA, it will suggest that the trading pair might stay inside the wedge for a while.