Welcome to our latest crypto market outlook for October 27th!
The market is still in its recovery phase after the major liquidation a couple of weeks ago. This is the perfect time to identify strong projects based on how well they rebound. Here are five altcoins I’m watching this week: $LPT, $NMR, $SUI, $WMTX, and $SNX.
Today, we will cover the following topics:
– BTC Analysis
– 5 Altcoins Analysis
– Quotes / Advices
– Closing Remarks
BTC analysis
As per our latest BTC analysis, it perfectly rejected the $105,000 support level and has been trading higher since.
As long as this level holds, the bulls will continue to have the upper hand.
The bulls have already taken control in the medium term after breaking above the $114,000 structure.
As long as BTC continues to trade within the rising orange channel, the overall trend remains bullish.
5 Altcoins Analysis
As per our latest LPT analysis, it’s currently retesting a major support zone on the weekly timeframe.
As long as the lower bound of this support at $3.5 holds, the only way from here is up.
For the bulls to take control and trigger the next impulsive move toward the $10 round number, a break above the last major high marked in blue at $6.15 is needed.
NMR has been trading within a wide range between $5 and $25.
This week, it’s retesting the midpoint of that range and the $10 round number, so we’ll be looking for trend-following long setups on the lower timeframes.
In the medium term, NMR has been in a corrective phase after surging by more than 200%.
For the bulls to regain momentum and kick off the next impulsive phase, a break above the falling red channel and the previous high at $15 is needed.
As per our latest SUI update, it has been hovering within a wide range between $2 and $4.5.
This week, SUI is retesting the lower bound of that range and the $2 round number. As long as this support holds, we’ll be looking for long setups on the lower timeframes, targeting the upper bound of the range.
As mentioned in one of our Coin of the Week editions, WMTX is currently hovering around the lower bound of its range at $0.15, so we expect the bulls to step in soon.
For the bulls to take control, a break above the last major high at $0.1625 is needed.
SNX has also been bullish, trading above the rising orange channel.
This week, it’s retesting the trendline acting as dynamic (non-horizontal) support, along with the $1 round number.
In the medium term, SNX has been bearish, trading within the falling orange channel.
For the corrective phase to end and the next impulsive wave to begin, a break above the $1.374 structure is needed.
In such a scenario, a move toward the $2.5 resistance level would be likely.
Quotes / Advices
An investor without investment objectives is like a traveler without a destination.
~ Ralph Seger
Closing Remarks
In summary, the crypto market is steadily recovering after recent liquidations, with Bitcoin holding strong above $105,000 and maintaining a bullish structure within its rising channel.
$LPT is rebounding from a major weekly support, with potential upside if it breaks above $6.15.
$NMR is consolidating near the mid-range around $10, eyeing a breakout above $15 for renewed momentum.
$SUI is retesting its key $2 support, offering long opportunities toward the upper bound of its range.
$WMTX is hovering near $0.15, where bulls may soon regain control if $0.1625 is broken.
$SNX is holding above dynamic support, but a break above $1.374 is needed to confirm a trend reversal.
