Welcome to our latest crypto market outlook for October 30th!
With the crypto market showing potential lows, now might be the perfect time to consider adding to your altcoin portfolio. Let’s dive into my list: AR, TOKEN, XRP, LAKE, and MKR.
Today, we will cover the following topics:
- USDT.D and BTC Analysis
- 5 Altcoins Analysis
- Quotes / Advices
- Closing Remarks
USDT.D and BTC analysis
According to our latest market analysis, USDT.D is testing the 5% - 5.15% support zone.
If the 5% level breaks downward, we can anticipate a potential free fall, which would be highly bullish for the crypto market.
In parallel, if the 5.15% level breaks upward, it will confirm the bulls’ rejection of the support, signaling a potential move toward the upper bound of the red channel.
For the bulls to maintain long-term control, a break above the 5.53% level is required.
According to our last roundup article, BTC outperformed nearly all assets this week as the bulls showed relentless momentum, disregarding resistance levels.
However, it is now retesting its all-time high around $74,000, marking a critical make-or-break zone and an intriguing level to monitor.
On the 4-hour chart, BTC is currently near the upper bound of its channel. If the $74,000 level breaks upward, a new all-time high around the $80,000 mark could be anticipated.
In parallel, if the $70,500 support structure breaks downward, a bearish correction toward $66,000 may follow.
5 Altcoins Analysis
Starting with AR, it has been consistently rejecting the significant round number at $15, which also aligns with a weekly demand zone.
As long as the $12.5 level holds, the bias remains in favor of the bulls, making it a potential opportunity to look for long entries on lower timeframes.
For buyers to gain short-term control, a break above the orange structure at $17.8 is necessary.
Following this, a break above the upper red trendline and the key resistance at the $20.8 major high will be essential for the bulls to secure long-term control.
Moving on to TOKEN, it has been relatively stagnant, showing minimal volatility as it fills the demand zone marked in green at $0.04.
For the bulls to fully shift momentum in their favor, a break above both the red and blue trendlines, along with the last major high at $0.07, is essential.
Next is XRP. As noted in our last XRP update, it has been holding strong above the $0.5 round number.
This support level has been respected multiple times, so as long as it holds, we can expect the bulls to regain momentum, especially if the $0.565 resistance is broken to the upside.
Analyzing LAKE, the bears appear to be losing momentum following the steep drop from $0.05.
The $0.001 - $0.003 range serves as a substantial demand zone, giving the bulls a potential edge to take control.
On the 4-hour chart, confirmation for the bulls would come with a break above the $0.004 round number and the green-marked structure.
In the medium term, however, LAKE remains bearish, trading within the descending green trendline and potentially moving toward the $0.001 round number.
Finally, looking at MKR, after rejecting the $1,750 resistance, it experienced another dip toward the $1,000 round number.
The $1,000 support level aligns with the lower bound of the descending orange channel, reinforcing this zone as a strong support area.
On the 4-hour timeframe, MKR has shown short-term bearish momentum, trading within the descending red channel.
For a bullish shift in momentum, a break above the upper red trendline and the recent major high at $1,250 is required.
Quotes / Advices
Every trader has strengths and weakness. Some are good holders of winners, but may hold their losers a little too long.
~ Michael Marcus
Closing Remarks
In summary, USDT.D is testing a critical support zone between 5% and 5.15%. A downward break could signal a bullish crypto market, while BTC is at a make-or-break level around $74,000, with potential to reach $80,000 if it breaks upward.
AR is bullish above the $12.5 support, with a break above $17.8 for short-term gains and $20.8 needed for long-term control by the bulls.
TOKEN remains stagnant around $0.04, with bulls needing a break above red and blue trendlines and $0.07 for a momentum shift.
XRP is stable above $0.5, with bullish momentum likely if it breaks the $0.565 resistance.
LAKE shows bearish exhaustion, with a strong demand zone at $0.001 - $0.003, and bullish confirmation at a $0.004 breakout.
MKR’s $1,000 support is reinforced by the lower orange channel, with bullish momentum requiring a break above $1,250.
