Bitcoin’s recovery to $49,000 has boosted sentiment and potential upward. The most popular cryptocurrencies can give AXS, ATOM, LUNA, XTZ in the short run.
Nevertheless, the rate of cryptocurrency can change rapidly. If Bitcoin reaches $50,000 and maintains its positive momentum, the air could improve even more.
One notable event that could boost short-term sentiment is the decision of the U.S. Securities and Exchange Commission on Bitcoin Money Fund applications. As it is known, the SEC extended the term of four Bitcoin ETF applications for 45 days on October 1. A senior ETF analyst at Bloomberg hopes the Bitcoin ETF could receive a green signal by mid-October.
Bitcoin hit a high of $46,000 on October 1 and has been on an uptrend over that time. Experts predict that if Bitcoin continues to grow at this rate, it may soon reach $60,000.
However, suppose the situation develops in the opposite direction, and the price falls. In that case, it is suggested that the currency’s value may fall to as low as $40,000.
LUNA broke the downtrend on October 2. It hit the all-time high of $45.01 today. However, whether it is possible to maintain stability is a difficult question.
However, suppose the price falls below the current level. In that case, it goes out of the downward trend line, which means that the rate will remain positive, and traders will buy it at a diplomatic price. Experts suggest that in case of a positive trend, the LUNA / USDT pair may reach $65. However, if the price goes down, it could go down to the $33 mark.
On September 29, ATOM successfully maintained the breakout level at $32.32, which indicates that the rate is still positive.
If this figure is maintained, the pair could rise to $44.80 and climb to $50. The break and closing could lead to a future target of $57.61. However, the price will fall below average, possibly falling to $24.50 later.
As for the XTZ, if the price rises above $8.42, it will start a new growth trend. However, if the rate falls, it will be the first sign of weakness below $8.03. However, an intense lifting of this level can still point us to a positive indicator. That means traders are buying it. If the price goes down, it could even fall to $6.50.
The AXS rose to $94.67 on October 1, the highest level ever, signaling an upward trend. There is a strong demand for coins from traders. If buyers raise the price above $110.50, the pair could rise to $120.57.
If the reverse is the case and the price falls, the first sign of weakness will be a break and a close below the 20-EMA. Such a move is an indication that momentum has weakened and supply is exceeding demand.