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BTC
In recent months, Bitcoin (BTC) has largely been swayed by U.S. macroeconomic data, particularly regarding the job market. According to a report released today, U.S. unemployment rates fell to 4.1% in September 2024, down from 4.2% in August.
American businesses added 250,000 jobs in September, surpassing the 159,000 new jobs posted in August and the 144,000 positions added in July. This strong jobs report serves as a positive macro trigger for U.S.-related indexes.
Despite these impressive figures, Bitcoin's reaction was somewhat muted. Following the jobs report, BTC briefly rose from $61,292 to $62,000 but quickly lost momentum.
Nevertheless, analysts maintain a positive outlook on Bitcoin's short-term prospects.
Dan BurginOn Friday, Bitcoin surged 3%, surpassing $62,000, buoyed by the better-than-expected jobs report, which revealed that 254,000 jobs were added in September, far exceeding predictions of 140,000. This news bolstered optimism about the broader economy, contributing to Bitcoin's rise.
Earlier in the week, BTC had experienced a 6% drop, falling to around $60,000, but gradually recovered as anticipation for positive jobs data built.
According to U.Today analysis, If the daily bar closes significantly below this level, a correction to the $62,000 zone could be on the horizon. Conversely, if it closes near or above $62,350, there may be continued upward movement, potentially reaching the $63,000-$64,000 range in the coming week.
The highly anticipated bull run in October would probably impact Bitcoin the most. Last October, BTC price gained around 25%.
ETH
Ethereum is currently experiencing a prolonged period of aggressive selling pressure, leading to Ethereum (ETH) has experienced a sharp marketwide sell-off, with its price dropping to $2,314, wiping out over $32 billion in market capitalization.
This decline has been driven by consistent selling pressure, particularly from large holders, creating a chain reaction that has put ETH in a precarious position.
Key technical levels, such as the $2,300 mark, are being closely monitored as ETH struggles to maintain stability. The breakdown of these levels has contributed to growing bearish sentiment among investors.
Tomiwabold OlajideDespite this, Ethereum’s network activity remains robust. According to IntoTheBlock, Ethereum's weekly fees have surged to $45 million, the highest since June 2024, reflecting increased usage of the network. However, low trading volumes and sustained selling activity from whales point to a prevailing bearish outlook.
For ETH to regain bullish momentum, it must break out of the current range around $2,600. A breakout could spark a more sustained rally, with the next target being the $3,000 milestone. Until then, ETH remains under pressure, struggling to reverse the downtrend.
In October 2023, the Ethereum price tanked for almost two weeks. Nevertheless, ETH secured a 17% gain, continuing the rally through November.
SHIB
Shiba Inu (SHIB) is seeing a drop in whale transactions and overall trading activity, signaling a potential shift in momentum for the popular meme coin. On-chain data shows that SHIB has struggled to maintain its place among the top-performing assets, as large investors scale back their involvement.
However, after testing its crucial 100 EMA support level, SHIB has managed a strong price recovery, indicating that bullish sentiment still lingers. Traders view this 100 EMA level as a key indicator, and its support suggests that SHIB could see another upward move if market conditions remain favorable.
Arman ShirinyanCurrently, the Relative Strength Index (RSI) is around 63, showing that SHIB still has some bullish momentum, though it's approaching overbought territory.
If whale interest doesn't pick up soon, SHIB may face challenges in sustaining its current price range and could potentially retest lower support levels around $0.000016.
The meme coin's price shifts often indicate the upcoming market rally. During the previous October bull run, SHIB gained 12.5% in valuation.
SOL
Solana has faced difficulty maintaining its upward momentum as it approaches crucial resistance levels, particularly the $160 mark. Successfully breaking this level and turning it into support could fuel another rally, potentially driving SOL toward $180.
Since August, Solana has encountered selling pressure each time it neared the $160 resistance, with similar struggles at the $150 level, which has repeatedly triggered sharp sell-offs. Despite these challenges, traders are cautiously optimistic, buoyed by overall bullish market sentiment.
A recent report by VanEck released Sept. 25 forecasts that Solana could surge significantly in the future, potentially reaching $330. This outlook is based on Solana's superior transaction speed and network efficiency compared to Ethereum.
Last October, SOL's price went from $38 to $59.
TON
In 2024, TON (The Open Network) saw significant growth in activity, driven by the onboarding of various applications. A key factor in this surge was the integration of USDT (Tether), the largest stablecoin by market cap, which TON started supporting in March.
This expansion, coupled with substantial airdrops, helped bootstrap activity on the platform.
Unlike meme coins, which often rely on hype with limited real-world use, Toncoin benefits from the robust and growing TON ecosystem.
Vladislav SopovThe network is closely tied to Telegram, one of the world's leading messaging platforms, further enhancing its utility and potential for long-term success.
During the previous Uptober, TON's price gained almost 14%. It is important to mention that TON was a relatively new blockchain back then, with the price around the $2 level, compared to 2024 highs around $8.
Vladislav Sopov
Tomiwabold Olajide
Alex Dovbnya