Top Price Predictions: Bitcoin, ETH, ENJ, PEPE Coin, INJ

Key Takeaways:

• Bitcoin Price: Bitcoin experienced a 10% surge in October, trading just above $28,000, with potential support around $25,500.
• Ethereum Price: Ethereum faced selling pressure, hovering around $1,560 and struggling to break the $1,600 mark.
• PEPE: PEPE’s price declined by over 60% in a month, finding support at the S2 level but needing to overcome resistance.
• Enjin Coin: Enjin Coin is at a 2023 low, trading below key levels, including $0.23, and could see recovery upon breaking resistance.
• Injective Price: Injective is a top performer in 2023, rallying nearly 600%, with resistance at $8.84 and a potential breakout to $14 to $15.

Bitcoin Price Sustains above $28,000

BTC/USD | Source: Tradingview

• Bitcoin price followed a relatively steady pattern until October 16, 2023, when it experienced a significant 10% surge within just a couple of hours. This propelled the price from slightly above $27,000 to nearly $30,000 before a minor correction.
• Presently, Bitcoin’s price is trading just above $28k at about $28,350 and represents one of the highest points observed since early August 2023.
• Conversely, Bitcoin price appears to be finding stability at the Fibonacci S1 support level, which stands at $25,500, as well as the base of a descending triangle at $25,800.
• Providing a somewhat positive outlook, Bitcoin’s 50-day and 200-day Exponential Moving Averages (EMA) underwent a crossover following a brief price increase. This event has the potential to stimulate buying activity in the market and offers support despite recent corrections.
• The next significant obstacle for Bitcoin price is breaching and maintaining levels above $29,000, coinciding with the Fibonacci pivot R3 level on the chart.
• Conversely, the price range spanning from $25,400 to $25,800 could evolve into a dependable support zone in the near term, acting as a protective buffer for BTC price.

Read More: Bitcoin Price Prediction

Ethereum Price Continues to Face Selling Pressures

ETH/USD | Source: Tradingview

• Ethereum price recently experienced a notable dip, slipping significantly below the crucial $1,600 level that it had successfully held for several weeks. Despite a slight uptick in the past day, Ethereum couldn’t surpass the $1,600 mark.
• On the downside, Ethereum price finds its next support level within the range of $1,500 to $1,550. This range holds considerable psychological importance and closely aligns with the S2 level of the Fibonacci pivot structure.
• Nevertheless, ETH price encounters the challenge of countering the bearish influence of the 50-day and 200-day exponential moving averages to regain strong bullish momentum.
• To restore a bullish sentiment, ETH price must effectively surpass both the $1,600 mark and the $1,700 threshold consecutively.
• Despite positive early-year developments in Bitcoin and Ethereum prices in 2023, Ethereum notably lagged behind and underwent a significant retracement, witnessing a price drop of approximately 27% from its year-to-date peak of $2,100 achieved in April 2023. Nonetheless, Ethereum has still managed to secure around a 30% gain in the year 2023 so far.

Learn More: Ethereum Price Prediction

PEPE Continues its Bearish Trend in 2023

PEPE/USD | Source: Tradingview

• PEPE price tumbled by more than 60% in just a month. Although there was an attempt at recovery in mid-June, it faced immediate selling pressure, leading to a continued downward trajectory. By the end of August 2023, it had even broken its all-time lows.
• At present, PEPE price has found a support level at the S2 level, as indicated by the Fibonacci pivot points on the chart. Additionally, it is trading below its 50-day exponential moving average.
• To reignite market enthusiasm for PEPE, it must overcome critical resistance zones on the chart. The first challenge lies within the area between S1 and the pivot point (P). This zone also encompasses the former all-time low area, which now poses as a potential resistance level. Therefore, a breakout beyond this zone holds significant importance.
• Looking forward, if PEPE manages to breach these levels in the coming months, there is potential for a continued rally toward $0.00000128. This would represent a substantial 100% increase from the current levels. However, such an upsurge would likely depend on a broader crypto market recovery and a corresponding uptrend in Pepecoin’s price.
• Currently, PEPE price grapples with significant bearish pressures, experiencing a notable decline of over 21% in the past 30 days and nearly 46% in the past 60 days. Therefore, it is crucial for PEPE’s price to maintain levels above the S3 support, which stands at $0.00000051 according to the Fibonacci pivot points.

Read On: Pepe Coin Price Prediction

Enjin Coin At 2023 Low!

ENJ/USD | Source: Tradingview

• One of the most popular metaverse/gaming tokens in the crypto market, Enjin Coin price has been on a descending trend through most of 2023. ENJ price did see a 130% rally early in the year – but since then has been consistently falling.
• ENJ price is currently trading under heavy bearish pressures, well below both the 50-day and the 200-day exponential moving averages.
• Additionally, ENJ price is also trading well below the crucial resistance level at $0.23 (marked with a blue trendline) and also below the S1 of the Fibonacci pivot level of $0.215. A breakout beyond both these levels, and also the pivot level (P) of $0.24 is necessary for ENJ price to see any convincing recovery going forward.
• On the downside, the S2 level of the Fibonacci pivot level of $0.199, which also serves as a psychological support level at $0.2. If ENJ price manages to stay above this, then some buying pressure can come in at these low levels.

Know More: Enjin Coin Price Prediction

Injective Price Sees Continued Bullishness

INJ/USD | Source: Tradingview

• Injective is one of the best-performing tokens amongst the top 100 cryptos by market cap, according to data from CoinMarketCap – having rallied nearly 600% in 2023 so far and almost 10% in the past seven days alone.
• Injective is an altcoin that rallied amid the artificial intelligence (AI) frenzy that took over the world since the beginning of 2023 and has been going strong.
• Injective price has been gaining in value consistently, in a healthy manner, with a higher high, higher low price pattern on the chart, which indicates strength amongst the bulls in the market.
• INJ price is trading well above both the 50-day and the 200-day exponential moving averages as of writing this article.
• INJ price will face some resistance at R3 of the Fibonacci pivot level of $8.84 and then eventually at the YTD high of nearly $9.5.
• A breakout beyond $9.5 will result in a strong follow-up rally all the way to the $14 to $15 region, which has been unattained since end of 2021!

Additional Read: Injective Protocol Price Prediction

Overall Crypto Market Wrap-Up

In recent times, the broader crypto market has displayed a relatively narrow trading range, consistently hovering around a total market capitalization of roughly $1.09 trillion. Over the past couple of months, it has oscillated between $1 trillion and $1.1 trillion. But now we are seeing some bullish inclinations, with Bitcoin taking the lead to take the market out of the overall bearishness. But still the broader bearishness hasn’t dissipated entirely. Hence, for a revival to take place, the market needs to establish a robust and steady recovery, creating the conditions for a substantial and enduring bullish outlook in the foreseeable future.

Values as of October 19, 2023.