Today is a bearish day in the crypto market, after a $500 million BTC liquidation. Although, one cryptocurrency in particular remains bullish, even today. That crypto is the Secret Network token SCRT. Secret has been one of the most bullish coins during October, increasing from below $2 to almost $10. We saw a pullback by the middle of the month, but it ended right at the 20 SMA (gray) on the daily chart.
Yesterday, we saw a massive doji after the recent surge. This is a bearish reversing signal, but we are not seeing a reversal today, even as the market retreats lower. This shows immense strength for Secret, so further highs are on the table for this crypto.
Ripple Daily Chart – The 200 Daily SMA Holds As Support
Ripple remains uncertain, with a bearish bias
For Ripple coin, things have been the exact opposite of Secret. It has totally missed out on the crypto rally during October. Ripple has been trading sideways, while most cryptocurrencies have made some massive gains, and have printed new highs as the sentiment has remained positive.
Ripple hasn’t been showing any signs of life, as the legal battle with the US SEC continues to make twists and turns. Instead, it turned bearish today as the sentiment turned negative in the market, and the price fell below $1. But the moving averages are at least doing a good job as support, and today the 200 SMA (purple) held the decline again, with the price increasing above $1. We are long on Ripple coin, so we are holding onto our signal, after the 200 SMA stood its ground.
XRP/USD
Solana Daily Chart – Will the 50 SMA Hold Again?
Solana has been another very bullish crypto. The venture cash keeps pumping into Solana-based decentralized finance (DeFi), which is keeping the sentiment positive for this crypto. We spotted a triangle being formed here, with the 50 SMA acting as support, pushing the lows higher.
Can Solana reach the 50 SMA?
We did predict a jump in Solana, and it came last week, after the breakout of the triangle. SOL/USD managed to place a new high just below $220, but the bearish sentiment in the market during the last two days has pulled it back down, although the overall sentiment for Solana remains bullish.
Solana has become the 6th-largest cryptocurrency by market capitalization, and it is the 3rd-largest blockchain in the DeFi industry, in terms of TVL (total value locked). It supports 26 DeFi protocols, with a TVL of $13 billion. Solana’s ecosystem has become quite attractive, with new DeFi and GameFi projects progressing in its network, due to its lightning-quick speed. So, the upside will continue for Solana and if the price retreats to the 50 SMA again, we might open a buy signal in SOL/USD.