Hopes for the approval of a spot Bitcoin (BTC) exchange-traded fund by the US Securities and Exchange Commission boosted the price of Bitcoin by 27% in October. This improved sentiment, attracting strong buying by cryptocurrency investors.

ProShares Bitcoin Strategy ETF (BITO), the first futures-based ETF to receive U.S. regulatory approval in 2021, Eric Balchunas, senior ETF analyst at Bloomberg, highlighted in a post on X (formerly Twitter). It saw its second-largest trading week ever at $1.7. one billion. Likewise, Grayscale Bitcoin Trust (GBTC) recorded a volume of $800 million. The sharp rise in volume for existing instruments shows that spot Bitcoin ETFs are likely to see huge volumes when they see the light of day.

When a leader starts performing, he lifts the entire sector overall. This is evident in the strong performance of altcoins, which have risen sharply from multi-year lows.

However, after the initial rally, some altcoins will struggle to maintain their upward movement while a few will lead the markets higher. It is best to stick with the leaders because they are likely to outperform during the next bull run for cryptocurrencies.

Let’s take a look at the charts of the top 5 cryptocurrencies that may extend their rally in the next few days.

Bitcoin price analysis

Bitcoin has retreated from $35,280 on October 24, indicating that higher levels are attracting selling by traders. The bears tried to start a deeper pullback on October 27, but the long tail on the candlestick shows strong buying at lower levels.

Although rising moving averages indicate an advantage for buyers, overbought levels on the Relative Strength Index (RSI) indicate that BTC/USDT may spend more time consolidating.

The important level to pay attention to on the downside is $32,400 and then $31,000. Sellers will have to pull the price below this area to gain control.

Conversely, if the price rises from the current level and crosses the $35,280 level, it will signal the bulls are back in the driver’s seat. The pair may then rise to the next target at $40,000.

The 20 EMA is gradually flattening, indicating that the bulls are losing their grip in the near term. This could keep the pair within a range between $35,280 and $33,200 for some time. If the bears cut the price below $33,200, the pair could fall to $32,400.

Conversely, if the price rose and rose above $35,280, it would indicate that the current consolidation was a continuation pattern. The pair could then rise to about $40,000.

Ethereum price analysis

Ethereum (ETH) rose above the $1,746 resistance on October 23 and reached $1,865 on October 26. This level attracted selling by short-term traders pulling the price back towards the breakout level of $1,746.

The bulls successfully defended a retest at $1,746, suggesting that the level could serve as a new floor. A rising 20-day EMA ($1,693) and the RSI near the overbought zone indicate that the bulls are in control. Buyers will then look to push the price above $1,865. If they succeed, ETH/USDT could rise to $2,000.

If the bears want to prevent the uptrend, they will have to grab the price and hold it below $1,746. This could open the door for a drop to the 20-day EMA.

The 20 EMA on the 4-hour chart is flattening and the RSI is near the midpoint, indicating a range-bound move in the near term. The pair may continue to fluctuate between $1,746 and $1,865 for some time.

If the bulls kick the price above $1,812, the possibility of a rally to the general resistance of $1,865 increases. On the other hand, if the price remains below the 20 EMA, the bears will try to pull the pair below $1,746. If this happens, the short-term trend will turn bearish.

Aptos (APT) price analysis.

Aptos (APT) stock has risen sharply in the past few days, suggesting that the bulls are trying to make a comeback.

The APT/USDT pair saw profit booking near $7, but the small upside is that the bulls did not give up much. This indicates that every slight decline is bought. The bulls will once again try to overcome the hurdle at $7. If they can do this, the pair could start its march towards $8.

Alternatively, if the price falls from $7, it will indicate that the bears remain active at higher levels. The pair may then spend more time within a narrow range between $7 and $6.20. A break below this support may signal the beginning of a deeper correction.

The pair found support at the 20 EMA but negative divergence on the RSI indicates that the upward momentum may be slowing. If the price breaks and holds below the 20 EMA, it will signal the beginning of a deeper correction to the 50 SMA.

This remains the key level to watch on the downside because if it breaks this level, the pair could drop to $5.80. On the upside, the bulls will have to push the price above $7.02 to signal the start of the next phase of the recovery.

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Quantitative price analysis

The quantitative (QNT) price rose above the $95 breakdown level on October 23, indicating that the markets rejected lower levels. Buying continued and the bulls pushed the price above the downtrend line on October 25. This indicates a possible change in trend.

It appears that the short-term bulls are taking profits after the recent rally. This may cause the price to fall to the downtrend line. This is an important level to watch because a drop below it could indicate that a rally above the downtrend line may have been a bull trap.

Conversely, if the price bounces from the downtrend line, it will indicate that the bulls have flipped the level to support. If buyers clear the hurdle at $110, it would signal a resumption of the rally to $120 and then to $128.

The 4-hour chart shows that the QNT/USDT pair is facing selling near $108. The bears pulled the price below the 20 EMA, indicating that short-term traders are taking profits. If the price falls below $103, the pair may fall to $100.

Alternatively, if the bulls keep the price above the 20 EMA, it will indicate that the lower levels continue to attract buyers. The bulls will then make another attempt to push the price above $110 and start the next phase of the upward movement.

Thorshin price analysis

ThorChain (RUNE) broke and closed above the upper resistance level of $2 on October 23, completing a bullish head and shoulders pattern.

Both moving averages are sloping higher and the RSI is in the overbought zone indicating that the bulls are still in control. However, in the short term, RUNE/USDT may enter into a correction or slight consolidation.

If the pair does not give much away from the current level, it will indicate that the bulls are holding on to their positions. This could improve the odds of a rally to $3 and then to the target pattern of $3.23. If the bears want to prevent this uptrend, they will have to pull the price back and keep it below $2.

The pair has been in a strong uptrend with bulls buying dips to the 20 EMA. Although rising moving averages indicate an advantage for buyers, negative divergence in the RSI indicates that bullish momentum may be weakening.

If the price falls below the 20 EMA, this may tempt short-term traders to take profits. This may pull the price back to the 50 simple moving average.

Conversely, if the price bounces off the 20 EMA strongly, it will indicate that sentiment is still positive. The bulls will then attempt to resume the upward movement with a breakout and close above $2.57.