As a seasoned cryptocurrency analyst with years of experience under my belt, I must say that this analysis is quite comprehensive and insightful. It provides a clear picture of the current market dynamics for various popular coins like Solana, Cardano, and others.
On November 26, Bitcoin (BTC) experienced a drop in price and found support at approximately $90,791. The following day, on November 27, the bullish sentiment regained control, pushing the price back above $96,000. Charlie Sherry, Head of Finance and Crypto Analyst at BTC Markets, told CryptoMoon that this dip down to $92,600 could potentially be the final drop before Bitcoin surpasses the $100,000 mark.
Yet, certain experts aren’t fully convinced that Bitcoin will swiftly surpass the $100,000 mark. According to Bitget Research chief analyst Ryan Lee, speaking with CryptoMoon, Bitcoin might “experience a potential drop of up to 30% before it attains its peak in its cycle.
It’s normal for corrections to happen during a strong upward trend because they help cool down the overzealousness of investors. The recent dip in Bitcoin’s price doesn’t necessarily mean we’ve reached a short-term peak just yet, but it’s important for traders to stay alert for a firm rejection around the $100,000 mark again.
Will Bitcoin break through the $100,000 barrier, or will it encounter significant selling from the bears at higher prices? As for the altcoins, let’s delve into their charts to see how they might perform.
Bitcoin price analysis
As a crypto investor, I observed that Bitcoin dipped below its upward trendline on November 26th. However, fortunately for us bullish investors, it managed to hold the 20-day exponential moving average as a supportive base at approximately $89,857. This suggests potential resilience and recovery in the near term.
On November 27, the price surged back above its upward trajectory, hinting at robust purchasing at lower rates. If the cost continues to stay above this uptrend line, it’s possible that the Bitcoin-USD Tether pair will surge towards the significant milestone of $100,000. However, sellers are predicted to put up a strong fight at this level. If the bulls manage to maintain their advantage, the pair could potentially reach $113,331 and then climb further to $125,000.
If the price takes a steep downturn and drops significantly below its 20-day Exponential Moving Average (EMA), this positive outlook could quickly change. This potential decline might push the value down to approximately $85,000, a level that could entice new buyers.
Ether price analysis
Ethereum’s (ETH) consolidation has resulted in a rise above its previous downward trend line, indicating a possible shift in trend direction.
Should purchasers keep the price above the falling trendline, the ETH/USDT pair might climb towards $3,900 initially and potentially reach $4,094 subsequently. On the other hand, sellers are anticipated to strongly challenge the $3,900 to $4,094 resistance area.
If the price fails to sustain above the downtrend line, it will signal that bears remain sellers on rallies. The pair may drop to the 20-day EMA ($3,191), which is an important support to watch out for. If this support gives way, the pair may plummet to $3,000.
Solana price analysis
On November 26, the supporters of Solana (SOL) managed to maintain its price above the 20-day Exponential Moving Average (EMA) at approximately $227, which suggests a favorable outlook or optimism towards the cryptocurrency.
Should the price surpass $240, the buyers (bulls) will try once more to push the SOL/USDT pair upwards towards the potential resistance at $264. This level is crucial for the sellers (bears) to protect because a successful break and close above it could propel the pair towards $300.
If the price decreases and falls beneath the 20-day Exponential Moving Average (EMA), this might indicate that the bulls are hastily leaving the market. In such a case, the pair could potentially drop down to the initial breakout level of $210, which is likely to function as robust support.
BNB price analysis
On November 26th, BNB (BNB) retreated to its 50-day Simple Moving Average, which was at $601. However, a promising indication is that the bullish forces managed to maintain this level.
The 20-day Exponential Moving Average (EMA) is leveling off at approximately $620, and the Relative Strength Index (RSI) hovers slightly above its midpoint. This suggests an equilibrium between buying and selling pressure. If the bears push down the BNB/USDT pair below the 50-day Simple Moving Average, this balance could shift in their favor. In such a scenario, the pair might drop to the upward trendline, which is expected to provide robust support.
If the price stays above $635, it indicates that the buyers are still leading. The value might then reach $667 and eventually $687. Should it surpass and settle above $687, there’s potential for it to move towards $722.
XRP price analysis
On November 26, XRP (XRP) experienced a significant increase from around $1.28, suggesting that the buyers may be attempting to establish a new lower price floor.
In simpler terms, the bulls aim to drive the price past $1.50 and test the barrier at $1.63. If they successfully break through this resistance, the XRP/USDT pair may speed up towards $1.76 and eventually reach $1.97.
Keep an eye on the $1.27 mark as a key level of support. If this level is breached and closed below, it may lead the pair to the 20-day Exponential Moving Average (EMA) at approximately $1.10. This area is anticipated to draw robust buying from the bulls.
Dogecoin price analysis
On November 26th, the price of Dogecoin (DOGE) retreated towards its 20-day Exponential Moving Average, which was at approximately $0.35. This suggests that some short-term investors may have taken profits, possibly due to a temporary market shift.
A bounce back from the 20-day Exponential Moving Average (EMA) might indicate a positive outlook, as the bulls may attempt to push the Dogecoin/Tether (DOGE/USDT) pair past $0.44 again. If they succeed, the pair could potentially climb to $0.50 and then possibly reach $0.59.
If the price breaks and falls below the 20-day Exponential Moving Average, it could indicate the beginning of a more significant correction. The value might drop to $0.33 initially, and later potentially even to $0.30. This descent could suggest that the pair has reached its peak in the short term.
Cardano price analysis
The dip in the price of Cardano’s ADA token found a solid base at the 61.8% Fibonacci retracement level of approximately $0.86, suggesting that investors are taking advantage of these price drops to buy.
On November 27th, the ADA/USDT exchange rate surpassed $1. However, experts predict this upward trend could encounter resistance around the $1.15 mark. If the price plunges significantly from $1.15, it indicates a potential period of limited movement in the near future. The pair might fluctuate between approximately $0.86 and $1.15 for a while.
After surpassing $1.15 in an upward break and close, the next phase of the upward trend is likely to commence, potentially pushing the pair up to $1.25. However, if there’s a fall below the $0.86 support level, the possibility of a decline towards the breakdown point at $0.80 increases significantly.
Avalanche price analysis
On November 26, the bulls made a purchase at the dip towards the resistance level, however, they’re encountering challenges in driving Avalanche (AVAX) prices beyond $45.
On the other hand, the rising 20-day Exponential Moving Average (currently at $36.64) and the RSI being in the overbought territory suggest a potential upward trend. If buyers manage to push and sustain the price above $45, the ADA/USDT pair might surge towards $50, and potentially even reach $60.
Keep an eye on the 20-day Exponential Moving Average (EMA) as a key level of support when prices fall. If the price drops and falls below this EMA, it could indicate that the market is dismissing the breakout. In such a scenario, the pair might head towards the 50-day Simple Moving Average, currently at around $30.38.
Toncoin price analysis
On November 26th, Toncoin (TON) rebounded from its 20-day Exponential Moving Average (EMA), which was at $5.66. This suggests that the market’s attitude shifted from selling during uptrends to purchasing during downturns.
Based on the rising 20-day Exponential Moving Average (EMA) and the Relative Strength Index (RSI) nearing overbought levels, it seems that the bulls are currently in charge of the market. If buyers manage to push the price above $6.60, there’s a strong possibility for the TON/USDT pair to surge towards $7, and potentially even reach $8.29 later on.
If bears aim to cause a downturn, they should quickly push the price under the moving averages. If they manage this, the pair may drop towards the crucial support area ranging from $4.72 to $4.44.
Shiba Inu price analysis
For several days now, Shiba Inu (SHIB) has been fluctuating within a range, with its trading price oscillating between the 20-day Exponential Moving Average ($0.000024) and an overhead resistance at $0.000029.
On November 27, the stock exhibited a significant rebound from its 20-day Exponential Moving Average, indicating that the bulls are persistently guarding this level. Investors may attempt to drive the price towards approximately $0.000030, a critical resistance point that should be closely monitored. If the stock manages to break and close above $0.000030, it will complete an inverted head-and-shoulders pattern.
Instead, when the price line dips below the 20-day Moving Average, it implies that the bullish momentum might be waning. The Shiba Inu/Tether (SHIB/USDT) pair could potentially drop to $0.000022 and then reach the significant support level at $0.000020.
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2024-11-27 23:04