As a seasoned crypto enthusiast with years of experience under my belt, I must say that the current state of the market is quite intriguing. It seems like every coin I look at has its own unique story to tell.
Bitcoin (BTC) is in no mood to slow down as it rose above $93,000 on Nov. 13, signaling strong appetite at higher levels. United States-based spot Bitcoin exchange-traded funds witnessed sharp inflows of $4.22 billion between Nov. 6 and Nov. 12, according to data sourced by Farside Investors.
According to a recent interview by Fadi Aboualfa, head of research at Copper.co, he predicts that Bitcoin’s value may rise to $100,000 before the upcoming U.S. Presidential Inauguration on January 20th.
On the other hand, certain experts have expressed apprehension about the short-term outlook and propose that Bitcoin might require a pause before resuming its upward trend.
As an analyst, I find myself advocating for Bitcoin (BTC) to decelerate its current momentum and establish robust foundational support within its newly defined trading range.
As I delve into the charts of the leading cryptocurrencies, the question that arises is: Will Bitcoin and alternative coins continue their upward trend, or is a downturn imminent? To provide an informed answer, let’s explore the graphs of the top 10 digital currencies.
Bitcoin price analysis
Currently, Bitcoin is experiencing a robust upward movement, causing its Relative Strength Index (RSI) to move into an area that signals potential overselling. This situation might lead to a temporary adjustment or stabilization period in the immediate future.
If the price falls and drops below $85,000, short-term optimists might choose to cash out their gains. This could initiate a decline that reaches the 20-day exponentially weighted moving average, currently at approximately $76,451.
If the $93,554 barrier holds strong, the Bitcoin price against Tether (BTC/USDT) might face resistance there. However, if this hurdle is surpassed, the pair could ascend towards the psychological resistance at $100,000. If this level is breached, the potential next target would be approximately $113,331.
Ether price analysis
On November 12, Ether (ETH) saw a decrease from $3,443, suggesting that the bearish trend is being actively resisted at its descending trendline.
The pullback is finding support near the 38.2% Fibonacci retracement level of $3,028, signaling solid buying on every minor dip. The ETH/USDT pair may reach the downtrend line, where the bears are expected to mount a strong defense. If buyers pierce the downtrend line, the pair could surge to $3,800 and eventually to $4,094.
If the price keeps falling and dips below the 50% retracement point at $2,900, the immediate advantage could shift towards the bearish investors (those expecting a further drop in price).
Solana price analysis
On November 11th, Solana (SOL) managed to surge past and finish above the $210 resistance level, suggesting a potential edge for the bulls.
Attempting to retract the price below $210, the bears found resistance from the bulls who remained steadfast. This indicates an effort by buyers to transform the $210 level into a support point. If successful, the SOL/USDT pair might climb up to $225 and potentially reach $260 later.
To avoid potential losses, bears need to promptly pull the price down below the 20-day Exponential Moving Average (currently at $188). Doing so might catch some overzealous bulls off guard, causing a mass selloff known as a long liquidation. This could initiate a downtrend that takes us to the 50-day Simple Moving Average ($164).
BNB price analysis
On November 11, Binance Coin (BNB) surpassed its resistance at $635, yet the buying force failed to sustain the elevated positions.
On November 12th, the BNB/USDT pair moved back within its range, but it recovered from the 20-day Exponential Moving Average ($602) on November 13th, suggesting that buyers were taking advantage of price drops. These buyers aim to initiate a new upward trend by pushing the price above $667. If successful, the pair could potentially rise to $722.
In another way of saying it, if there’s a pause or drop below the moving averages, it suggests the bulls might be weakening their hold. This could cause the pair to fall towards the rising trendline, where traders often wait to buy.
Dogecoin price analysis
On November 10, Dogecoin (DOGE) experienced a significant surge following its breakout from the $0.23 resistance level, suggesting robust buying activity from the bulls, signifying an upward trend.
The bears (sellers) made an attempt to halt the price increase at $0.44, as indicated by the long tail on the candlestick from Nov. 12. However, the bulls (buyers) took advantage of the dip and bought at $0.35 on Nov. 13. Now, they are trying to push the price above the resistance level. If the price stays above $0.44, there’s a possibility that the Dogecoin/Tether pair could climb to $0.50, and potentially reach $0.59 in the future.
Initially, when there’s a downturn, we find potential support around the Fibonacci retracement level at approximately $0.32 (which represents 38.2%). Following this, the 50% retracement level can be found near $0.29. If the price falls below $0.29, it might cause a delay in the resumption of the upward trend.
XRP price analysis
On November 12, XRP (XRP) soared past its resistance level of $0.64, reaching the challenging obstacle at approximately $0.74.
On November 13th, the bears made an effort to push the price down below $0.64, but a long ‘tail’ on the candlestick indicates strong buying at lower prices. The XRP/USDT pair might stay within the $0.64 to $0.74 range for some time, suggesting a potential increase in an upward price movement. This prolonged consolidation could lead to a breakout from the large price range between $0.41 and $0.74, which points toward a possible target of $1.07 based on the observed pattern.
If the price were to plummet and remain lower than the $0.64 support level in the short run, it could undermine this optimistic outlook.
Cardano price analysis
On November 12th, I observed an attempt by buyers to propel Cardano (ADA) beyond the $0.66 resistance level. However, the selling pressure, or the ‘bears’, as we often refer to them, managed to maintain control and thwart this effort.
Initially, there was a retreat in price, which met resistance within the area spanning from approximately $0.53 (38.2% Fibonacci retracement level) to about $0.49 (50% Fibonacci retracement level). The optimistic traders aim to surpass the barrier at $0.66, allowing for a resumption of the upward trend and potential advancement toward $0.77.
Instead of pushing higher, if the price falls and goes below $0.49, it could indicate that the bulls are leaving the market, potentially causing the ADA/USDT pair to drop towards the 20-day Exponential Moving Average (EMA) at around $0.44. This area is expected to provide significant support.
Shiba Inu price analysis
As I analyzed the price movement of Shiba Inu (SHIB), I noticed that its upward momentum halted at the resistance level of approximately $0.000030 on November 12. This apparent pause suggests that some bullish investors may have decided to cash in their profits, a common occurrence when prices reach a significant resistance point.
On November 13th, the bears managed to push the SHIB/USDT pair’s price below the $0.000024 support level. However, this drop in price seemed to catch the attention of the bulls who saw an opportunity and started purchasing at lower levels. Now, these buyers aim to boost the pair above $0.000030. If they succeed, we could potentially see the pair climb to $0.000033, and then possibly reach $0.000039 in the future.
Instead of rising as expected, should the price drop from its current level or encounter resistance above and fall below $0.000023, it could indicate that the pair might move within the broader range between $0.000030 and $0.000013 for a while.
Toncoin price analysis
On November 10, Toncoin (TON) rose above its 50-day Simple Moving Average (SMA) at $5.21, yet the bullish momentum seems difficult to maintain at elevated price points.
As an analyst, I’m observing a strategy by sellers aimed at pushing the TON/USDT pair prices beneath the moving averages. If this happens, the pair might dip towards the crucial support zone of $4.72 to $4.44. This region is vital for the bulls to hold firm, as a breach below it would finalize a bearish head-and-shoulders pattern. Such a bearish setup could initiate a downward trend that may take the price to $3.50.
To counteract the bearish setup, buyers must forcefully keep the price over $6 and sustain it, effectively overcoming the resistance level.
Avalanche price analysis
On November 12th, Avalanche (AVAX) noticeably dipped after reaching its resistance line in an upward trending channel, indicating that short-term traders may have decided to cash out their profits.
On November 13th, the bears made an attempt to push the AVAX/USDT pair’s price lower, but a long candlestick tail indicates robust buying at lower prices. The bulls aim to surpass the resistance line once more, and if they manage, the pair could potentially climb up to $41.80.
If the cost decreases from its present value or breaches the resistance line, this could imply that sellers are more active at higher price points. Dropping below the 20-day Exponential Moving Average ($28.99) would indicate that the pair might stay within the channel for a while.
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2024-11-13 20:55