Price analysis 11/20: BTC, ETH, SOL, BNB, XRP, DOGE, ADA, SHIB, TON, AVAX

As a seasoned crypto analyst with years of experience in navigating the ever-changing landscape of digital currencies, I find myself drawn to the intricate patterns and potential opportunities presented by these assets. Today, let me share my insights on several prominent cryptocurrencies that have caught my attention recently.

Bitcoin enthusiasts have maintained their push, aiming to surpass $95,000 in price. The introduction of options contracts tied to BlackRock’s spot Bitcoin exchange-traded fund (ETF), known as the iShares Bitcoin Trust ETF (IBIT), on November 19th, has gained immediate popularity.

According to a statement by Bloomberg ETF analyst James Seyffart in a recent post, the significant notional exposure of around $1.9 billion in IBIT options might have contributed to Bitcoin reaching its latest record high on November 19th.

The price of Bitcoin is getting close to reaching $100,000, yet MicroStrategy, the company with the most Bitcoin holdings, doesn’t seem to be slowing its Bitcoin acquisition pace. This business intelligence firm recently announced plans to secure $2.6 billion through senior convertible notes for buying additional Bitcoin and other corporate objectives.

While many analysts remain optimistic about Bitcoin’s future, an on-chain data provider named CryptoQuant has pointed out in a recent post that five key indicators suggest Bitcoin might be nearing its temporary high point.

Could Bitcoin reach or surpass $100,000, leading to increased investment in other cryptocurrencies? Let’s examine the price trends of the leading 10 digital currencies to determine the answer.

Bitcoin price analysis

As an analyst, I observed that I personally experienced a significant surge in the value of Bitcoin on November 20th, marking what seems to be the commencement of the subsequent upward momentum in its trend.

It’s predicted that the BTC/USDT pair may rise to around $100,000, but the bears might attempt to slow this upward trend. However, a rising 20-day exponential moving average ($83,818) and a relative strength index (RSI) in the overbought zone suggest that the bulls are still dominating the market. If the $100,000 resistance is broken, the upward momentum could potentially take it to $113,331.

If the price dips slightly below the upward trendline, it might signal vulnerability that could encourage short-term investors to cash out their gains. A more significant decline could start if the closing price drops below the 20-day moving average.

Ether price analysis

On November 18th, buyers made an effort to keep Ether’s price above the $3,220 mark, but sellers managed to retain control.

Keep an eye on the significant support around $2,986 provided by the 20-day Exponential Moving Average (EMA). If this support remains strong, the bulls will attempt to push the price above $3,220 again. If they succeed, the Ethereum/Tether pair could potentially surge towards the resistance trendline. However, sellers are likely to put up a tough fight at that trendline.

If the price falls below its 20-day Exponential Moving Average (EMA), it’s likely that the market will shift towards a bearish trend. The pair could potentially drop to $2,850 initially, and subsequently reach the 50-day Simple Moving Average (SMA) at around $2,688.

Solana price analysis

On November 18th, Solana’s value dropped from $248, yet the modest retreat in price indicates that the bullish investors are not hastily leaving the market.

The moving averages are trending upward and the Relative Strength Index (RSI) indicates an overbought market condition, hinting that the market may be headed higher. At the current price of $260, there’s strong resistance, but if buyers manage to push through, the SOL/USDT pair might reach $304.

In my analysis, if the price doesn’t manage to surpass the resistance zone between $248 and $260, it might encourage some short-term traders to cash out their profits. This could potentially lead the price to converge with the 20-day Exponential Moving Average (EMA), currently at approximately $209.

BNB price analysis

BNB (BNB) is taking support at the 20-day EMA ($610), indicating that the bulls are buying on dips.

To boost their advantage, buyers need to swiftly push the price beyond $667. If achieved, the BNB/USDT pair might surge towards $722. This level is anticipated to provide strong resistance, but if the bulls manage to take control, the pair could soar as high as $810.

If the price falls below its 50-day Simple Moving Average (currently at $591), this optimistic outlook will be challenged in the short term. Subsequently, the pair might drop down towards the uptrend line, a point that could potentially draw in more buyers again.

XRP price analysis

XRP’s value, represented by XRP, has been holding steady within a range of $1 to $1.20 following its recent strong upward surge. This suggests that investors holding the cryptocurrency are not in a rush to cash out their gains, indicating continued bullish sentiment.

In simpler terms, if the bulls are successful in pushing the price of XRP/USDT above $1.27, it might signal a continuation of the upward trend. This increase could potentially take the pair up to $1.27 initially, and then possibly even higher towards $1.70.

As a researcher examining market trends, it appears the bears might have alternate strategies in play. They seem poised to attempt defending the resistance at approximately $1.27 and potentially pushing the price downwards beyond the psychological support level of $1. If this scenario unfolds, we may witness a more significant correction that could lead the pair towards the 20-day Exponential Moving Average (EMA), currently around $0.81. Such a development might postpone the commencement of the next phase of the uptrend.

Dogecoin price analysis

On November 19th, purchasers tried to elevate Dogecoin (DOGE) beyond the $0.44 threshold, yet sellers managed to maintain control.

The DOGE/USDT pair is stuck between $0.33 and $0.44 for the past few days, indicating a tough battle between the bulls and the bears. If the price rises above $0.44, it will signal that the bulls have overpowered the bears. That could drive the pair to $0.50 and later to $0.59.

Instead, if the price falls below $0.33, it may suggest that buyers are selling off their holdings. This could potentially drive the pair down to the 20-day Exponential Moving Average (EMA) at $0.30, a critical short-term support level to keep an eye on.

Cardano price analysis

Cardano (ADA) broke above the $0.80 barrier on Nov. 20, indicating the resumption of the uptrend.

If the cost consistently stays over 0.80 dollars, the ADA/USDT combination might escalate towards the significant barrier at 1 dollar. Overcoming this barrier could potentially push the price further up to 1.25 dollars.

If the price falls from its current resistance level and drops below $0.70 in the short term, this optimistic outlook will no longer hold true. This decline might prompt short-term investors to cash out their gains, which could drag the pair down towards its 20-day moving average at around $0.58.

Shiba Inu price analysis

Currently, Shiba Inu (SHIB) is trading above its 20-day Exponential Moving Average ($0.000023), yet the bulls have not managed to surpass the $0.000026 mark. This indicates that demand weakens at higher price points.

The price hovers around both the 20-day Exponential Moving Average (EMA) and 0.000026 USD, with a slight advantage for buyers due to the rising 20-day EMA and RSI in positive territory. If the pair Shiba Inu/Tether (SHIB/USDT) manages to close above 0.000026 USD, it could potentially push towards the resistance level of 0.000029 USD.

Contrarily, should the price fall beneath my 20-day Exponential Moving Average (EMA), it would indicate that the bullish momentum has waned. The pair might then dip towards my 50-day Simple Moving Average (SMA) ($0.000019), a point where I anticipate potential buying interest from other crypto investors.

Toncoin price analysis

As a crypto investor, I’ve noticed that Toncoin (TON) seems to be having trouble kick-starting a recovery above its moving averages, suggesting that there’s not much demand for it at higher price points, which could indicate potential challenges ahead.

The bears aim to boost their power by pushing the TON/USDT rate beneath the moving averages. If they succeed, the TON/USDT pair might drop to the $4.72 to $4.44 support area. Buyers are anticipated to fiercely guard this zone since dipping below $4.44 will finalize a bearish head-and-shoulders configuration, potentially causing the pair to plummet to $3.50.

On the positive side, if the bulls can drive and maintain the price above $6, it would suggest a recovery. If successful, the price could potentially rise towards $7.

Avalanche price analysis

On November 17, efforts by buyers to drive Avalanche (AVAX) over its resistance line within the ascending channel were unsuccessful, as sellers managed to counteract these attempts.

Keep an eye on the 20-day Exponential Moving Average (currently at $31.59) as a potential floor if prices fall. If the price increases from its current position or bounces back powerfully from the 20-day EMA, it suggests that buyers are stepping in during dips, increasing the chances of a surge past the resistance level. The AVAX/USDT pair might see a climb towards $42 initially, and potentially even reach $50 thereafter.

In my analysis as a researcher, I found that contrary to what one might expect, a drop and closing below the 20-day Exponential Moving Average (EMA) suggests that the bullish momentum is weakening. This could potentially lead the pair to trend towards the 50-day Simple Moving Average ($28.24), keeping it within the channel for an additional period of time.

2024-11-20 20:56