The ADA/USDT pair has been attempting to break out of the uptrend. The bulls have not yet pushed the price above $1, which is the next resistance to watch out for. If they succeed, the pair could rally to the 50-day SMA ($1.19).
Bitcoin (BTC) is not showing any signs of deceleration and nearly reached the significant psychological threshold of $100,000 on November 22nd. Keith Alan, co-founder of Material Indicators, advised short sellers in a recent post to “brace for potential pressure” if they choose to sell at the current price levels.
The surge in Bitcoin’s value is being bolstered by substantial investments into U.S.-based Bitcoin exchange-traded funds (ETFs). According to Bloomberg ETF analyst Eric Balchunas, these Bitcoin ETFs surpassed $100 billion in assets on November 21, which represents about 82% of the size of gold ETFs.
Inexperienced traders often find themselves following price increases during a robust bull market, but it’s important to exercise caution. The recent surge over the past few days has caused investor sentiment to reach “extreme greed” at 87 on the Crypto Fear & Greed Index by CoinMarketCap. This escalating greed could potentially lead to a temporary correction.
Is there a possibility that Bitcoin will gain momentum when it surpasses $100,000, or could a temporary decline occur first? What can we expect from other cryptocurrencies? To shed light on this, let’s delve into the charts of the leading 10 digital currencies.
Bitcoin price analysis
As a crypto investor, I’ve noticed that Bitcoin has been on a robust upward trajectory recently. However, this rally might encounter resistance when we approach the psychologically significant level of $100,000.
If bulls don’t significantly yield to bears, it hints that investors are maintaining their holdings, believing the upward trend will persist. Beyond $100,000, the BTC/USDT pair might rise to $113,331 and potentially reach $125,000.
If the price dips below the upward trendline as a first indication of vulnerability, it might provoke short-term investors to cash out, causing the price to fall towards the 20-day exponential moving average ($86,473). A drop below the 20-day EMA would suggest that the bears are regaining strength.
Ether price analysis
On November 21st, Ether (ETH) bounced back from its 20-day Exponential Moving Average ($3,042) and successfully surpassed the $3,225 resistance level, hinting that the buyers may be gaining control.
With a rising 20-day Exponential Moving Average (EMA) and the Relative Strength Index (RSI) in a favorable position, it seems the most likely direction is upward. If traders manage to break through the downward trendline, the ETH/USDT pair could potentially surge towards $3,900, and eventually reach $4,094.
If the price falls and goes below $3,000 in the short term, this positive outlook could be invalidated. The pair might then fall to around $2,850, a key level that bulls need to hold strong. If they fail to do so, the momentum would shift towards the bears.
Solana price analysis
On November 21, Solana (SOL) gained traction after surpassing the $249 mark, and by November 22, it reached a fresh peak, soaring beyond $264 to set a new record high.
Reaching a record-breaking peak suggests strong investor interest in the asset, indicating a positive outlook. Without any obstacles blocking its ascent, a new high opens up opportunities for even greater increases. If the price consistently stays above $248, it’s likely that the SOL/USDT pair will experience significant growth and potentially reach $304.
Keep an eye on the 20-day Exponential Moving Average (currently at $218) as potential support on the downside. If the price falls beneath this level, it suggests that the bulls might be exiting, indicating a short-term high could be reached. A breakdown below $200 would signal such a peak.
BNB price analysis
On November 21st, BNB (BNB) rebounded from its 50-day simple moving average ($594), suggesting that the overall outlook is optimistic and traders are taking advantage of price drops to make purchases.
Keep an eye on the potential increase in the BNB/USDT exchange rate approaching around $667, which might serve as a temporary obstacle. If buyers manage to conquer this level, the price could escalate towards $722. This level might present a significant challenge, but if it’s surpassed, the price may soar to $810.
Keep an eye on the 50-day Simple Moving Average as a significant level of support if the market starts to fall. If this level is breached, there’s potential for the price to slide down towards the uptrend line. The more pronounced the dip, the longer it might take for the next phase of the uptrend to commence.
XRP price analysis
XRP (XRP) resumed its up move after buyers pushed the price above the $1.27 resistance on Nov. 22.
The steep climb in the XRP/USDT exchange rate has driven the Relative Strength Index (RSI) well beyond the overbought zone. Should buyers keep up the pace, the pair might ascend to approximately $1.70; however, such rapid increases seldom persist for long.
Initially, if the price falls, a key resistance level at around $1.27 will be a potential support. If the price breaks through and closes below this level, it might encourage sellers to cash out their gains, leading to increased selling force that could potentially drive the pair downwards towards the $1 mark.
Dogecoin price analysis
For several days now, Dogecoin (DOGE) has been holding steady within a broad price band of around $0.34 to $0.44.
1) The 20-day Exponential Moving Average (EMA) is trending upward at around $0.32, and the Relative Strength Index (RSI) is in the overbought zone, suggesting a potential advantage for buyers. If the bulls manage to push the price above $0.44, the Dogecoin-Tether pair might surge towards $0.50 and potentially reach $0.59 as well.
To halt any further price increases, bears need to act quickly by pushing the price under the 20-day Exponential Moving Average (EMA). If they succeed, selling pressure could intensify, potentially causing the pair to fall towards the 50% Fibonacci retracement level of $0.29, and then possibly drop even further down to the 61.8% Fibonacci retracement level of $0.25.
Cardano price analysis
On November 20th, the value of Cardano (ADA) surpassed the $0.80 threshold and ended higher, indicating the commencement of a new phase in its upward trend.
As a crypto investor, I’m observing the market dynamics and see the bulls are making an effort to drive the price towards the significant psychological barrier of $1. This level is anticipated to serve as a robust resistance. If the price reverses at $1 but doesn’t plummet below $0.80, it suggests that the bulls have successfully transformed this level into support. This scenario increases the likelihood of a breakthrough above $1. Subsequently, the ADA/USDT pair might climb to $1.25.
Should the price take a significant dive and dip below $0.80, it indicates a market rejection of the breakout. In such a scenario, the pair could potentially drop down to the 20-day Exponential Moving Average (EMA) at around $0.63.
Avalanche price analysis
On November 22, Avalanche (AVAX) surpassed its resistance line within an upward trending pattern, suggesting that the bullish forces have prevailed over the bearish ones.
Should the price consistently stay above the resistance level, it’s possible that the AVAX/USDT pair may climb towards $42 first, and potentially rise further to reach $50 thereafter.
If the price falls and goes below the 20-day Exponential Moving Average (EMA) in the short term, this optimistic outlook could prove incorrect. A drop like that would suggest the breakout might have been a deceptive bull trap. In such a case, the pair may slide towards the 50-day Simple Moving Average ($28.71), prolonging its stay within the channel for a while longer.
Shiba Inu price analysis
On November 21st, Shiba Inu (SHIB) rose above its 20-day Exponential Moving Average (EMA) at $0.000023, suggesting that buyers are still active and taking advantage of price drops, indicating a bullish trend.
For buyers to attempt retesting the $0.000029 level, they must push the price beyond the resistance at $0.000026. Once this level is breached and closed above $0.000029, it will complete a bullish inverted head-and-shoulders pattern, initiating an upward trend that could potentially reach $0.000039, followed by the ultimate target of $0.000047.
If the price decreases and falls beneath the 20-day Exponential Moving Average (EMA), this could indicate that the bears have regained control. As a result, the Shiba Inu/Tether (SHIB/USDT) pair might experience a drop down to the Simple Moving Average ($0.000020).
Toncoin price analysis
On November 21st, Toncoin (TON) appeared above its moving averages, suggesting that the buyers might be trying to establish a new lower price floor.
Over the past 20 days, the Exponential Moving Average (EMA) has been steadily increasing, currently sitting at around $5.30. The Relative Strength Index (RSI) also points towards buyers having an advantage, as it’s in positive territory. This suggests that the TON/USDT pair might climb towards a significant resistance level at $6. This is a crucial point for sellers to protect, because if the pair manages to break through and close above it, there’s potential for the pair to reach $7.
To retake command, bears might need to pull the price down beneath the moving averages and test the resistance offered by the $4.72 to $4.44 price range that functions as their potential support.
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2024-11-22 22:31