Price analysis 11/29: BTC, ETH, SOL, BNB, XRP, DOGE, ADA, AVAX, TON, SHIB

After analyzing the current market trends and looking at these cryptocurrencies through my lens of over two decades in the finance industry, I must say that it’s an exciting time for investors who are not afraid to take calculated risks.

On November 29th, Bitcoin (BTC) surpassed $98,500, suggesting that the bulls are persistently aiming to drive the price beyond the significant barrier of $100,000. As reported by CryptoQuant analyst Caueconomy on their platform X, it’s been estimated that around 16,000 Bitcoins were bought by large Bitcoin holders during the dip on November 26th.

Apart from Bitcoin, there’s growing interest among traders in Ether (ETH) as well. According to a representative from Bybit, their team of analysts predict that the value of Ether could reach $4,000 prior to January 20, which is when President-elect Donald Trump is scheduled to take office.

The surge of Bitcoin has sparked interest in various alternative cryptocurrencies, yet most have yet to reach their peak values. Swyftx senior analyst Pav Hundal predicts that this market may continue to experience volatility until Bitcoin exceeds $100,000, as reported by CryptoMoon.

Instead of focusing on whether Bitcoin can break through $100,000 and stay there, or if the bears can hold it back, let’s take a closer look at its chart to see what might happen next. Additionally, we’ll examine the charts of the top 10 cryptocurrencies to determine if the altcoin rally will continue.

Bitcoin price analysis

On November 28th, Bitcoin exhibited an inside-day candlestick formation. This pattern didn’t show any significant directional movement in price, but on the following day, November 29th, it surged above $97,208, indicating a positive resolution to the pattern.

The bulls will try one last time to jump over the $100,000 barrier. If they succeed, there’s a good chance that the momentum will increase, possibly pushing the BTC/USDT pair up to $113,331 and potentially even as high as $125,000.

Conversely, if the price falls significantly after surpassing $100,000, it could indicate that the breakout was a false signal, or a “bull trap.” In this case, the pair might drop towards the 20-day exponential moving average ($91,129), which serves as an important support level to monitor. If this support is breached, the pair could potentially fall to $85,000.

Ether price analysis

As an analyst, I observed a significant shift in the trend of Ether on November 27th. Rather than continuing its downward trajectory as previously indicated by the downtrend line, it instead surged and settled above this line. This suggests to me that the downtrend could potentially be coming to an end.

It’s unlikely the bears will surrender without a fight; they’ll strive to drag the price down under the falling trendline. If they manage, the Ethereum/Tether pair could plummet towards the 20-day Exponential Moving Average ($3,271). This level is significant because if it drops below, it could suggest that the breakout above the downtrend line might have been a deceptive bullish signal, potentially setting a bear trap.

Instead, if the price bounces from the downward trendline, this could indicate that the buyers have turned the line into a support level. This development would strengthen the possibility of an upward movement towards $3,900, and potentially even $4,094.

Solana price analysis

On November 27th, Solana (SOL) rebounded from its 20-day Exponential Moving Average (EMA), which was set at $229. However, the upward momentum may encounter resistance at elevated price points.

If the effort to raise the price beyond $250 isn’t successful, it might trigger selling, thereby increasing the possibility of a drop below the 20-day Exponential Moving Average (EMA). Such a situation could lead the SOL/USDT pair to fall towards the breakout point of $210.

As a researcher analyzing this market, I anticipate that if buyers push the price beyond $250, we might revisit the all-time high of $264. The bears are poised to put up a strong resistance at $264, but should the bulls prevail, we could potentially see the pair soaring towards $300.

BNB price analysis

The price recovery of BNB (Binance Coin) is being challenged around $667, suggesting that aggressive selling by the bears is happening at elevated price points.

If the price decreases from its current position, sellers might aim to push down the BNB/USDT pair beneath the 20-day Exponential Moving Average (EMA) at $628. If successful, the pair could potentially drop to the 50-day Simple Moving Average (SMA) at $605. However, buyers are anticipated to aggressively guard this 50-day SMA level as a fall below it could shift the short-term advantage towards the bears, possibly leading to a further decline towards the uptrend line.

To safeguard against potential losses, buyers need to actively drive and sustain the price over $687. This action might trigger an upward trend, potentially reaching as high as $722.

XRP price analysis

XRP (XRP) is in a strong uptrend. The break above $1.63 indicates the resumption of the uptrend.

For the XRP/USDT pair, there’s a modest resistance point around $1.76. If this barrier is surpassed, the potential target could shift to $1.97. However, investors should be prepared for significant selling pressure from bears at that level ($1.97). The RSI reading indicates a relatively high probability of a short-term correction or consolidation.

If the price decreases and falls below $1.63, it might indicate that some short-term optimistic investors are cashing out their gains. This could potentially cause the price to dip towards $1.30.

Dogecoin price analysis

The cryptocurrency Dogecoin (DOGE) is exhibiting an upward trending channel formation, giving a slight edge to the buyers.

Should the buyers push the Doge/USDT rate beyond $0.44, there’s a possibility for the pair to surge towards the channel’s upper boundary around $0.50. However, the bears might put up a fierce resistance at that level. If the price falls from this resistance, it would suggest that the pair may continue its confinement within the channel.

For the bears to take charge, they must pull the price down beneath the 20-day Exponential Moving Average (EMA), currently at $0.36. This could trigger a decline towards $0.30, and if it continues, it might extend to around $0.23.

Cardano price analysis

Cardano (ADA) is aiming to continue its upward movement, however, the buying side may encounter strong resistance in the range of $1.10 to $1.15.

If purchasers push past the $1.15 mark, it’s possible that the ADA/USDT pair might initiate another phase of growth, potentially reaching $1.25 and then aiming for $1.50.

Instead, if the price plummets dramatically from its resistance level, the pair might fall as low as $1, and later to $0.86. A more significant retreat increases the possibility of a sideways movement or range formation. The pair could then hover around $1.15 and $0.86 for an extended period.

Avalanche price analysis

As an analyst, I’ve observed that my portfolio holding, AVAX, is currently trading above its moving averages, suggesting a continued dominance by the bulls. This trend indicates a potentially positive outlook for the price movement of AVAX.

The 20-day Exponential Moving Average (EMA) climbing to $37.93 and the RSI being in the overbought region boosts the chances of an advance to $48. However, sellers might attempt to halt this surge at $48, but it seems probable that they will be overcome. Consequently, the price of AVAX/USDT could potentially reach $60.

If the price decreases and falls beneath its 20-day Exponential Moving Average in the short term, this optimistic outlook may not hold true. This could potentially ensnare the bold bulls, causing the pair to approach the 50-day Simple Moving Average ($31.09).

Toncoin price analysis

Toncoin (TON) is currently trading over the $6 barrier, however, the bulls are encountering strong selling forces at the price level of $6.61. A small advantage for the bulls is that they haven’t lost significant territory to the bears yet.

The 20-day Exponential Moving Average (EMA) is trending upward at approximately $5.80, and the Relative Strength Index (RSI) is approaching overbought levels, suggesting potential price increases. If buyers push the price beyond $6.61, the TON/USDT pair might surge to $7. A successful breakthrough and close above $7 could pave the way for a potential climb towards $8.29.

Instead of holding on tight, if the price drops and falls beneath the 20-day Exponential Moving Average (EMA), it suggests that the bulls might be starting to lose control.

Shiba Inu price analysis

The cryptocurrency Shiba Inu (SHIB) is exhibiting a symmetrical triangle formation, suggesting that both the buyers and sellers are uncertain about its future direction.

If the price of SHIB/USDT is pushed beyond the triangle, there’s potential for the pair to ascend towards the resistance at $0.000030. Should it surpass and firmly close above this level, it would finish an inverted head-and-shoulders formation, potentially triggering a surge toward $0.000039.

Additionally, if the market breaks and falls beneath the triangle, it could indicate that the bulls’ control is weakening. The price might then drop towards the breakdown point at $0.000020, a level where traders believe buyers will likely re-enter the market.

2024-11-29 22:49