Price analysis 11/6: BTC, ETH, SOL, BNB, XRP, DOGE, TON, ADA, SHIB, AVAX

As a seasoned trader with years of experience under my belt, I must say that analyzing these coins is like reading a novel – full of twists and turns, suspense, and occasional surprises. Let’s dive into it!

On November 6th, Bitcoin (BTC) reached a record-breaking peak of $75,407, surpassing its previous best value of $73,777 set on March 14. This surge in price occurred following Donald Trump’s increasing likelihood of winning the U.S. presidency, which sparked the rally.

It’s considered beneficial if Trump wins the election, as the crypto sector anticipates the new President will fulfill his campaign pledges regarding cryptocurrencies. According to Markus Thielen, head of research at 10x Research, Bitcoin could potentially soar up to $100,000 by the first quarter of 2025.

1) It’s not just Bitcoin that’s experiencing a surge in the crypto market; memecoins have been performing exceptionally well, pointing towards a risk-taking mentality among investors. The combined market cap of these meme coins even reached over $67.5 billion, approaching its April 1 peak of $69.8 billion.

Despite a shift in optimism, sudden reversals (whipsaws) should not be discounted as bears attempt to curb the rally. It’s crucial to keep an eye on key support and resistance levels for Bitcoin and significant altcoins. By examining the charts of the leading 10 cryptocurrencies, we can determine these levels.

Bitcoin price analysis

On November 6th, Bitcoin reached an unprecedented peak of $75,407, hinting at the aggressive efforts of investors (bulls) aiming to solidify their dominance in the market.

As a researcher, I’m observing an encouraging trend: the moving averages are climbing and the Relative Strength Index (RSI) has ventured into positive territory, suggesting a potential advantage for the bulls. If the price manages to hold above $73,777, it could be a sign that we’re about to embark on the next phase of the uptrend. My calculations suggest that if this breakout from the current range materializes, we might be looking at a potential target of $93,554.

Time is quickly approaching for the bears to act if they aim for a resurgence. They should work swiftly to push the BTC/USDT pair below the 20-day exponential moving average ($68,808). If achieved, this could imply that the breakout might have been a deceptive bull trap.

Ether price analysis

As a crypto investor, I noticed that Ether (ETH) dipped below its support line in the symmetrical triangle pattern on November 4th. However, the bearish momentum seemed to lose steam and fail to maintain the lower levels.

As a researcher analyzing the ETH/USDT pair on November 6th, I noticed that the bulls managed to push the price back into the triangle formation. This trend could potentially see the pair reaching the resistance line, and if it does, we might expect a sell-off from the bears around the $2,850 mark. If, however, the buyers are able to surmount this obstacle, the pair may continue its upward momentum, possibly reaching the downtrend line.

If the price falls from the resistance level, it indicates that the pair could continue within the triangle. This situation would be beneficial for the bearish traders if they manage to push the price below $2,300.

Solana price analysis

On November 4th, Solana (SOL) significantly increased, surpassing its 50-day simple moving average of $156, and also climbed over its 20-day exponential moving average at $166.

On November 6th, the SOL/USDT exchange rate surpassed the $183 resistance level, suggesting strong buying interest from bulls. A minor obstacle at $189 is expected to be overcome. There’s a possibility that the pair will revisit the significant resistance barrier of $210.

Should the price drop significantly from $210 and fall beneath $189, this could indicate that the pair might prolong its time within the larger range. Conversely, a surge over $210 might pave the way for an uptrend towards $260.

BNB price analysis

On November 5th, BNB (BNB) broke away from its upward trendline, and now, on November 6th, the bulls are striving to keep the price above the moving averages.

As a researcher, I posit that should the BNB/USDT pair achieve their projected success, it might ascend to approximately $612 initially, and subsequently climb further to around $635. Overcoming this $635 resistance could prove challenging for buyers, but if they manage, it may set off a fresh uptrend, potentially reaching $722.

As I monitor the market trends, I find it crucial to keep an eye on the uptrend line as a potential support level. A violation and subsequent close below this line could indicate that the pair might prolong its fluctuation within the broader range, which extends from approximately $460 to $635 for the time being.

XRP price analysis

When the bears couldn’t keep XRP (XRP) trading below the $0.50 support level, it triggered a rebound, causing the price to move higher and surpass the 20-day Exponential Moving Average (EMA), settling at approximately $0.52.

The bears aim to halt the rise of the XRP price near the 50-day Simple Moving Average (SMA) of $0.54, but if buyers push hard enough, they might propel the XRP/USDT pair up to $0.64. Sellers are likely to put up a tough fight at the $0.64 price point.

In contrast to what might be thought, if the price drops significantly from the 50-day Simple Moving Average (SMA), it suggests that the bears are becoming more active at higher price points. If the value falls beneath the $0.50 support level, selling pressure could intensify further.

Dogecoin price analysis

Dogecoin’s (DOGE) up move picked up momentum after breaking out of the $0.18 resistance on Nov. 6.

The bears are persistently attempting to stop the upward trend at $0.22, evident by the long tail on the candlestick. Yet, if the DOGE/USDT pair maintains its position close to the current level, there’s a higher chance that it could break through $0.23. If this occurs, the pair might escalate towards $0.30.

If bears aim to reverse the current uptrend, they’ll need to promptly push the price under the breakout point at $0.18. Subsequently, the pair might drop to the 20-day Exponential Moving Average (EMA) at $0.15. This significant dip could potentially postpone the next phase of the upward momentum.

Toncoin price analysis

On November 5th, Toncoin (TON) experienced renewed support within the price range of $4.44 to $4.72, suggesting that buyers were active even at lower prices.

The bulls are planning to initiate an upward trend, but they may encounter strong opposition near the 20-day Exponential Moving Average (EMA) at approximately $4.94 and again at the 50-day Simple Moving Average (SMA) at around $5.26. If the price starts falling from these moving averages, there’s a higher chance of it dropping below $4.44. This could form a bearish pattern known as a head-and-shoulders formation in the TON/USDT pair. The next significant support level if this occurs would be at $3.50.

Instead, if there’s a break and move beyond the 50-day Simple Moving Average (SMA), it could suggest that the bears’ hold is weakening. The price might then increase towards $6, where it may face temporary resistance before further upward movement.

Cardano price analysis

For a while now, Cardano’s price (ADA) has been bouncing between approximately $0.31 and $0.40, suggesting that investors are purchasing during downturns and offloading during upticks.

If the price continues to stay above its moving averages, it’s possible that the Cardano-Tether (ADA/USDT) pair could ascend to the upper limit of its range at approximately $0.40. This level is expected to provide strong resistance, but if the bulls are successful, the pair might climb further to $0.45 and eventually reach $0.49.

If the price decreases from its present value or falls below $0.40, this would indicate that sellers are aggressively guarding the upper resistance level. This could potentially prolong the period within the current trading range.

Shiba Inu price analysis

On November 3rd, Shiba Inu (SHIB) dipped below its 50-day Simple Moving Average (SMA) at $0.000017, yet the bears were unable to profit from this opportunity.

On November 6, the bulls managed to drive the price towards the crucial resistance point of $0.000020. This level is significant for the bears as they need to hold it, as a breach and closing above it would mark the completion of an inverted head-and-shoulders pattern. Such a development could trigger a fresh upward trend towards $0.000026, which might then extend to $0.000029.

If the price of SHIB/USDT drops and falls below the current support at $0.000016, it could imply that the pair will stay within the range of $0.000013 to $0.000020 for an extended period.

Avalanche price analysis

On November 5, Avalanche (AVAX) was priced at $22.35, but it climbed over its 20-day Exponential Moving Average ($25.59) on November 6. This suggests that there has been robust buying activity happening at lower prices.

The RSI (Relative Strength Index) has moved into positive figures, suggesting that the bulls are making a resurgence. As for the AVAX/USDT pair, it might reach a significant resistance point that’s worth keeping an eye on in the short term. If buyers can break through this level, the pair could initiate a new upward trend, potentially reaching $33 initially and then aiming for $37.50 later on.

If bears aim to retake control, they need to act quickly and push the price down towards $22.35. Should this happen, the pair could potentially drop to around $20.50.

2024-11-06 19:46