As a seasoned trader with years of experience under my belt, I must say that the current market trends are quite intriguing. Each coin presents its unique challenges and opportunities, much like navigating through a labyrinth of digital gold mines.
The cost of one Bitcoin (BTC) soared to an unprecedented peak of $77,000 on November 8, and traders believe this upward trend will persist. According to Bitget Research’s top analyst, Ryan Lee, we could see Bitcoin reaching “$100,000 within the next three months.
Experts predict that the current surge in Bitcoin’s value is supported by robust foundations, suggesting it may continue to rise. According to Alex Thorn, head of research at Galaxy, Bitcoin and other cryptocurrencies could potentially trade at prices well above their current all-time high within the next 12 to 18 months.
According to well-known trader and analyst Rekt Capital’s recent post on platform X, if the price surpasses $71,500 in the weekly close, it might initiate a rapid increase phase, or “parabolic phase.” He anticipates this rise will likely be accompanied by minimal further consolidation.
Although indicators suggest a persistent increase, traders should exercise caution as there’s a strong bias towards buying. It’s important to remember that when everyone leans one way, the potential for a sudden drop to dislodge less committed investors is not insignificant.
What are the important support levels to watch out for during any correction in Bitcoin and select altcoins? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price analysis
Over the last two days, Bitcoin’s price has remained above the significant resistance point of approximately $73,777, suggesting that buyers have been maintaining their grip on the market.
The aim when breaking out from the price range between $54,000 and $73,777 is to reach approximately $93,554. But it’s important to note that the bulls may face strong opposition from the bears who will attempt to pull the price back towards the range.
Should this occur, it’s possible that the BTC/USDT pair might fall to around $70,290 (which is the 20-day exponential moving average). A robust recovery from this point would indicate that the bulls are still holding sway over the market.
Instead, if there’s a drop and closing below the 20-day Exponential Moving Average (EMA), it may indicate that buyers are rushing to cash out their profits. The pair might then fall towards the 50-day Simple Moving Average ($66,263).
Ether price analysis
On November 7th, Ether (ETH) surpassed both the resistance line of its symmetrical triangle pattern and the $2,850 resistance level, suggesting a possible shift in the trend.
As a researcher, I find myself observing that the bears appear determined and are expected to persistently attempt to tug the price back towards the triangle. If the bulls successfully prevent the price from re-entering this triangle, it would signify a buying opportunity during dips. The ETH/USDT pair may ascend to the downtrend line, where the bears will once more strive to thwart the upward momentum.
As an analyst, I find it concerning if the price starts to retreat within the triangle pattern. This could suggest that the market is not ready for the breakout as initially anticipated. If this happens, we might observe a potential drop in the value of the pair towards the moving averages and eventually reaching the support line.
Solana price analysis
Solana (SOL) picked up momentum after breaking out of the $180 overhead resistance on Nov. 6.
The price of SOL/USDT is moving upward and approaching the significant resistance at around $210. Traders are anticipated to put up strong resistance at this level, as a surge above it would suggest a resumption of the bullish trend and potentially propel the pair toward $260.
The lowest point of resistance lies around $189 and later at $180. As long as the price stays above these levels, there’s a good chance for an upward trend continuation. However, if sellers manage to push the price below the 20-day Moving Average ($172), they might weaken the bullish momentum.
BNB price analysis
BNB (BNB) reached the $612 level on Nov. 7, where the bears are mounting a solid resistance.
Should purchasers successfully surpass the upper price barrier, the BNB/USDT combination could finish forming an uptrend triangle pattern. A substantial resistance exists around $635, however, if buyers manage to break through it, the pair might soar towards the projected target of approximately $689.
Conversely, if the price decreases and falls beneath the moving averages, this might imply that the pair may continue to dwell within the triangle for a while longer. If the bears manage to push the pair below the uptrend line, it would signify their return to the game.
XRP price analysis
On November 7, XRP (XRP) surpassed and ended its day above the 50-day Simple Moving Average (SMA) at approximately $0.55; however, the extended shadow on the candle suggests that there was significant selling activity at elevated prices.
The bears are attempting to push the XRP/USDT price below its 50-day Simple Moving Average (SMA). If they succeed, the price may drop to the 20-day Exponential Moving Average (EMA) at approximately $0.53. This level is anticipated to draw in buyers. If the price recovers from the 20-day EMA with vigor, the bulls will try once more to push the pair up towards $0.64.
If the price falls beneath its 20-day Exponential Moving Average (EMA), this optimistic outlook could prove incorrect, potentially causing the pair to slide towards the significant support level at $0.46.
Dogecoin price analysis
On November 6th, Dogecoin’s (DOGE) surge reached a barrier at $0.22, yet the optimistic traders have maintained the coin’s value above its breakout threshold of $0.18.
On November 7th and 8th, the Dogecoin/Tether pair exhibited an inside bar pattern, suggesting a struggle between buyers (bulls) and sellers (bears) over control. If the price falls below $0.18, this could indicate that the bulls are starting to leave the market, potentially causing the pair’s value to drop towards the 20-day Exponential Moving Average ($0.16).
If the price increases and ends its session above $0.20, it’s probable that the bulls will attempt to break through the $0.22 resistance again. Should they succeed, the pair might initiate a new phase of the upward trend heading towards $0.30.
Toncoin price analysis
Toncoin’s (TON) upward trend may be met with selling around the 20-day Exponential Moving Average (EMA) price point of $4.95, implying that bears are still active in selling during upticks.
The bears aim to tug at the price towards the significant short-term support of $4.44. This level is crucial and needs to be closely monitored. If it weakens, the TON/USDT pair may form a bearish pattern known as a head-and-shoulders, which could potentially lead to a steep drop down to approximately $3.50.
If the price surpasses its 20-day Exponential Moving Average, it indicates decreasing selling pressure. In this case, the bulls might regain strength when they push and sustain the price above their 50-day Simple Moving Average ($5.24). This could potentially pave the way for a price increase to $6, followed by a potential rise to $7.
Cardano price analysis
On November 7, Cardano (ADA) experienced a significant rise and ended its trading above the $0.40 resistance level, suggesting that the recent period of holding steady favored the bulls over the bears.
At $0.45, there’s a slight barrier, but as long as buyers prevent the price from dipping under $0.40, chances grow for a breach over the upper resistance. In this scenario, the ADA/USDT pair might climb towards $0.49.
If the price drops and falls below $0.40, this could signal strong selling activity around $0.45. This downturn might push the pair towards its moving averages, implying the possibility of a wide price range between approximately $0.31 and $0.45.
Shiba Inu price analysis
On November 6th, Shiba Inu (SHIB) encountered a resistance level at around $0.000020, yet the buyers were unable to surpass this significant barrier.
An encouraging development is that the buyers have maintained their position against the sellers, increasing the chances of a bullish reversal. A move above $0.000020 could confirm a bullish inverse head and shoulders pattern, potentially pushing the SHIB/USDT pair towards $0.000026 initially, and then possibly up to $0.000029.
As a researcher, I’m suggesting that in order to dampen the bullish trend, sellers might need to lower their asking prices below our current moving averages. This potential price drop could lead us down to approximately $0.000016. Interestingly, this level is anticipated to pique the interest of buyers, who may see it as an opportunity for investment.
Avalanche price analysis
On November 6th, Avalanche (AVAX) surpassed its 50-day Simple Moving Average (SMA) at $26.89, suggesting that the bullish momentum is regaining strength.
The AVAX/USDT combination is close to the point where sellers (bears) might enter the market. If the price falls from this resistance level but then bounces back off the moving averages, it suggests a positive outlook. This increases the chance of breaking through the resistance level. The pair could potentially climb to $33 initially and then reach $37.50 subsequently.
If the price falls significantly from the resistance level and drops below the moving averages, this could indicate that the pair might continue to remain within the triangle for a while longer.
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2024-11-08 22:14