As a seasoned cryptocurrency investor with years of experience under my belt, I find myself intrigued by the current state of these digital assets. The bullish momentum seems to be back, and it’s evident in the price analysis of the coins you’ve presented – Sui, NEAR Protocol, SUI, and others not mentioned here.
This week, Bitcoin (BTC) experienced a significant surge, increasing by over 12.5%. Despite the bears’ attempts to initiate a reversal on November 14, the bulls maintained control. Currently, Bitcoin is hovering close to its all-time high within a narrow trading band, which increases the possibility of an upward price breakout.
In a recent market analysis, CryptoQuant’s contributor Darkfost pointed out that Bitcoin’s large investors, or “whales,” continue to purchase Bitcoins even at prices close to $90,000. This action suggests that they are confident about the market’s future.
The surge of Bitcoin has boosted optimism throughout the crypto market, causing many alternative coins to climb. Yet, investors should exercise caution as selling pressure might arise if Bitcoin fails to reach and sustain a fresh record peak.
What are the crucial support levels to watch out for in Bitcoin? If the supports hold, could altcoins continue their rally? Let’s look at the top 5 cryptocurrencies with a strong technical structure.
Bitcoin price analysis
In simpler terms, those who believe Bitcoin will decrease in value (the ‘bears’) are attempting to halt its ascent near the range of $92,000 to $93,265, a challenging area for price advancement. However, a favorable indicator is that the ‘bulls’ (those who believe Bitcoin will increase in value) have not lost significant ground during this attempt, suggesting they are still optimistic about its potential further growth.
As a researcher, I’m observing that if the price of BTC/USDT climbs above $93,265 due to buying pressure, it could escalate towards the significant psychological level of $100,000. This level might present a formidable resistance, but should buyers manage to breach it, we might witness a further rise to $113,331.
If bears aim to turn the current positive trend around, they need to act quickly by pushing the price downward beyond the $85,000 resistance level. Should this happen, the pair could potentially drop towards the 20-day exponential moving average, currently at approximately $80,791. If the price breaks and closes below this 20-day EMA, it would signal a return for the bears in the market.
On the 4-hour scale, the currency pair exhibits a symmetrical triangle formation, suggesting that both bulls and bears are undecided about the market direction. If the price breaks and concludes above this triangle, it could imply that buyers have gained control, potentially initiating an uptrend towards $100,000.
If the price drops beneath the triangle and falls, this could imply that short-term bulls are cashing out their gains. This might initiate a decline towards $85,000 and eventually to $80,000.
Solana token price analysis
Purchasers managed to safeguard Solana’s (SOL) re-evaluation at the potential breakout point of $210, suggesting a favorable outlook or optimism.
On November 17th, the bulls managed to drive the price beyond the previous resistance at $225, suggesting a fresh upward trend might be underway. There’s a relatively weak resistance around $242, but it’s anticipated that this will be overcome. The SOL/USDT pair may potentially reach $260, however, here the bears are thought to present a significant obstacle. If the bulls succeed in breaching the $260 barrier, the pair might escalate towards $304.
If the price falls sharply and drops beneath the 20-day Exponential Moving Average ($198), this bullish perspective could soon be disproven. Such a decline would suggest that the market has spurned the breakout.
As the price climb nears $240, there’s evidence of profit-taking, yet the slight dip indicates that the bullish investors aren’t panicking to leave just yet. This could mean that the upward trend might persist, potentially reaching $260.
Conversely, if the price decreases and falls beneath $225, it could indicate that stronger selling pressure (bears) is present at higher levels. The pair might then drop towards $210, which serves as a crucial short-term support level to monitor closely. A fall below $200 would potentially shift the balance of power in favor of the bears.
Avalanche price analysis
On November 15, Avalanche (AVAX) bounced back from its 20-day Exponential Moving Average at around $30.60. By November 17, it had climbed up to touch the upper boundary of its ascending trendline pattern.
With the 20-day Exponential Moving Average trending upward and the Relative Strength Index (RSI) approaching overbought levels, it becomes more probable that an upward breakout will occur. If this occurs, the AVAX/USDT pair might surge towards $41.80 initially, and potentially even reach $50 afterward.
Instead of holding steady above the channel, a drop could signal that bears are still selling during rallies. As a result, the pair might dip towards the 20-day Exponential Moving Average (EMA), potentially prolonging its stay within the channel for a while longer.
On the 4-hour chart, it’s evident that the bears are putting up a strong fight at the resistance line of the upward-sloping channel. Should the price reverse at its current position or align with the 20-Exponential Moving Average, the bulls will make another attempt to surmount the pending obstacle. If they manage to do so, the pair could potentially rise to $41.80 and later reach $45.91.
Contrarily, should the price dip beneath my established 20-Exponential Moving Average (EMA), it would suggest that the bears are mounting a resurgence. This pair might then descend towards the 50-Simple Moving Average (SMA) and potentially reach $31 in subsequent trading.
Sui price analysis
Since surpassing the $2.37 mark on November 9th, SUI has been climbing sharply, indicating that the bullish sentiment is dominant.
As a crypto investor, I’ve noticed that the bears have attempted to halt the rally on multiple occasions, but each time they do, the bulls step in to buy during intraday dips. Currently, I see the SUI/USDT pair potentially rising towards $4, and again, the bears might try to slow down the upward momentum. However, if the bulls maintain their strength, this pair could skyrocket to $4.25 and even reach $4.70 in the future.
Keep an eye on the 20-day Exponential Moving Average at around $2.86, as it’s a significant level of support. If the price drops below this level and closes there, it could indicate that the bulls are losing control, potentially leading to a drop to approximately $2.37.
On a 4-hour scale, it’s evident that the pair is finding support at the 20-Exponential Moving Average during temporary declines, suggesting increased buying activity during market dips. If buyers manage to push the price above $3.93, the pair might surge towards $4 and potentially even reach $4.40 thereafter.
If the price decreases and falls beneath the 20-Exponential Moving Average (EMA), this could indicate that buyers are quickly exiting their positions to secure profits. In such a case, the pair might descend to the 50-Simple Moving Average (SMA) and potentially even dip below it to the robust support at $2.80.
NEAR Protocol price analysis
The NEAR Protocol gained traction following its breakout above the 50-day Simple Moving Average ($4.71) on November 11, hinting at a possible shift in the short-term trend.
The NEAR/USDT combination has touched the significant barrier at $6.50, a point worth focusing on in the short term. The ascending 20-day Exponential Moving Average ($4.96) and the Relative Strength Index (RSI) indicating oversold conditions imply the trend is likely to continue upward. If purchasers manage to push the price beyond $6.50, the pair might surge towards $7.70 and potentially reach $8.58 in the future.
If the cost significantly drops from its present value and falls below the 20-day Exponential Moving Average (EMA), this could indicate that the pair might trade within the broad range of around $6.50 to $3.42 over a period of time.
The decrease in the Rate of Change Indicator (RSI) indicates a possible decrease in bullish energy. If the price falls and closes below the Exponential Moving Average (EMA) of 20, it might lead to increased selling, causing the pair to approach the Simple Moving Average (SMA) at 50 and eventually reach the strong support level at $5.
Conversely, if the price increases beyond its current level and surpasses $6.15, this would indicate that the bulls are still active buyers during declines. In such a scenario, the pair may make another attempt to exceed $6.50. If it manages to do so, the rally could potentially extend to $7, followed by $7.70.
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2024-11-17 23:31