Key points:
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Bitcoin has reached crucial overhead resistance where bears are expected to mount a powerful defense.
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Several major altcoins try a rally that may likely face selling pressure at higher levels.
Bitcoin (BTC) rallied above $93,000 on Friday, but bulls are struggling to sustain the upper levels. BTC stays heading in the right direction to finish November within the red. According to CoinGlass data, each time BTC closed November within the red, it was followed by a negative monthly close in December.
Select analysts view the present decline as a buying opportunity. LVRG Research Director Nick Ruck told Cointelegraph that the recent decline worn out overleveraged participants and unsustainable projects, paving the best way for brand new long-term investors to purchase “ahead of a promising latest 12 months.”
Daily view of crypto market data. Source: TradingView
Cryptocurrency sentiment platform Santiment also expressed positivity in a report on Wednesday, stating that “increasing news that cryptocurrencies are in a bear market and the rise in bearish sentiment” is an optimistic sign as markets are generally moving against the expectations of the masses.
What are the important thing resistance levels to observe out for in BTC and major altcoins? To discover, let's analyze the charts of the highest 10 cryptocurrencies.
Bitcoin price prediction
BTC’s rally has reached near the 20-day exponential moving average ($93,256), where the bulls are expected to face significant resistance from the bears.
If the worth drops sharply from the 20-day EMA, the bears will make one other try to pull the BTC/USDT pair below the $84,000-$80,600 support zone. If they succeed, Bitcoin price could fall to $73,777.
On the opposite hand, if the bulls usually are not giving up much ground to the bears against the 20-day EMA, it suggests that the buyers are holding on to their positions. This increases the probabilities of a break above the 20-day EMA. The pair could then rise towards the psychological level of $100,000.
Ether price prediction
Ether (ETH) has reached the 20-day EMA ($3,109), likely prompting heavy selling from bears.
If the worth declines sharply against the 20-day EMA, the ETH/USDT pair could decline to $2,623. Buyers are expected to vigorously defend the $2,623 support as a break below could send Ether price right down to $2,400.
Alternatively, a detailed above the 20-day EMA suggests selling pressure is easing. The pair could climb to the breakout level of $3,350 after which to the 50-day SMA ($3,541).
XRP price prediction
XRP (XRP) witnessed a tricky battle between buyers and sellers on the 20-day EMA ($2.20).
The flattening 20-day EMA and the RSI just under the midpoint suggest neither a transparent advantage for the bulls nor the bears. If it breaks below the 50-day SMA ($2.34), the XRP/USDT pair could rise to the downtrend line.
On the opposite hand, if the worth declines and falls below $2.14, it can indicate that the bulls have given up. XRP price could then slide to the support line, which is prone to attract buyers.
BNB price prediction
BNB (BNB) rose above the $860 breakout level on Monday and hit the 20-day EMA ($910), suggesting buying at lower levels.
An in depth above the 20-day EMA suggests bears are losing control. The BNB/USDT pair could then rally to the 50-day SMA ($1,019), which is a very important level for the bears to defend.
On the opposite hand, if the worth falls below $860, it can show that the bears are still in charge. This increases the danger of a break below $790. The BNB price could then decline to $730.
Solana price prediction
Solana's (SOL) recovery rally has hit a wall on the 20-day EMA ($144), however the bulls haven’t ceded much ground to the bears.
This increases the potential of a break above the 20-day EMA. The SOL/USDT pair could then rise to the 50-day SMA ($167), where bears will once more try to halt the recovery. However, if buyers clear the barrier on the 50-day SMA, the pair could rally towards $190.
Sellers must push Solana price below the $126 support to keep up control. If they succeed, the pair could fall to $110 and eventually solid support at $95.
Dogecoin price prediction
Dogecoin's (DOGE) recovery rally is countered by selling on the 20-day EMA ($0.16), suggesting bears are lively at higher levels.
The bears will try to push Dogecoin price below the formidable support at $0.14. If they do, the DOGE/USDT pair could start a brand new downtrend and fall to the October 10 low of $0.10.
Alternatively, if the worth rises and breaks above the moving averages, it can show that bulls are aggressively defending the $0.14 support. The pair could then rise to $0.21, suggesting that the worth could remain within the $0.14-$0.29 range for a while.
Cardano price prediction
Cardano (ADA) is struggling to succeed in the 20-day EMA (0.47), indicating an absence of demand from bulls.
The bears will attempt to strengthen their position by pushing the Cardano price below the $0.38 level. If they succeed, the ADA/USDT pair could proceed the downtrend and retest the October 10 panic low of $0.27.
Buyers must sustain and sustain the worth above the $0.50 breakout level to point strength. The pair could then rise to the 50-day SMA ($0.56) and later to the $0.70 level.
Hyperliquid price prediction
Sellers are attempting to halt Hyperliquid (HYPE)'s recovery on the 20-day EMA ($36.54), but bulls are maintaining the pressure.
If the worth breaks above the 20-day EMA, the HYPE/USDT pair could reach the 50-day SMA ($39.12). The bears are expected to mount a powerful defense on the 50-day SMA, but when the bulls prevail, the Hyperliquid price could rise to $44 after which to $51.50.
This bullish view might be invalidated within the near term if the worth diverges from the moving averages and falls below the $29.30 level. That opens the door for a decline to the Oct. 10 low of $20.82.
Bitcoin Cash price prediction
Buyers have managed to maintain Bitcoin Cash (BCH) above the resistance line, signaling a buy signal on downturns.
The 20-day EMA ($523) is beginning to rise and the RSI is just above the midpoint, indicating a slight advantage for buyers. Bulls must push Bitcoin Cash price above $568 to initiate a brand new uptrend to $580 after which to $606.
Contrary to this assumption, if the worth trends lower and falls below the moving averages, it indicates that the market has rejected the breakout from the falling wedge pattern. The bears will then try to sink the BCH/USDT pair to the important thing support at $443.
Chainlink price prediction
Chainlink (LINK) is facing a sell-off near the 20-day EMA ($13.84), but a positive sign is that the bulls haven’t lost much ground to the bears.
This increases the probabilities of a break above the 20-day EMA. The LINK/USDT pair could then climb to the 50-day SMA ($15.87), where bears are expected to pose a big challenge. A break and shut above the 50-day SMA brings the big selection of $10.94 to $27 into play.
Sellers probably produce other plans. They will try to defend the 20-day EMA and push Chainlink price towards solid support at $10.94.
This article doesn’t contain any investment advice or recommendations. Every investment and trading activity involves risks and readers should conduct their very own research when making their decision.
