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Bitcoin price consolidation has shifted traders to these 4 altcoins

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apecoin

DOGE, LTC, LINK, and APE are showing signs of buying even as Bitcoin’s next directional move remains uncertain.

Bitcoin (BTC) has been trading in a tight range since Thanksgiving Nov. 24, as traders are uncertain about the next directional move. Usually, in a bear market, analysts tend to become uber-bearish and project targets that tend to scare away investors.

The failure of Bitcoin to start a strong recovery has given rise to several bearish targets, which extend up to $6,000 on the downside.

Although anything is possible in a bear market, traders who have a long-term view could try to accumulate fundamentally strong coins in several tranches. Because a bottom will only be confirmed in hindsight and trying to time it is usually a futile exercise.

*Crypto market data daily view. Source:* *Coin360*

In a bear market, all coins do not bottom at the same time. Hence, along with keeping an eye on the broader cryptocurrency market, traders should closely follow the coins of their choice.

The cryptocurrencies that lead the market out of the bear phase generally tend to do well when the next bull market begins. Let’s look at the charts of the cryptocurrencies that are trying to start an up-move in the short term.

BTC/USDT

Bitcoin has been consolidating between $15,588 and $17,622 for the past few days. The relative strength index (RSI) has formed a bullish divergence, suggesting that the selling pressure could be reducing.

The relief rally could face stiff resistance in the zone between the 20-day exponential moving average ($17,065) and $17,622. If the price turns down from the overhead zone, the BTC/USDT pair could extend its stay inside the range for some more time.

If buyers catapult the price above the overhead zone, it will suggest that the downtrend may be ending. The 50-day simple moving average ($18,600) may act as a minor hurdle but if crossed, the up-move could reach the psychological level of $20,000.

Alternatively, if the price turns down from the overhead resistance and breaks below $15,588, it could signal the resumption of the downtrend. The pair could then drop to $13,554.

*BTC/USDT 4-hour chart. Source: TradingView*

The moving averages on the 4-hour chart have flattened out and the RSI is near the midpoint, indicating a balance between supply and demand. This balance could tilt in favor of the bulls if they push the price above $17,000. The pair could then rise to the overhead resistance at $17,622.

Instead, if the price slips below $16,000, the pair could drop to the critical support zone between $15,588 and $15,476. A break below this zone could accelerate selling and start the next leg of the downtrend.

DOGE/USDT

Dogecoin (DOGE) broke above the overhead resistance at $0.09 on Nov. 25 but the bears pulled the price back below the level on Nov. 26. Buyers regrouped and pushed the price above the 38.2% Fibonacci retracement level of $0.10 on Nov. 27.

The bears may again try to stop the recovery near $0.10 but if bulls do not allow the price to break below $0.09, the DOGE/USDT pair could pick up momentum and rally toward the 61.8% Fibonacci retracement level of $0.12. If this level is also scaled, the pair may continue its uptrend toward $0.16.

On the other hand, if the price turns down from the current level, it will suggest that bears continue to view the rallies as a selling opportunity. The pair could then decline to $0.09. If this support gives way, the 50-day SMA ($0.08) could be challenged.

*DOGE/USDT 4-hour chart. Source: TradingView*

Buyers have pushed the price above the range, which suggests the start of an up-move. The strong rally pushed the RSI into deeply overbought levels, suggesting a minor correction or consolidation in the near term.

If the price turns down from the 38.2% Fibonacci retracement of $0.10 but rebounds off the breakout level, it will suggest that the sentiment has turned positive and traders are buying on dips. The bulls will then try to resume the uptrend. The target objective of the breakout from the range is $0.12.

This positive view could invalidate in the near term if the price turns down and re-enters the range. The pair could then drop to the 50-SMA.

LTC/USDT

Litecoin’s (LTC) breakout above the overhead resistance at $75 is the first indication of a potential trend change. The bears tried to pull the price back below $75 and trap the aggressive bulls but the buyers held their ground.

The bulls will try to propel the price above the overhead resistance at $84. If they succeed, it could signal the start of a new uptrend. The rising 20-day EMA ($67) and the RSI near the overbought zone indicate the path of least resistance is to the upside. The LTC/USDT pair could then rally toward the target objective of $104.

Conversely, if the price turns down from $84, the pair could slide to the $73 to $75 support zone. If this zone breaks down, the pair could slide to the 20-day EMA. The bears will have to pull the price below this support to trap the aggressive bulls.

If the price rebounds off the 20-day EMA, the bulls will again try to kick the pair above $84 and start the uptrend.

*LTC/USDT 4-hour chart. Source: TradingView*

The 4-hour chart shows that the price broke and closed below the 20-EMA but the bears could not build upon this advantage. The bulls purchased this dip and nudged the price back above the 20-EMA. Both moving averages are sloping up and the RSI is just above the midpoint, indicating that buyers have a slight edge.

There is a minor resistance at $80, but if bulls thrust the price above this level, the pair could rise to $84. The pair could then attempt a rally to $96. If bears want to invalidate this view in the short term, they will have to pull the pair below $73.

LINK/USDT

Chainlink (LINK) has been range-bound between $5.50 and $9.50 for the past many weeks. The strong rebound off the support at $5.50 on Nov. 21 suggests that bulls are aggressively buying the dips to this level.

The 20-day EMA ($6.74) has started to turn up and the RSI has risen into the positive territory, indicating a minor advantage to the bulls. If the price sustains above the 50-day SMA ($7.15), the likelihood of a rally to $8.50, and thereafter to $9.50, increases.

Contrary to this assumption, if the price turns down and breaks below the 20-day EMA, it will suggest that bears are active at higher levels. The LINK/USDT pair could then again drop toward the support at $5.50 and consolidate near it for a few more days.

*LINK/USDT 4-hour chart. Source: TradingView*

The strong rebound off the $5.50 level is nearing the overhead resistance at $7.50. If the price turns down from this level and breaks below the 20-EMA, the pair could drop to the 50-SMA. A break below this support could keep the pair stuck between $5.50 and $7.50 for some time.

Another possibility is that the price turns down from $7.50 but rebounds off the 20-EMA. The bulls will then again try to drive the price above $7.50 and start the northward march toward $8.50.

APE/USDT

ApeCoin (APE) has been consolidating in a large range between $3 and $7.80 for the past several months. The bears tried to sink the price below the support of the range but could not sustain the lower levels. This suggests strong demand at lower levels.

Sustained buying pushed the price above the 20-day EMA ($3.47) on Nov. 26, indicating that the bulls are on a comeback. There is a minor resistance at the 50-day SMA ($4.06), but if bulls clear this roadblock, the APE/USDT pair could rise to the downtrend line.

If the price turns down from the downtrend line, the pair could decline to the 20-day EMA. If the pair rebounds off this level, it will suggest that the sentiment has shifted from selling on rallies to buying on dips. That could improve the prospects of a break above the downtrend line. The pair could then climb to $6.

On the contrary, if the price turns down from the downtrend line and breaks below the 20-day EMA, the pair could again slide to the strong support at $3.

*APE/USDT 4-hour chart. Source: TradingView*

The moving averages on the 4-hour chart have started to turn up and the RSI has jumped into the overbought territory, indicating that bulls have a slight edge. The recovery could face resistance at $4 but if bulls do not allow the price to dip below the moving averages, the up-move may reach the downtrend line.

This positive view could be invalidated in the near term if the price turns down and breaks below the 50-SMA. Such a move will suggest that bears continue to sell on rallies. The pair could then drop to $3.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Price analysis 11/25: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, DOT, LTC, UNI

November 25, 2022 Coin Telegraph

Binance Coin

Bitcoin and most major altcoins are witnessing a relief rally but higher levels are likely to attract strong selling by the bears.

FTX’s collapse dealt a major blow to the already fragile sentiment among cryptocurrency investors. Although a quick recovery is unlikely, Blockchain analysis firm Chainalysis said that the crypto universe could emerge stronger from this crisis. Chainalysis’ research lead Eric Jardine arrived at the conclusion after comparing FTX’s fall to that of Mt. Gox.

Another calming statement came from Bloomberg Intelligence exchange-traded fund analyst James Seyffart, who said that there was a “99.9% chance” that the Grayscale Bitcoin Trust (GBTC) held the Bitcoin (BTC) it claimed. He added that GBTC was “unlikely” to be liquidated.

*Daily cryptocurrency market performance. Source:* *Coin360*

The negative events of the past few days do not seem to have scared away the small investors who remain on an accumulating spree. According to blockchain analytics company Glassnode, the number of wallets holding at least one Bitcoin or more soared in November and reached 950,000.

Could Bitcoin and altcoins extend their recovery in the near term? Let’s study the charts of the top-10 cryptocurrencies to find out.

BTC/USDT

Bitcoin rebounded off $15,476 on Nov. 21, indicating that lower levels are attracting buying by the aggressive bulls. The relative strength index (RSI) has formed a bullish divergence, suggesting that the bears may be losing their grip.

Buyers will try to push the price above the overhead resistance zone between the 20-day exponential moving average ($17,186) and $17,622. If they manage to do that, the BTC/USDT pair could indicate a possible change in trend.

The pair could then rise to the 50-day simple moving average ($18,718) and thereafter challenge the psychological level of $20,000.

Contrary to this assumption, if the price turns down from the current level or the overhead resistance, it will suggest that bears remain sellers on relief rallies. The bears will then again attempt to sink the pair below $15,588 and resume the downtrend. The next support on the downside is at $12,200.

ETH/USDT

Ether (ETH) rebounded off the strong support near $1,073 on Nov. 22 and broke above the downtrend line on Nov. 24. This suggests that the bulls are attempting a comeback.

The ETH/USDT pair could next rise to the 20-day EMA ($1,248), which is an important level to watch out for. If buyers overcome this barrier, the pair could attempt a rally to the resistance line of the descending channel pattern.

On the other hand, if the price turns down from the 20-day EMA, it will suggest that the sentiment remains negative and traders are selling on rallies. The bears will then endeavor to pull the price to the support line of the channel. If this support cracks, the pair could plunge to the critical support zone between $1,000 and $881.

BNB/USDT

BNB (BNB) broke below the strong support of $258 on Nov. 21 but this proved to be a bear trap. The price turned up on Nov. 22 and the momentum picked up further on Nov. 23. This drove the price to the overhead resistance at $300.

The bulls and the bears are witnessing a tough battle at $300 as seen from the Doji candlestick pattern formed on Nov. 24 and 25. If bulls come out on top, the BNB/USDT pair could climb to $338 where the bears may again mount a strong defense.

On the contrary, if the price turns down from the current level and breaks below the moving averages, it will suggest that the pair may remain range-bound between $258 and $300 for a few more days.

XRP/USDT

XRP (XRP) turned up from $0.34 on Nov. 21 and shot up above the symmetrical triangle and the 20-day EMA ($0.40) on Nov. 24. This showed that the uncertainty between the buyers and sellers resolved in favor of the bulls.

The buyers are trying to build upon the advantage by pushing the price above the overhead resistance at $0.41. If they succeed, the XRP/USDT pair could pick up momentum and rise to $0.50 and then to $0.56.

However, the bears are likely to have other plans. They will try to stall the recovery at $0.41 and pull the price back into the triangle. If that happens, the aggressive bulls may get trapped and the pair could then plummet to the support line.

ADA/USDT

Cardano (ADA) is in a strong downtrend. The bulls purchased the dip below $0.30 on Nov. 22 but are struggling to push the price to the 20-day EMA ($0.33).

The downsloping moving averages indicate that bears have the upper hand but the RSI is forming a bullish divergence, which suggests that the selling pressure may be reducing. The first sign of strength will be a break above the 20-day EMA. The ADA/USDT pair could then attempt a rally to the 50-day SMA ($0.36) and subsequently to the downtrend line.

Instead, if the price turns down from the current level or the 20-day EMA, the pair could extend its downtrend and drop to the support line.

DOGE/USDT

Dogecoin (DOGE) rebounded off the support at $0.07 on Nov. 21, indicating that the bulls are trying to establish a higher low at this level.

The relief rally has reached $0.09 where the bulls are likely to encounter strong resistance from the bears. If the price turns down from the current level, the DOGE/USDT pair could remain range-bound between $0.07 and $0.09 for some time.

Contrarily, if buyers propel the price above the overhead resistance, the bullish momentum could pick up and the pair may start a rally to the 38.2% Fibonacci retracement level of $0.10 and then to the 50% retracement level of $0.11.

MATIC/USDT

Polygon (MATIC) rebounded off the uptrend line on Nov. 21 but the relief rally turned down from the moving averages on Nov. 24. This suggests that the bears are active at higher levels.

The sellers may once again attempt to sink the price below the uptrend line. If they manage to do that, the MATIC/USDT pair could drop to the important support at $0.69. The bulls are expected to vigorously defend this level because if it cracks, the pair could start a new down move and drop to $0.52.

Conversely, if the price turns up and rises above the moving averages, the short-term advantage could tilt in favor of the bulls. The pair could then rally to $0.97 and later to $1.05.

DOT/USDT

Polkadot’s (DOT) rebound off $5 is facing resistance near the 20-day EMA ($5.69). This suggests that bears continue to view the rallies as a selling opportunity.

If the price turns down from this level, the bears will try to pull the DOT/USDT pair to the crucial support at $5. A break and close below this level will indicate the resumption of the downtrend. The pair could then decline to $4.32.

To invalidate this negative view, the bulls will have to push and sustain the price above the moving averages. If they can pull it off, it will suggest that the downtrend could be ending. The pair could then rally to $7.43.

LTC/USDT

Litecoin (LTC) surged and closed above the overhead resistance of $75 on Nov. 23 but the bulls could not build upon the breakout. The bears are attempting to pull the price back below $75 on Nov. 25.

If they succeed, the LTC/USDT pair could drop to the 20-day EMA ($65). This is an important level to keep an eye on because a strong bounce off it will suggest a change in sentiment from selling on rallies to buying on dips. The bulls will then strive to push the price above $84 and open the doors for a possible rally to $104.

Alternatively, if bears pull the price below the 20-day EMA, it will indicate that higher levels continue to attract sellers. The pair could then drop to the 50-day SMA ($58).

UNI/USDT

Uniswap (UNI) has formed a large symmetrical triangle pattern, suggesting indecision among the bulls and the bears. The price rebounded off the support line of the triangle on Nov. 22, indicating buying at lower levels.

The recovery attempt could face resistance at the moving averages. If the price turns down from it, the bears will again try to sink the UNI/USDT pair below the triangle. If that happens, the pair could drop to $3.33.

Contrary to this assumption, if bulls drive the price above the moving averages, the pair could climb to the resistance line of the triangle. This level could act as a major hurdle but if bulls overcome it, the pair could rise to $8 and thereafter attempt a rally to $10.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

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