A popular crypto trader has a long-term bullish outlook on the blockchain scaling solution Polygon (MATIC) as well as two additional altcoins. The pseudonymous digital asset analyst known as Rekt Capital tells his 368,100 followers on the social media platform X that MATIC is “on the cusp of entering a new macro uptrend” after taking […]
The post Trader Says Polygon on the Cusp of New Uptrend, Predicts Rallies for THORChain and Ocean Protocol appeared first on The Daily Hodl.
The “X1” network will be part of the Polygon ecosystem and use zero-knowledge proofs to bridge assets from Ethereum.
Crypto exchange OKX has launched a testnet for an upcoming Ethereum layer-2 network named “X1,” according to a Nov. 14 announcement. The network is being developed using the Polygon chain development kit (CDK) and will use zero-knowledge proofs to validate deposits and withdrawals between layers.
OKX is the sixth-largest centralized crypto exchange by volume, with over $1.8 billion in trading volume per day, according to data from CoinMarketCap. Its token, OKB, has a current market cap of over $3.6 billion, making it one of the top 30 cryptocurrencies. When a mainnet version of the new network is launched, OKB will be the native coin used to pay gas fees on it, the announcement stated.
X1 is being developed using the Polygon CDK, potentially making it part of the broader Polygon ecosystem that includes Polygon zero-knowledge Ethereum Virtual Machine, Polygon PoS, Near, Manta Pacific and other networks. According to the announcement, OKX will also be a core contributor to the Polygon CDK software going forward and will “invest substantial engineering resources to enhance the technology stack for Ethereum scaling solutions.”
Related: Polygon Labs and Near announce ZK prover for WASM integration
OKX chief innovation officer Jason Lau claimed that the new network will help to onboard new users to Web3, stating:
“X1 will be a key pillar of our efforts to educate and bring our users on-chain and into the world of Web3. This scalable and accessible network is perfect for developers, who can build on X1 to deliver user-friendly world-class consumer Web3 applications, all while maintaining interoperability with other networks and ecosystems.”
OKX is also the creator of OKT Chain, an Ethereum sidechain that uses OKB as its native coin. It isn’t the only exchange to build its own network: Binance launched BNB Chain in 2019, and Coinbase launched its layer-2 “Base” network on Aug. 9.
SOL hit its highest price since May 2022, possibly due to an uptick in DApp use and a few other key factors.
Solana's native token (SOL) experienced an impressive 22% surge on Nov. 10, breaking past the $54 mark for the first time since May 2022. Notably, this surge occurred amid the continuous selling of SOL tokens by FTX's bankruptcy estate. The Delaware Bankruptcy Court approved the sale of the failed exchange FTX assets, which included 55.75 million SOL in September 2023.
Investor enthusiasm for SOL's price increase may be attributed to the fact that some of the tokens from the bankruptcy proceedings are either vested or locked. Furthermore, there's a weekly sale limit of $100 million imposed as part of the FTX liquidation plan. In essence, the initial fear of asset liquidation has transformed into hope as investors realize the limited impact of the sales.
FTX has been selling between 250k-700k $SOL every day for the last 2 weeks while price has either been going up or sideways.
— Bluntz (@Bluntz_Capital) November 9, 2023
so far its been getting absorbed like a champ and at current rate their unlocked tokens should be depleted within a week.
once this seller is gone i can… pic.twitter.com/AtnTqz3uxG
As trader and independent analyst 'Bluntz' aptly described the situation, SOL's resilience during the FTX bankruptcy token dump is impressive. The post on X, (formerly Twitter) adds a bullish case for SOL, stating,
"Once this seller is gone, I can only imagine how hard it's gonna pump."
SOL's substantial 39% weekly gains have pushed its futures open interest to $745 million, the highest level since November 2021 when SOL achieved its all-time high of $260. Still, in futures markets, leverage longs and shorts are constantly matched, so it's crucial to examine SOL's funding rate for a more nuanced perspective.
A positive funding rate indicates that longs (buyers) demand more leverage, while the opposite occurs when shorts (sellers) require additional leverage, resulting in a negative funding rate.
SOL's current futures funding rate represents a 0.5% weekly cost for leverage longs, which is not excessive given the prevailing bullish momentum. Yet, this is a significant shift from the funding rate levels observed three weeks earlier when leverage shorts were paying for leverage use.
While it could be argued that SOL's rally was primarily driven by derivatives markets, there's solid evidence indicating growth in terms of deposits and the usage of decentralized applications (DApps) within the Solana ecosystem.
Solana's total value locked (TVL), which measures the amount deposited in its smart contracts, has reversed its declining trend after six consecutive weeks.
Solana's DApps deposits have seen a 10% increase in the last three days. While the current 11.1 million SOL level is still below the 30 million SOL prior to the FTX exchange bankruptcy, this recent trend suggests that the worst period for the Solana network may be behind us.
To confirm that this movement isn't solely driven by a few large holders inflating TVL, it's essential to analyze the number of users employing active addresses as a proxy.
Solana now ranks as the fourth-largest blockchain in decentralized finance (DeFi) TVL, accompanied by a 28% growth in the number of active addresses. Interestingly, this surge in activity occurred while competitors experienced declines, with market leader Ethereum facing a 22% drop in DeFi active users, according to DappRadar.
Related: 3 theses that will drive Ethereum and Bitcoin in the next bull market
On one hand, SOL token bulls benefit from the increased network activity and higher TVL, while on the other hand, Solana's current market capitalization of $22.8 billion has surpassed Polygon's $7.8 billion by nearly threefold, despite both networks having comparable DeFi TVL. This has prompted investors to question the sustainability of SOL's bull run above $54.
Additionally, Solana protocol's accumulated 30-day fees amounted to $1.9 million, compared to Polygon's $1.6 million, according to DefiLlama. However, these figures pale in comparison to BNB Chain's $9.1 million, raising doubts about the valuation after SOL's recent rally.
As of now, there is no evident reason to bet against the trend, as there is no excessive leverage demand observed in SOL derivatives contracts. Nevertheless, the fundamentals hint at limited room for further upside.
This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
Bitcoin and Ether are leading the cryptocurrency markets from the front, but the risk of a short-term pullback remains.
News of BlackRock registering the iShares Ethereum Trust increased expectations that the asset manager may eventually apply for an Ether (ETH) spot exchange-traded fund. This is a positive sign as it shows that BlackRock’s cryptocurrency aspirations are not limited to Bitcoin (BTC).
Market observers are increasingly optimistic that spot Bitcoin ETFs will be greenlighted by the United States Securities and Exchange Commission in 2024. Bloomberg Intelligence research analyst James Seyffart said on X (formerly Twitter) that there is still a 90% possibility that the regulator will approve a spot Bitcoin ETF by Jan. 10 of the next year.
Galaxy Digital founder Mike Novogratz believes that the approval of the Bitcoin ETF, followed by the Ether ETF, will boost institutional adoption in 2024. During Galaxy Digital’s third-quarter earnings call on Nov. 9, Novogratz exhibited confidence that approval for ETFs “is now not a matter of if but when.”
Could the expectations regarding ETF approvals sustain the rally in Bitcoin and select altcoins, or will profit-booking set in?
Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin shot up above the ascending channel pattern on Nov. 9, but the higher levels witnessed profit-booking as seen from the long wick on the candlestick.
The relative strength index (RSI) has been trading in the overbought territory for the past several days, indicating that the bulls have maintained the buying pressure. If the current rebound sustains, the buyers will try to propel the BTC/USDT pair to $40,000 again.
On the contrary, if the price dips back into the channel, it will indicate that markets have rejected the higher levels. That could pull the price down to the 20-day exponential moving average ($34,240), an important level to watch out for. A break below this level will tilt the short-term advantage in favor of the bears.
Ether skyrocketed above the psychological resistance of $2,000 on Nov. 9, indicating aggressive buying by the bulls.
The recent rally has propelled the RSI into the overbought territory, suggesting a consolidation or correction may be around the corner. Sellers will try to halt the up-move at $2,200, but if they want to weaken the momentum, they will have to yank the price back below $2,000.
Contrarily, if the ETH/USDT pair surges above $2,200, it will open the doors for a potential rise to $2,950 as there is no significant resistance in between.
The bulls purchased the dip in BNB (BNB) on Nov. 9, indicating that the lower levels continue attracting buyers.
The bulls will try to drive the price above the overhead resistance at $265. If they can pull it off, the BNB/USDT pair could rise to $285 and thereafter attempt a rally to $310. This level is likely to pose a strong challenge for the bulls.
The crucial support on the downside is the 20-day EMA ($235). Sellers will have to tug the price below this level to gain the upper hand. The pair could then collapse to the 50-day SMA ($220).
XRP (XRP) turned down from $0.74 on Nov. 6 and broke below the immediate support at $0.67 on Nov. 9. This suggests profit-booking by the bulls.
The rising 20-day EMA ($0.61) and the RSI in the positive territory indicate that the bulls have the upper hand.
If the price snaps back from the 20-day EMA, it will suggest that the sentiment remains bullish and traders view the dips as a buying opportunity. That improves the prospects of a break above $0.74. The XRP/USDT pair could then climb to $0.85.
Contrary to this assumption, a break below the 20-day EMA could deepen the correction to the next support at $0.56.
Solana (SOL) nudged above the overhead resistance of $48 on Nov. 9 and followed that up with a sharp move above the overhead resistance on Nov. 10.
If the SOL/USDT pair maintains above $48, it will signal the start of the next leg of the uptrend. The pair may then ascend to $60.
The risk to the up-move is from the overbought level on the RSI. This suggests that the rally is overextended in the near term and ripe for a correction or consolidation. The longer the price remains in the overbought territory, the greater the possibility of a sharp pullback. A slump below $48 will be the first sign that the bulls may lose their grip.
Cardano (ADA) pierced the overhead resistance at $0.38 on Nov. 9, but the long wick on the candlestick shows that the markets rejected the higher levels.
The bulls will again try to shove and sustain the price above the overhead resistance. If they are successful, the ADA/USDT pair could jump to $0.42 and subsequently to $0.46. Buyers may face a formidable resistance at $0.46.
Alternatively, if the price turns down from $0.38, it could slide to the 20-day EMA ($0.32). This remains the critical level to watch for on the downside. A strong rebound off it could keep the advantage with the buyers, while a break below it may indicate a range-bound action in the near term.
Dogecoin (DOGE) swung wildly on Nov. 9, as seen from the long wick and tail on the candlestick. This suggests indecision among the bulls and the bears.
A minor positive is that the bulls have not ceded much ground to the bears. This suggests that the bulls expect the recovery to continue. There is a stiff hurdle at $0.08, but if that is crossed, the DOGE/USDT pair may reach $0.10.
If bears want to make a comeback, they will have to pull the price back below the 20-day EMA ($0.07). The breakdown will suggest that the pair may consolidate inside a large range between $0.08 and $0.06 for some time.
Related: Bitcoin 'Terminal Price' hints next BTC all-time high is at least $110K
Toncoin (TON) closed above $2.59 on Nov. 8, but the bulls could not maintain the higher levels. The price turned down sharply and slipped back below $2.59 on Nov. 9.
A slight advantage in favor of the bulls is that the 20-day EMA ($2.29) support held on the downside. The bulls will again try to propel the price above the overhead resistance zone between $2.59 and $2.77. If they manage to do that, the TON/USDT pair could pick up momentum and travel toward the pattern target of $4.03.
This bullish view will be invalidated in the near term if the price continues lower and breaks below the 20-day EMA. The pair may then slump to $2.
Chainlink (LINK) reached $15 on Nov. 8, and the bulls tried to extend the rally on Nov. 9 but the long wick on the candlestick shows selling at higher levels.
The LINK/USDT pair could slide to the 50% Fibonacci retracement level of $13.24. If the price rebounds off this level with force, the bulls will again try to overcome the obstacle at $15. If they succeed, the pair may surge to $18.
On the downside, if the price tumbles below $13.24, it will suggest that the traders are rushing to the exit. That could open the doors for a possible decline to the 20-day EMA ($11.94). This level is again expected to witness a tough battle between the bulls and the bears.
Polygon’s (MATIC) rally picked up pace after it broke above $0.70, but the up-move is facing selling near the overhead resistance at $0.89.
The price could dip to the 38.2% Fibonacci retracement level of $0.76. If the price rebounds off this level, it will enhance the prospects of a rally above $0.89. If that happens, the MATIC/USDT pair will complete a double bottom pattern. This bullish setup has a target objective of $1.29.
Conversely, if the price breaks below $0.76, the next stop could be $0.70. Such a deep correction will suggest that the pair may continue oscillating inside the large range between $0.49 and $0.89 for a while longer.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
A trader known for making a series of accurate calls says that Polygon (MATIC) could soar during the next bull market cycle. Pseudonymous analyst Dave the Wave tells his 142,700 followers on social media platform X that the layer-2 scaling solution Polygon is likely going to enter a significant uptrend against Bitcoin (MATIC/BTC). “If MATIC […]
The post Analyst Who Called 2021 Collapse Forecasts Potentially Massive Polygon (MATIC) Gains During Bull Market appeared first on The Daily Hodl.
Bitcoin traders want to convert the $36,000 level to support, but will failure to do this kick off a market-wide correction?
Bitcoin’s (BTC) rally stalled near $36,000, but the bulls have not hurried to book profits. According to Glassnode analysis, the Long-Term Holder metric, which are addresses holding Bitcoin for at least 155 days, supply is near an all-time high, while the Short-Term Holder, addresses holding coins for less than 155 days, supply is near an all-time low, indicating tightening Bitcoin supply.
Although the long-term looks positive, there could be fireworks in the short term. Bitcoin derivatives markets have seen a huge build-up of open interest, rising above $16 billion at the time of writing, per CoinGlass data. J. A. Maartunn, a contributor to on-chain analytics platform CryptoQuant, highlighted on X (previously Twitter) that increases in open interest above $12.2 billion have previously resulted in a minimum dip of 20%.
While Bitcoin risks a decline in the near term, traders have started accumulating select altcoins. That has resulted in solid rallies in several altcoins, which have broken out of long basing patterns and are showing signs of starting a new uptrend. Altcoins may witness bouts of profit-booking but are likely to remain in focus as long as Bitcoin does not crumble below $30,000.
What are the critical support levels in Bitcoin that need to hold for the uptrend to continue? Will the altcoin rally sustIain, or is it time to book profits?
Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin continues to trade inside a narrow ascending channel pattern, indicating that buyers are cautious at the current levels.
The upsloping 20-day exponential moving average ($33,612) and the relative strength index (RSI) in the overbought zone indicate that the path of least resistance is to the upside. If buyers propel the price above the channel, it will suggest that the bulls are back in the driver’s seat. That could clear the path for a potential rally to $40,000. This level is likely to attract strong selling by the bears.
On the contrary, if the price turns down and plunges below the 20-day EMA, it will suggest that the bulls are booking profits. The BTC/USDT pair could then drop to $32,400 and eventually to $31,000.
Ether (ETH) has been slowly moving higher toward the significant resistance at $2,000. This is an important level to watch out for as the bears stalled the up-move at $2,000 on two previous occasions in May and July.
If the ETH/USDT pair does not give up much ground from $2,000, it will suggest that the bulls are holding on to their positions as they anticipate another leg higher. There is a minor resistance at $2,200, but if this level is scaled, the up-move may pick up momentum and skyrocket toward $3,500.
Instead, if the price turns down from the current level and breaks below the 20-day EMA ($1,800), the next stop is likely to be $1,746.
BNB (BNB) has been in a recovery phase for several days. The price reached $256 on Nov. 6, where the bears stepped in to stall the up-move.
Sellers will try to pull the price down to the 20-day EMA ($232), which is a necessary level to keep an eye on.
If the price rebounds off this level with strength, it will suggest that the sentiment remains positive and traders are viewing the dips as a buying opportunity. The BNB/USDT pair could then travel to $265, where the bears may again pose a substantial challenge.
Contrarily, if the price turns down and breaks below the 20-day EMA, it will indicate that the bears are back in the game.
XRP (XRP) climbed above the $0.67 resistance on Nov. 6, but the bulls could not surmount the next barrier at $0.74.
That may have tempted short-term bulls to book profits, which pulled the price below $0.67 on Nov. 7. The long tail on the day’s candlestick shows that lower levels continue to attract buyers. If the price remains above $0.63, it will improve the prospects of a retest of $0.74. Above this level, the XRP/USDT pair may rise to $0.85 and then to $1.
Contrary to this assumption, if the price breaks below $0.63, it will signal that the bullish momentum has weakened. The pair could then slip to the 20-day EMA ($0.60).
Solana (SOL) has been consolidating in an uptrend. The price is stuck between the overhead resistance at $48 and the support at $38.
Both moving averages are sloping up, and the RSI is in the overbought zone, indicating that the bulls have the upper hand. The price could climb to $48, which may witness a tough battle between the bulls and the bears. If bulls overcome this obstacle, the SOL/USDT pair could jump to $60.
If bears want to make a comeback, they will have to sink and sustain the price below the 20-day EMA ($36.30). That could start a deeper correction to the 50-day SMA ($27.35).
Cardano (ADA) has been in a strong uptrend for the past few days. The price reached $0.38 on Nov. 6, where the bulls are likely to face solid resistance from the bears.
The price pulled back on Nov. 7, but a minor positive is that the bulls purchased at lower levels, as seen from the long tail on the candlestick. Buying indicates that the bulls expect the overhead resistance to be scaled.
If buyers drive and sustain the price above $0.38, the ADA/USDT pair could start the next leg of the uptrend to $0.42 and subsequently to $0.46. This positive view will be invalidated in the near term if the price breaks below $0.33.
Buyers are trying to shove Dogecoin (DOGE) above $0.08. The previous attempt in July had fizzled out at this level; hence, the bears will again try to guard $0.08 with vigor.
The upsloping 20-day EMA ($0.07) and the RSI in the positive territory indicate that bulls have the edge. If buyers do not give up much ground from $0.08, it will increase the likelihood of a break above it. The DOGE/USDT pair could then surge toward the psychologically crucial level of $0.10.
If bears want to prevent the up-move, they will have to swiftly yank the price back below the 20-day EMA. That could signal a range-bound action between $0.06 and $0.08 for some time.
Related: Toncoin (TON) price skyrockets to 11-month high after Telegram launches 'Giveaways'
Toncoin (TON) surged above the overhead resistance of $2.59 on Nov. 8, indicating that bulls are in control.
The price action of the past few months resulted in a cup and handle formation, which completed on a break and close above $2.59. This bullish setup has a target objective of $4.03.
However, the bears are unlikely to give up easily. They will try to tug and sustain the price below the breakout level of $2.59. If they manage to do that quickly, it may trap several aggressive bulls who could rush to the exit. The TON/USDT pair could then start a sharp correction to $2.31.
Chainlink (LINK) has been in an uptrend for the past few days. After a brief consolidation, the bulls asserted their supremacy and resumed the up-move on Nov. 5.
The rally has reached the resistance at $13.50, which may act as a temporary roadblock. If buyers bulldoze their way through, the LINK/USDT pair may jump to $15 and thereafter to $18. The bears are expected to fiercely defend this level.
The vital support to watch on the downside is the 20-day EMA ($11.18). A break and close below this support will indicate that the bullish momentum may be reducing.
Polygon (MATIC) pierced the overhead resistance at $0.70 on Nov. 6, indicating that the bulls are in the driver’s seat.
The bears tried to pull the price back below the breakout level of $0.70 on Nov. 7, but the bulls held their ground. This suggests that the bulls have flipped the level into support. That started the next leg of the uptrend toward $0.80. This level may act as a minor hurdle, but if crossed, the MATIC/USDT pair could reach $0.90.
The rally of the past few days has pushed the RSI into the overbought territory, cautioning of a possible consolidation or correction in the near term. The pair may then drop to the 20-day EMA ($0.66).
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
The Polygon CDK will soon include a “zkWASM” prover, allowing Web Assembly networks to integrate with the broader Polygon ecosystem.
The developers of the Near and Polygon networks are teaming up to create a zero-knowledge (ZK) prover for Web Assembly (WASM) blockchains, according to a joint announcement on Nov. 8. The new prover, called “zkWASM,” will for the first time allow WASM-based networks to join the Polygon ecosystem.
Zero-knowledge, meet Web Assembly.
— NEAR Protocol | NEARCON | November 7-10 | Lisbon! (@NEARProtocol) November 8, 2023
The NEAR Foundation and @0xPolygonLabs are set to deliver the future of zero-knowledge for WASM based blockchains with zkWASM.
Empowering greater security, scalability, developer flexibility, and interoperability in the open web
zkWASM will… https://t.co/vNtYr42I9N pic.twitter.com/D1BIztjMI9
WASM is a binary instruction format that was developed for use in web browsers. Some blockchain networks also use it as a computation engine instead of the Ethereum Virtual Machine (EVM). For example, Near, Stellar, Polkadot and Internet Computer all use WASM instead of EVM.
Related: Stellar joins Bytecode alliance to help develop EVM alternative WASM
According to the announcement, the new zkWASM prover is “in active development and should be available next year.” Once completed, it will be integrated into Polygon’s chain development kit (CDK), which allows developers to spin up custom blockchain networks based on the initial parameters they set. This means that developers will have the option to use the CDK to create WASM networks and integrate them into the broader Polygon ecosystem, including the Ethereum mainnet itself.
According to Illia Polosukhin, co-founder of Near, the zkWASM prover will allow the network to integrate more with Ethereum, improving liquidity for users:
“NEAR is integrating more with Ethereum by innovating in new research frontiers, and the shared expertise of NEAR and Polygon will expand the ZK landscape and defragment liquidity across chains.”
The announcement also stated that zkWASM will be used to improve validator efficiency on the Near network itself, as the zero-knowledge proof process will cut down on computational overhead compared to the current work of validating a shard. This means that the Near network will obtain “better scalability and increased decentralization,” it stated.
Polygon is attempting to build a multichain ecosystem, which it calls “Polygon 2.0.” The new system will feature bridges that use zero-knowledge proofs to transfer assets from one chain to the other. In September, the developer unveiled plans to replace the Polygon network’s current native coin, MATIC (MATIC), with a new one called POL.
Ethereum (ETH) competitor Solana (SOL) is sustaining its upward momentum as it overtakes layer-2 scaling solution Polygon (MATIC) in daily decentralized exchange (DEX) volume. New data from blockchain tracking platform Artemis reveals that the smart contract platform has surpassed MATIC in both overall DEX volume and the number of daily transactions. Artemis’ data shows that […]
The post Solana’s Rally Continues As SOL Overtakes Polygon (MATIC) in Daily Decentralized Exchange Volume appeared first on The Daily Hodl.
Bitcoin price is losing its upward momentum, but data suggests traders are gearing up to buy any significant dips.
Bitcoin (BTC) soared above $35,000 on Nov. 2 and that may have sucked in the aggressive bulls who speculated that the next leg of the up-move was beginning. However, the price quickly turned around and fell back below $35,000 signaling that the breakout may have been a fake move.
A mild correction during an uptrend does not signal a trend change. It is generally a healthy sign as it shakes out weak hands. When markets are trending higher, dips are viewed as a buying opportunity, but it is better to wait for the price to find a bottom before buying. Strong support levels could be watched as potential places where buyers step in to arrest the decline.
MicroStrategy founder and executive chairman Michael Saylor said in an interview with CNBC that if traders hold a 12-month to 48-month time horizon, the current level is “a pretty ideal entry point into the asset.”
Bitcoin’s weakness has pulled several altcoins lower. What are the important support levels where the decline could end?
Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin surged above $35,280 on Nov. 1 and tried to build upon this rally on Nov. 2 but the bears had other plans. Sellers stalled the up-move at $35,985 and are trying to sustain the price below $35,000.
If they do that, the BTC/USDT pair may skid to $33,390. This is an important level for the bulls to defend because if $33,390 cracks, the pair may fall to the 20-day exponential moving average ($32,611).
Generally, in an uptrend, the bulls fiercely defend the 20-day EMA. If the level holds, it will indicate that the trend remains positive. The bulls will then make one more attempt to kick the price to $40,000.
A break and close below the 20-day EMA will be the first sign that the bulls may be losing their grip. The pair may then tumble to $31,000.
The bulls nudged Ether (ETH) above the immediate resistance at $1,865 on Nov. 2 but the bears pulled the price back below the level, indicating strong selling at higher levels.
The bears will try to sink the price to the strong support at $1,746. This remains the key level to keep an eye on because a break and close below it will signal that the bears are back in the driver’s seat.
Meanwhile, the bulls are likely to have other plans. They will try to buy the dips and again attempt to overcome the obstacle at $1,865. If they can pull it off, the ETH/USDT pair could start a rally to the psychologically critical level of $2,000.
BNB (BNB) bounced off the breakout level of $223 on Nov. 1, indicating that the bulls are fiercely defending this level.
Buyers tried to thrust the price above the $235 resistance on Nov. 2 but the bears held their ground. This suggests that the BNB/USDT pair is stuck between $223 and $235 for some time.
The rising 20-day EMA ($223) and the RSI in the positive territory indicate the path of least resistance is to the upside. If bulls kick the price above $235, the pair may jump to $250 and eventually to $265. Conversely, the trend will shift in favor of the bears if they sink and sustain the price below $223.
XRP (XRP) is facing resistance near $0.61 but a positive sign is that the bulls have not lost ground to the bears.
The buyers will try to drive the price to the overhead resistance at $0.67. This level may again pose a strong challenge to the buyers but if they bulldoze their way through, the rally could extend to $0.75 and subsequently to $0.85. The upsloping 20-day EMA ($0.56) and the RSI in the overbought zone indicate that bulls are in control.
If bears want to make a comeback, they will have to yank the price back below $0.56. The XRP/USDT pair may then collapse to the 50-day SMA ($0.52).
Solana (SOL) climbed above $38.79 on Nov. 1 and reached near the target objective at $48 but the long wick on the day’s candlestick shows that traders aggressively booked profits at this level.
The price rebounded off $38.79 on Nov. 2 but the bulls could not sustain the intraday highs, suggesting that every rally is being sold into. The bears will try to build upon their advantage and sink the SOL/USDT pair below $38.79.
If they succeed, it could start a downward move toward the 20-day EMA ($32.41). Such a deep correction will suggest an end to the up-move in the near term. The pair may then enter a consolidation phase for a few days.
If bulls want to maintain their advantage, they will have to defend the $38.79 support. If the price turns up from this level with strength, the pair may retest the overhead resistance at $48.
Cardano (ADA) snapped back from the 20-day EMA ($0.28) on Nov. 1 and rose above $0.30, indicating that the bulls are viewing the dips as a buying opportunity.
The price turned down from $0.33 on Nov. 2 but the bulls did not cede ground to the bears. This is a positive sign as it shows that the bulls are holding on to their positions as they anticipate the up-move to continue. The target on the upside is $0.38.
Contrary to this assumption, if the price turns lower and breaks below $0.30, it will indicate that the markets have rejected the higher levels. The ADA/USDT pair could then slump to the 20-day EMA ($0.28).
Dogecoin (DOGE) rebounded off the 20-day EMA ($0.06) on Nov. 1 but the bulls could not sustain the higher levels.
The price returned to the 20-day EMA on Nov. 3 but the long tail on the candlestick shows that the bulls are fiercely defending the level. Buyers are again attempting to propel the price above $0.07. If they are successful, the DOGE/USDT pair will attempt a rally to $0.08. This level may again witness strong selling by the bears.
On the contrary, if the price once again turns down from $0.07, it will signal that bears are selling on rallies. A break and close below the 20-day EMA will indicate that the bears are back in the game. The pair may then tumble to $0.06.
Related: Bitcoin disappoints while Markets Pro delivers 88% gains in 29 hours
Toncoin (TON) rose to the overhead resistance of $2.31 on Nov. 2 but the bulls could not overcome the obstacle. This suggests that the bears are defending the level with vigor.
The upsloping moving averages and the RSI in the positive territory indicate that the bulls have a slight edge. A strong rebound off the moving averages will improve the prospects of a rally above $2.31. If this level is scaled, the TON/USDT pair could start its journey toward $2.59.
Instead, if the price turns down from the overhead resistance and breaks below the moving averages, it will suggest that the pair may swing between $1.89 and $2.31 for a few days.
Chainlink (LINK) has been facing resistance near $11.50, indicating that the bears have not given up and continue to sell on rallies.
The failure to sustain the higher levels may have tempted short-term traders to book profits on Nov. 2. That pulled the price back toward the 20-day EMA ($10.11). This remains the key level to watch out for on the downside.
If the rebound off the 20-day EMA sustains, it will suggest strong demand at lower levels. The bulls will then make one more attempt to rise above $11.50. If they succeed, the LINK/USDT pair may surge to $13.50 and subsequently to $15. Contrarily, a slide below the 20-day EMA may result in a retest of $9.50.
Polygon (MATIC) has been moving up gradually but the rally lacks momentum. This shows hesitation among the bulls to continue buying at higher levels.
The rising moving averages and the RSI near the overbought zone indicate that bulls have the upper hand. If bulls clear the overhead hurdle at $0.70, the MATIC/USDT pair could rally to $0.74 and then to $0.80.
The bears are currently posing a strong challenge near the overhead resistance at $0.70 but they will have to sink the price below the 20-day EMA ($0.61) to weaken the bullish momentum. The pair may then oscillate inside the large range between $0.50 and $0.70 for a while.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
A Bloomberg crypto analyst says that Ethereum (ETH) and two other altcoins are creating unprecedented financial opportunities for emerging markets. Blockchain analyst Jamie Coutts says on the social media platform X that ETH, Polygon (MATIC) and Solana (SOL) are unlocking greater access to the private credit market. “Public blockchains hold immense potential for empowering global […]
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