Bitcoin price surge toward $40K boosts sentiment in KAS, RUNE, MNT and RNDR

December 3, 2023 Coin Telegraph

Price analysis 12/1: BTC, ETH, BNB, XRP, SOL, ADA, DOGE, TON, LINK, AVAX

December 1, 2023 Coin Telegraph

Price analysis 11/29: BTC, ETH, BNB, XRP, SOL, ADA, DOGE, TON, LINK, AVAX

November 29, 2023 Coin Telegraph

Avalanche

Bitcoin is struggling to sustain above $38,000, but the bulls have not given up much ground, which some analysts say increases the chance of a rally to $40,000.

Bitcoin (BTC) is trying to sustain above the overhead resistance of $38,000 for the second consecutive day and start the next leg of the uptrend. The excitement among market observers may have increased after the United States Securities and Exchange Commission (SEC) delayed its decision on the applications of Franklin Templeton and Hashdex exchange-traded funds.

Bloomberg ETF analyst James Seyffart speculated in a X (formerly Twitter) post that the SEC may have taken this step “to line every applicant up for potential approval by the Jan. 10, 2024 deadline.”

While many analysts believe that the ETF listing will be a watershed moment for Bitcoin, Genesis Trading head of derivatives Joshua Lim cautioned in a X post that traditional finance investors have already bought the rumor and may exit the trade close to the ETF announcement when retail tries to get in.

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

However, the macroeconomic conditions in early 2024 may limit the downside. Pershing Square Capital Management CEO and founder Bill Ackman said in an interview with Bloomberg that the U.S. Federal Reserve will cut rates sooner than people expect. He anticipates rate cuts to start in Q1 instead of the market expectations of the middle of the year.

Could Bitcoin and altcoins witness a shallow correction before resuming their uptrend?

Let’s analyze the charts of the top 10 cryptocurrencies to find out.

Bitcoin price analysis

Bitcoin again rose above the $37,980 resistance on Nov. 28, but the bulls could not achieve a close above it. This shows that the bears are fiercely defending the level.

*BTC/USDT daily chart. Source:* *TradingView*

The repeated retest of a resistance level tends to weaken it. If bulls sustain the price above the 20-day exponential moving average ($36,820), the possibility of a rally to $40,000 improves. This level may act as a significant hurdle.

If bears want to prevent the up-move, they will have to quickly pull the price below the 20-day EMA and the uptrend line. That could start a decline to the solid support at 34,800. A strong bounce off this level may keep the BTC/USDT pair inside the large range between $34,800 and $38,000 for a while longer.

Ether price analysis

Ether (ETH) again found support at the 20-day EMA ($2,006) on Nov. 27 and 28, indicating that the bulls view the dips as a buying opportunity.

*ETH/USDT daily chart. Source:* *TradingView*

The bulls are expected to face stiff resistance in the zone between $2,137 and $2,200, but if buyers do not give up much ground, it will increase the possibility of a rally above $2,200. If that happens, the ETH/USDT pair will complete a large ascending triangle pattern. That could start a new uptrend, with a pattern target of $3,400.

Instead, if the price turns down and breaks below the 20-day EMA, it will signal that the bears are trying to get back in the game. The pair may then slump to the 50-day SMA ($1,853).

BNB price analysis

The bears tried to yank BNB (BNB) below the $223 support on Nov. 27, but the bulls did not relent. This suggests demand at lower levels.

*BNB/USDT daily chart. Source:* *TradingView*

The bulls will have to force the price above the 20-day EMA ($235) to start a meaningful recovery. The BNB/USDT pair could then attempt a rally to $265, where the bears may again offer a stiff resistance.

If the price again turns down from the 20-day EMA, it will suggest that the bears are trying to flip the level into resistance. That will enhance the prospects of a fall below $223. If this level gives way, the pair may collapse to $203.

XRP price analysis

XRP (XRP) has been stuck between the moving averages for the past few days, indicating indecision among the bulls and the bears.

*XRP/USDT daily chart. Source:* *TradingView*

The slightly downsloping 20-day EMA ($0.61) and the RSI near the midpoint do not indicate an advantage either to the bulls or the bears.

If buyers kick the price above the 20-day EMA, the XRP/USDT pair may rise to $0.67. Instead, if the price turns down sharply from the 20-day EMA and skids below the 50-day SMA ($0.58), it will signal that bears are trying to seize control. The selling could accelerate further if the pair plunges below $0.56.

Solana price analysis

Solana (SOL) snapped back from the 20-day EMA ($54.71) on Nov. 28, indicating that the sentiment remains positive.

SOL/USDT daily chart. Source: TradingView

The bulls will try to push the price above the immediate resistance at $62.10. If they succeed, the SOL/USDT pair could climb to the local high at $68. The bulls will have to overcome this obstacle to invalidate the head-and-shoulders pattern. The failure of a bearish pattern is a bullish sign. That may start a sharp rally in the pair to $85.

The $51 level remains the key support on the downside. A break and close below this level could start a deeper correction toward the 50-day SMA ($42.25).

Cardano price analysis

Cardano (ADA) slid to the 20-day EMA ($0.38) on Nov. 27, but the bulls held their ground. This suggests that lower levels are being aggressively bought.

*ADA/USDT daily chart. Source:* *TradingView*

The higher lows of the past few days improves the prospects of an upside breakout. If the bulls shove the price above $0.40, the ADA/USDT pair could pick up momentum and climb to $0.42 and later to $0.46.

Time is running out for the bears. If they want to make a comeback, they will have to tug the price below the 20-day EMA. That may hit stops of short-term traders and the pair may fall to the solid support at $0.34.

Dogecoin price analysis

Dogecoin (DOGE) has been repeatedly taking support at the 20-day EMA ($0.08), indicating that lower levels are being purchased.

*DOGE/USDT daily chart. Source:* *TradingView*

The upsloping moving averages and the RSI in the positive territory indicate that the path of least resistance is to the upside. Buyers will try to propel the price to $0.09 and next to $0.10, where they are likely to encounter selling by the bears.

On the downside, the 20-day EMA remains the key level to watch out for. If this level crumbles, the DOGE/USDT pair may drop to the 50-day SMA ($0.07) and subsequently to the crucial support at $0.06.

Toncoin price analysis

Toncoin (TON) has been trading above the 20-day EMA ($2.37) for the past few days, but the bulls are struggling to push the price to $2.59. This suggests that demand dries up at higher levels.

*TON/USDT daily chart. Source:* *TradingView*

The bears will try to gain the upper hand by yanking the price below the moving averages. If they manage to do that, the TON/USDT pair could decline to the psychological level of $2 and then to $1.89.

On the upside, the first hurdle is at $2.59. If buyers surmount this resistance, the pair could rally to $2.77. Sellers may offer stiff opposition in the zone between $2.77 and $2.90, but if bulls do not allow the price to dip below $2.59, a new uptrend to $4.03 could begin.

Chainlink price analysis

Chainlink (LINK) again found support at the 20-day EMA ($14.07) on Nov. 28, indicating that the bulls are vigorously guarding this level.

*LINK/USDT daily chart. Source:* *TradingView*

The LINK/USDT pair is likely to face selling at the $15.40 mark as the bears have successfully held this resistance during three previous attempts. If the price turns down from $15.40, it will increase the likelihood of a drop to $12.83.

On the contrary, if bulls drive the price above $15.40, the pair may challenge the local high at $16.60. The up-move could resume, and the pair may reach $18.30 if this level is surpassed.

Avalanche price analysis

Avalanche (AVAX) rebounded off the 20-day EMA ($19.35) on Nov. 28, indicating that the sentiment remains positive and traders are buying on dips.

*AVAX/USDT daily chart. Source:* *TradingView*

The bulls will have to overcome the resistance at $22 to strengthen their position. The AVAX/USDT pair may then rise to $24.69. Sellers are likely to mount a strong defense at this level because if this resistance is taken out, the pair could travel to $28.50 as there is no major resistance in between.

Contrary to this assumption, if the price turns down from $22, it will suggest that bears remain active at higher levels. The advantage will tilt in favor of the bears if they sink the pair below $18.90.

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.

Price analysis 11/27: SPX, DXY, BTC, ETH, BNB, XRP, SOL, ADA, DOGE, LINK

November 27, 2023 Coin Telegraph

Binance Coin

Bitcoin is witnessing profit-booking near $38,000, but the correction is likely to be shallow as lower levels are likely to attract buyers.

Bitcoin (BTC) has started the week on a negative note. The failure of the bulls to pierce and sustain above the $38,000 resistance has given a small window of opportunity for the bears to try and make a comeback. Strong selling has pulled the price below $37,000 on Nov. 27.

However, lower levels are likely to attract buyers as the bulls will want to maintain the momentum going into the final month of the year. The bears are likely to have other plans as they will attempt to deepen the correction. That could boost volatility in the last few days of November as both the bulls and the bears try for a monthly closing in their favor.

While near-term uncertainty remains, Rich Dad Poor Dad author Robert Kiyosaki reiterated his long-term bullish view on Bitcoin, gold and silver in a X (formerly Twitter) post on Nov. 26. He cautioned investors to get out of fiat money, calling it a “FAKE money system.”

Will Bitcoin and altcoins bounce off their respective strong support levels, or will the bears prevail? Let’s analyze the charts to find out.

S&P 500 Index price analysis

The S&P 500 Index (SPX) continued its northward march higher after skyrocketing above the downtrend line. This indicates strong demand at higher levels.

*SPX daily chart. Source:* *TradingView*

The rally of the past few days has pushed the relative strength index (RSI) into the overbought zone, indicating that a minor correction or consolidation is possible in the near term. The 20-day exponential moving average (4,448) is the crucial level to watch out for on the downside.

If the price turns up from this level, it will suggest that the sentiment remains bullish and traders view dips as a buying opportunity. That enhances the prospects of a break above 4,650.

Conversely, a fall below the 20-day EMA will indicate that the bulls are losing their grip. The index may then slump to the 50-day simple moving average (4,346).

U.S. Dollar Index price analysis

The U.S. Dollar Index (DXY) attempted a recovery from the 50% Fibonacci retracement level of 103.46 on Nov. 21, but the bears were in no mood to relent.

*DXY daily chart. Source:* *TradingView*

Sellers stalled the relief rally at 104.21 on Nov. 22 and are trying to sink the price toward the 61.8% Fibonacci retracement level of 102.55. The downsloping 20-day EMA (104.54) and the RSI near the oversold zone indicate that bears are in command.

The first sign of strength will be a break and close above the 20-day EMA. Such a move will suggest that the correction may be over. The index may then attempt a rally toward the stiff resistance at 106.

Bitcoin price analysis

Bitcoin’s price action of the past few days is forming an ascending triangle pattern, which will complete on a break and close above $38,000.

The upsloping moving averages and the RSI in the positive territory indicate that the path of least resistance is to the upside. If the $38,000 resistance is scaled, the BTC/USDT pair may climb to $40,000. This level may again act as a roadblock, but if cleared, the pair may rise to the pattern target of $41,160.

The bears will have to pull the price below the uptrend line to invalidate the bullish setup. That may open the doors for a fall to $34,800. If the price rebounds off this level, it will suggest a range-bound action between $34,800 and $38,000. The bears will gain the upper hand on a break and close below $34,800.

Ether price analysis

Ether (ETH) surged close to the overhead resistance of $2,137 on Nov. 24, but the bulls could not overcome this barrier. That may have led to profit-booking, as seen from the long wick on the day’s candlestick.

The bears are trying to tug the price below the 20-day EMA ($1,998). If they can pull it off, the ETH/USDT pair may fall to $1,904. A break below this support will complete a double-top pattern. This reversal setup could start a deeper correction to the 50-day SMA ($1,834).

Instead, if the price snaps back from the 20-day EMA, it will suggest that lower levels continue to attract buyers. The pair may then climb to the overhead resistance zone between $2,137 and $2,200. Buyers will have to ascend this zone to complete a large ascending triangle pattern.

BNB price analysis

BNB’s (BNB) rejection at the 20-day EMA ($237) on Nov. 23 indicates that the bears are trying to flip the level into resistance.

The bears maintained their selling pressure and have pulled the price below the 50-day SMA ($229). The BNB/USDT pair could next slide to the solid support at $223 and below it to $219. Buyers are likely to defend this zone with vigor.

On the upside, the bulls will have to push and sustain the price above $240 to suggest that the selling pressure is reducing. That may start a rally to $255 and later to the major resistance at $265.

XRP price analysis

XRP (XRP) bounced off the 50-day SMA ($0.58) on Nov. 22 but hit a wall at the 20-day EMA ($0.61). This suggests that the bears are trying to flip the 20-day EMA into resistance.

Sellers will try to sink the price below the 50-day SMA and challenge the vital support at $0.56. If this level is breached, it will suggest that bears are back in command. The XRP/USDT pair may then gradually collapse to $0.46.

On the contrary, if the price turns up from the current level or $0.56 and rises above the 20-day EMA, it will indicate that the pair may continue to oscillate inside the large range between $0.56 and $0.74.

Solana price analysis

Solana (SOL) turned down from the immediate resistance at $59 on Nov. 26, indicating that the bears are trying to halt the relief rallies at this level.

The bears will try to strengthen their position further by pulling the price below the 20-day EMA ($53). The SOL/USDT pair will complete a head-and-shoulders pattern if it breaks below the neckline at $51. That could start a steep correction to the 50-day SMA ($40) and thereafter to the pattern target of $34.

The bulls are likely to have other plans. They will try to arrest the decline near $51. If the bounce off this level rises above $59, it will indicate that bulls are back in the driver’s seat. The pair may then retest the local high at $68.

Cardano price analysis

Cardano (ADA) failed to break above the overhead resistance of $0.40 in the past three days. That may have tempted short-term traders to book profits.

The ADA/USDT pair could slide to the 20-day EMA ($0.37), which is likely to attract buyers. If the price bounces off this level with vigor, it will signal that the trend remains positive and traders are buying on dips. The bulls will then make one more attempt to overcome the obstacle at $0.40. If they succeed, the pair may soar to $0.46.

Contrarily, if the 20-day EMA cracks, the pair may slump to $0.34. Buyers are expected to guard this level because if it gives way, the pair may reach the 50-day SMA ($0.32).

Dogecoin price analysis

The bears tried to yank Dogecoin (DOGE) below the 20-day EMA ($0.08) on Nov. 26, but the bulls purchased the dip as seen from the long tail on the candlestick.

The bulls pushed the price above the $0.08 resistance on Nov. 27, but the long wick on the candlestick shows solid selling at higher levels. If the price dips below the 20-day EMA, the DOGE/USDT pair could slump to the 50-day SMA ($0.07).

On the contrary, if the price once again rebounds off the 20-day EMA, it will suggest demand at lower levels. The bulls will then again try to kick and sustain the price above $0.08. If they do that, the pair may pick up momentum and surge toward $0.10.

Chainlink price analysis

Chainlink (LINK) broke above the downtrend line on Nov. 26, but the bulls failed to build upon the momentum. This may have attracted selling, which pulled the price below the downtrend line on Nov. 27.

The 20-day EMA ($14) remains the key support to watch out for in the near term. If the price sinks and sustains below the 20-day EMA, it will suggest that the bears are attempting a comeback. The LINK/USDT pair could then decline to the 61.8% Fibonacci retracement level of $12.83.

On the other hand, if the price rebounds off the 20-day EMA, it will suggest that the sentiment remains positive and traders are buying on dips. That will enhance the prospects of a rally to the overhead resistance of $16.60.

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.

Bitcoin struggles to flip $38K to support, while UNI, IMX, VET and ALGO aim to push higher

November 26, 2023 Coin Telegraph

Bitcoin struggles to flip K to support, while UNI, IMX, VET and ALGO aim to push higher

Algorand

Bitcoin is facing resistance at $38,000, but UNI, IMX, VET and ALGO may extend their up-move in the short term.

Bitcoin (BTC) rose above $38,000 on Nov. 24, but the bulls could not build upon this strength. This suggests hesitation to buy at higher levels. Bitcoin is on track to form a Doji candlestick pattern on the weekly chart for the second consecutive week. This signals indecision among the bulls and the bears about the next directional move.

With Bitcoin maintaining near its 18-month high, BitMEX co-founder Arthur Hayes retained his bullish stance. In a X (formerly Twitter) post, Hayes said that the United States dollar liquidity was increasing, which is likely to push Bitcoin higher.

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

Another bullish projection came from PlanB, creator of the stock-to-flow family of BTC price models, who said in a post on X that Bitcoin may not stay at the current levels for long. PlanB expects Bitcoin to maintain an average price of at least $100,000 between 2024 and 2028.

Analysts have turned increasingly bullish in the past few days, but traders should exercise caution because every uptrend is bound to have corrections.

Could Bitcoin soar above $38,000 or start a corrective phase? Let’s look at the charts of the top 5 cryptocurrencies that may outperform in the near term.

Bitcoin price analysis

Bitcoin’s march higher has hit a wall near $37,980 but the bulls are not hurrying to close their positions. This shows that traders expect the uptrend to progress further.

The immediate support on the downside is the 20-day exponential moving average ($36,546). If the price snaps back from this support, it will signal that every minor dip is being purchased. That will increase the possibility of a break above $37,980.

If that happens, the BTC/USDT pair could rally to $40,000. This level may pose a strong hurdle to the bulls, but if buyers flip the $38,000 level into support on the downside, the rally could stretch to $48,000.

Conversely, if the price plummets below the 20-day EMA, it will indicate that traders are booking profits. The pair may then dump to $34,800.

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

The bulls are trying to maintain the price above the moving averages but are finding it difficult to overcome the obstacle at $37,980. The relative strength index (RSI) is just above the midpoint, indicating that the bullish momentum is weakening.

If the price slips below the 50-simple moving average, the pair may plunge to the uptrend line. The bulls are expected to defend this level with vigor. On the upside, a break and close above $38,500 will indicate that bulls are in the driver’s seat.

Uniswap price analysis

Uniswap (UNI) fell below the 20-day EMA ($5.44) on Nov. 21, but the lower levels attracted aggressive buying by the bulls. That started a sharp rally on Nov. 22, which pushed the price to $6.60 on Nov. 24.

*UNI/USDT daily chart. Source: TradingView*

The up-move is facing selling near the overhead resistance of $6.70. The UNI/USDT pair has pulled back to the 38.2% Fibonacci retracement level of $5.92, and the next stop could be the 50% retracement level of $5.71.

A strong bounce off this zone will suggest that traders view the dips as a buying opportunity. That may enhance the prospects of a breakout above $6.70. Such a move will complete a double bottom pattern, which has a target objective of $9.60. The bullish momentum is likely to weaken below the 61.8% Fibonacci retracement level of $5.50.

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

The bulls tried to protect the 20-EMA, but the bears had other plans. They pulled the price below the 20-EMA, starting a deeper correction. If the price sustains below the 20-EMA, the pair may tumble to the 50-SMA.

If the price turns up from the current level or bounces off the 50-SMA, it will suggest that lower levels are being bought. The bulls will then again try to propel the price to the overhead resistance of $6.70. If this resistance is surmounted, the pair may skyrocket to $7.80.

Immutable price analysis

Immutable (IMX) has been sustaining above the breakout level of $1.30 for the past several days, suggesting that bulls have the edge.

*IMX/USDT daily chart. Source: TradingView*

The price may pull back to the zone between $1.30 and the 20-day EMA ($1.20). This zone is likely to witness a tough battle between the bulls and the bears, but If the buyers prevail, the IMX/USDT pair could climb to $1.86.

Instead, if sellers tug the price below the support zone, it may trigger stops of short-term traders. That could accelerate selling and result in a sharper correction to the psychological level of $1.

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

The 20-EMA on the 4-hour chart has flattened out, and the RSI is just below the midpoint, indicating a possible consolidation in the near term. The first support on the downside is $1.30. If buyers maintain the price above this level, it will suggest that the $1.30 is acting as a new floor.

On the upside, a break above $1.50 will signal the resumption of the up-move. The pair may travel to $1.59 and then to $1.63. Contrary to this assumption, a fall below $1.20 could tilt the short-term advantage in favor of the bears.

VeChain price analysis

Buyers propelled VeChain (VET) above the overhead resistance of $0.023 on Nov. 26 but are struggling to sustain the higher levels as seen from the long wick on the candlestick.

*VET/USDT daily chart. Source: TradingView*

Sellers will try to trap the aggressive bulls and pull the price to the 20-day EMA ($0.021). If the price rebounds off this level, it will suggest a positive sentiment. The bulls will then again attempt to overcome the obstacle at $0.023. If they can pull it off, the VET/USDT pair could rise to $0.027 and thereafter try to reach the pattern target of $0.031.

On the contrary, if bears sink the price below the 20-day EMA, it will indicate that the pair may remain stuck inside a large range between $0.014 and $0.023 for a while longer.

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

The pair has slipped back below the breakout level of $0.023, indicating that the bears have not given up and are selling at higher levels. The pair could next reach the 20-EMA, which is an important level to watch out for.

If the price rebounds off the 20-EMA, the bulls will make another attempt to drive the price above $0.023 and start the next leg of the rally to $0.027. On the other hand, a break below the 20-EMA may start a deeper correction to $0.020.

Algorand price analysis

Algorand (ALGO) reached the overhead resistance of $0.14 on Nov. 25, where the bears are expected to mount a strong defense.

*ALGO/USDT daily chart. Source: TradingView*

If the bulls do not give up much ground from the current level, it will suggest that traders are holding on to their positions, expecting a move higher. That increases the likelihood of a rally above the $0.14-$0.15 resistance zone. If that happens, the ALGO/USDT pair will complete a cup-and-handle pattern. This reversal setup has a pattern target of $0.20.

If bears want to prevent the up-move, they will have to drag the price below the critical support at $0.12. If this level gives way, the pair may tumble to $0.11 and then to $0.09.

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

The 4-hour chart shows that the pair is oscillating inside the $0.12 to $0.15 range for some time. In a range, traders usually buy near the support and sell close to the resistance. It is difficult to predict the direction of the breakout with certainty; hence, traders may consider waiting for the breakout before taking large bets.

If the price breaks above $0.15, the pair is likely to start the next leg of the up-move. The pair may first rise to $0.18 and then to $0.20. This positive view will be invalidated if the price turns down and falls below $0.12.

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.

Price analysis 11/24: BTC, ETH, BNB, XRP, SOL, ADA, DOGE, TON, LINK, AVAX

November 24, 2023 Coin Telegraph

Avalanche

Bitcoin has risen above $38,000, clearing the path for a rally higher. Will altcoins follow?

Bitcoin (BTC) broke above the overhead resistance of $38,000 on Nov. 24, indicating that the sentiment is positive and bulls have kept up the pressure. Independent Reserve CEO Adrian Przelozny told Cointelegraph that the “next two years are going to be good,” and market activity is likely to pick up in early 2024.

The major catalysts for next year is the Bitcoin halving in April and applications for a spot Bitcoin exchange-traded fund, some of which have a deadline for a decision in January. With two main events on the horizon, Bitcoin is likely to find buyers on dips.

Analysts expect a retracement from $40,000 in the near term. That could be one of the reasons why Cathie Wood’s investment firm, ARK Invest, has been gradually selling into strength. The firm sold about 700,000 shares of the Grayscale Bitcoin Trust (GBTC) over the past month, but it is worth noting that ARK still holds more than 4.3 million GBTC shares.

Could crypto traders bulldoze their way through the overhead resistance levels in Bitcoin and major altcoins? What are the important levels to watch out for?

Let’s analyze the charts of the top 10 cryptocurrencies to find out.

Bitcoin price analysis

Bitcoin pierced the stiff resistance of $37,980 on Nov. 24, but the bulls are struggling to sustain the breakout. This suggests that the bears are vigorously guarding the level.

Both moving averages are sloping up, and the relative strength index (RSI) is above 61, indicating that the path of least resistance is to the upside. If buyers maintain the price above $37,980, the BTC/USDT pair could reach $40,000.

This level may again witness a tough battle between the bulls and the bears, but if the buyers prevail, the pair could skyrocket to $48,000. Time is running out for the bears. If they want to weaken the momentum, they will have to sink the price below the 20-day EMA. The short-term trend will turn negative below $34,800.

Ether price analysis

The bulls pushed Ether (ETH) above the resistance line on Nov. 22, suggesting the start of the next leg of the up-move.

The bears tried to pull the price back below the resistance line on Nov. 23, but the bulls held their ground. This suggests that the bulls are trying to flip the resistance line into support. If they succeed, the ETH/USDT pair could start a northward march toward $2,200.

This level may again act as a formidable resistance, but if bulls overcome it, the pair will complete a large ascending triangle pattern. That could open the gates for a potential rally to the pattern target of $3,400.

This bullish view will be invalidated in the near term if the price turns down and plummets below the vital support at $1,900.

BNB price analysis

BNB (BNB) jumped above $235 on Nov. 22, but the bulls could not overcome the obstacle at the 20-day EMA ($239). This suggests that bears are trying to take control.

The 20-day EMA has started to turn down, and the RSI is just below the midpoint, indicating a minor advantage to the bears. The short-term trend will turn negative on a break and close below the crucial support at $223. That could clear the path for a fall to $203.

If bulls want to prevent the downside, they will have to push and sustain the price above the 20-day EMA. The BNB/USDT pair may then spend some more time inside the large range between $223 and $265.

XRP price analysis

The bulls are trying to shove XRP (XRP) above the 20-day EMA ($0.62), which suggests strong buying at lower levels.

The 20-day EMA has flattened out, and the RSI is near the midpoint, indicating range-bound action in the short term. The XRP/USDT pair may swing between $0.56 and $0.74 for a few days.

If the price rises and sustains above the 20-day EMA, the pair could gradually climb to $0.67 and thereafter to $0.74. Buyers will have to overcome this hurdle to indicate the start of a new up-move.

Conversely, if the price turns down from the current level and breaks below $0.56, it will signal the start of a sharper correction to $0.46.

Solana price analysis

Solana (SOL) has been trying to break above the $59 resistance for the past two days, but the bears have held their ground. A minor positive in favor of the bulls is that they have not ceded ground to the bears.

The rising 20-day EMA ($52.80) and the RSI in the positive territory suggest that bulls have the upper hand. That enhances the prospects of a rally above the overhead resistance. If that happens, the SOL/USDT pair could ascend to $68.

Contrary to this assumption, if the price turns down from the current level, the bears will strive to tug the pair below the 20-day EMA. If they can pull it off, the pair may drop to $48, where buyers are likely to step in.

Cardano price analysis

Cardano (ADA) has been swinging above and below the $0.38 level for the past few days. This shows uncertainty about the next directional move between the bulls and the bears .

The upsloping moving averages and the RSI in the positive territory indicate that the bulls have a slight edge. If the price rises above $0.40, it will signal the start of a new up-move to $0.42 and later to $0.46.

If bears want to trap the aggressive bulls, they will have to yank the price below $0.34. That may result in a fall to the 50-day SMA ($0.31). The ADA/USDT pair may then oscillate between $0.24 and $0.38 for a while longer.

Dogecoin price analysis

Dogecoin (DOGE) has been maintaining above the 20-day EMA ($0.08) for the past two days, but the rise lacks momentum. This indicates that bulls are cautious at higher levels.

Buyers will have to propel the price above $0.08 to signal strength. The DOGE/USDT pair could then surge toward the target objective of $0.10. This level may again witness a tough battle between the bulls and the bears.

If the price turns down from $0.08, it will suggest that bears remain active at higher levels. The pair may then drop to the immediate support at $0.07. The flattish 20-day EMA and the RSI just above the midpoint do not give a clear advantage either to the bulls or the bears.

Toncoin price analysis

Buyers are trying to push Toncoin (TON) to the overhead resistance of $2.59. The repeated retest of a resistance level tends to weaken it.

If bulls drive and sustain the price above the $2.59 to $2.77 resistance zone, it will complete a cup-and-handle pattern. That could start a new uptrend to $3.28 and thereafter to the pattern target of $4.03.

Alternatively, if the TON/USDT pair turns down from the overhead resistance, it will suggest that bears are fiercely protecting the level. That could result in a move down to the 50-day SMA ($2.20). A slide below this level will open the doors for a fall to $2 and subsequently to $1.89.

Chainlink price analysis

Chainlink (LINK) is facing selling at the downtrend line, as seen from the long wick on the Nov. 23 candlestick.

However, the bulls have not given up and have again pushed the price to the downtrend line. The price is stuck between the downtrend line and the 61.8% Fibonacci retracement level of $12.83. This has resulted in a squeeze, likely resolving with a sharp move on either side.

If the price surges above the downtrend line, the LINK/USDT pair may climb to $16.60 and then to $18.30. Instead, if the price turns down and plunges below $12.83, the decline could extend to the 50-day SMA ($11.21).

Avalanche price analysis

Avalanche (AVAX) has reached the overhead resistance at $22, which is an important level to watch out for. The bears are expected to defend this level with vigor.

However, if bulls do not give up much ground from the current level, it will increase the likelihood of a break above $22. The pair may then climb to $25 where the bears are likely to mount a strong defense.

On the downside, the 20-day EMA ($18.40) remains the key level to keep an eye on. If the price turns down and slips below this level, it will suggest the start of a deeper correction to $16. Such a move will indicate that the AVAX/USDT pair may spend some more time inside the large range between $10.50 and $22.

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.

Price analysis 11/22: BTC, ETH, BNB, XRP, SOL, ADA, DOGE, TON, LINK, AVAX

November 22, 2023 Coin Telegraph

Avalanche

The sharp rebound in Bitcoin and select altcoins suggests that bulls remain in charge and continue to buy at lower levels.

Traders hate uncertainty; hence, the settlement between Binance, Changpeng “CZ” Zhao and the United States Department of Justice is likely to be viewed as a positive for the cryptocurrency space. Analysts largely remained positive on the deal, but a few sounded cautious due to the Securities and Exchange Commission’s pending lawsuit against Binance.

Bitcoin (BTC) and several major altcoins fell sharply on Nov. 21 following the Binance news but are finding support at lower levels. This suggests that traders stepped in after the initial knee-jerk reaction, and are buying at lower levels. After the initial bounce, the bulls are likely to head into stiff opposition from the bears.

Buying on dips and selling on rallies results in a range-bound action as both the bulls and the bears battle it out for supremacy. Generally, a consolidation near the 52-week high is considered a bullish sign, but traders should wait for an upside confirmation before jumping in to buy.

Will Bitcoin and select altcoins remain stuck inside a range for the next few days? What are the important levels to watch out for?

Let’s analyze the charts of the top 10 cryptocurrencies to find out.

Bitcoin price analysis

The bears pulled Bitcoin below the 20-day exponential moving average ($35,948) on Nov. 21 but could not sustain the lower levels. Strong buying by the bulls pushed the price back above the 20-day EMA on Nov. 22.

The BTC/USDT pair has been consolidating between $34,800 and $38,000 for several days. This indicates a balance between supply and demand. A minor positive in favor of the bulls is that the 20-day EMA is sloping up, and the relative strength index (RSI) remains in the positive zone.

If bulls propel the price above $38,000, the pair could start the next leg of the uptrend to $40,000. This level may act as a formidable resistance, but if cleared, the pair may soar to $48,000.

On the contrary, if the price turns down and breaks below $34,800, it will suggest that the traders are rushing to the exit. That may open the doors for a further decline to $32,400.

Ether price analysis

Ether (ETH) turned down from the resistance line on Nov. 20 and slipped below the 20-day EMA ($1,957) on Nov. 21.

However, the bulls had other plans. They aggressively purchased the drop below the 20-day EMA and are again trying to overcome the barrier at the resistance line. This remains a pivotal level to keep an eye on because a break above it could start a rally to $2,137 and then to $2,200.

On the downside, $1,880 is a necessary support to watch out for. If this level fails to hold, the ETH/USDT pair may start a deeper correction to the 50-day simple moving average ($1,791). That could delay the start of the next leg of the up-move.

BNB price analysis

BNB (BNB) witnessed a wild ride on Nov. 21, with an intraday high of $272 and a low of $224. This indicates uncertainty about the next directional move between the bulls and the bears.

A minor positive is that the bulls did not allow the price to break below the major support at $223. That started a recovery on Nov. 22, and the bulls are trying to push the price back above the 20-day EMA ($240). If they succeed, it will signal that the BNB/USDT pair may consolidate between $223 and $265 for some time.

Conversely, if the price fails to sustain above the 20-day EMA, it will suggest that bears are selling on rallies. That could again pull the price toward $223. A break below this support could extend the fall to $203.

XRP price analysis

XRP (XRP) turned down from the 20-day EMA ($0.61) on Nov. 20 and fell to the 50-day SMA ($0.57) on Nov. 21.

The bulls are expected to defend the support at $0.56 because a failure to do so may result in a drop toward $0.46. The slightly downsloping 20-day EMA and the RSI just below the midpoint indicate a minor advantage to the bears.

If the price breaks above the 20-day EMA, it will suggest strong buying at lower levels. That will signal a possible range-bound action between $0.56 and $0.74 for a few days. The bulls will be back in the driver’s seat after the XRP/USDT pair rises above $0.74.

Solana price analysis

Solana (SOL) climbed above the critical overhead resistance of $0.59 on Nov. 19, but the bulls could not build upon this strength. The bears pulled the price back below $0.59 on Nov. 20.

The SOL/USDT pair snapped back from the 20-day EMA ($51) on Nov. 22, indicating that the bulls are vigorously protecting the level. Buyers will again try to overcome the obstacle at $59 and challenge the local high at $68.

On the contrary, if the price once again turns down from $59, it will suggest that bears remain active at higher levels. Sellers will then again attempt to sink the price below the vital support at $48. If this level gives way, the pair may nosedive to the 50-day SMA ($37).

Cardano price analysis

Repeated failures of the bulls to maintain Cardano (ADA) above the breakout level of $0.38 started a correction on Nov. 21.

The price reached the 20-day EMA ($0.35), which is acting as a strong support. The sharp rebound off this level suggests robust buying by the bulls. It also increases the likelihood of a break above $0.39. If this level is scaled, the ADA/USDT pair could increase to $0.46.

If bears want to prevent the rally, they will have to quickly drag the price below the 20-day EMA. There is a minor support at $0.34, but if it cracks, the pair may slide to the 50-day SMA ($0.30).

Dogecoin price analysis

Dogecoin (DOGE) plunged below the 20-day EMA ($0.07) on Nov. 21, but the bears are struggling to sustain the lower levels.

The bulls are trying to push the DOGE/USDT pair back above the 20-day EMA. If they can pull it off, it will suggest aggressive buying on dips. The bulls will then make one more attempt to clear the overhead hurdle at $0.08 and start the march toward $0.10.

Alternatively, the bears will try to sell the rallies and keep the price pinned below the 20-day EMA. That could open the doors for a potential drop to the 50-day SMA ($0.07) and eventually to the crucial support at $0.06.

Toncoin price analysis

Toncoin (TON) has been finding support at the 50-day SMA ($2.19), indicating that the sentiment remains positive and traders are buying on dips.

Both moving averages remain flattish, and the RSI is just above the midpoint, indicating a range-bound action in the short term. If the price maintains above $2.40, the TON/USDT pair may rise to $2.59.

Contrary to this assumption, if the price turns down and breaks below the 20-day EMA, the pair could test the support at the 50-day SMA. If this support cracks, the pair may start a downward move to $2 and subsequently to $1.89.

Chainlink price analysis

Chainlink (LINK) turned down from the immediate resistance of $15.39 on Nov. 20 and fell below the 20-day EMA ($13.63) on Nov. 21.

The LINK/USDT pair rebounded back above the 20-day EMA on Nov. 22, indicating demand at lower levels. Buyers will once again try to propel the price above $15.39 and retest the overhead resistance at $16.60.

Meanwhile, the bears are likely to have other plans. They will try to defend the $15.39 level and pull the price below the 61.8% Fibonacci retracement level of $12.83. If they do that, the pair may plummet to the 50-day SMA ($10.94).

Avalanche price analysis

Avalanche (AVAX) closed above the $10.52 to $22 range on Nov. 19, but the bulls could not maintain the higher levels. The bears pulled the price back below the breakout level on Nov. 20.

The 20-day EMA ($17.71) is sloping up, and the RSI is in the positive territory, indicating that the bulls have the upper hand. Buyers will again try to propel the price above $22, and if they are successful, it will suggest the start of a new up-move. The AVAX/USDT pair could then start its journey toward $30.

Contrarily, if the price turns down from $22, it will indicate that the bears are vigorously protecting the level. That will increase the possibility of a break below the 20-day EMA. If that happens, the pair may remain stuck inside the large range 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.

Price analysis 11/20: SPX, DXY, BTC, ETH, BNB, XRP, SOL, ADA, DOGE, LINK

November 20, 2023 Coin Telegraph

Binance Coin

The weakness in the U.S. Dollar Index suggests that risky assets such as Bitcoin and the S&P 500 Index may remain in favor of the buyers.

The S&P 500 Index (SPX) rose 2.24% last week, its third consecutive weekly gain. In comparison, Bitcoin (BTC) managed a minuscule gain of 0.8%, indicating consolidation below $38,000. The prospects for risky assets remain bullish as the U.S. Dollar Index has started to turn down.

Cryptocurrency investors have not parted with their Bitcoin holdings, even after the 125% rally in 2023, indicating their long-term bullish view. Reflexivity co-founder William Clemente posted a chart sourced from Glassnode to X (formerly Twitter), which showed that 70% of Bitcoin in circulation has not been sold or transferred in the past year.

Investors have also increased exposure to global cryptocurrency exchange-traded products (ETPs) in 2023, according to a report by the digital asset platform Fineqia, which was seen by Cointelegraph. Fineqia reported that crypto ETP assets under management ballooned by 91% from Jan. 1 to Oct. 31, 2023.

If Bitcoin fails to break above its resistance, will it start a deeper correction? Will altcoins also turn lower, or could they buck the trend? Let’s analyze the charts to find out.

S&P 500 Index price analysis

The S&P 500 Index surged above the downtrend line on Nov. 14, signaling an end of the corrective phase.

The moving averages have completed a bullish crossover, and the relative strength index (RSI) is in the overbought territory, indicating that bulls are in command. There is a minor resistance in the 4,512–4,541 zone, which may result in a pullback.

On the downside, the 20-day exponential moving average (EMA) (4,395) is likely to act as a strong support. If the price rebounds off this level, it will suggest that the trend has turned positive. That will enhance the prospects of a rally to 4,650.

Contrarily, if the 20-day EMA gives way, the index may drop to the 50-day simple moving average (SMA) (4,340). Sellers will have to yank the price below this support to indicate strength.

U.S. Dollar Index price analysis

The U.S. Dollar Index turned down from the 20-day EMA (105) on Nov. 14 and plunged below the descending channel pattern.

That started a correction, which has reached the 50% Fibonacci retracement level of 103.46. The 20-day EMA has started to turn down, and the RSI is near the oversold zone, indicating that bears are in command.

If the 103.46 level cracks, the decline may extend to the 61.8% Fibonacci retracement level of 102.55. Buyers are likely to defend the zone between 103.46 and 102.55 with vigor. The first sign of strength will be a break and close above the 20-day EMA.

Bitcoin price analysis

After finding support at the 20-day EMA ($35,925), Bitcoin has been gradually moving up toward the vital resistance at $38,000. The bears have guarded this level twice in the past; hence, they will try to do the same once again.

If the price turns down sharply from the overhead resistance and breaks below the 20-day EMA, it may trigger the stops of several short-term traders. That may start a correction in the BTC/USDT pair, which could reach $34,000 and subsequently $32,400.

Contrarily, if bulls pierce the $38,000 resistance, it will indicate the start of the next leg of the uptrend. The pair may travel to $40,000, which is again likely to behave as a significant resistance. The rising moving averages and the RSI in the positive territory indicate that the path of least resistance is to the upside.

Ether price analysis

Ether (ETH) has been forming a large ascending triangle pattern, which will complete on a break and close above $2,200. This bullish setup has a target objective of $3,400.

The bulls are buying the dips to the 20-day EMA ($1,949), indicating that lower levels continue to attract buyers. If the price sustains above the psychological level of $2,000, the ETH/USDT pair could attempt a rally to $2,090 and then to $2,200.

Instead, if the price turns down and breaks below the 20-day EMA, it will signal that the bears are attempting a comeback in the near term. The pair may then drop to the 50-day SMA ($1,779).

BNB price analysis

The bulls have successfully held BNB (BNB) above the 20-day EMA ($242) for the past few days, indicating that the sentiment remains positive and traders are buying the dips.

The bulls will next try to push the price above $258 and retest the formidable resistance at $265. A break and close above this level will complete a rounding bottom pattern. The BNB/USDT pair may then ascend to $305, as there is no major resistance level in between.

Alternatively, if the price turns down and breaks below the 20-day EMA, it will suggest that the bulls are losing their grip. The pair could drop to the immediate support at $235. This level is likely to act as solid support, but if it breaks down, the correction could stretch to the 50-day SMA ($227).

XRP price analysis

XRP (XRP) fell below the 20-day EMA ($0.62) on Nov. 16, but the bears have failed to pull the price to the next support at $0.56. This suggests that lower levels are attracting buyers.

The XRP/USDT pair is stuck between $0.74 and $0.56. If buyers push and sustain the price above the 20-day EMA, it will suggest that a relief rally has begun. The pair may then climb to $0.67 and later to $0.74. The price action inside the range is likely to remain random and volatile.

A break above $0.74 or a collapse below $0.56 could start a trending move. If the price sustains above $0.74, the pair may jump to $0.85. On the other hand, a slump below $0.56 could sink the pair to $0.46.

Solana price analysis

Buyers are struggling to sustain Solana’s SOL (SOL) above $59, indicating that the bears remain active at higher levels.

A minor positive in favor of the bulls is that they have not ceded much ground to the bears. This suggests that the buyers are not dumping their positions in a hurry, as they anticipate the uptrend to continue. On the upside, a break and close above $68.20 could clear the path for a rally to $77.

This bullish view will be invalidated in the near term if the price turns down and skids below the 20-day EMA ($51.39). The SOL/USDT pair could then fall to the crucial support at $48.

Cardano price analysis

Cardano’s ADA (ADA) has been witnessing a tough battle between the bulls and the bears near the $0.38 level for the past several days.

The upsloping moving averages and the RSI in the overbought zone indicate that the bulls are at an advantage. If the price stays above the $0.38–$0.40 resistance zone, the ADA/USDT pair could rally to $0.46.

If bulls want to prevent the upside, they will have to quickly drag the price back below the 20-day EMA ($0.35). If that happens, several short-term bulls may book profits, and the pair could slide to the 50-day SMA ($0.30).

Dogecoin price analysis

Dogecoin (DOGE) has been gradually moving higher in the past few days. The bulls drove the price above $0.08 on Nov. 17 but could not sustain the breakout.

The price turned down on Nov. 18 and dipped to $0.08. A positive sign is that the bulls are trying to defend the $0.08 level. If they manage to do that, it will signal that $0.08 has flipped into support. That will improve the prospects of the resumption of the uptrend. The DOGE/USDT pair could then reach $0.10.

The RSI is showing signs of forming a bearish divergence, indicating that the momentum may be slowing down. Sellers will have to pull and sustain the price below the 20-day EMA ($0.07) to seize control.

Chainlink price analysis

Sellers tried to sink Chainlink’s LINK (LINK) below the 20-day EMA ($13.64) on Nov. 17 and 18, but the long tail on the candlestick indicates solid buying at lower levels.

There is a minor resistance at $15.40, but if this level is scaled, the LINK/USDT pair could retest the local high at $16.60. Sellers are again expected to mount a vigorous defense at this level, but if the bulls do not give up much ground, it will increase the likelihood of a break above $16.60.

Contrarily, if the price turns down from $15.40, it will suggest that bears are selling at higher levels. The trend will shift in favor of the bears if they can sink and sustain the price below the 61.8% Fibonacci retracement level of $12.83.

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.

SOL, LINK, NEAR and THETA flash bullish as Bitcoin takes a breather

November 19, 2023 Coin Telegraph

Bitcoin

Bitcoin price range trades as SOL, LINK, NEAR and THETA play catch up.

Bitcoin (BTC) has been consolidating above $35,000 for several days, but the bulls have failed to resume the uptrend above $38,000. This suggests hesitation to buy at higher levels. BitGo CEO Mike Belshe said in a recent interview with Bloomberg that there is likely to be another round of rejections of the spot Bitcoin exchange-traded fund applications before they are finally approved.

Multiple analysts believe Bitcoin will enter a correction in the near term, with the worst outcome projecting a drop to $30,000. However, the fall is unlikely to start a bear phase. Look Into Bitcoin creator Philip Swift said that on-chain data suggests that the Bitcoin bull market is still in its early stages as there is “no FOMO yet.”

As Bitcoin takes a breather, several altcoins have witnessed a pullback, but some are showing signs of resuming their uptrends. Fidelity and BlackRock’s applications filed for a spot Ether ETF show strong demand for investment in select altcoins.

Could Bitcoin stay above $35,000 over the next few days? Is it time for altcoins to start the next leg of their up-move? Let’s look at the charts of the top 5 cryptocurrencies that may rise in the short term.

Bitcoin price analysis

Bitcoin is facing stiff resistance near $38,000, but a positive sign is that the bulls have not allowed the price to dip below the 20-day exponential moving average ($35,666).

The upsloping moving averages and the relative strength index (RSI) in the positive zone indicate that bulls have the upper hand. If the price rebounds off the 20-day EMA, the bulls will make one more attempt to overcome the roadblock at $38,000.

If they succeed, the BTC/USDT pair may reach $40,000. This level may witness aggressive selling by the bears, but if buyers bulldoze their way through, the rally could eventually touch $48,000.

The first sign of weakness will be a close below the 20-day EMA. That will indicate the possibility of a range-bound action in the near term. The pair may remain stuck between $34,800 and $38,000 for a while. A break below $34,800 could clear the path for a decline to $32,400.

The 4-hour chart shows that the price is swinging between $38,000 and $34,800. Both moving averages have flattened out, and the RSI is near the midpoint, indicating that the range-bound action may continue for some more time.

A tight consolidation near the 52-week high is a positive sign as it shows that the bulls are not closing their positions in a hurry. That increases the likelihood of an upside breakout. If that happens, the pair may resume the uptrend. The short-term trend will favor the bears on a break below $34,800.

Solana price analysis

Solana (SOL) fell below the breakout level of $59 on Nov. 16, but the bears could not capitalize on this advantage. This indicates that selling dries up at lower levels.

The bulls are again trying to propel the price back above $59. If they do that, it will indicate that the markets have rejected the lower levels. The SOL/USDT pair may then climb to $68.20. If this level is scaled, the pair may resume the uptrend. The next target on the upside is $77 and subsequently $95.

This bullish move will be invalidated if the price turns down and plummets below $48. That could start a steeper correction to the 50-day SMA ($35.47). The deeper the fall, the longer the time it will take for the next leg of the uptrend to begin.

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

The 20-EMA is flattening out, and the RSI is just above the midpoint, indicating a balance between supply and demand. If buyers shove the price above $64, the pair may challenge the local high at $68.20.

On the other hand, if the price turns down and breaks below $54, it will suggest that the bears are back in the game. The pair may then plunge to $51 and eventually to the strong support at $48. A break below this level will tilt the advantage in favor of the bears.

Chainlink price analysis

Chainlink’s (LINK) pullback is finding support at the 20-day EMA ($13.42), indicating that lower levels continue to attract buyers.

The bulls will next try to push the price to the local high of $16.60. This level may witness a tough battle between the bulls and the bears, but if this barrier is overcome, the LINK/USDT pair could start the next leg of the uptrend to $20.

Instead, if the price turns down from $15.38, it will indicate that bears are selling on rallies. They will then try to sink the price below the 61.8% Fibonacci retracement level of $13.55. If they manage to do that, the pair may tumble to the 50-day SMA ($10.54).

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

The pair has been declining inside a descending channel pattern for the past few days. Generally, traders sell near the channel’s resistance line, and that is what they are doing. If the price skids below $13.36, it will open the doors for a fall to the support line.

Contrarily, if buyers kick the price above the channel, it will suggest that the correction may be over. The pair may first rise to $15.38 and subsequently to $16.60. The flattish 20-EMA and the RSI near the midpoint do not give a clear advantage to the bulls or the bears.

Near Protocol price analysis

Near Protocol (NEAR) rose and closed above the formidable resistance of $1.72 on Nov. 17. This move indicates a potential trend change in the short term.

*NEAR/USDT daily chart. Source: TradingView*

The rising 20-day EMA ($1.58) and the RSI in the positive zone indicate that the bulls are in charge. There is a minor resistance at $2. The NEAR/USDT pair may rise to $2.40 if this obstacle is cleared.

Meanwhile, the bears are likely to have other plans. They will try to pull the price back below the breakout level of $1.72 and trap the aggressive bulls. The pair may then fall to the 20-day EMA. This remains the critical level to watch out for because a drop below it will indicate that the sellers are back in the game.

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

The pair has been sustaining above the breakout level of $1.72, but the bulls have failed to start a strong up-move. This suggests that the bears have not given up and are trying to pull the price back below $1.72.

If they can pull it off, the price may drop to $1.60. If this level gives way, several stops may get triggered. The pair may then tumble to $1.45 and thereafter to $1.28. Contrarily, if buyers shove the price above $1.95, the pair may start its march toward $2.10.

Theta Network price analysis

Theta Network (THETA) is finding support at the 20-day EMA ($0.88) after going through a correction in the past few days. This indicates that the sentiment remains positive, and traders are viewing the dips as a buying opportunity.

*THETA/USDT daily chart. Source: TradingView*

The rebound off the 20-day EMA is likely to face resistance at the psychological level of $1. If this level is conquered, the THETA/USDT pair could pick up momentum and rise to $1.05 and later to $1.20. This level may again act as a strong hurdle, but if cleared, the pair may soar to $1.33.

If bears want to prevent the rally, they will have to quickly pull the price back below the 20-day EMA. That will indicate that the bulls may be rushing to the exit. The pair may then start a deeper correction to the 50-day SMA ($0.72).

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

The pair has been correcting inside a falling wedge, which usually acts as a bullish setup. Buyers will need to break and sustain the price above the wedge to signal strength. The pair may first rise to $1.05 and thereafter retest the resistance at $1.20.

On the contrary, if the price turns down from the resistance line, it will suggest that the pair may remain stuck inside the wedge for some more time. The sentiment is likely to turn bearish on a slide below the wedge.

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.

Solana (SOL), Avalanche (AVAX) and dYdX produce double-digit gains as Bitcoin reclaims $37K

November 15, 2023 Coin Telegraph

Solana (SOL), Avalanche (AVAX) and dYdX produce double-digit gains as Bitcoin reclaims K

Adoption

SOL, AVAX and DYDX rank among the top-performing altcoins this month. Cointelegraph investigates what is behind the move.

On Nov. 15, several altcoins continued to show strength alongside Bitcoin (BTC), which notched an intra-day high at $37,400. Leading into the week, DYDX, Solana’s SOL (SOL) and Avalanche’s AVAX (AVAX) currently reflect double-digit gains, with each chasing after new year-to-date highs.

The sustained bullish price action from altcoins has led some analysts to declare the arrival of an altcoin season , and at the time of writing, the total market capitalization of the altcoin market has hit a 2023 high at $659.5 billion.

Altcoin price rallies typically involve a slew of factors, some being sentiment-based and others based on project fundamentals. Let’s look at a few of this week’s top market performers to see what catalysts underlie their growth.

dYdX fee switch boosts price

The platform behind the DYDX token is dYdX, a decentralized exchange that offers futures contracts on Ethereum Virtual Machine blockchain tokens like Ether (ETH). On Oct. 27, dYdX launched its layer-1 blockchain with the creation of its genesis block, which operates using native DYDX tokens. The launch allowed for the on-chain distribution of all fees received to validators and stakers. The protocol update has been fantastic for DYDX’s price, sending it up over 110% in the past 30 days.

In addition to token price appreciation, the dYdX platform is posting substantial user numbers, including increased fees and revenues. Both metrics have witnessed 77.5% increases to $8.67 million in 30 days. Annualized, this could mean $105.5 million in fees for validators and stakers.

*DYDX fees and revenue. Source: TokenTerminal*

SOL price hits another 2023 high

Solana’s SOL token has had an impressive 30-day return profile, gaining over 166%. Despite reaching a 2023 high on Nov. 10, Solana’s price is still over 4x below its all-time high of $259.96.

Solana’s price growth has been powered by an uptick in users, which is led by the top-performing decentralized application on the blockchain, Jito, a liquidity staking platform. Solana’s daily active users also hit a 2023 high on Nov. 10, reaching 200,000. Coinciding with the increase in users, Solana’s revenue has eclipsed $1 million in 30 days, recording a 78.2% increase.

*Solana daily active users and revenue. Source: TokenTerminal*

Avalanche’s AVAX token picks up steam

Avalanche is a layer-1 blockchain similar to Solana, where validators process transactions and receive tokens. Compared with Solana and dYdX, Avalanche brings in less revenue, but that hasn’t stopped its token from going on a double-digit run this week.

*dYdX, Solana and Avalanche fees. Source: TokenTerminal*

Despite being relatively smaller, AVAX has been performing well. In the past seven days, AVAX reached above 59% in gains, and it hit an impressive 118% growth in 30 days. AVAX’s price is still more than 7x below its all-time high.

While these three altcoins are performing well, Bitcoin continues to dominate the overall market, with its dominance rate hovering above 50% since Oct. 16. When Bitcoin dominance decreases, those funds typically flow into altcoins, which is generally the start of an altseason.

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.

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