Price analysis 11/15: BTC, ETH, BNB, XRP, SOL, ADA, DOGE, MATIC, LINK, TON

November 15, 2023 Coin Telegraph

Bitcoin and select altcoins are showing strength, a possible sign that the bull trend has resumed.

Bitcoin (BTC) succumbed to profit-booking on Nov. 13 and 14, which pulled the price below $35,000. Corrections are a normal part of every up-move and are considered healthy as they shake out the weak hands and allow the stronger hands to add to their positions.

A note of caution to the eager dip buyers is that Glassnode data shows the number of whale wallets with more than $1,000 Bitcoin dropped to its lowest level in about a month. This indicates that some whales may have sold into the recent strength.

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

DecenTrader co-founder Filbfilb said in an interview with Cointelegraph that a drawdown could come before the rally leading into Bitcoin halving in April 2024. Filbfilb believes Bitcoin could pick up pace after that and reach $46,000 to $48,000 by halving.

Could Bitcoin and the select altcoins resume their uptrend, or will higher levels attract solid selling by the bears?

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

Bitcoin price analysis

Bitcoin re-entered the ascending channel pattern on Nov. 13, which may have trapped the aggressive bulls. That started a liquidation, which pulled the price to the channel’s support line on Nov. 14.

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

The strong bounce off the support line suggests that lower levels continue to attract buyers. The bulls will try to push the BTC/USDT pair above the resistance line, but may encounter strong selling by the bears.

If the price turns down and breaks below the channel, it will suggest that traders are rushing to the exit. That may yank the price to the $32,400 to $31,000 support zone. The bulls are expected to aggressively buy at lower levels. The bulls will be back in control after they shove the price above $38,000.

Ether price analysis

Ether (ETH) turned up on Nov. 13, but the long wick on the day’s candlestick suggests selling at higher levels. The selling continued on Nov. 14, and the price slipped below the psychological level of $2,000.

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

The failure of the bulls to flip the $2,000 level into support is a negative sign, but a solace is that buyers held the 20-day exponential moving average ($1,921) on the downside. If buyers retain the price above $2,000, it will indicate vigorous buying at lower levels. The ETH/USDT pair may then retest the overhead zone between $2,137 and $2,200.

Conversely, if the price turns down and breaks below the 20-day EMA, it will signal that the bears are back in the game. That could clear the path for a decline to the 50-day SMA ($1,745).

BNB price analysis

BNB (BNB) broke below the 20-day EMA ($239) on Nov. 14 but snapped back from the solid support at $235. This suggests robust buying at lower levels.

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

The upsloping moving averages and the relative strength index (RSI) in the positive territory suggest that bulls have a slight edge. Buyers will try to push the price to the $258 to $265 overhead resistance zone.

Sellers are expected to protect this zone with vigor. If the price turns down sharply from $265, the BNB/USDT pair may drop to $235 and oscillate between these two levels for some time.

XRP price analysis

XRP (XRP) pierced the $0.74 resistance on Nov. 13 and then turned down quickly, indicating aggressive selling at higher levels.

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

The selling continued on Nov. 14, pulling the price below the 20-day EMA ($0.62). This level is likely to witness a tough battle between the bulls and the bears. If the price maintains below the 20-day EMA, the next stop could be the 50-day SMA ($0.56). Such a move suggests that the XRP/USDT pair may swing between $0.56 and $0.74 for a while.

The bulls will be back in the driver’s seat after they propel the price above the overhead resistance at $0.74. The pair may then climb to $0.85 and later to $1.

Solana price analysis

The bears tried to start a correction in Solana (SOL) on Nov. 13, but the bulls stepped in and arrested the decline at $51 on Nov. 14.

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

Buying continued on Nov. 15, and the bulls are trying to overcome the barrier at $64. If they manage to do that, the SOL/USDT pair could start the next leg of the uptrend. The pair may then rally to $77 and subsequently to $95.

The risk to the upside move is that the RSI has been in overbought territory for the past several days. That suggests the rally is overextended in the near term and may witness a correction or consolidation.

Cardano price analysis

Cardano (ADA) remained above $0.38 from Nov. 10 to 12, but the bulls could not build upon the next leg of the uptrend. That may have tempted short-term traders to book profits, pulling the price to the 20-day EMA ($0.34) on Nov. 14.

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

The ADA/USDT pair rebounded sharply off the 20-day EMA, as seen from the long tail on the candlestick. Buyers will try to propel the price to the $0.38 to $0.39 resistance zone. If bulls overcome this obstacle, the pair could rally to $0.46.

Instead, if the price turns down and plunges below the 20-day EMA, it will open the doors for a possible decline to $0.32. Such a move will indicate that the pair may consolidate between $0.24 and $0.38 for a few days.

Dogecoin price analysis

Dogecoin (DOGE) failed to sustain above $0.08 on Nov. 11 and 12, resulting in a correction to the 20-day EMA ($0.07) on Nov. 14.

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

The bears pulled the price below the 20-day EMA, but the long wick on the candlestick shows solid buying at lower levels. The bulls will again try to push the price to $0.08, where they are likely to encounter strong selling by the bears.

If the price turns down from $0.08 and breaks below the 20-day EMA, it will indicate that the DOGE/USDT pair may stay range-bound for a while. Contrarily, a break and close above $0.08 will signal the start of the next leg of the up-move to $0.10.

Polygon price analysis

Polygon (MATIC) witnessed huge volatility on Nov. 13 and 14, as seen from the large intraday ranges. This indicates an intense battle between the bulls and the bears.

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

The failure of the bulls to sustain the price below the $0.89 level suggests that the bulls are trying to flip the level into support. The bulls may again face stiff opposition from the bears at the psychological level of $1.

If the price turns down from this level but does not slip below $0.89, it will increase the likelihood of the resumption of the uptrend. Above $1, the MATIC/USDT pair could reach $1.20. On the contrary, a fall below $0.84 could start a correction to the 20-day EMA ($0.77).

Chainlink price analysis

Chainlink (LINK) is correcting in a strong uptrend. The price dipped to the 20-day EMA ($13.16) on Nov. 14, which is likely to act as a formidable support.

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

If the bounce off the 20-day EMA sustains, the bulls will try to push the price to the local high of $16.60. This is a critical level to watch out for because a break above it will signal the resumption of the uptrend. The LINK/USDT pair could next rally to $20.

Contrary to this assumption, if the price turns down from $16.60, it will suggest that the bears remain active at higher levels. That could keep the pair stuck between $16.60 and the 20-day EMA for some time.

Toncoin price analysis

Toncoin (TON) found support at $2.31 on Nov. 12, but the rebound was short-lived. The price turned down and plummeted below $2.31 on Nov. 14.

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

The failure of the bulls to defend the 20-day EMA ($2.31) suggests that the positive momentum is weakening. Both moving averages have flattened out, and the RSI is near the midpoint, indicating a range-bound action in the near term.

On the downside, if the 50-day SMA cracks, the TON/USDT pair could fall to $2 and thereafter to $1.89. Buyers are expected to guard this level with vigor. The bulls will have to propel the price above $2.77 to indicate the start of the next leg of the up-move.

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 11/13: SPX, DXY, BTC, ETH, BNB, XRP, SOL, ADA, DOGE, LINK

November 13, 2023 Coin Telegraph

Binance Coin

Bitcoin opened the week with a shallow correction, but altcoin traders seem unaffected by the slight BTC price pullback.

Bitcoin (BTC) has risen more than 120% year-to-date, indicating that the crypto sentiment has improved significantly. Solid buying has resulted in a sharp increase in crypto wallets holding more than $1 million in Bitcoin this year from 23,795 on Jan. 1 to 81,925 currently, according to BitInfoCharts data.

After the substantial rally, Bitcoin could face headwinds in the near term as investors digest the macroeconomic data and events due this week. The Consumer Price Index data is set to be released on Nov. 14, followed by the Producer Price Index data on Nov. 15, and the Nov. 17 deadline to avoid a partial United States government shutdown could give rise to short-term volatility.

A short-term pullback is healthy for the long-term trend of the market. It is also likely to be viewed as a buying opportunity by traders as most analysts anticipate Bitcoin to rally in 2024, buoyed by the expectations of a spot Bitcoin exchange-traded fund finally receiving regulatory approval.

Will Bitcoin and select altcoins start a short-term correction, or will the bulls maintain their buy pressure and clear the respective overhead resistance levels? Let’s analyze the charts to find out.

S&P 500 Index price analysis

The S&P 500 Index (SPX) snapped back from the neckline on Nov. 9, indicating that the bulls are buying on every minor dip.

*SPX daily chart. Source:* *TradingView*

The 20-day exponential moving average (4,319) has started to turn up, and the relative strength index (RSI) has risen into the positive zone, indicating that the bulls are in command. A break and close above the downtrend line will clear the path for a rally to 4,512.

However, the bears are unlikely to give up easily. They will try to fiercely protect the downtrend line and drag the price below the neckline. If they do that, the index may drop to the 20-day EMA. Sellers will have to sink the price below the 20-day EMA to come out on top.

U.S. Dollar Index price analysis

The U.S. Dollar Index (DXY) tumbled below the descending channel pattern on Nov. 3, but the bears could not build upon this advantage and start a deeper correction.

*DXY daily chart. Source:* *TradingView*

That started a recovery, which has reached the 20-day EMA (105.92). If the price turns down sharply from the current level, it will suggest that the sentiment has turned negative and traders are selling at the 20-day EMA. That could pull the price down to the 38.2% Fibonacci retracement level of 104.38.

On the other hand, if bulls propel the price above the 20-day EMA, the index could rise to the resistance line of the descending channel pattern.

Bitcoin price analysis

Bitcoin has been holding near the channel’s resistance line for the past four days, but the bulls have failed to start the next leg of the uptrend. This suggests that demand dries up at higher levels.

If the price re-enters inside the channel, it will suggest that the breakout on Nov. 9 may have been a bull trap. Short-term traders may book profits, pulling the price toward the 20-day EMA ($34,961).

The overbought level on the RSI also warns of a possible correction or consolidation in the near term. The correction may extend to $32,400 and eventually to $31,000 if the bears yank the BTC/USDT pai below the channel.

Conversely, if the price turns up sharply and ascends above $38,000, it will indicate the start of a rally to $40,000.

Ether price analysis

Ether (ETH) rebounded off the psychological level at $2,000 on Nov. 12, indicating that the bulls are trying to flip the level into support.

Buyers will make one more attempt to overcome the obstacle at $2,200. If they succeed, the ETH/USDT pair could pick up momentum and soar toward $3,000, as there is no major resistance level in between.

Meanwhile, the bears are likely to have other plans. They are likely to mount a vigorous defense at $2,200. If the price turns down from this level, the pair may consolidate between $2,000 and $2,200 for a few days. The short-term trend will turn negative if the price breaks and sustains below $2,000. The pair may then collapse to the 20-day EMA ($1,908).

BNB price analysis

BNB (BNB) has been consolidating between $240 and $258 for the past few days. This has pulled the RSI down from the overbought zone.

The upsloping 20-day EMA ($238) and the RSI in the positive territory indicate an advantage to buyers. If the price rebounds off the 20-day EMA, the bulls will try to propel the BNB/USDT pair to $265. This level may again witness a tough battle between the bulls and the bears, but if cleared, the pair may surge to $285.

On the downside, the bears will have to yank the price below $235 to indicate the start of a deeper connection to the 50-day SMA ($222).

XRP price analysis

XRP (XRP) has been trading below $0.67 for the past few days, but a positive sign is that the bulls have not allowed the price to skid below the 20-day EMA ($0.62).

The tight consolidation near $0.67 enhances the prospects of a break above it. If that happens, the XRP/USDT pair could jump to $0.74. This level may pose a challenge, but it is likely to be crossed. That could start a rally toward $0.85.

Contrary to this assumption, if the price turns down and breaks below the 20-day EMA, it will indicate that the bulls have given up. That could sink the pair toward the next significant support at $0.56.

Solana price analysis

Solana (SOL) skyrocketed above the $48 resistance on Nov. 10 and ascended the $59 level on Nov. 11, but the bulls are facing stiff opposition from the bears.

The rally of the past few days pushed the RSI above 88, indicating that the rally is overextended and a correction or consolidation may be around the corner. If the price turns down from the current level, the SOL/USDT pair could slide to $48. This level is likely to attract buyers who will try to flip $48 into support.

On the contrary, if the $48 level gives way, it will suggest that the traders are rushing to the exit. The pair may then decline to the 20-day EMA ($43).

Cardano price analysis

Cardano (ADA) pushed through the barrier at $0.38 on Nov. 10, but the bulls failed to build upon the recovery. This indicates that the bears are fiercely defending the $0.38 level.

Sellers will try to tug the price to the 20-day EMA ($0.34). If bulls want to maintain their hold, they will have to guard the 20-day EMA with vigor. A strong rebound off this level will increase the likelihood of a rally above $0.38. The pair may first rise to $0.42 and subsequently to $0.46.

Alternatively, if the price continues lower and plummets below the 20-day EMA, it will indicate that the ADA/USDT pair may spend some time inside the large range between $0.24 and $0.38.

Dogecoin price analysis

Dogecoin (DOGE) rose above $0.08 on Nov. 11, but the bulls could not sustain the higher levels as seen from the long wick on the day’s candlestick.

The failure to maintain above the overhead hurdle has started a pullback toward the 20-day EMA ($0.07). Buyers will try to defend this level and start a rebound off it. If they manage to do that, the DOGE/USDT pair could rally to $0.08. This is an important level to watch out for because a break above it could open the doors for a rally to $0.10.

Contrarily, a break and close below the 20-day EMA will signal that the pair may stay range-bound between $0.06 and $0.08 for some time.

Chainlink price analysis

Chainlink’s (LINK) solid rally of the past few days pushed the RSI above 86, indicating that the rally was overextended in the near term.

That may have tempted short-term traders to book profits near $16.60 on Nov. 12. The LINK/USDT pair could pullback to the 38.2% Fibonacci retracement level of $14.27 and then to the 50% retracement level of $13.55.

The real test will be at the 20-day EMA ($13). A strong rebound off this level will suggest that buyers continue viewing the dips as a buying opportunity. That may push the price toward $16.60. If this level is scaled, the pair may reach $18. This bullish view will be invalidated in the near term if the price slips and maintains below the 20-day EMA.

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.

VET, IMX, GRT and ALGO show bullish setups as Bitcoin trades above $37K

November 12, 2023 Coin Telegraph

VET, IMX, GRT and ALGO show bullish setups as Bitcoin trades above K

Algorand

Large and small-cap altcoins are flashing bullish signs as Bitcoin price holds above $37,000.

Bitcoin (BTC) is on target to end the week with gains of about 6%, indicating continued demand from the bulls. MicroStrategy co-founder Michael Saylor said during a speech at the 2023 Australia Crypto Convention on Nov. 10 that Bitcoin’s demand on a monthly basis could surge between two to 10 times by the end of 2024. Additionally, the halving will reduce the supply by half. Saylor expects both these events will cause the price “to adjust up.”

With almost a general consensus that Bitcoin’s price will move higher in 2024, analysts are busy projecting how high the rally could reach. Using its Terminal Price on-chain indicator, Look Into Bitcoin creator Philip Swift said that Bitcoin could hit at least $110,000 in its next bull cycle.

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

While Bitcoin continues to hog the limelight, several major altcoins have been charging higher. The broad-based cryptocurrency rally increases hopes that an altcoin season may be around the corner.

If the bullish sentiment sustains, altcoins may witness a rotation, wherein the high flyers face some profit booking, and the laggards start moving higher. Let’s look at the charts of the top-5 cryptocurrencies that may outperform in the near term.

Bitcoin price analysis

Bitcoin has been holding above the ascending channel pattern for the past three days, indicating that the bulls are defending the breakout level.

The bulls will try to thrust the price above $38,000 and start the northward march toward $40,000. While the upsloping moving averages indicate that the bulls are in control, the overbought levels on the RSI warn of a potential correction.

If the price skids back into the channel, it will suggest that the markets have rejected the higher levels. That could open the doors for a fall to the channel’s support line, which is close to the 20-day exponential moving average ($34,784).

The bears will have to sink the price below the channel to indicate the start of a solid correction. The BTC/USDT pair may then decline to the $32,400 to $31,000 support zone.

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

The bulls are buying the dips to the 20-EMA on the 4-hour chart but have failed to resume the uptrend. This suggests a lack of demand at higher levels. The bears will try to utilize this opportunity and drag the price below the 20-EMA. If they do that, the pair may fall to the 50-SMA.

On the contrary, if the price turns up from the current level, it will suggest that the bulls have flipped the breakout level from the channel into support. That will enhance the prospects of a rally above $38,000.

VeChain price analysis

VeChain (VET) completed a double bottom pattern after bulls pushed the price above the overhead resistance of $0.021 on Nov. 6.

*VET/USDT daily chart. Source: TradingView*

The bulls have managed to ward off attempts by the bears to pull the price back below $0.021. This suggests buyers are trying to flip the $0.021 level into support. The bulls will next attempt to propel the price above $0.023 and resume the up-move. If they do that, the VET/USDT pair could rally to the pattern target of $0.028.

Contrarily, if the price fails to rise above the $0.023 resistance, the likelihood of a drop to the 20-day EMA ($0.020) increases. A break and close below this support will suggest that the bears are back in the game. The pair may then slump to the 50-day SMA ($0.018).

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

The pair has been consolidating above the breakout level of $0.021 for some time. The 20-EMA is flattening out, and the RSI is near the midpoint, indicating a balance between supply and demand.

This equilibrium will tilt in favor of the buyers if they kick the price above $0.023. That could start the next leg of the uptrend. Instead, if the price turns down and plummets below $0.021, it will indicate that the markets have rejected the higher levels. That could start a fall to $0.020.

Immutable price analysis

Immutable (IMX) has risen sharply in the past few days, indicating that the bulls are attempting a comeback.

*IMX/USDT daily chart. Source: TradingView*

The recovery is expected to face a formidable resistance at $1.30. If the price does not give up much ground from this level, it will enhance the prospects of a break above the overhead resistance. The IMX/USDT pair could then start a rally to $1.59.

The overbought level on the RSI warns of a possible correction or consolidation in the near term. If the price turns down sharply from the current level or $1.30, it will indicate that the bulls are rushing to the exit. That may pull the price down to the 20-day EMA ($0.84).

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

The pair is gradually moving toward the overhead resistance of $1.30. The upsloping moving averages indicate that bulls remain in command, but the negative divergence on the RSI suggests that the bullish momentum is weakening.

Sellers may mount a vigorous defense at $1.30, but if the price stays above the moving averages during the pullback, it will improve the prospects of a rally above the overhead hurdle. Alternatively, if the price turns down sharply and slides below the 50-SMA, it will indicate the start of a pullback to $0.80.

The Graph price analysis

The Graph (GRT) has corrected after a sharp up-move, but a positive sign is that the bulls have managed to keep the price above the 20-day EMA ($0.12).

*GRT/USDT daily chart. Source: TradingView*

The GRT/USDT pair has been attempting to resume the up-move, but the bears are posing a strong challenge at $0.14. The upsloping moving averages and the RSI in the positive territory indicate that the path of least resistance is to the upside.

If bulls overcome the obstacle at $0.16, the pair may resume its uptrend. The pair could thereafter travel to $0.21. Contrary to this assumption, if the price turns down and breaks below the 20-day EMA, it will indicate that the up-move has ended.

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

The pair has found support at the 50-SMA on the 4-hour chart, but the bears are trying to halt the recovery near $0.14. If buyers pierce this resistance, the pair could retest the barrier at $0.16. This level may again witness a tough battle between the bulls and the bears.

On the downside, the 50-SMA remains the key level to keep an eye on. If this level gives way, the pair could tumble to the strong support at $0.12. This level is likely to attract buying by the bulls.

Algorand price analysis

Algorand (ALGO) is forming a rounding bottom pattern, which will complete on a break and close above the overhead resistance at $0.14.

*ALGO/USDT daily chart. Source: TradingView*

The upsloping moving averages and the RSI in the overbought zone indicate that the bulls are at an advantage. If buyers maintain the price above $0.14, it will signal the start of a new up-move. The pattern target of the reversal setup is $0.20. If this level is scaled, the up-move may reach $0.24.

Alternatively, if the price turns down sharply from $0.14, it will suggest that bears continue to defend the level with vigor. The ALGO/USDT pair could then slump to the 20-day EMA ($0.12).

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

The bulls are buying the dip to the moving averages, indicating that the sentiment is turning positive. The real test for the bulls is at $0.14. If they shove and sustain the price above this level, the pair is likely to pick up momentum.

On the downside, the moving averages remain the key level to watch out for. A break below the 20-EMA could pull the price to the 50-SMA. If this level cracks, the pair may start a correction to $0.10.

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 11/10: BTC, ETH, BNB, XRP, SOL, ADA, DOGE, TON, LINK, MATIC

November 10, 2023 Coin Telegraph

Binance Coin

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 price analysis

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 price analysis

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.

BNB price analysis

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 price analysis

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 price analysis

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 price analysis

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 price analysis

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.

Toncoin price analysis

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 price analysis

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 price analysis

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.

Is it altseason? Altcoin 30-day performance and total market cap flash bullish

November 9, 2023 Coin Telegraph

Altcoin

3 key data points highlight the 60-day strength shown by altcoins.

A wave of green has washed across the entire crypto market, and it won’t be long before traders on X (the social platform formerly known as Twitter) begin to explain that a new altcoins season has arrived.

Altcoin season, or ‘altseason’ as the crypto bros say, typically measures the rallying of altcoins and a positive market capitalization increase of the total altcoin market cap.

Let’s take a look at some key indicators that market participants use to determine whether or not an altcoin season has emerged.

Total crypto market capitalization hits a 14-month high

The total crypto market cap recently hit a 14-month high, clearly reflecting the current bullish momentum.

Crypto total market cap broke out to its highest levels in over 14 months. pic.twitter.com/0c6CPxDSfQ
— TradingView (@tradingview) November 6, 2023

Similar strength is seen in the total altcoin market capitalization chart (TOTAL2). The metric measures the crypto market cap minus Bitcoin (BTC).

Since Sept. 8, the metric has springboarded from $526 billion to $622 billion on Nov. 9. The change shows traders’ growing interest and investment interest in altcoins, along with an increase in the prices of altcoins within the metric.

*Total crypto market cap minus Bitcoin. Source:* *TradingView*

Large-cap altcoins display multi-week strength

Data from CoinMarketCap shows the top 13 altcoins by market cap (excluding stablecoins) reflecting double-digit gains within the last 30 to 60-days.

In particular, Ripple (XRP), which has won a host of legal battles against the Securities and Exchange Commission (SEC), witnessed 45% gains in the past 60-days. On top of the legal victories that helped to boost investor sentiment, it is rumored that Ripple will be announcing an IPO on Nov. 9.

*Top altcoin performers. Source: CoinMarketCap*

For the past 3-months, Solana (SOL) has rallied significantly and started to lose its “Sam coin” moniker. Sam coins are cryptocurrencies with exposure to Alameda Research, FTX and Bankman-Fried. SOL price gained over 107% in the past 60-days as the project continues to rebuild and gain users in the aftermath of the FTX collapse. BitMEX exchange co-founder Arthur Hayes recently joined the Solana train, announcing that he purchased the altcoin on Nov. 2.

Similar to Solana, Chainlink (LINK) has seen massive 60-day returns of over 100% due to consistent building and usage. Link also has posted 26% returns in 6-days.

Other notable performances came from BNB (BNB), Cardano (ADA), Tron (TRX) and Polygon (MATIC), which also produced double-digit gains in a 60-day period.

The altcoin market performance seemingly coincides with an improvement in investor sentiment. A gauge of market sentiment is the Fear & Greed Index. Since starting September as fearful, the market has turned to greed on Oct. 23 and has not reversed.

Whether it is truly altseason or not, it is clear that excitement is returning to the crypto market.

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 11/8: BTC, ETH, BNB, XRP, SOL, ADA, DOGE, TON, LINK, MATIC

November 8, 2023 Coin Telegraph

Binance Coin

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 price analysis

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 price analysis

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 price analysis

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 price analysis

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 price analysis

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 price analysis

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.

Dogecoin price analysis

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.

Toncoin price analysis

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 price analysis

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 price analysis

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.

Price analysis 11/6: SPX, DXY, BTC, ETH, BNB, XRP, SOL, ADA, DOGE, TON

November 6, 2023 Coin Telegraph

Binance Coin

Bitcoin price is consolidating near $35,000. Will altcoins capitalize on the sideways price action and move higher?

Bitcoin’s (BTC) marginal rise of about 1.5% last week suggests that traders are cautious at higher levels but they are not rushing to the exit. The bears have been in hibernation for the past few days but if the rally fails to resume, sellers may try to make a comeback.

However, in an uptrend, dips are usually viewed as an opportunity for long-term investors to accumulate. The positive sentiment among traders can be gauged by the increase in Bitcoin withdrawals from exchanges which reached 61,000 Bitcoin, a strong improvement over the year-to-date low of nearly 43,000 Bitcoin, according to CryptoSlate analyst Van Straten.

A large part of the accumulation is taking place in Bitcoin in the hopes that the United States Securities and Exchange Commission will eventually approve a spot Bitcoin exchange-traded fund. The enthusiasm of the traders increased further on the news that the Hong Kong government may consider proposals for a spot Bitcoin ETF. BitMEX co-founder Arthur Hayes said on X (formerly Twitter) that the competition between the United States and China is good for Bitcoin.

Are Bitcoin and altcoins ready to extend their up-move or is it time for a short-term correction? Let’s analyze the charts to find out.

S&P 500 Index price analysis

The S&P 500 Index (SPX) has been on a tear for the past few days. The bulls pushed the price above the 20-day exponential moving average (4,275) on Nov. 2 and followed it up a break above the 50-day simple moving average (4,346) on Nov. 3.

The relative strength index (RSI) has risen into the positive territory and the 20-day EMA has started to turn up. This indicates that the downtrend may be over but it does not guarantee the start of a new uptrend. The bears are expected to fiercely defend the downtrend line.

In the same way, the buyers are unlikely to give up their advantage without a fight. They are likely to buy the dips to the 20-day EMA. A strong rebound off this level will increase the possibility of a break above the downtrend line. If bears want to gain the upper hand, they will have to yank the price back below the 20-day EMA.

U.S. dollar index price analysis

The U.S. dollar index (DXY) plunged below the moving averages on Nov. 3, indicating the start of a deeper correction.

The first support on the downside is the 38.2% Fibonacci retracement level of 104.38. If the price rebounds off this level, the index could reach the 20-day EMA. Buyers will have to pierce this resistance to set up a retest of 107.35.

Contrary to this assumption, if the price continues lower and breaks below 104.38, it will signal that the bulls are rushing to the exit. That could open the gates for a further decline to the 50% retracement level of 103.46.

Bitcoin price analysis

Bitcoin has been gradually rising inside the ascending channel pattern. This suggests that the bulls have the edge but the momentum is slowing down.

The RSI remains inside the overbought territory, indicating that the BTC/USDT pair may extend its consolidation or enter a corrective phase in the next few days. If the price skids below the channel, it may tempt short-term traders to book profits. There is strong support at the 20-day EMA ($33,238) but if this level gives way, the pair may plummet to $31,000.

Contrarily, if the price turns up and breaks above the channel, it will suggest the start of the next leg of the uptrend. The pair may then soar to the next major obstacle at $40,000.

Ether price analysis

Ether (ETH) broke above the nearby resistance of $1,885 on Nov. 5, indicating the start of the next leg of the upward journey toward $2,000.

The bears are expected to defend the zone between $2,000 to $2,200 with all their might because if this resistance gives way, it will clear the path for a possible rally to $3,500 as there are no major resistances in between.

This bullish view will invalidate in the near term if the price turns down from the current level and breaks below the 20-day EMA ($1,780). The ETH/USDT pair may then tumble toward the 50-day SMA ($1,671).

BNB price analysis

BNB (BNB) broke and closed above the resistance of the range at $235 on Nov. 4, indicating that demand exceeds supply.

There is a minor resistance at $250 but if buyers bulldoze their way through, the BNB/USDT pair may reach the major hurdle at $265. This level may prove to be a formidable resistance for the bulls to cross.

On the downside, the first important support to keep an eye on is $235. If the price dips below this level, it will signal that bears remain active at higher levels. The pair may then slide to the 20-day EMA ($227).

XRP price analysis

XRP (XRP) broke above the stiff overhead resistance of $0.67 on Nov. 6, indicating that the bulls are in the driver’s seat.

There is a minor resistance at $0.74 but if bulls clear this hurdle, the XRP/USDT pair could rally to $0.85 and subsequently to $1.

A risk to the current up-move is that the RSI has entered overbought territory. This suggests that the rally is overheated in the short term. That could result in a correction or a consolidation for a few days. The important level to watch on the downside is $0.67. If this level gives way, it could start a deeper correction to the 20-day EMA ($0.58).

Solana price analysis

Solana (SOL) bounced off the crucial support of $38.79 on Nov. 3 but the bulls are struggling to sustain the higher levels.

The bears will try to build upon their advantage and sink the price below $38.79. If they manage to do that, the SOL/USDT pair could slump to the 20-day EMA ($34.67). This level is likely to witness a tough battle between the bulls and the bears.

If the price rebounds off the 20-day EMA, the bulls will again try to drive the price above $42.50 and challenge the stiff resistance at $48. Conversely, if the 20-day EMA cracks, the pair may tumble to $31 and later to $27.12.

Related: Why is XRP price up today?

Cardano price analysis

Cardano (ADA) has been in a strong recovery for the past few days. The momentum picked up further after buyers pushed the price above $0.30.

The strong rally has pushed the RSI into the overbought zone, suggesting that a minor consolidation or correction may be around the corner. If the price stays above $0.32, it will increase the likelihood of a rally to $0.38.

On the contrary, if the price turns down from the current level and breaks below $0.32, it will suggest that traders may be booking profits. That could pull the price down to the 20-day EMA ($0.30). This remains the key level for the bulls to defend to keep the up-move intact.

Dogecoin price analysis

Dogecoin (DOGE) bounced off the strong support at the 20-day EMA ($0.07) on Feb. 3, indicating a change in sentiment from selling on rallies to buying on dips.

The bulls are trying to maintain the price above $0.07 and if they succeed, the DOGE/USDT pair could pick up momentum and surge to $0.08. This level may pose a strong challenge but if cleared, the pair may sprint toward the psychological level of $0.10.

Meanwhile, the bears are likely to have other plans. They will try to stall the up-move and pull the price back below the 20-day EMA. This could clear the path for a potential fall to the $0.06 support.

Toncoin price analysis

Toncoin (TON) has been trading above the moving averages for the past few days, indicating demand at higher levels.

The bulls pushed the price above $2.31 on Nov. 6 but the long wick shows selling at higher levels. If buyers maintain the price above $2.31, it will open the doors for a rise to $2.59. The bears are expected to mount a strong defense at this level.

Alternatively, if the price turns down from the current level, the moving averages are likely to act as the first line of support. If these give way, the TON/USDT pair could drop to the strong support at $1.89. Such a move will suggest that the pair may oscillate between $1.89 and $2.31 for some time.

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 price reclaims $35K — Will ATOM, UNI, NEAR and AXS rally next?

November 6, 2023 Coin Telegraph

Bitcoin price reclaims K — Will ATOM, UNI, NEAR and AXS rally next?

Axie Infinity

Bitcoin recaptured a key price level and a handful of altcoins look poised to breakout.

The S&P 500 Index soared 5.85% last week, its best performance since November 2022. A large part of the gains were fuelled by expectations that the Federal Reserve will not hike rates anymore.

In comparison, Bitcoin (BTC) had a much muted performance with a rise of approximately 2%. However, a positive sign for cryptocurrency investors is that a risk on sentiment is likely to benefit the crypto space.

Bitcoin’s rise attracted investments in several beaten-down altcoins, which are rising from their long-term slumber. If Bitcoin does not collapse, the recovery may spread to coins that have still not participated in the rise.

Even as Bitcoin enters a range, select altcoins are showing signs of moving higher. Let’s look at the charts of the top-5 cryptocurrencies that may extend their rally in the next few days.

Bitcoin price analysis

Bitcoin continues to trade near the $35,000 resistance and the price action of the past few days has formed an ascending channel pattern. After a sharp rally, a tight ascending channel is generally considered a negative sign.

If the price turns down and skids below the channel, it may tempt several aggressive traders to book profits. That may pull the price to the 20-day exponential moving average ($33,033). A strong rebound off this level will suggest that the bulls remain in command. They will then again try to thrust the price above $36,000 and resume the uptrend.

On the contrary, if the price turns down and breaks below the 20-day EMA, the BTC/USDT pair could plunge to the strong support zone between $32,400 and $31,000. The bulls are expected to defend this zone with all their might because a break below it will tilt the advantage in favor of the bears.

The pair has been gradually rising inside the ascending channel pattern but the negative divergence on the relative strength index (RSI) suggests that the bullish momentum may be weakening. If bulls want to retain control, they will have to kick the price above the channel. If they manage to do that, the pair may rally to $40,000.

Meanwhile, the bears are likely to have other plans. They will try to sink the price below the channel and gain the upper hand. If they are successful, the pair may tumble to $32,400.

Cosmos price analysis

Cosmos (ATOM) rose above the $7.60 resistance on Oct. 30, which completed a double bottom pattern. The bulls successfully defended the breakout level between Nov. 1-3.

*ATOM/USDT daily chart. Source: TradingView*

Buyers propelled the price above $8.25 on Nov. 5, indicating the resumption of the uptrend. The pattern target from the breakout of the bullish setup is $8.91. This level may act as a barrier but if crossed, the ATOM/USDT pair could run up to $10.

The important support to watch on the downside is $7.60. If bears pull the price below this level, it will suggest aggressive selling at higher levels. The pair may then dump to the 50-day SMA ($7.07).

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

The 4-hour chart shows that the price rose above the nearby resistance of $8.20, signaling a minor advantage to the buyers. If bulls maintain the price above $8.20, the pair is likely to start the next leg of the up-move to $8.91.

Contrarily, if the price turns down and breaks below the 20-EMA, it will suggest that the markets have rejected the higher levels. That may lead to long liquidation and pull the price to the strong support at $7.60.

Uniswap price analysis

Uniswap (UNI) reached the overhead resistance of $5 on Nov. 2 but the bulls could not overcome the obstacle.

*UNI/USDT daily chart. Source: TradingView*

A minor positive in favor of the bulls is that they have not ceded ground to the bears. The moving averages have completed a bullish crossover and the RSI is in the positive zone, indicating that the bulls have the upper hand. If buyers propel the price above $5, the UNI/USDT pair could rise to $6 and thereafter to $6.40.

Contrary to this assumption, if the price turns down from $5, it will suggest that the bears continue to defend the level with vigor. That may pull the price down to the 20-day EMA ($4.36), which remains the key level for the bulls to defend if they want to maintain their advantage.

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

Buyers maintained the price above the 20-EMA but they could not overcome the roadblock at $5. This indicates that the bears have not given up and are attempting to get back in the game. A break and close below the 20-EMA will further strengthen the bears. The pair may then slump to $4.50.

On the other hand, if the price turns up from the 20-EMA with force, it will indicate that the bulls continue to buy on dips. That increases the likelihood of a break above the overhead resistance of $5. If that happens, the pair may climb to $5.50.

Related: Why is Cardano price up today?

Near Protocol price analysis

Near Protocol (NEAR) has risen sharply in the past few days, indicating that the bulls are attempting a comeback.

*NEAR/USDT daily chart. Source: TradingView*

The bears mounted a stiff resistance at $1.63 but an encouraging sign was that the bulls did not allow the price to dip below $1.43. This suggests that the buyers were in no hurry to book profits as they anticipated the rally to continue.

If buyers sustain the price above $1.63, the NEAR/USDT pair could climb to $2. The risk to the up-move is the overbought levels on the RSI. This suggests a possible consolidation or correction in the near term. If the price slips below $1.63 the bears will again try to shove the pair below $1.43.

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

After consolidating in a tight range between $1.43 and $1.59 for some time, the bulls asserted their supremacy and pushed the price higher. The pair could first reach $1.78 and thereafter attempt a rally to $2.

The rising moving averages indicate advantage to buyers but the overbought levels on the RSI suggest that a consolidation or correction is possible in the short term. A drop below the 20-EMA will be the first sign that the bulls are losing their grip. The pair may then drop to the 50-SMA.

Axie Infinity price analysis

Axie Infinity (AXS) has been in a strong recovery phase for the past several days but the bears have not given up and are selling near $6.

*AXS/USDT daily chart. Source: TradingView*

The bears tried to tug the price to the 20-day EMA ($5.11) but the bulls purchased the dips below $5.40 as seen from the long tail on the candlesticks. Buyers are trying to resume the uptrend by pushing the price above $6. If they can pull it off, the AXS/USDT pair could start the northward march to $6.55 and subsequently to $7.

If bulls want to prevent the uptrend, they will have to yank the price below the 20-day EMA. The pair then risks a deeper correction to $4.65.

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

The pair broke above the symmetrical triangle pattern on the 4-hour chart, indicating the resumption of the uptrend. The pair could rise to $6 where the bears may again mount a strong defense.

If the price turns down from this level, the pair may drop to the 20-EMA. A strong bounce off this support will improve the prospects of a rally above $6. The pair may then jump to $6.40. The bears will be back in the driver’s seat if they pull the price below $5.17.

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 11/3: BTC, ETH, BNB, XRP, SOL, ADA, DOGE, TON, LINK, MATIC

November 3, 2023 Coin Telegraph

Binance Coin

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 price analysis

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.

Ether price analysis

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 price analysis

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 price analysis

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 price analysis

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 price analysis

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 price analysis

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.

Toncoin price analysis

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 price analysis

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 price analysis

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.

Price analysis 11/1: BTC, ETH, BNB, XRP, SOL, ADA, DOGE, TON, LINK, MATIC

November 1, 2023 Coin Telegraph

Binance Coin

Bitcoin is struggling to clear the hurdle at $35,000, signaling the possibility of a short-term pullback.

Bitcoin (BTC) skyrocketed 28.5% in October, its second-best monthly gain of the year behind the 40% rally in January. After the strong showing in October, the next question on investors’ minds is, could the bullish momentum continue and Bitcoin extend its recovery going forward?

Bernstein said in a note on Oct. 31 that Bitcoin could rally to $150,000 by 2025. The firm believes that the United States Securities and Exchange Commission will approve a spot Bitcoin exchange-traded fund by the first quarter of 2024 and the ETFs may attract up to 10% of Bitcoin’s circulating supply.

While the long-term looks bullish, the volatility may pick up in the near term. On-chain monitoring resource Material Indicators believes that the bullish momentum is weakening and may result in a retest of $33,000 but before that, they anticipate an attempt at $36,000.

Will Bitcoin break above or below the current range? Could altcoins rally when Bitcoin consolidates?

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

Bitcoin price analysis

The bulls tried to propel Bitcoin above $35,280 on Nov. 1 but the bears did not relent. This suggests profit-booking at higher levels.

The relative strength index (RSI) is still in the overbought zone, indicating that the consolidation may extend for a few more days. The important level to watch on the upside is $35,280 and on the downside is $33,390.

If the price breaks below the support, the BTC/USDT pair could drop to the 20-day exponential moving average ($32,012). This level may witness a tough battle between the bulls and the bears.

On the upside, a break and close above the overhead resistance of $35,280 will signal the resumption of the uptrend. The pair may then climb to $40,000.

Ether price analysis

Ether (ETH) has been holding above the breakout level of $1,746 but the bulls are struggling to start the next leg of the uptrend. This suggests that the bears are trying to get back in the game.

The crucial level to watch on the downside is $1,746. If bulls flip this level into support, it will indicate that the sentiment has turned positive. That will enhance the prospects of a break above $1,865. The ETH/USDT pair may then surge to $2,000. The bears are expected to mount a strong defense at this level.

If bears want to gain the upper hand, they will have to tug the price back below the 20-day EMA ($1,723). That may catch the aggressive bulls on the wrong foot, leading to long liquidation. The pair may then slump to the 50-day SMA ($1,648).

BNB price analysis

The bulls are finding it difficult to maintain BNB (BNB) above $230, indicating that buying dries up at higher levels.

The BNB/USDT pair has turned down and reached the breakout level of $223. Buyers are likely to defend the zone between $223 and the 20-day EMA ($220). If the price rebounds off this zone, the bulls will again attempt to kick the pair toward the overhead resistance of $235.

On the contrary, if the price continues lower and breaks below the 20-day EMA, it will suggest that the bears are back in control. The pair may then tumble to the 50-day SMA ($214).

XRP price analysis

XRP (XRP) broke and closed above the overhead resistance of $0.56 on Oct. 30. This indicates the start of a new up-move.

The 20-day EMA ($0.54) has turned up and the RSI is in the overbought zone, indicating that the bulls have a slight edge. Buyers will try to build upon the advantage and push the price to $0.67.

Conversely, the bears will try to pull the price back below the breakout level of $0.56 and the 20-day EMA. If they manage to do that, the XRP/USDT pair may fall to the 50-day SMA ($0.52).

Solana price analysis

Solana (SOL) has been in a strong recovery. After hesitating for a few days near $34, the bulls asserted their supremacy and rose above the resistance on Oct. 30.

The buying continued and the bulls overcame the obstacle at the overhead resistance at $38.79 on Nov. 1. If buyers maintain the price above $38.79, the SOL/USDT pair could next attempt a rally to $48.

While the trend remains up, the overbought levels on the RSI suggest that the rally is overheated in the near term. That may make it difficult for the bulls to continue the up-move. A break and close below $38.79 may tempt short-term traders to book profits. That may sink the pair to $34.

Cardano price analysis

Cardano (ADA) turned down from the minor resistance at $0.30 on Oct. 31, indicating that the short-term traders are booking profits.

The nearby support on the downside is the 20-day EMA ($0.28). Buyers are expected to defend this level with vigor. If the price rebounds off the 20-day EMA, it will suggest that the sentiment has turned positive and traders are buying at lower levels. The ADA/USDT pair may then once again reach $0.30.

This view will be invalidated if the price continues lower and plummets below the 20-day EMA. Such a move will suggest that the pair may oscillate between $0.24 and $0.30 for a while longer.

Dogecoin price analysis

The bulls have been struggling to sustain Dogecoin (DOGE) above the $0.07 resistance, suggesting that higher levels are attracting sellers.

The bulls bought the dip to the 20-day EMA ($0.06) on Oct. 31 as seen from the long tail on the candlestick but they could not build upon this strength. Sellers are again trying to yank the price back below the 20-day EMA. If they succeed, it will suggest that bulls are losing their grip. The DOGE/USDT pair may then slump toward $0.06.

Alternatively, if the price once again rebounds off the 20-day EMA with strength, it will suggest that bulls are buying on dips. The bulls will then again try to clear the overhead hurdle at $0.07 and start the up-move to $0.08.

Toncoin price analysis

Toncoin (TON) has formed a range between $1.89 and $2.31 for the past few days. The price turned down from $2.27 on Oct. 31 indicating that the bears continue to sell near the resistance.

The TON/USDT pair has slipped to the immediate support at the moving averages. If the price rebounds off this level with force, it will suggest that the sentiment has turned positive and traders are viewing the dips as a buying opportunity. That will improve the prospects of a rally above the overhead resistance at $2.31. The pair may then surge to $2.59.

Contrarily, if the price continues lower and breaks below the moving averages, it will suggest that the range-bound action may continue for a few more days.

Chainlink price analysis

The bulls have been attempting to propel and sustain Chainlink (LINK) above the overhead resistance at $11.50 but the long wick on the candlesticks shows that the bears are active at higher levels.

The drop on Nov. 1, indicates that the bears are trying to pull the price to the 20-day EMA ($9.80), which is an important level to watch out for. If the price rebounds off this level, the bulls will again try to push the LINK/USDT pair above $11.50. If they do that, the pair may rise to $13.50 and then to $15.

On the other hand, sellers will be back in the driver’s seat if they sink and sustain the price below $9.50. That may open the doors for a further fall to the 50-day SMA ($8.06).

Polygon price analysis

Buyers tried to propel Polygon (MATIC) above the overhead resistance of $0.66 on Oct. 31 but the bears held their ground.

This suggests that the MATIC/USDT pair could consolidate in a tight range between $0.60 and $0.66 for some time. The rising moving averages and the RSI in the positive territory indicate advantage to the bulls.

If buyers shove the price above $0.66, the pair could start the next leg of the relief rally toward $0.77. However, the bears are likely to have other plans. They will try to sink the price back below $0.60 and trap the aggressive bulls.

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.