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Price analysis 11/29: BTC, ETH, BNB, SOL, ADA, XRP, DOT, DOGE, AVAX, SHIB

Bitcoin and most major altcoins rebounded off their strong support levels, but the real challenge for the bulls is to sustain the momentum and clear the $60,000 resistance level.

The crypto markets and the global equity markets staged a strong recovery on Nov. 29 in spite of the uncertainty from the newly discovered Omicron variant of COVID-19.

Long-term investors seem to view the recent dip as a prime buying opportunity. A recent filing by MicroStrategy showed that the firm purchased 7,002 Bitcoin (BTC) at an average price of $59,187. That boosted MicroStrategy’s total stash to 121,044 Bitcoin, bought at an average price of about $29,534 per coin.

Daily cryptocurrency market performance. Source: Coin360

However, analytics resource Material Scientist, cited order book data, said “a lot of Bitcoin liquidity has been taken” and warned that “stop hunters” may attempt to shake out the weak hands with a fall.

Is the current recovery a bull trap or is it the start of a sustained relief rally? Let’s study the charts of the top-10 cryptocurrencies to find out.

BTC/USDT

Bitcoin’s relief rally is facing resistance at the 20-day exponential moving average ($58,712). This suggests that sentiment remains negative and bears are attempting to sell on rallies to the overhead resistance level.

BTC/USDT daily chart. Source: TradingView

Although the 20-day EMA continues to slope down, the RSI has risen above 46, suggesting that the bearish momentum could be weakening.

The bulls will have to push and sustain the price above the 50-day simple moving average ($60,805) to signal that the corrective phase may be over. The rally could then challenge the overhead resistance zone at $67,000 to $69,000.

On the other hand, if the price sharply turns down from the 20-day EMA, the bears will attempt to break the strong support at the 100-day SMA ($54,184). If that happens, the BTC/USDT pair could slump to the psychologically critical level at $50,000.

The bulls are expected to defend this level aggressively because a break below it could result in panic selling. The pair could then slide to the next important support at $40,000.

ETH/USDT

Ether (ETH) rebounded off the neckline of the developing head and shoulders (H&S) pattern on Nov. 28, suggesting that bulls are defending the level with all their might. Sustained buying has pushed the price above the 20-day EMA ($4,316) today.

ETH/USDT daily chart. Source: TradingView

A break and close above the overhead resistance at $4,551 will indicate that the correction may be over. The ETH/USDT pair could then rally to the all-time high at $4,868. A break above this level will invalidate the bearish setup and open the doors for a possible rally to $5,796.

Alternatively, if the price turns down from the current level and breaks below the 50-day SMA ($4,243), the bears will make one more attempt to sink the pair below the neckline. A close below this level will complete the bearish setup and start a down move.

The selling may accelerate below the 100-day SMA ($3,794). The pair could then start its journey toward the pattern target at $3,047.

BNB/USDT

The long tail on Binance Coin’s (BNB) Nov. 28 candlestick indicates that bulls are buying the dips below the 20-day EMA ($595). The bulls will now attempt to push the price to the overhead resistance zone at $669.30 to $691.80.

BNB/USDT daily chart. Source: TradingView

A break and close above $669.30 will complete an inverted H&S pattern. This bullish setup has a target objective at $828.60. The 20-day EMA is trying to turn up and the RSI is at 56, suggesting that bulls are attempting to gain the upper hand.

The first sign of weakness will be a break and close below the 20-day EMA. The bears will then try to sink and sustain the price below the 50-day SMA. Such a move could result in a decline to the strong support at $510.

SOL/USDT

Solana (SOL) once again dropped below the support line of the symmetrical triangle on Nov. 28 but the bears could not sustain the lower levels. This suggests aggressive buying on dips.

SOL/USDT daily chart. Source: TradingView

The SOL/USDT pair broke above the 50-day SMA ($204) today and the bulls will now try to surmount the barrier at the 20-day EMA ($212). If they succeed, the pair could rally to the resistance line where the bears may pose a stiff challenge.

A break and close above the resistance line will suggest that the correction may be over. The pair could then rally to $240 and later to $259.90.

On the contrary, if the price turns down from the 20-day EMA, the bears will again attempt to sink and sustain the pair below the support line. The selling could accelerate on a break and close below the 100-day SMA ($172).

ADA/USDT

Cardano (ADA) is in a downtrend. The price bounced off $1.41 on Nov. 28 but the bulls are struggling to sustain the higher levels.

ADA/USDT daily chart. Source: TradingView

The 20-day EMA ($1.78) continues to slope down and the RSI is near the oversold zone, indicating that bears are in control. If the price turns down from the current level, the bears will attempt to sink the ADA/USDT pair below $1.40.

If they succeed, the downtrend could resume with the next target objective at $1.20. The bulls will have to push and sustain the price above the 20-day EMA to negate the bearish view. The pair could then rise to the strong resistance at $1.87.

XRP/USDT

The long tail on XRP’s Nov. 28 candlestick shows aggressive buying near the strong support at $0.85. The price has reached the psychological level at $1, which may now act as a resistance.

XRP/USDT daily chart. Source: TradingView

If the price turns down from the current level, it will suggest that the bears have flipped the $1 level into resistance. The XRP/USDT pair could then drop to $0.85. A break and close below this level will signal the start of a deeper correction to $0.70.

Alternatively, if the price rises above $1, the pair could rally to the 20-day EMA ($1.05). This level could again act as a stiff resistance but if bulls overcome this hurdle, the pair could rally to the 50-day SMA ($1.10).

DOT/USDT

Polkadot (DOT) bounced off $32.21 on Nov. 28, indicating that bulls are attempting to defend the strong support at $32. The recovery is facing selling at the 100-day SMA ($37.16) suggesting that bears are selling on relief rallies.

DOT/USDT daily chart. Source: TradingView

If the price turns down from the current level or the breakdown level at $38.70, the bears will attempt to extend the decline. A break and close below $32 could start the next leg of the down move that may reach $26.

The 20-day EMA ($40.41) continues to slope down and the RSI is in the negative zone, suggesting that bears have the upper hand. The bulls will have to push and sustain the DOT/USDT pair above the breakdown level at $38.70 to invalidate the bearish view.

Related: Binance resumes DOGE withdrawals days after Elon Musk’s comments

DOGE/USDT

Dogecoin (DOGE) bounced off the $0.19 support on Nov. 28, suggesting that bulls are accumulating at lower levels. The buyers pushed the price above the $0.21 overhead resistance today but could not clear the hurdle at the 20-day EMA ($0.22).

DOGE/USDT daily chart. Source: TradingView

The long wick on today’s candlestick indicates that sentiment remains negative and traders are selling on rallies. If the price sustains below $0.21, the bears will make one more attempt to pull the price below $0.19. If they do that, the DOGE/USDT pair could plummet to the support at $0.15.

Contrary to this assumption, if bulls push and sustain the price above the 20-day EMA, it will signal a change in the short-term trend. The pair could then rise to the 100-day SMA ($0.24) and pick up momentum if this resistance is crossed.

AVAX/USDT

Avalanche (AVAX) bounced off the 20-day EMA ($106) on Nov. 27 and again on Nov. 28 but the bulls are struggling to sustain the rebound. This indicates that demand dries up at higher levels.

AVAX/USDT daily chart. Source: TradingView

The shallow rebound increases the possibility of a break below the 20-day EMA. If bears sink the price below the 20-day EMA and the $100 support zone, the selling could intensify. The AVAX/USDT pair could then drop to the 61.8% Fibonacci retracement level at $91.39.

Conversely, if the price rebounds off the support zone, the bulls will again attempt a recovery. If buyers propel the price above $120, the pair could rise to $130. A break and close above this resistance could open the doors for a retest of the all-time high at $147.

SHIB/USDT

SHIBA INU (SHIB) has been trading below $0.000040 for the past three days but the bears have not been able to capitalize on this weakness and pull the price to the 100-day SMA ($0.000027). This indicates a lack of sellers at lower levels.

SHIB/USDT daily chart. Source: TradingView

If bulls drive and sustain the price above $0.000040, the SHIB/USDT pair could rise to the 20-day EMA ($0.000044). This level is again likely to act as a strong resistance. If the price turns down from this level, it will indicate that sentiment remains negative and traders are selling on rallies.

The bears will then make one more attempt to sink the price below $0.000035 and resume the downtrend. This negative view will invalidate in the short term if bulls push and sustain the price above the 50-day SMA ($0.000046). The pair could then rally to $0.000052.

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

Market data is provided by HitBTC exchange.

NFT game Guild of Guardians raises $5.3M, token sale oversubscribed 82X

Price analysis 11/26: BTC, ETH, BNB, SOL, ADA, XRP, DOT, DOGE, AVAX, SHIB

Bitcoin and most major altcoins are on the verge of starting a deeper correction, which will signal that a short-term top may be in place.

Bitcoin (BTC) and most major altcoins sold off along with global equity markets and crude oil on Nov. 26. The markets were roiled on news of a new coronavirus variant detected in South Africa that is worrying scientists due to its large number of mutations in the spike protein.

The sharp fall has resulted in cross-crypto liquidations of over $750 million over the 24-hour period but the funding rates across exchanges remain elevated. This suggests that the selling may not be over yet.

Daily cryptocurrency market performance. Source: Coin360

Bitcoin’s monthly close for November is most likely not going to hit analyst PlanB’s worst-case scenario of $98,000. This will be the first miss after the model had accurately predicted the end-of-month price levels for August, September and October. However, the stock-to-flow model creator believes that the target objective of $100,000 for Bitcoin in this halving cycle still holds good.

Is the current decline a mouthwatering Black Friday deal or the start of a short-term bear phase? Let’s study the charts of the top 10 cryptocurrencies to find out.

BTC/USDT

The bulls pushed Bitcoin back above the breakdown level at $58,000 on Nov. 25 but they could not clear the barrier at the 20-day exponential moving average (EMA) ($59,510). This may have attracted profit-booking from traders.

BTC/USDT daily chart. Source: TradingView

The selling picked up momentum after breaking below $55,317 on Nov. 26 and the next stop could be the psychological support at $50,000.

If the price rebounds off this level, the buyers will attempt to push the price above the 20-day EMA. If they succeed, it will indicate that the selling pressure may be reducing.

Alternatively, if the next rebound again turns down from the 20-day EMA, it will indicate that the sentiment has turned negative and traders are selling on rallies. That will increase the possibility of a break below $50,000.

If that happens, the BTC/USDT pair could witness panic selling that may pull the price down to $40,000.

ETH/USDT

Ether (ETH) broke above the 20-day EMA ($4,336) on Nov. 25 but the up-move proved to be a bull trap as the price turned down sharply on Nov. 26 and dropped to the neckline of the developing head and shoulders (H&S) pattern.

ETH/USDT daily chart. Source: TradingView

The bulls are defending the neckline aggressively. If the price rebounds off the neckline, the buyers will attempt to clear the overhead resistance at $4,551. That could clear the path for a retest of the all-time high at $4,868.

Conversely, a close below the neckline will complete the bearish pattern. That could intensify selling and the ETH/USDT pair could decline to the $3,600 to $3,400 support zone. If this zone also cracks, the next stop could be the target objective at $3,047.

BNB/USDT

Binance Coin (BNB) soared above the overhead resistance at $605.20 on Nov. 25 but the bulls could not clear the strong hurdle at $669.30. This indicates that bears are defending this level with vigor.

BNB/USDT daily chart. Source: TradingView

The failure to rise above $669.30 may have prompted profit-booking by short-term traders. That pulled the price back below the 20-day EMA ($590) on Nov. 26. The bears will now try to sink the BNB/USDT pair to the 50-day simple moving average (SMA) ($539).

A break and close below the 50-day SMA may indicate a trend change. The selling could accelerate on a break below $510. The pair could then drop to $450.

The bulls will have to push and sustain the price above the overhead resistance zone of $669.30 to $691.80 to signal the resumption of the uptrend.

SOL/USDT

Solana (SOL) rebounded off the 50-day SMA ($202) on Nov. 25 but turned down from the 20-day EMA ($216). This suggests a change in sentiment from buying on dips to selling on rallies.

SOL/USDT daily chart. Source: TradingView

The selling continued on Nov. 26 and the bears are attempting to sink the price below the support line of the symmetrical triangle. If they sustain the price below the triangle, the SOL/USDT pair could decline to $153 and then to $140.

The downsloping 20-day EMA and the relative strength index (RSI) below 43 indicate that bears have the upper hand. This negative view will invalidate if the price turns up from the current level and breaks above the resistance line of the triangle.

ADA/USDT

Cardano (ADA) formed an inside-day Doji candlestick pattern on Nov. 25, indicating indecision among the bulls and the bears. This uncertainty resolved to the downside on Nov. 26 with a break below $1.58.

ADA/USDT daily chart. Source: TradingView

The ADA/USDT pair has a strong support at $1.50. Although the downsloping moving averages indicate advantage to bears, the RSI in the oversold territory suggests that the selling may have been overdone in the short term.

The bulls may attempt a relief rally that is likely to face strong selling at the 20-day EMA ($1.85). If the price turns down from this level, the bears will make one more attempt to sink the pair below $1.50. If they succeed, the pair could drop to $1. The first sign of strength will be a break and close above the 20-day EMA.

XRP/USDT

Although bulls defended the $1 support for the past few days, they could not push Ripple (XRP) above the 20-day EMA ($1.08). This suggests a lack of demand at higher levels.

XRP/USDT daily chart. Source: TradingView

The selling accelerated on Nov. 26 and bears pulled the price below the psychological support at $1. The XRP/USDT pair could now decline to the strong support at $0.85. If the price rebounds off this level, the bulls will attempt to push the price above $1.

If they manage to do that, the pair could attempt to gradually move up toward the overhead resistance at $1.24. Conversely, if the price turns down from $1 and breaks below $0.85, the pair could decline to $0.70.

DOT/USDT

Polkadot (DOT) bounced off the uptrend line on Nov. 25 but the bulls could not sustain the higher levels. The selling intensified on Nov. 26 and the price dropped below $37.53, completing a bearish H&S pattern.

DOT/USDT daily chart. Source: TradingView

The DOT/USDT pair could now drop to $32 and later to $26 where the bulls may try and arrest the decline. On the upside, the breakout level at 38.70 is an important level to keep an eye on.

If the price turns down from this level, it will suggest that the sentiment remains negative and traders are selling on rallies.

Conversely, if bulls drive and sustain the price above $38.70, it will suggest strong demand at lower levels. A break and close above $43.56 could tilt the advantage in favor of the bulls.

Related: BAT price hits new high after 30% daily rally as Basic Attention Token bucks crypto downtrend

DOGE/USDT

Dogecoin (DOGE) attempted a relief rally on Nov. 25 but the long wick on the day’s candlestick shows that bears sold near the downtrend line.

DOGE/USDT daily chart. Source: TradingView

The selling picked up momentum on Nov. 26 and the DOGE/USDT pair plunged below the immediate support at $0.21 and even broke below the strong support at $0.19. The bulls are currently attempting to defend the $0.19 level.

If the price bounces off the current level, the bears will again pose a stiff challenge at $0.21. If this level flips to resistance, the likelihood of a break below $0.19 increases. If that happens, the pair may drop to the critical support at $0.15. The first sign of strength will be a break and close above the 20-day EMA ($0.23).

AVAX/USDT

Avalanche (AVAX) rebounded off the 38.2% Fibonacci retracement level at $112.63 on Nov. 25 but the long wick on the candlestick shows that traders sold on rallies.

AVAX/USDT daily chart. Source: TradingView

The AVAX/USDT pair turned down on Nov. 26 and has dropped to the 20-day EMA ($105). This is an important level to watch out for because, during uptrends, traders buy on dips to the 20-day EMA. If the price rebounds off the current level, the bulls will try to push the price to $130.

Conversely, if bears pull the price below the 20-day EMA and the 50% retracement level at $102.01, the pair could drop to the 61.8% Fibonacci retracement level at $91.39. The deeper the fall, the longer the time it will take for the next leg of the up-move to begin.

SHIB/USDT

SHIBA INU (SHIB) plummeted below the strong support at $0.000040 on Nov. 24. The bulls attempted to push the price back above the level and trap the aggressive bears on Nov. 25 but they could not clear the overhead hurdle at the 20-day EMA ($0.000046).

SHIB/USDT daily chart. Source: TradingView

This indicates that traders are selling on rallies near overhead resistance levels. The bears pulled the price back below the $0.000040 level on Nov. 26, increasing the possibility of the resumption of the correction.

The SHIB/USDT pair could now complete a 100% retracement and drop to $0.000027. This bearish view will invalidate if the price turns up from the current level and breaks above the 20-day EMA. The pair could then rise to $0.000052.

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

Market data is provided by HitBTC exchange.

NFT game Guild of Guardians raises $5.3M, token sale oversubscribed 82X

Ripple Forms Partnership To Explore New Digital Currency and Additional Use Cases for XRP Ledger

San Francisco-based software company Ripple is partnering with the Republic of Palau to develop a government-backed stablecoin and ease cross-border money transfers. Ripple says that the partnership with the western Pacific country will focus on “developing strategies for cross-border payments and a USD-backed digital currency for Palau” on the XRP Ledger (XRPL). Republic of Palau’s […]

The post Ripple Forms Partnership To Explore New Digital Currency and Additional Use Cases for XRP Ledger appeared first on The Daily Hodl.

NFT game Guild of Guardians raises $5.3M, token sale oversubscribed 82X

Ripple CEO Brad Garlinghouse Says Payments Firm Making Good Progress in SEC Lawsuit, Gives Timeline for Resolution: Report

Ripple chief executive Brad Garlinghouse thinks “good progress” has been made in the payment company’s legal battle with the U.S. Securities and Exchange Commission (SEC). In a new interview with CNBC, Garlinghouse also issues a loose prediction on the case’s timeline. “We’re seeing pretty good progress despite a slow-moving judicial process in the federal courts. […]

The post Ripple CEO Brad Garlinghouse Says Payments Firm Making Good Progress in SEC Lawsuit, Gives Timeline for Resolution: Report appeared first on The Daily Hodl.

NFT game Guild of Guardians raises $5.3M, token sale oversubscribed 82X

Price analysis 11/24: BTC, ETH, BNB, SOL, ADA, XRP, DOT, DOGE, AVAX, CRO

Bitcoin and most major altcoins are struggling to find bullish momentum, a possible signal that prices could continue to erode.

Bitcoin (BTC) and most major altcoins continue to be pinned below their respective overhead resistances, indicating that bears are selling on rallies.

According to Ki Young Ju, CEO of on-chain analytics firm CryptoQuant, “whales are depositing Bitcoin to exchanges.” Curiously, the outflows from the exchanges have also continued and due to this, the reserves are still hovering close to their lowest levels since mid-2018.

In a somewhat contradictory report, Glassnode said that long-term holders may be “reducing their spending, and thus are more likely to be adding to positions, not exiting them.”

Daily cryptocurrency market performance. Source: Coin360

While Bitcoin has been in a corrective phase in dollar terms, it has proven to be a savior of purchasing power for Turkish investors. While the lira continues to lose value in 2021, Bitcoin in lira terms has regularly been hitting new all-time highs and it crossed 700,000 lira on Nov. 23.

Let’s study the charts of the top-10 cryptocurrencies to find out whether it is time for a rebound or could the correction deepen further?

BTC/USDT

The bulls are attempting to arrest the correction near $55,000 but the bears are not willing to relent. Bitcoin’s relief rally on Nov. 23 turned down from $58,000, indicating that bears are attempting to flip this level into resistance.

BTC/USDT daily chart. Source: TradingView

The moving averages have completed a bearish crossover and the relative strength index (RSI) continues to languish in the negative territory, signaling that bears have the upper hand.

If the price slips below $55,317, the selling may intensify and the BTC/USDT pair could drop to the $52,500 to $50,000 support zone. The bulls are likely to defend this zone aggressively but the subsequent rebound may face selling at the 20-day exponential moving average ($60,084).

This negative view will invalidate if the price turns up from the current level and breaks above the downtrend line. The pair could then attempt to resume the uptrend.

ETH/USDT

Ether (ETH) rebounded from close to the neckline of the developing head and shoulders (H&S) pattern on Nov. 22. The rebound off the neckline reached the 20-day EMA ($4,337) on Nov. 23, which is acting as a strong resistance.

ETH/USDT daily chart. Source: TradingView

If the price turns down from the current level and breaks below the 50-day simple moving average ($4,169), the bears will again attempt to pull the ETH/USDT pair below the neckline. If they succeed, it will complete the bearish pattern, which has a target objective at $3,047.

Conversely, if bulls push the price above the 20-day EMA and the resistance at $4,451, it will suggest that the selling pressure may be reducing. The pair will then attempt to rally to the overhead resistance zone at $4,772.01 to $4,868. A break and close above this zone will signal the resumption of the uptrend.

BNB/USDT

Binance Coin (BNB) turned down from $605.20 on Nov. 21 and dipped back below the 20-day EMA ($584). However, the bears could not take advantage of this weakness and sink the price to the 50-day SMA ($532).

BNB/USDT daily chart. Source: TradingView

This indicates that bulls are accumulating at lower levels. The buyers tried to clear the overhead hurdle on Nov. 23 but the bears again defended this level aggressively. The price is currently hovering near the 20-day EMA.

If the price turns up from the current level and breaks above $605.20, the BNB/USDT pair could attempt to challenge the resistance at $669.20. If this level is crossed, the pair could retest the all-time high at $691.80.

On the contrary, if the price sustains below the 20-day EMA, the bears will again try to pull the pair to the 50-day SMA. A break and close below this support could signal the start of a deeper correction.

SOL/USDT

Solana (SOL) broke below the 20-day EMA ($219) on Nov. 22. The bulls pushed the price back above this level on Nov. 23 but could not sustain the higher levels. This indicates that bears are defending the 20-day EMA.

SOL/USDT daily chart. Source: TradingView

The bears will now try to pull the price to the support line of the symmetrical triangle. This is an important level for the bulls to defend because a break below it could tilt the advantage in favor of the bears. The SOL/USDT pair could then start its downward move to $153 and later to $140.

Alternatively, if the price turns up and breaks above the resistance line, it will signal that bulls have the upper hand. The pair could then rally to the all-time high at $259.90 where the bears are expected to mount a stiff resistance.

ADA/USDT

Cardano (ADA) turned down from the 20-day EMA ($1.90) on Nov. 21 and the bears have pulled the price below the critical support at $1.70 today. If bears sustain the price below $1.70, the selling momentum may pick up.

ADA/USDT daily chart. Source: TradingView

The downsloping moving averages and the RSI near the oversold zone indicate that bears are in control. The ADA/USDT pair could now drop to the strong support at $1.50 where the buyers are expected to step in.

On the upside, the bulls will have to push and sustain the price above the 20-day EMA to indicate that the selling pressure may be reducing. The trend may turn in favor of the bulls on a break and close above the downtrend line.

XRP/USDT

XRP rebounded off the psychological support at $1 on Nov. 23 but the bulls have not been able to push the price to the 20-day EMA ($1.10). The shallow bounce indicates that bears continue to sell on every minor relief rally.

XRP/USDT daily chart. Source: TradingView

The bears will once again try to sink and sustain the price below the strong support at $1. If they manage to do that, the selling could accelerate and the XRP/USDT pair could drop to the critical support at $0.85.

The downsloping 20-day EMA and the RSI in the negative zone suggest that the path of least resistance is to the downside. This negative view will invalidate if the price rises and breaks above the 50-day SMA ($1.12). That could open the doors for a possible rally to $1.24.

DOT/USDT

Polkadot (DOT) rebounded off the uptrend line on Nov. 23 but the bulls could not sustain the higher levels. The price has again turned down and dropped to the uptrend line.

DOT/USDT daily chart. Source: TradingView

The frequent retest of a support level tends to weaken it. The moving averages have completed a bearish crossover and the RSI is below 40, indicating that bears are in command.

If the price breaks and closes below $37.53, the DOT/USDT pair will complete a bearish H&S pattern. The pair could then start a deeper correction toward $26.

Conversely, if the price rebounds off the current level, the bulls will make one more attempt to overcome the barrier at $43.56. If they can pull it off, it will signal that the sellers may be losing their grip.

Related: Shiba Inu slump continues: Data shows retail interest waning as SHIB down 60% in 4 weeks

DOGE/USDT

Dogecoin (DOGE) bounced off the critical support at $0.21 on Nov. 23 but the long wick on the day’s candlestick suggests that bears continue to sell near the downtrend line.

DOGE/USDT daily chart. Source: TradingView

The DOGE/USDT pair broke below the $0.21 support today and the bears will now attempt to pull the price to the critical support at $0.19. This is an important support for the bulls to defend because if it cracks, the pair could plummet to $0.15.

The downsloping 20-day EMA ($0.24) and the RSI below 37 indicate that bears have the upper hand. The first sign of strength will be a break and close above the downtrend line. That will indicate a possible comeback by the bulls.

AVAX/USDT

The bulls failed to push Avalanche (AVAX) above the all-time high at $147 on Nov. 22, indicating that bears are aggressively defending the overhead resistance. This may have prompted profit-booking from the short-term traders.

AVAX/USDT daily chart. Source: TradingView

The AVAX/USDT pair has started a correction that could find strong support in the zone between the 38.2% Fibonacci retracement level at $112.63 and the 20-day EMA ($103).

If the price rebounds off this zone, it will suggest that sentiment remains positive and traders are buying on dips. The bulls will then make one more attempt to push the pair above the all-time high and resume the uptrend.

Alternatively, a break and close below the 20-day EMA will signal that supply exceeds demand. The pair could then drop to the 61.8% Fibonacci retracement level at $91.39.

CRO/USDT

Crypto.com Coin (CRO) has been in a strong uptrend for the past few days. The vertical rally has pushed the RSI close to 90, indicating that the rally is overheated in the short term. This could result in a minor correction or consolidation for a few days.

CRO/USDT daily chart. Source: TradingView

The up-move may witness profit-booking near the psychologically important barrier at $1. If that happens, the CRO/USDT pair could start a correction. The first major support on the downside is the 38.2% Fibonacci retracement level at $0.73.

Generally, vertical rallies are followed by sharp declines. If the price breaks below $0.73, the correction may extend to the 61.8% retracement level at $0.59. Conversely, if the price bounces off $0.73, the bulls will make one more attempt to resume the uptrend.

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

Market data is provided by HitBTC exchange.

NFT game Guild of Guardians raises $5.3M, token sale oversubscribed 82X

Ripple CEO blasts Dogecoin for ‘inflationary dynamics’

Starting in 2013 with a supply limit of 100 billion coins, Dogecoin eventually switched to an uncapped supply.

The CEO of Ripple, the company behind the XRP cryptocurrency, is not a fan of the meme-based digital currency Dogecoin (DOGE).

Brad Garlinghouse believes that DOGE is not good for the cryptocurrency market due to its alleged “inflationary dynamics” and unlimited supply.

The global inflation is driving Bitcoin (BTC) price higher, but has a warning for Dogecoin fans, Garlinghouse argued at a CNBC-moderated panel at the Fintech Abu Dhabi event on Tuesday.

“I'm actually not convinced, somewhat controversially I guess, that Dogecoin is good for the crypto market. Dogecoin has some inflationary dynamics itself that would make me reluctant to hold it,” Ripple CEO said.

Garlinghouse noted that Dogecoin has no hard limit on the total supply of coins in circulation, which makes it very different from some major cryptocurrencies like Bitcoin, which is capped at 21 million coins.

“It was built as a joke, then it got some momentum from some high-profile people like Elon Musk,” Garlinghouse added.

Despite being skeptical about DOGE, Garlinghouse is still optimistic about the cryptocurrency market in general. 

Dogecoin is a cryptocurrency based on the Shiba Inu meme that was launched as a joke back in 2013. The digital currency started with a supply limit of 100 billion coins, which it hit in mid-2015. Since then, Dogecoin was switched to provide an uncapped supply while limiting a reward of 10,000 DOGE per block to keep inflation under control.

DOGE has emerged as one of the most successful cryptocurrencies in 2021, entering the list of the top 10 largest cryptocurrencies by market capitalization earlier this year. At the time of writing, DOGE is the 10th most-valued digital currency, trading at $0.22, up over 6,000% over the past year.

Much of Dogecoin’s success has apparently been associated with endorsement by Tesla CEO Elon Musk who started actively promoting DOGE on Twitter in 2020.

Dogecoin all-time price chart. Source: CoinGecko

Related: Tesla hints it may soon resume support for crypto payments

Musk has continued tweeting a lot about DOGE recently, bringing up Dogecoin’s withdrawal-related issues on Binance directly to the exchange's CEO Changpeng Zhao on Nov. 22. According to Binance, the ongoing issue was caused by a “technical issue during the recent upgrade process that caused old transactions to be resent to 1,674 users.”

The CEO said that he doesn’t use Binance despite him trying the exchange at one point “but sign-up was too many hoops to jump through.”

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Ripple Expects SEC Lawsuit Over XRP to Conclude Next Year, CEO Says ‘We’re Seeing Pretty Good Progress’

Ripple Expects SEC Lawsuit Over XRP to Conclude Next Year, CEO Says ‘We’re Seeing Pretty Good Progress’Ripple CEO Brad Garlinghouse says that he expects the lawsuit over XRP by the U.S. Securities and Exchange Commission (SEC) to come to a conclusion next year. The executive explained: “We’re seeing pretty good progress despite a slow-moving judicial process.” Ripple’s CEO Is Hopeful the SEC’s Lawsuit Over XRP Will Conclude Next Year Ripple CEO […]

NFT game Guild of Guardians raises $5.3M, token sale oversubscribed 82X

Ripple case with SEC to ‘likely’ reach a conclusion in 2022, says CEO

"The judge realizes this is not just about Ripple, this will have broader implications,” Ripple CEO Garlinghouse said.

The long-standing feud between distributed ledger technology firm Ripple and the United States Securities and Exchange Commission (SEC) is nearing its end, according to Ripple’s CEO.

Brad Garlinghouse highlighted the progress made in the case “despite a slow-moving judicial process.” Speaking to CNBC, he predicted that the Ripple case would likely conclude in 2022.

“Clearly, we’re seeing good questions asked by the judge,” Garlinghouse said, adding his belief that “The judge realizes this is not just about Ripple, this will have broader implications.”

Last year, the SEC charged Ripple with allegations of selling unlicensed securities in the form of XRP tokens since 2013. Ripple objected to the claims, saying that XRP should not be considered a security.

The SEC claimed Ripple could have been aware that XRP could be a security from its legal advisors before moving forward with its token sale, and filed a motion to access the defendant’s legal advice. The court denied the motion, citing the attorney-client privilege.

Related: Ripple outlines possible regulatory framework for crypto industry in US

Over the year, Ripple executives shared insights on the case and its impact on business. Garlinghouse stated that Ripple’s expansion to the Asia-Pacific region was undamaged by the SEC lawsuit. The company is also looking at a possible initial public offering as soon as the case is settled.

Support arrived from XRP token holders, who filed “friends of the court” briefs, which would allow them to join the case as defendants and support Ripple in its claims that the token does not violate securities laws. However, the judge ruled in October that individual XRP holders cannot act in Ripple’s ongoing lawsuit as defendants.

NFT game Guild of Guardians raises $5.3M, token sale oversubscribed 82X

Price analysis 11/22: BTC, ETH, BNB, SOL, ADA, XRP, DOT, AVAX, DOGE, SHIB

Bitcoin and most major altcoins have turned down from their respective overhead resistance levels, indicating that the short-term sentiment has turned negative.

Bitcoin (BTC) continues to be pinned down below $60,000 indicating that higher levels are attracting selling from traders.

The S&P 500 made a new all-time high today on reports that U.S. President Joe Biden renominated Jerome Powell to serve a second term as the Federal Reserve chair. This news also boosted the U.S. dollar currency index (DXY) to its highest level since July 2020.

Usually, sharp gains in the DXY are inversely correlated with Bitcoin and the same can be seen in November of this year as well. While the DXY is up about 2.3% in November, Bitcoin is down roughly 5.5% during the same period.

Daily cryptocurrency market performance. Source: Coin360

Independent market analyst, TechDev, said Bitcoin’s performance in 2021 is following the price action of 2017 but with a lag of 5-8 days. If the correlation continues, the eagerly awaited blow-off top phase in Bitcoin is likely to occur.

Could the current fall be the final dip before the resumption of the uptrend or is the decline the start of a sharper correction? Let’s study the charts of the top-10 cryptocurrencies to find out.

BTC/USDT

Bitcoin’s recovery from $55,600 on Nov. 19 reached the 50-day simple moving average ($60,350) on Nov. 20 but the bulls could not clear this hurdle. This indicates that bears are attempting to flip the 50-day SMA into resistance.

BTC/USDT daily chart. Source: TradingView

The moving averages are about to complete a bearish crossover and the relative strength index (RSI) is in the negative territory, suggesting that the path of least resistance is to the downside.

If the price turns down and breaks below $55,600, it will indicate the start of a deeper correction to the $52,500 to $50,000 support zone.

This negative view will invalidate if the price turns up from the current level and breaks above the downtrend line. Such a move will indicate that the correction may be over.

The BTC/USDT pair could then start its northward march toward the overhead resistance zone at $67,000 to $69,000.

ETH/USDT

Ether’s (ETH) relief rally from the Nov. 18 intraday low at $3,956.44 rose above the 20-day exponential moving average ($4,364) on Nov. 20 but the bulls could not sustain the higher levels. The bears pulled the price back below the 20-day EMA on Nov. 21.

ETH/USDT daily chart. Source: TradingView

The ETH/USDT pair dropped to the 50-day SMA ($4,240) today but the long tail on the candlestick indicates that bulls are defending this support. If buyers drive the price above $4,451, the pair could rally to the 61.80% Fibonacci retracement level at $4.519.78 and then to the 78.60% retracement level at $4,672.93.

On the contrary, if the price turns down from the current level, the bears will again try to sink the pair below the 50-day SMA. If they succeed, the pair could drop to $3,956.44. A break and close below this level will complete a head and shoulders pattern. The pair could then drop to $3,400 and eventually to the pattern target at $3,047.

BNB/USDT

Binance Coin (BNB) rebounded off the 50-day SMA ($526) on Nov. 19 but the bulls could not extend the relief rally above the 61.8% Fibonacci retracement level at $602.40.

BNB/USDT daily chart. Source: TradingView

The bears have pulled the price below the 20-day EMA ($585) today. If the price sustains below the 20-day EMA, the bears will make one more attempt to sink the BNB/USDT pair below the 50-day SMA. If they succeed, the pair could slide to $485.40.

Conversely, if the price turns up from the current level and breaks above $605.20, it will suggest that bulls are back in the game. The pair could then rally to the overhead resistance zone at $659.50 to $669.30.

The flattish 20-day EMA and the RSI near the midpoint do not give a clear advantage either to the bulls or the bears.

SOL/USDT

Solana’s (SOL) bounce off the 50-day SMA ($198) hit a strong hurdle at the downtrend line on Nov. 21, indicating that bears continue to sell on rallies.

SOL/USDT daily chart. Source: TradingView

The price action of the past few days has formed a symmetrical triangle pattern suggesting a balance between supply and demand. This equilibrium will shift in favor of the bulls on a break and close above the resistance line of the triangle. The SOL/USDT pair could then retest the all-time high at $259.90.

Alternatively, if the price sustains below the 20-day EMA, the pair could drop to the support line of the triangle. The bears will have to sink the price below this support to gain the upper hand. The pair could then drop to $153.

ADA/USDT

Cardano (ADA) rose above the breakdown level at $1.87 on Nov. 20 but the bulls could not push the price above the 20-day EMA ($1.95). This suggests that sentiment remains negative and traders are selling on rallies to the 20-day EMA.

ADA/USDT daily chart. Source: TradingView

The price dipped back below $1.87 on Nov. 21 and the bears will now attempt to sink the ADA/USDT pair below $1.70. If they manage to do that, the selling could intensify and the pair could drop to $1.50.

Contrary to this assumption, if the price turns up from the current level and breaks above the 20-day EMA, the pair could rally to the downtrend line. A break and close above this resistance will indicate that the correction may be over.

XRP/USDT

XRP rebounded off the strong support at $1 on Nov. 19 but the recovery attempt faded at $1.10 indicating that demand dries up at higher levels.

XRP/USDT daily chart. Source: TradingView

The downsloping 20-day EMA ($1.12) and the RSI in the negative territory indicate that bears have the upper hand. If the price breaks below $1, the selling could pick up momentum and the XRP/USDT pair could drop to $0.85.

Conversely, if the price rebounds off the current level and rises above the moving averages, it will indicate that bulls are aggressively defending the support at $1. The pair could then start its northward march toward $1.24.

DOT/USDT

Polkadot (DOT) rebounded off the uptrend line on Nov. 18 but the relief rally is facing resistance at the 50-day SMA ($42.96). This indicates that bears are attempting to flip the 50-day SMA into resistance.

DOT/USDT daily chart. Source: TradingView

The moving averages are close to completing a bearish crossover and the RSI is in the negative zone, indicating that bears are in control. If the price breaks and closes below the uptrend line, the DOT/USDT pair could drop to $32 and then to $29.

Contrary to this assumption, if the price turns up from the current level and breaks above the moving averages, it will suggest that bulls continue to buy on dips. The pair could then rally to the overhead resistance zone at $47.83 to $49.78.

Related: Institutional managers bought the dip as crypto funds see $154M in weekly inflows

AVAX/USDT

The long wick on Avalanche’s (AVAX) Nov. 21 candlestick shows that traders booked profits near the 200% Fibonacci extension level at $146.18. Lower levels attracted buying and the bulls are trying to resume the uptrend today.

AVAX/USDT daily chart. Source: TradingView

The buyers will have to push and sustain the price above $147 to signal the resumption of the uptrend. The AVAX/USDT pair could then rally to the 261.8% Fibonacci extension level at $175.58.

While the upsloping 20-day EMA ($100) suggests that bulls are in command, the RSI above 81 indicates that the rally may be overheated in the short term.

If the price turns down from $147, short-term traders may rush to the exit. That could pull the price down to $123. A break below this support could signal the start of a deeper correction to $110 and then to the 20-day EMA.

DOGE/USDT

Dogecoin’s (DOGE) rebound off the strong support at $0.21 on Nov. 19 fizzled out at $0.23. This weak relief rally indicates that demand dries up at higher levels.

DOGE/USDT daily chart. Source: TradingView

The downsloping 20-day EMA ($0.24) and the RSI in the negative territory indicate that bears have the upper hand. If sellers pull the price below $0.21, the DOGE/USDT pair could drop to the critical support at $0.19.

Contrary to this assumption, if the price again rebounds off the current level, the pair could rise to the downtrend line. The bulls will have to push and sustain the pair above this resistance to signal that the correction may be over.

SHIB/USDT

SHIBA INU (SHIB) turned down from the 20-day EMA ($0.000049) on Nov. 20, indicating that the sentiment has turned negative and traders are selling on rallies to the overhead resistance levels.

SHIB/USDT daily chart. Source: TradingView

The bears are attempting to sink the price below the 50-day SMA ($0.000043) and the 78.6% Fibonacci retracement level at $0.000040. If they manage to do that, the SHIB/USDT pair could plummet to $0.000027, completing a 100% retracement.

The downsloping 20-day EMA and the RSI in the negative zone indicate that bears have the upper hand. Contrary to this assumption, if the price rebounds off the current level, the bulls will try to push the pair above the 20-day EMA and start an up-move toward $0.000057.

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

Market data is provided by HitBTC exchange.

NFT game Guild of Guardians raises $5.3M, token sale oversubscribed 82X

Price analysis 11/19: BTC, ETH, BNB, SOL, ADA, XRP, DOT, DOGE, SHIB, AVAX

Bitcoin and most major altcoins are attempting a recovery, but higher levels are still likely to attract strong selling.

Bitcoin (BTC) dropped below $56,000 on Nov. 19, completing a near 20% correction from the all-time high. The Crypto Fear & Greed Index, which remained in the greed zone for most of the past two months, has plummeted into the fear category with a reading of 34.

Cryptocurrency research firm Delphi Digital said in a recent report that the sell-off in Bitcoin was “largely driven by a wave of liquidations rather than a fundamental shift in narrative,” and the analysts expect the drawdown to be “relatively short-lived.”

Daily cryptocurrency market performance. Source: Coin360

The recent correction does not seem to have shaken the long-term holders. According to the Hodl Waves metric, the supply held by investors who purchased over the past 6-to-12-month period has soared to 21.4% as of Nov. 17 compared to 8.7% at the start of June.

Could lower levels attract strong buying, resulting in a sharp recovery or will bears sell on rallies? Let’s study the charts of the top-10 cryptocurrencies to find out.

BTC/USDT

Bitcoin bounced off the 50-day simple moving average ($59,718) on Nov. 17 but the failure of the bulls to push the price above the 20-day exponential moving average ($61,696) indicates that buying dries up at higher levels.

BTC/USDT daily chart. Source: TradingView

The BTC/USDT pair plunged and closed below the 50-day SMA on Nov. 18. The moving averages are on the verge of a bearish crossover and the relative strength index (RSI) is in the negative territory, indicating that bears have the upper hand.

If bulls fail to push and sustain the price above the moving averages, the selling may intensify and the pair could drop to the $52,500 to $50,000 support zone.

Conversely, if bulls thrust the price above the moving averages, the pair could rise to the downtrend line. This level may act as a hurdle but if bulls push the price above it, the pair may rise to the overhead zone at $67,000 to $69,000.

ETH/USDT

Ether (ETH) rebounded off the 50-day SMA ($4,082) on Nov. 17 but the bulls could not clear the overhead hurdle at the 20-day EMA ($4,387). This intensified selling and the price dipped below the 50-day SMA on Nov. 18.

ETH/USDT daily chart. Source: TradingView

The bears could not sustain the selling pressure at lower levels, which may have attracted strong buying from the aggressive bulls. The bulls have pushed the price back above the 50-day SMA today and the ETH/USDT pair could now reach the 20-day EMA where the bears may again pose a stiff challenge.

If the price turns down from the 20-day EMA, the bears will try to pull and sustain the pair below $3,956.44. That could clear the path for a possible decline to $3,371. Alternatively, a break and close above the 20-day EMA will signal that the corrective phase may be over. The pair could then retest the all-time high.

BNB/USDT

Binance Coin (BNB) plunged to the 50-day SMA ($517) on Nov. 18 but the strong rebound today indicates aggressive buying at lower levels. The bulls will now try to push the price above the 20-day EMA ($585).

BNB/USDT daily chart. Source: TradingView

If the BNB/USDT pair sustains above the 20-day EMA, it will indicate that the short-term correction may be over. The pair could then rise to the overhead resistance zone at $669.30 to $691.80 where the bears may pose a stiff challenge.

The break and close above the overhead resistance could signal the resumption of the uptrend. On the contrary, if the price turns down from the 20-day EMA, the likelihood of a break below the 50-day SMA increases. The pair could then drop to the 78.60% Fibonacci retracement level at $485.40.

SOL/USDT

The bulls tried to push Solana (SOL) above the 20-day EMA ($221) on Nov. 17 and 18 but the bears were in no mood to relent. The failure to clear this hurdle may have attracted selling from traders on Nov. 18, which pulled the price to the 50-day SMA ($195).

SOL/USDT daily chart. Source: TradingView

Aggressive buying at lower levels has resulted in a sharp rebound today, indicating that bulls are defending the 50-day SMA support.

If buyers propel the price above the 20-day EMA, the SOL/USDT pair could rally to the downtrend line. A break and close above the downtrend line could improve the prospects of the resumption of the uptrend.

Contrary to this assumption, if the price turns down from the 20-day EMA, the bears will make one more attempt to pull the pair below the 50-day SMA and the trendline. If they manage to do that, the selling could intensify and the pair may drop to $140.

ADA/USDT

The long tail on the Nov. 16 and 17 candlestick shows that bulls attempted to defend the strong support at $1.87. However, the failure to sustain Cardano (ADA) above $1.87 may have prompted aggressive selling from traders on Nov. 18.

ADA/USDT daily chart. Source: TradingView

The bulls are currently trying to push the price back above $1.87. If they manage to sustain the price above this level, it could trap the aggressive bears. That could start a strong recovery which may reach the downtrend line.

Contrary to this assumption, if the price turns down from the current level or the 20-day EMA ($1.99), it will suggest that sentiment remains negative and traders are selling on rallies. The bears will then try to pull the pair below $1.70, extending the decline to $1.50.

XRP/USDT

The bulls pushed XRP above the moving averages on Nov. 18 but the long wick on the candlestick shows aggressive selling at higher levels. The price dropped to the psychological support at $1 where the bulls are mounting a strong defense.

XRP/USDT daily chart. Source: TradingView

A rebound off the current level could again face strong selling near the moving averages. If the price turns down from the 20-day EMA ($1.13), the bears will attempt to sink the XRP/USDT pair below $1.

If they can pull it off, the pair could extend its slide to the next support at $0.85. The selling may accelerate below this support.

On the contrary, if bulls drive and sustain the price above the moving averages, the pair could rise to the overhead resistance at $1.24.

DOT/USDT

Polkadot (DOT) broke below the horizontal support at $38.70 on Nov. 18 but bulls stepped in and arrested the decline at the uptrend line. The sharp rebound shows strong demand at lower levels.

DOT/USDT daily chart. Source: TradingView

However, the downsloping 20-day EMA ($45) and the RSI in the negative zone indicate that bears are in command. The bounce is likely to face stiff resistance in the zone between $43.27 and the 20-day EMA.

If the price turns down from the overhead zone, the bears will attempt to pull the DOT/USDT pair below $37.53. A close below this level will complete a bearish head and shoulders pattern, indicating the start of a deeper correction. Conversely, if bulls push the price above the 20-day EMA, the pair could rally to $47.83.

Related: Shiba Inu in danger of ‘topping signal’ as SHIB price loses 50% in 3 weeks

DOGE/USDT

Dogecoin (DOGE) dropped to the strong support at $0.21 on Nov. 18. This level has acted as a support during the two previous declines and the bounce today shows that bulls are trying to start a relief rally.

DOGE/USDT daily chart. Source: TradingView

The recovery is likely to face a stiff resistance at the downtrend line. The downsloping 20-day EMA ($0.25) and the RSI in the negative territory indicate that bears have the upper hand.

If the price turns down from the downtrend line, the bears will again try to sink the DOGE/USDT pair below $0.21. If that happens, the pair could slide to the critical support at $0.19.

This negative view will invalidate if the bulls push and sustain the price above the downtrend line. The pair will then attempt a rally to $0.30.

SHIB/USDT

SHIBA INU (SHIB) dropped below the critical support at $0.000043 on Nov. 18 but the bears could not sink the price below the 50-day SMA ($0.000041). This indicates that bulls purchased aggressively at lower levels.

SHIB/USDT daily chart. Source: TradingView

The relief rally is likely to face stiff resistance at the 20-day EMA ($0.000051). If the price turns down from this resistance, it will suggest that sentiment has turned negative and traders are selling on rallies.

The bears will then make one more attempt to pull the price below the 50-day SMA. Such a move could accelerate selling and the SHIB/USDT pair may complete a 100% retracement and drop to $0.000027.

Conversely, a break and close above the 20-day EMA will be the first indication that the correction may be over. The pair could then rally to $0.000057 and later to $0.000065.

AVAX/USDT

Avalanche (AVAX) turned down from $110.41 on Nov. 18 but the long tail on the candlestick shows that bulls continue to buy at lower levels.

AVAX/USDT daily chart. Source: TradingView

The rising 20-day EMA ($88) and the RSI near the overbought zone indicate that bulls are in control. The buyers are attempting to resume the uptrend by pushing the price above the all-time high.

If they succeed, the AVAX/USDT pair could start its journey toward $115.14 and then to the 161.8% Fibonacci extension level at $128.01.

Alternatively, if the bulls fail to sustain the price above $110.41, the pair could witness profit-booking and drop to the 20-day EMA. A break and close below this support could signal that the uptrend may be losing steam. The pair could then drop to $81.

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

Market data is provided by HitBTC exchange.

NFT game Guild of Guardians raises $5.3M, token sale oversubscribed 82X