Traders hate uncertainty; Therefore, the agreement between Binance, Changpeng “CZ” Zhao, and the United States Department of Justice is likely to be seen as positive for the cryptocurrency space. Analysts remained largely positive about the deal, but some appeared cautious due to the pending Securities and Exchange Commission lawsuit against Binance.
bitcoin (btc) and several major altcoins fell sharply on Nov. 21 following the Binance news, but are finding support at lower levels. This suggests that traders intervened after the initial knee-jerk reaction and are buying at lower levels. After the initial bounce, the bulls are likely to face stiff opposition from the bears.
Buying on the dips and selling on the rises results in a stock within a range where both bulls and bears fight for supremacy. Generally, a consolidation near the 52-week high is considered a bullish signal, but traders should wait for bullish confirmation before jumping in to buy.
Will bitcoin and some select altcoins remain stuck within a range for the next few days? What are the important levels to take into account?
Let’s analyze the charts of the top 10 cryptocurrencies to find out.
bitcoin price analysis
The bears took bitcoin below the 20-day exponential moving average ($35,948) on November 21, but were unable to hold the lower levels. Heavy buying by the bulls pushed the price back above the 20-day EMA on November 22.
The btc/USDT pair has been consolidating between $34,800 and $38,000 for several days. This indicates a balance between supply and demand. A small positive in favor of the bulls is that the 20-day EMA is rising and the Relative Strength Index (RSI) remains in the positive zone.
If the bulls push the price above $38,000, the pair could start the next leg of the uptrend to $40,000. This level can act as a formidable resistance, but if broken, the pair can shoot up to $48,000.
On the contrary, if the price turns lower and falls below $34,800, it will suggest that traders are rushing towards the exit. That can open the doors to a new fall to $32,400.
Ether Price Analysis
Ether (eth) broke down from the resistance line on November 20 and fell below the 20-day EMA ($1,957) on November 21.
However, the bulls had other plans. They aggressively bought the dip below the 20-day EMA and are again trying to break through the barrier at the resistance line. This remains a fundamental level to watch because a break above it could start a rally to $2,137 and then $2,200.
On the downside, $1,880 is a necessary support to pay attention to. If this level does not hold, the eth/USDT pair may start a deeper correction towards the 50-day simple moving average ($1,791). That could delay the start of the next leg of the upward movement.
BNB Price Analysis
BNB (BNB) witnessed a wild ride on November 21, with an intraday high of $272 and low of $224. This indicates uncertainty about the next directional move between bulls and bears.
A minor positive is that the bulls did not allow the price to fall below the main support at $223. That started a rally on November 22, and the bulls are trying to push the price back above the 20-day EMA ($240). If they are successful, it will indicate that the BNB/USDT pair may consolidate between $223 and $265 for some time.
On the contrary, if the price fails to hold above the 20-day EMA, it will suggest that the bears are selling on the rallies. That could take the price back towards $223. A break below this support could extend the decline to $203.
XRP Price Analysis
XRP (XRP) turned down from the 20-day EMA ($0.61) on November 20 and fell to the 50-day SMA ($0.57) on November 21.
The bulls are expected to defend the $0.56 support because failure to do so may result in a fall towards $0.46. The slightly descending 20-day EMA and the RSI just below the midpoint indicate a minor advantage for the bears.
If the price breaks above the 20-day EMA, it will suggest strong buying at lower levels. That will indicate possible action within the range between $0.56 and $0.74 for a few days. The bulls will take control again after the XRP/USDT pair breaks $0.74.
Solana Price Analysis
Solana (SOL) broke through the critical resistance of $0.59 on November 19, but the bulls were unable to take advantage of this strength. The bears pushed the price back below $0.59 on November 20.
The SOL/USDT pair rebounded from the 20-day EMA ($51) on November 22, indicating that the bulls are vigorously protecting the level. Buyers will again try to overcome the $59 hurdle and challenge the local high of $68.
On the contrary, if the price declines again from $59, it will suggest that the bears remain active at higher levels. Then, sellers will again try to sink the price below the vital support of $48. If this level gives way, the pair may plummet to the 50-day SMA ($37).
Cardano Price Analysis
The bulls’ repeated failures to hold Cardano (ADA) above the $0.38 breakout level initiated a correction on November 21.
The price reached the 20-day EMA ($0.35), which acts as strong support. The strong rebound from this level suggests solid buying by the bulls. It also increases the probability of a breakout above $0.39. If this level is scaled, the ADA/USDT pair could rise to $0.46.
If the bears want to avoid the rally, they will have to quickly drag the price below the 20-day EMA. There is minor support at $0.34, but if it breaks, the pair may slide towards the 50-day SMA ($0.30).
Dogecoin Price Analysis
Dogecoin (DOGE) fell below the 20-day EMA ($0.07) on November 21, but the bears are fighting to hold the lower levels.
The bulls are trying to push the DOGE/USDT pair back above the 20-day EMA. If they can achieve this, they will suggest aggressive buying on dips. Then, the bulls will make one more attempt to break the upper hurdle of $0.08 and begin the march towards $0.10.
Alternatively, the bears will try to sell the rallies and keep the price set below the 20-day EMA. That could open the doors for a possible drop to the 50-day SMA ($0.07) and eventually the crucial support of $0.06.
Related: btc Price Rebounds 3% After Binance Amid Call for bitcoin Bulls to ‘Intervene’
Toncoin Price Analysis
Toncoin (TON) has found support at the 50-day SMA ($2.19), indicating that sentiment remains positive and traders are buying the dips.
Both moving averages are flat and the RSI is just above the midpoint, indicating range-bound action in the near term. If the price stays above $2.40, the TON/USDT pair may rise to $2.59.
Contrary to this assumption, if the price turns down and breaks below the 20-day EMA, the pair could test the support at the 50-day SMA. If this support is broken, the pair may start a downward movement to $2 and subsequently to $1.89.
Chain price analysis
Chainlink (LINK) broke down from the immediate resistance of $15.39 on November 20 and fell below the 20-day EMA ($13.63) on November 21.
The LINK/USDT pair recovered above the 20-day EMA on November 22, indicating that demand is at lower levels. Buyers will once again try to push the price above $15.39 and retest the overhead resistance at $16.60.
Meanwhile, the bears likely have other plans. They will try to defend the $15.39 level and take the price below the 61.8% Fibonacci retracement level of $12.83. If they do, the pair may plummet to the 50-day SMA ($10.94).
Avalanche Price Analysis
Avalanche (AVAX) closed above the $10.52 to $22 range on November 19, but the bulls were unable to sustain the higher levels. The bears pulled the price back below the November 20 breakout level.
The 20-day EMA ($17.71) is rising and the RSI is in positive territory, indicating that the bulls have the upper hand. Buyers will again try to push the price above $22 and if successful will suggest the start of a new bullish move. The AVAX/USDT pair could then begin its journey towards $30.
On the contrary, if the price turns down from $22, it will indicate that the bears are vigorously protecting the level. That will increase the possibility of a break below the 20-day EMA. If that happens, the pair may remain stuck within the large range for a while longer.
This article does not contain investment advice or recommendations. Every investment and trading move involves risks, and readers should conduct their own research when making a decision.
