bitcoin (btc) broke above the $38,000 overhead resistance on Nov. 24, indicating that sentiment is positive and bulls have kept up the pressure. Independent Reserve CEO Adrian Przelozny told Cointelegraph that “the next two years will be good” and that market activity is likely to recover in early 2024.
The main catalysts for next year are the bitcoin halving in April and applications for a bitcoin exchange-traded fund, some of which have a decision deadline of January. With two major events on the horizon, bitcoin is likely to find buyers on dips.
Analysts expect a pullback from $40,000 in the short term. That could be one reason why Cathie Wood’s investment firm, ARK Invest, has been gradually selling itself to gain traction. The company sold around 700,000 shares of Grayscale bitcoin Trust (GBTC) over the past month, but it’s worth noting that ARK still owns more than 4.3 million GBTC shares.
Could cryptocurrency traders break through the upper resistance levels of bitcoin and major altcoins? 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
bitcoin broke through the tough resistance at $37,980 on November 24, but bulls are struggling to sustain the breakout. This suggests that the bears are vigorously protecting the level.
Both moving averages are upward sloping and the Relative Strength Index (RSI) is above 61, indicating that the path of least resistance is to the upside. If buyers keep the price above $37,980, the btc/USDT pair could reach $40,000.
This level may again witness a tough battle between the bulls and the bears, but if the buyers prevail, the pair could shoot up to $48,000. The bears are running out of time. If they want to weaken the momentum, they will have to lower the price below the 20-day EMA. The short-term trend will turn negative below $34,800.
Ether Price Analysis
The bulls pushed Ether (eth) above the resistance line on November 22, suggesting the start of the next leg of the upward movement.
The bears attempted to push the price back below the resistance line on November 23, but the bulls held firm. This suggests that the bulls are attempting to convert the resistance line into support. If they are successful, the eth/USDT pair could begin a northward march towards $2,200.
This level may once again act as a formidable resistance, but if the bulls break through it, the pair will complete a large ascending triangle pattern. That could open the doors to a possible rally to the pattern target of $3,400.
This bullish view will be invalidated in the short term if the price declines and falls below the vital support of $1,900.
BNB Price Analysis
BNB (BNB) jumped above $235 on November 22, but the bulls were unable to overcome the hurdle at the 20-day EMA ($239). This suggests that the bears are trying to take control.
The 20-day EMA has started to turn lower and the RSI is just below the midpoint, indicating a small advantage for the bears. The short-term trend will turn negative in case of a breakout and close below the crucial support of $223. That could clear the way for a drop to $203.
If the bulls want to avoid the decline, they will have to push and sustain the price above the 20-day EMA. The BNB/USDT pair may spend more time within the wide range between $223 and $265.
XRP Price Analysis
The bulls are trying to push XRP (XRP) above the 20-day EMA ($0.62), suggesting strong buying at lower levels.
The 20-day EMA has flattened and the RSI is near the midpoint, indicating range-bound action in the near term. The XRP/USDT pair may fluctuate between $0.56 and $0.74 for a few days.
If the price rises and sustains above the 20-day EMA, the pair could gradually rise to $0.67 and then to $0.74. Buyers will have to overcome this hurdle to signal the start of a new upward move.
On the contrary, if the price turns down from the current level and falls below $0.56, it will signal the start of a steeper correction to $0.46.
Solana Price Analysis
Solana (SOL) has been trying to overcome the $59 resistance for the past two days, but the bears have held firm. One small positive in favor of the bulls is that they have not given ground to the bears.
The rising 20-day EMA ($52.80) and the RSI in positive territory suggest that the bulls have the upper hand. That improves prospects for a rally above overhead resistance. If that happens, the SOL/USDT pair could rise to $68.
Contrary to this assumption, if the price turns down from the current level, the bears will strive to take the pair below the 20-day EMA. If they can achieve this, the pair may fall to $48, where buyers are likely to intervene.
Cardano Price Analysis
Cardano (ADA) has been oscillating above and below the $0.38 level for the past few days. This shows uncertainty about the next directional move between the bulls and the bears.
The rising moving averages and the RSI in positive territory indicate that the bulls have a slight advantage. If the price rises above $0.40, it will signal the start of a new bullish move to $0.42 and then to $0.46.
If the bears want to catch the aggressive bulls, they will have to push the price below $0.34. This may result in a drop to the 50-day SMA ($0.31). The ADA/USDT pair may fluctuate between $0.24 and $0.38 for a while longer.
Dogecoin Price Analysis
Dogecoin (DOGE) has remained above the 20-day EMA ($0.08) for the past two days, but the rally lacks momentum. This indicates that the bulls are cautious at higher levels.
Buyers will have to push the price above $0.08 to signal strength. The DOGE/USDT pair could then rally towards the $0.10 target. This level may once again witness a tough battle between bulls and bears.
If the price turns down from $0.08, it will suggest that the bears remain active at higher levels. Then, the pair may fall to the immediate support of $0.07. The flat 20-day EMA and the RSI just above the midpoint do not give a clear advantage to either the bulls or the bears.
Related: ‘Enjoy bitcoin for less than $40,000′: PlanB emphasizes average btc price of $100,000 from 2024
Toncoin Price Analysis
Buyers are trying to push Toncoin (TON) towards the overhead resistance of $2.59. Repeated repetition of a resistance level tends to weaken it.
If the bulls push and sustain the price above the $2.59 to $2.77 resistance zone, a cup and handle pattern will be completed. That could start a new uptrend to $3.28 and subsequently to the pattern target of $4.03.
Alternatively, if the TON/USDT pair falls from the overhead resistance, it will suggest that the bears are fiercely protecting the level. That could result in a move towards the 50-day SMA ($2.20). A fall below this level will open the doors to a fall to $2 and subsequently to $1.89.
Chain price analysis
Chainlink (LINK) is facing selling at the downtrend line, as seen from the long wick of the November 23 candle.
However, the bulls did not give up and again pushed the price towards the downtrend line. The price is trapped between the downtrend line and the 61.8% Fibonacci retracement level of $12.83. This has resulted in a contraction, which is likely to resolve with a jerk on both sides.
If the price rises above the downtrend line, the LINK/USDT pair may rise to $16.60 and then to $18.30. Instead, if the price declines and falls below $12.83, the decline could extend to the 50-day SMA ($11.21).
Avalanche Price Analysis
Avalanche (AVAX) has reached the overhead resistance of $22, which is an important level to pay attention to. The bears are expected to defend this level vigorously.
However, if the bulls do not give up much ground from the current level, the probability of a break above $22 will increase. The pair may then rise to $25, where the bears are likely to mount a strong defense.
On the downside, the 20-day EMA ($18.40) remains the key level to pay attention to. If the price declines and falls below this level, it will suggest the start of a deeper correction to $16. Such a move will indicate that the AVAX/USDT pair may spend more time within the wide range between $10.50 and $22.
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.
