bitcoin (btc) is trying to stay above the $38,000 overhead resistance for the second day in a row and begin the next leg of the uptrend. Excitement among market watchers may have increased after the U.S. Securities and Exchange Commission (SEC) delayed its decision on the applications of exchange-traded funds Franklin Templeton and Hashdex.
Bloomberg ETF analyst James Seyffart speculated in a post on “.
While many analysts believe the ETF listing will be a watershed moment for bitcoin, Genesis Trading head of derivatives Joshua Lim warned in an X post that traditional financial investors have already bought into the rumor and may abandon the trade. close to the ETF announcement when retail tries. get in.
However, macroeconomic conditions in early 2024 may limit the decline. Pershing Square Capital Management CEO and founder Bill Ackman said in an interview with Bloomberg that the US Federal Reserve will cut rates sooner than people expect. He anticipates rate cuts will begin in the first quarter rather than mid-year market expectations.
Could bitcoin and altcoins witness a shallow correction before resuming their uptrend?
Let’s analyze the charts of the top 10 cryptocurrencies to find out.
bitcoin price analysis
bitcoin breached the $37,980 resistance again on November 28, but the bulls were unable to achieve a close above it. This shows that the bears are fiercely defending the level.
Repeated repetition of a resistance level tends to weaken it. If the bulls hold the price above the 20-day exponential moving average ($36,820), the possibility of a rally to $40,000 improves. This level can represent a significant obstacle.
If the bears want to avoid the bullish move, they will have to quickly lower the price below the 20-day EMA and the uptrend line. That could start a drop to solid support at 34,800. A strong rebound from this level may keep the btc/USDT pair within the wide range between $34,800 and $38,000 for a while longer.
Ether Price Analysis
Ether (eth) again found support at the 20-day EMA ($2006) on November 27 and 28, indicating that bulls view dips as a buying opportunity.
The bulls are expected to face strong resistance in the area between $2,137 and $2,200, but if buyers do not give up much ground, the possibility of a rally above $2,200 will increase. If that happens, the eth/USDT pair will complete a large ascending triangle pattern. That could start a new uptrend, with a target pattern of $3,400.
Instead, if the price turns lower and falls below the 20-day EMA, it will indicate that the bears are trying to get back into the game. Then, the pair may fall to the 50-day SMA ($1,853).
BNB Price Analysis
The bears attempted to pull BNB (BNB) below the $223 support on November 27, but the bulls did not relent. This suggests demand at lower levels.
The bulls will have to force the price above the 20-day EMA ($235) to initiate a significant recovery. The BNB/USDT pair could then attempt to rise towards $265, where the bears could once again offer strong resistance.
If the price turns down again from the 20-day EMA, it will suggest that the bears are trying to turn the level into resistance. That will improve the prospects of a drop below $223. If this level gives way, the pair may collapse to $203.
XRP Price Analysis
XRP (XRP) has been stuck between moving averages for the past few days, indicating indecision between bulls and bears.
The slightly descending 20-day EMA ($0.61) and the RSI near the midpoint do not indicate an advantage for either the bulls or the bears.
If buyers push the price above the 20-day EMA, the XRP/USDT pair may rise to $0.67. Instead, if the price falls sharply from the 20-day EMA and slides below the 50-day SMA ($0.58), it will indicate that the bears are trying to take control. The selling could accelerate further if the pair falls below $0.56.
Solana Price Analysis
Solana (SOL) rebounded from the 20-day EMA ($54.71) on November 28, indicating that sentiment remains positive.
The bulls will try to push the price above the immediate resistance of $62.10. If they are successful, the SOL/USDT pair could rise to the local high of $68. The bulls will have to overcome this hurdle to invalidate the head and shoulders pattern. The failure of a bearish pattern is a bullish signal. That may start a strong rally in the pair to $85.
The $51 level remains the key support on the downside. A break and close below this level could start a deeper correction towards the 50-day SMA ($42.25).
Cardano Price Analysis
Cardano (ADA) fell to the 20-day EMA ($0.38) on November 27, but the bulls held firm. This suggests that lower levels are being bought aggressively.
Higher lows in recent days improve prospects for a bullish breakout. If the bulls push the price above $0.40, the ADA/USDT pair could gain momentum and rise to $0.42 and then $0.46.
The bears are running out of time. If they want to make a comeback, they will have to lower the price below the 20-day EMA. This may affect short-term traders and the pair may fall to the solid support of $0.34.
Dogecoin Price Analysis
Dogecoin (DOGE) has been repeatedly receiving support at the 20-day EMA ($0.08), indicating that lower levels are being bought.
The ascending moving averages and the RSI in positive territory indicate that the path of least resistance is to the upside. Buyers will try to push the price to $0.09 and near $0.10, where they are likely to encounter selling from the bears.
On the downside, the 20-day EMA remains the key level to watch. If this level breaks down, the DOGE/USDT pair may fall to the 50-day SMA ($0.07) and subsequently to the crucial support of $0.06.
Related: SoFi Technologies to cease crypto services by December 19
Toncoin Price Analysis
Toncoin (TON) has been trading above the 20-day EMA ($2.37) for the past few days, but the bulls are struggling to push the price to $2.59. This suggests that demand dries up at higher levels.
The bears will try to take advantage by pushing the price below the moving averages. If they manage to do that, the TON/USDT pair could fall to the psychological level of $2 and then to $1.89.
On the upside, the first hurdle is at $2.59. If buyers overcome this resistance, the pair could rise to $2.77. Sellers may offer strong opposition in the zone between $2.77 and $2.90, but if the bulls do not allow the price to fall below $2.59, a new uptrend to $4.03 could begin.
Chain price analysis
Chainlink (LINK) again found support at the 20-day EMA ($14.07) on November 28, indicating that the bulls are vigorously protecting this level.
The LINK/USDT pair is likely to face selling at the $15.40 mark as the bears have successfully held this resistance for three previous attempts. If the price drops from $15.40, the probability of a drop to $12.83 will increase.
On the contrary, if the bulls push the price above $15.40, the pair may challenge the local high of $16.60. The bullish movement could resume and the pair could reach $18.30 if this level is broken.
Avalanche Price Analysis
Avalanche (AVAX) rebounded from the 20-day EMA ($19.35) on November 28, indicating that sentiment remains positive and traders are buying the dips.
The bulls will have to overcome the $22 resistance to strengthen their position. The AVAX/USDT pair could rise to $24.69. Sellers are likely to mount a strong defense at this level because if this resistance is removed, the pair could rise to $28.50 as there is no major resistance in between.
Contrary to this assumption, if the price drops below $22, it will suggest that the bears remain active at higher levels. The advantage will tilt in favor of the bears if they sink the pair below $18.90.
This article does not contain investment advice or recommendations. Every investment and trading move involves risks, and readers should conduct their own research when making a decision.
