Crypto Price Analysis of BTC, ETH, BNB, XRP, SOL, ADA, DOGE, TON, LINK, MATIC on 11/8.
Price analysis 11/8: BTC, ETH, BNB, XRP, SOL, ADA, DOGE, TON, LINK, MATIC

Bitcoin’s (BTC) rally may have stalled near $36,000, but that has not stopped long-term holders from accumulating. According to Glassnode analysis, the Long-Term Holder metric (addresses holding Bitcoin for at least 155 days) 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 a tightening Bitcoin supply.

Although the long-term outlook looks positive, there could be fireworks in the short term. CryptoQuant contributor J. A. Maartunn highlighted on 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. This has led to 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 sustain, or is it time to book profits?

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

Bitcoin price analysis

The crypto market is currently trading inside a narrow ascending channel pattern, indicating that investors are hesitant to take any action at the current levels.

The upsloping 20-day exponential moving average ($33,612) and the relative strength index (RSI) in the overbought zone show that the path of least resistance is upwards. If the crypto bulls are able to push the price above the channel, it could signal that they are back in control and potentially lead to a rally to $40,000. This level may be met with strong selling from the bears.

Conversely, if the price turns downwards and breaks below the 20-day EMA, it could signify that the bulls are taking profits. This could cause the BTC/USDT pair to drop to $32,400 and eventually to $31,000.

Ether price analysis

Ether (ETH) has been steadily increasing towards the key resistance at $2,000. This is a crucial point to keep an eye on as the bears have previously halted the uptrend at $2,000 in May and July.

If the ETH/USDT pair does not lose much ground from $2,000, it would indicate that the bulls are maintaining their positions as they expect a further rise. There is a minor resistance at $2,200, but if it is breached, the crypto may surge towards $3,500.

Otherwise, if the price reverses from the current level and falls below the 20-day EMA ($1,800), the next support could be at $1,746.

BNB price analysis

The crypto market has been in a recovery phase for several days, and BNB (BNB) is no exception. On Nov. 6, the price of BNB reached $256, but the bears stepped in to stall the up-move.

Now, sellers will attempt to push the price down to the 20-day EMA ($232) which is a key level to watch. If the price rebounds off this level with strength, it will show that the sentiment remains positive and traders are viewing dips as a buying opportunity. In this case, the BNB/USDT pair could go up to $265, where the bears are likely to oppose it.

On the other hand, if the price turns down and breaks below the 20-day EMA, it will signal that the bears are back in the game.

XRP price analysis

XRP (XRP) surged past the $0.67 resistance on Nov. 6, but the bulls were unable to breach the next hurdle at $0.74.

This might have enticed short-term bulls to cash in their profits, which drove the price below $0.67 on Nov. 7. The long tail on the day’s candlestick suggests that lower levels still attract buyers. If the price stays above $0.63, it will raise the prospects of a retest of $0.74. Above this level, the XRP/USDT pair could jump to $0.85 and then to $1.

On the contrary, if the price breaks below $0.63, it will indicate that the bullish momentum has weakened. The pair could then dip to the 20-day EMA ($0.60).

Solana price analysis

Solana (SOL) has been in an uptrend, with the price 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, suggesting that the bulls are in control. If they manage to break the resistance at $48, the SOL/USDT pair could surge to $60.

On the other hand, if the bears manage to push the price below the 20-day EMA ($36.30), it could result in a deeper correction to the 50-day SMA ($27.35).

The crypto now Twitter community is keeping a close eye on the market to see if the crypto altcoin SOL can recover and reach its July 2022 target. Chainlink crypto today is also gaining traction as more investors flock to the crypto platform.

Cardano price analysis

In the past few days, Cardano (ADA) has been in a strong uptrend, with the price reaching $0.38 on Nov. 6, where the bulls are likely to face solid resistance from the bears.

The price pulled back on Nov. 7, however, the long tail on the candlestick indicates that the bulls purchased at lower levels, showing that they expect the overhead resistance to be overcome. If buyers drive and sustain the chainlink crypto today 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

Traders are attempting to push Dogecoin (DOGE) above $0.08. This was unsuccessful in July, so bears are likely to defend the $0.08 level with determination.

The uptrending 20-day EMA ($0.07) and the RSI in positive territory suggest that bulls have the advantage. If buyers manage to hold their ground at $0.08, it could lead to a breakout above this level. The DOGE/USDT pair could then surge towards the psychological barrier of $0.10.

If bears want to stop the upswing, they will need to quickly drag the price back below the 20-day EMA. This could mean that the price will be range-bound between $0.06 and $0.08 for some time.

Toncoin price analysis

Toncoin (TON) recently surged above the overhead resistance of $2.59, indicating that bulls are in control. This led to the formation of a cup and handle pattern, which was 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 sustain the price below the crypto platform of $2.59. If they manage to do that, it could 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 in recent days, with the bulls taking control and pushing the LINK/USDT pair up on Nov. 5 after a brief consolidation period. The rally has hit resistance at $13.50, which could be a temporary obstacle for the crypto.

If buyers are able to break through, the crypto may jump to $15 and then to $18, although the bears are likely to put up a strong defense. The key support to watch out for is the 20-day EMA ($11.18). A break below this level could signal a reduction in bullish momentum.

Polygon price analysis

The bulls for MATIC/USDT pushed the price above the overhead resistance of $0.70 on Nov. 6, indicating that the crypto altcoin is in an uptrend.

The bears attempted to pull the price back below the breakout level of $0.70 on Nov. 7, but the bulls held their ground, thus converting the level into support. This has initiated the next leg of the uptrend towards $0.80, which may act as a minor hurdle, but if crossed, the crypto could reach $0.90.

The rally of the past few days has pushed the RSI into the overbought territory, indicating a possible consolidation or correction in the near future. The pair may then drop to the 20-day EMA ($0.66).

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