The settlement between Binance, Changpeng “CZ” Zhao and the United States Department of Justice is likely to be viewed as a positive for the cryptocurrency space, as traders hate uncertainty. Analysts have mostly remained positive on the deal, but some have sounded cautious due to the Securities and Exchange Commission’s pending lawsuit against Binance.
Bitcoin (BTC) and several major altcoins dropped sharply on Nov. 21 following the Binance news, but have since found support at lower levels. This suggests that traders have stepped in after the initial knee-jerk reaction, and are buying at lower prices. After the initial bounce, the bulls are likely to face resistance from the bears.
Buying on dips and selling on rallies results in a range-bound action as both the bulls and the bears battle it out for supremacy. Generally, a consolidation near the 52-week high is considered a bullish sign, but traders should wait for an upside confirmation before investing in crypto recovery.
Will Bitcoin and select altcoins remain stuck inside a range for the next few days? What are the important levels to watch out for?
Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price analysis
The bears attempted to push Bitcoin beneath the 20-day exponential moving average ($35,948) on Nov. 21, but the bulls’ strong buying pressure drove the price back above the 20-day EMA on Nov. 22.
The BTC/USDT pair has been consolidating between $34,800 and $38,000 for several days, indicating an equilibrium between supply and demand. Additionally, the 20-day EMA is sloping up and the relative strength index (RSI) remains in the positive zone, both of which are minor positives for the bulls.
If the bulls can drive the price above $38,000, the pair could begin an uptrend to $40,000. This level may act as a strong resistance, but if it is breached, the pair could surge to $48,000.
Conversely, if the price turns down and breaks below $34,800, it could suggest that traders are selling off, which could lead to a further decline to $32,400.
Ether price analysis
Ether (ETH) experienced a decline from the resistance line on Nov. 20 and dropped below the 20-day EMA ($1,957) on Nov. 21.
Nevertheless, the bulls were not ready to give up. They aggressively purchased the dip below the 20-day EMA and are attempting to break the barrier at the resistance line. This is an important level to watch as a breakout above it could initiate a rally to $2,137 and then to $2,200.
On the downside, $1,880 is a critical support to be aware of. If this level fails to hold, the ETH/USDT pair might start a more profound correction to the 50-day simple moving average ($1,791). That could delay the commencement of the next uptrend.
BNB price analysis
BNB (BNB) experienced a rollercoaster ride on Nov. 21, with an intraday high of $272 and a low of $224, signifying a lack of consensus between the bulls and the bears about the next direction.
Fortunately, the bulls prevented the price from breaching the critical support at $223, which triggered a recovery on Nov. 22. The bulls are attempting to push the price above the 20-day EMA ($240), which would indicate that BNB/USDT pair may remain between $223 and $265 for a while.
Conversely, if the price is unable to sustain above the 20-day EMA, it implies that the bears are selling on rallies, potentially dragging the price back to $223. A break below this support could extend the decline to $203.
XRP price analysis
The XRP/USDT pair dropped from the 20-day EMA ($0.61) on Nov. 20 and hit the 50-day SMA ($0.57) on Nov. 21.
The bulls are likely to defend the support at $0.56, or else the crypto might fall to $0.46. The slightly downward-sloping 20-day EMA and the RSI just below the midpoint indicate slight bearishness.
If the price breaks above the 20-day EMA, it will suggest strong buying at lower levels. This could lead to a range-bound action between $0.56 and $0.74 for a few days. The bulls will take control again when the XRP/USDT pair rises above $0.74.
Solana price analysis
On Nov. 19, Solana (SOL) managed to surpass the essential resistance of $0.59, but the bulls were unable to sustain the crypto recovery. Consequently, the bears pushed the SOL/USDT pair back below $0.59 on Nov. 20.
The buyers made an effort to defend the 20-day EMA ($51) on Nov. 22, indicating that the bulls are actively protecting the level. They will try to break through the obstacle at $59 and aim for the local high at $68.
Conversely, if the crypto.com exchange rejects the price from $59 again, it will be a sign that the bears are still present at higher levels. The sellers will then attempt to drive the crypto united states down below the crucial support at $48. If this level gives way, the avalanche crypto may plummet to the 50-day SMA ($37).
Cardano price analysis
The bulls’ inability to keep Cardano (ADA) above the breakout level of $0.38 initiated a crypto recovery on Nov. 21.
The price dropped to the 20-day EMA ($0.35), which is acting as a strong support. The strong bounce off this level indicates robust buying by the bulls. This increases the probability of a break above $0.39. If this level is crossed, the ADA/USDT pair could surge to $0.46.
If bears want to prevent the rally, they will have to quickly push the price below the 20-day EMA. There is a minor support at $0.34, but if it breaks, the pair may slip to the 50-day SMA ($0.30).
Dogecoin price analysis
On Nov. 21, Dogecoin (DOGE) dropped beneath the 20-day EMA ($0.07), but the bears have been unable to sustain the lower levels.
The bulls are attempting to push the DOGE/USDT pair back up above the 20-day EMA. If they succeed, it will be an indication of strong buying on dips. The bulls will then make another try to break through the resistance at $0.08 and move towards $0.10.
On the other hand, the bears will attempt to sell off rallies and keep the price below the 20-day EMA. This could lead to a potential decline to the 50-day SMA ($0.07) and eventually to the important support at $0.06.
Toncoin price analysis
The sentiment for Toncoin (TON) remains positive as it finds support at the 50-day Simple Moving Average (SMA) of $2.19, with both the SMA and the Relative Strength Index (RSI) being flattish and just above the midpoint.
If the TON/USDT pair is able to stay above $2.40, it could potentially reach a high of $2.59. On the other hand, if the price dips below the 20-day Exponential Moving Average (EMA), it could test the 50-day SMA support. If the support fails, the crypto could drop to $2 and eventually to $1.89.
Chainlink price analysis
Chainlink (LINK) dropped from the immediate resistance of $15.39 on Nov. 20 and moved below the 20-day EMA ($13.63) on Nov. 21.
The LINK/USDT pair bounced back above the 20-day EMA on Nov. 22, implying demand at lower levels. Buyers will once again try to drive the price up above $15.39 and test the overhead resistance at $16.60.
Conversely, the bears are likely to have other plans. They will try to defend the $15.39 level and drag the price beneath the 61.8% Fibonacci retracement level of $12.83. If they manage to do that, the pair may plunge to the 50-day SMA ($10.94).
Avalanche price analysis
The crypto asset Avalanche (AVAX) saw a surge on Nov. 19, with its price breaching the $10.52 to $22 range, but the bulls were unable to sustain the higher levels. The bears pushed the price back below the breakout level on Nov. 20.
The 20-day EMA ($17.71) is still sloping upwards, and the RSI is in the positive territory, suggesting that the bulls have some control. Buyers will try to push AVAX/USDT above $22 again, and if they succeed, it could signal the start of a new uptrend towards $30.
If the price turns down from $22, however, it could mean that the bears are defending that level. This could lead to a break below the 20-day EMA. In that case, the crypto pair could remain stuck inside the large range for some time.
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