On Nov. 2, Bitcoin (BTC) skyrocketed above $35,000, which may have attracted the attention of bullish speculators who thought the next uptrend was starting.
Bitcoin price analysis
On Nov. 1, Bitcoin surged above $35,280 and attempted to build on this rally the following day, however, the bears had other plans. Sellers blocked the up-move at $35,985 and are trying to keep the price below $35,000.
If they succeed, the BTC/USDT pair may fall to $33,390. This is an important level for the bulls to defend, as a break below it could send the pair to the 20-day exponential moving average ($32,611).
Generally, in an uptrend, the bulls fiercely guard the 20-day EMA. If the level holds, it will indicate that the trend remains positive. The bulls will then make one more effort to push the price to $40,000.
A break and close below the 20-day EMA will be the first sign that the bulls may be losing their grip. The pair may then plunge to $31,000.
Ether price analysis
The bulls attempted to push Ether (ETH) above the resistance at $1,865 on Nov. 2, but the bears pulled the price back, indicating heavy selling.
The bears are hoping to drag the price to the strong support at $1,746. This is the key level to watch out for, as a break and close below it will suggest the bears are in control.
On the other hand, the bulls will try to buy the dips and make another attempt to cross the obstacle at $1,865. If successful, the ETH/USDT pair could begin a rally to the significant level of $2,000.
BNB price analysis
On Nov. 1, the bulls fiercely defended the breakout level of $223 for BNB (BNB), indicating that the crypto chainlink is stuck between $223 and $235 for some time.
The bears managed to hold their ground when buyers attempted to push the BNB/USDT pair above the $235 resistance on Nov. 2. The rising 20-day EMA ($223) and the RSI in the positive territory suggest that the path of least resistance is upwards.
If the bulls manage to break through the $235 barrier, the crypto may jump to $250 and eventually to $265. On the other hand, if the price drops and stays below $223, the trend might shift in favor of the bears.
XRP price analysis
XRP (XRP) is trying to break through the resistance near $0.61, but the bulls have not yet been able to overcome the bears. If the buyers can push the crypto chainlink to the overhead resistance at $0.67, the rally could extend to $0.75 and then to $0.85. The upsloping 20-day EMA ($0.56) and the RSI in the overbought zone suggest that the bulls are in control.
On the other hand, if the bears manage to drive the XRP/USDT pair below $0.56, it may fall to the 50-day SMA ($0.52). To prevent this, the bulls must continue to remain vigilant and watch out for any signs of AI fake detection or crypto arrest that could lead to a drop in the price.
Solana price analysis
Solana (SOL) rose to $38.79 on Nov. 1 and nearly hit the target at $48, but the long wick on the day’s candlestick indicates that traders took profits at this level.
The price bounced back from $38.79 on Nov. 2, but the bulls couldn’t sustain the intraday highs, indicating that any rally is being sold. The bears will try to push the SOL/USDT pair below $38.79.
If they succeed, it could trigger a downward move towards the 20-day EMA ($32.41). Such a deep correction would suggest the end of the up-move in the near term and the pair may enter a consolidation phase for a few days.
If bulls want to maintain their advantage, they need to defend the $38.79 support. If the price rises from this level with strength, the pair may test the overhead resistance at $48 again.
Cardano price analysis
Cardano (ADA) recovered from the 20-day EMA ($0.28) on Nov. 1 and climbed beyond $0.30, suggesting that the bulls are taking advantage of dips to buy.
The price declined from $0.33 on Nov. 2 but the bulls did not give in to the bears. This is a positive signal as it suggests that the bulls are maintaining their positions in anticipation of the upward trend to continue. The target on the upside is $0.38.
In contrast to this assumption, if the price turns down and breaks below $0.30, it will indicate that the markets have rejected the higher levels. The ADA/USDT pair could then fall to the 20-day EMA ($0.28).
Dogecoin price analysis
Dogecoin (DOGE) saw a rebound off the 20-day EMA ($0.06) on Nov. 1, though the bulls were unable to keep the price above the higher levels. On Nov. 3, the price returned to the 20-day EMA, but the long tail on the candlestick suggests that the bulls are fiercely defending the level. Buyers are again attempting to push the DOGE/USDT pair above $0.07, which could lead to a rally to $0.08. However, if the price turns down from $0.07, it could mean that the bears are selling on rallies, and a break and close below the 20-day EMA could lead to a drop to $0.06.
Toncoin price analysis
Toncoin (TON) attempted to breach the overhead resistance of $2.31 on Nov. 2, however, the bulls were unsuccessful in their attempt. This indicates that the bears are actively defending this level.
The presence of the upsloping moving averages and the RSI in the positive territory point to the fact that the bulls are in control. If the price rebounds off the moving averages and rises above $2.31, it could rally to $2.59.
On the contrary, if the crypto chainlink price turns down from the overhead resistance and drops below the moving averages, it could move between $1.89 and $2.31 for a few days.
Chainlink price analysis
Chainlink (LINK) has been struggling to break through the resistance at $11.50, indicating that the bears are still in control and pushing the price down.
The failure to sustain the higher levels on Nov. 2 may have caused some short-term traders to take their profits, resulting in a pullback to the 20-day EMA ($10.11). This is a key level to watch going forward.
If the rebound off the 20-day EMA holds, it would indicate strong demand at these levels. The bulls could then try to push the LINK/USDT pair above $11.50. If successful, it could lead to further gains up to $13.50 and potentially $15. Conversely, a break below the 20-day EMA could lead to a retest of the $9.50 support level.
Polygon price analysis
MATIC (Polygon) has been moving up steadily, yet the rally is losing steam, signifying a hesitation among the bulls to keep buying at higher prices.
The uptrend in the moving averages and the RSI being close to the overbought zone suggests that the bulls are in control. If the bulls can break through the resistance at $0.70, the MATIC/USDT pair could climb to $0.74 and then to $0.80.
The bears are currently putting up a strong fight near the resistance at $0.70, yet they must push the price below the 20-day EMA ($0.61) to weaken the bullish momentum. The pair may then stay within the wide range between $0.50 and $0.70 for some time.
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