Invest in the latest web technology: Web 3.0 with BTC, ETH, BNB, XRP, SOL, ADA, DOGE, TON, LINK, AVAX.
Price analysis 11/24: BTC, ETH, BNB, XRP, SOL, ADA, DOGE, TON, LINK, AVAX

Bitcoin (BTC) broke through the overhead resistance of $38,000 on Nov. 24, signifying that the sentiment is positive and bulls have kept up the pressure. According to Independent Reserve CEO Adrian Przelozny, the “next two years are going to be good,” and market activity is likely to pick up in early 2024.

The two major catalysts for next year are the Bitcoin halving in April and applications for a spot Bitcoin exchange-traded fund, with some of them having a deadline for a decision in January. With these events on the horizon, Bitcoin is likely to find buyers on dips.

Analysts anticipate a retracement from $40,000 in the near future. That might be one of the reasons why Cathie Wood’s investment firm, ARK Invest, has been gradually selling into strength. The firm sold about 700,000 shares of the Grayscale Bitcoin Trust (GBTC) over the past month, but it is worth noting that ARK still holds more than 4.3 million GBTC shares.

Can crypto traders bulldoze their way through the overhead resistance levels in Bitcoin and major altcoins? What are the important levels to watch out for?

Let’s analyze the charts of the top 10 cryptocurrencies to find out the differences between Web 1.0, Web 2.0, and Web 3.0, and how to invest in Web 3.0.

Bitcoin price analysis

The bulls have been trying to sustain the breakout of the Bitcoin price from the stiff resistance of $37,980 on Nov. 24, but the bears are defending the level vigorously. Both the moving averages are pointing upwards and the relative strength index (RSI) is above 61, indicating that the trend is in favor of the buyers. If they can keep the price above $37,980, the BTC/USDT pair could reach as high as $40,000.

The bears could try to halt the upsurge by driving the price below the 20-day EMA. If they succeed, the short-term trend will turn negative below $34,800. However, if the bulls are successful in pushing the price past $40,000, the Bitcoin could skyrocket to $48,000.

Ether price analysis

On Nov. 22, the bulls pushed Ether (ETH) above the resistance line, indicating the start of the next up-move. The bears attempted to pull the price back below the resistance line on Nov. 23, but the bulls held their ground, suggesting they are trying to flip the resistance line into support. If successful, the ETH/USDT pair could begin an ascent towards $2,200.

This level may act as a barrier again, but if the bulls prevail, the pair will complete a large ascending triangle pattern, potentially allowing a rally to the pattern target of $3,400.

The bullish view will be invalidated in the near term if the price drops below the critical support at $1,900.

BNB price analysis

BNB (BNB) recently moved above $235, but the bulls failed to breach the 20-day EMA ($239), which suggests that bears are attempting to take control.

The 20-day EMA is now trending downward, and the RSI is just below the midpoint, indicating a slight edge to the bears. A break and close below the key support level of $223 would cause the short-term trend to turn negative.

If the bulls want to prevent a downward move, they must lift the price above the 20-day EMA. The BNB/USDT pair may then remain in the wide range between $223 and $265.

XRP price analysis

The bulls are attempting to push XRP (XRP) above the 20-day EMA ($0.62), which shows strong buying at lower levels.

The 20-day EMA has flattened, and the RSI is close to the midpoint, suggesting a range-bound movement in the short term. The XRP/USDT pair might swing between $0.56 and $0.74 for some days.

If the price rises and stays above the 20-day EMA, the pair could slowly move up to $0.67 and then to $0.74. Buyers will need to break through this barrier to demonstrate the beginning of a new uptrend.

Conversely, if the price falls from the current level and drops below $0.56, it will signal the start of a sharper correction to $0.46.

Solana price analysis

Solana (SOL) has been trying to breach the $59 resistance for the past two days, but the bears have been able to keep it at bay. A small positive for the bulls is that they have not been forced to retreat.

The rising 20-day EMA ($52.80) and the RSI in the positive territory indicate that the bulls are in control. This increases the chance of a surge past the overhead resistance. Should this occur, the SOL/USDT pair could reach $68.

Contrary to this assumption, if the price drops from the current level, the bears will attempt to push the pair below the 20-day EMA. If successful, the pair may fall to $48, where buyers are likely to step in.

Cardano price analysis

Cardano (ADA) has been fluctuating around the $0.38 mark for the last few days, with bulls and bears unable to decide on the next direction.

The upward-sloping moving averages and the RSI in the positive zone suggest that the bulls have a slight edge. A break above $0.40 could trigger a fresh upswing to $0.42 and eventually to $0.46.

In order to contain the bullish momentum, the bears will have to push the price below $0.34. This could lead to a retest of the 50-day SMA ($0.31). The ADA/USDT pair could then remain range-bound between $0.24 and $0.38 for a while.

Dogecoin price analysis

Dogecoin (DOGE) has been trading above the 20-day EMA ($0.08) for the past two days, but the increase lacks momentum. This indicates that bulls are hesitant at higher levels.

Investors will have to push the price above $0.08 to demonstrate strength. The DOGE/USDT pair could then surge toward the target objective of $0.10. This area may again witness a tough battle between the bulls and the bears.

If the price turns down from $0.08, it will suggest that bears remain active at higher levels. The pair may then drop to the immediate support at $0.07. The flattish 20-day EMA and the RSI just above the midpoint do not give a clear advantage to either the bulls or the bears.

Toncoin price analysis

Traders are attempting to drive Toncoin (TON) to the overhead resistance of $2.59, which has been tested multiple times, weakening it.

If bulls manage to keep the price above the $2.59 to $2.77 resistance zone, it will complete a cup-and-handle pattern, potentially triggering a new uptrend to $3.28 and further to the pattern target of $4.03.

On the other hand, if the TON/USDT pair reverses from the overhead resistance, it could signify that bears are strongly defending the level. This could lead to a decline to the 50-day SMA ($2.20). A drop below this point will open the door for a drop to $2 and eventually to $1.89.

Chainlink price analysis

LINK/USDT pair is currently trading between the downtrend line and the 61.8% Fibonacci retracement level of $12.83, which has caused a squeeze. This could result in a sharp move in either direction.

If the price breaks out above the downtrend line, it could climb to $16.60 and then to $18.30. On the other hand, if the price drops below $12.83, the decline could extend to the 50-day SMA ($11.21).

Chainlink (LINK) has been facing selling pressure near the downtrend line, as evidenced by the long wick on the Nov. 23 candlestick. Nevertheless, the bulls have not given up and have again pushed the price back to the downtrend line.

Avalanche price analysis

Avalanche (AVAX) has encountered the overhead resistance at $22, a level that bears will be looking to defend with vigor. However, if bulls manage to remain firm at the current price, the chances of breaking above $22 become higher. If that happens, the pair may then ascend to $25, where the bears will likely build a strong defense.

On the downside, the 20-day EMA ($18.40) is the key level to watch. If the price slips below this level, it could mean the beginning of a deeper correction towards $16, which will indicate that the AVAX/USDT pair will likely stay within the wide range between $10.50 and $22 for some time.

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