In November, Bitcoin (BTC) experienced a 9% surge, but the $38,000 mark proved to be a tough nut to crack. Bears have been successful in keeping the price below $38,000 despite buyers’ persistent attempts to keep it afloat. Coinglass data reveals that in the past five years, December has been a mixed month with Bitcoin gaining 46.92% in 2020. Investors are now hoping to replicate a part of this performance in the new year.
Standard Chartered’s Nov. 28 research note expressed optimism about Bitcoin, predicting that the approval of spot Bitcoin exchange-traded funds (ETFs) could push the price of Bitcoin to $100,000 by the end of 2024. Mike Novogratz, the CEO of Galaxy Digital, also shared his positive outlook on Bitcoin when he talked to Bloomberg on Nov. 29. He believes that asset managers will attempt to increase adoption of Bitcoin by marketing their ETFs, while the Federal Reserve’s rate cut could act as an additional catalyst to drive Bitcoin’s price close to its all-time high by this time next year.
Will Bitcoin Sustain Above $38,000?
To find out, let’s take a look at the charts of the top 10 cryptocurrencies.
Bitcoin price analysis
The bulls have made multiple attempts to break the resistance level, which has weakened it. On Dec. 1, they finally managed to push the price higher, indicating the continuation of the uptrend.
The rally above $37,980 has completed an ascending triangle pattern. The next target for the BTC/USDT pair could be $40,000, which is likely to be a strong resistance. If it is broken, the pair may reach the pattern goal of $41,160. The rising moving averages and the RSI above 65 suggest that bulls are in control.
The bullish outlook will be invalidated if the price falls and drops below the uptrend line. This could invalidate the bullish setup, driving the price down to the strong support at $34,800. A breakdown below this level will indicate that the bears have taken over.
Ether price analysis
On Nov. 30, Ether (ETH) buyers defended the 20-day EMA ($2,019), leading to a rebound of the digital asset crypto.
Bulls will attempt to push the price up to the resistance at $2,200. This is the level to watch closely in the short term. If they manage to break through, a bullish ascending triangle pattern with a target of $3,400 will be completed.
The 20-day EMA is the key support level on the downside. If it is breached, it will be a sign of weakening bulls, and the crypto may dip to the 50-day SMA ($1,874).
BNB price analysis
BNB (BNB) has been trading within the limited range between $223 and $239 for the last few days, demonstrating the lack of consensus between bulls and bears.
The downward sloping 20-day EMA ($234) and the RSI in the negative area indicate that the bears are in control. Any recovery attempts will likely be met with selling pressure at the 20-day EMA. If the price reverses from this level, the possibility of a decline below $223 increases, potentially resulting in a drop to $203.
Alternatively, if the buyers can push the price above the 20-day EMA, the BNB/USDT pair could rise to $239. A break and close above this level could set off a rally towards $265.
XRP price analysis
XRP (XRP) has been holding its ground near the 20-day EMA ($0.61), indicating that buyers are buying up every minor dip. This could be an indication that the bulls are gaining the upper hand and the XRP/USDT pair could surge to $0.64 and later to $0.67. However, if this level is not breached, the crypto digital asset may drop to the strong support at $0.56.
On the other hand, if buyers are able to push the price above the 20-day EMA, the crypto november 2021 outlook for XRP could be quite positive. The XRP/USDT pair could potentially reach $0.74.
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Solana price analysis
The bears attempted to push Solana (SOL) below $59 during the crypto market rally to $62 on Nov. 29 and 30, but were unsuccessful. This suggests buying at lower levels.
The uptrending 20-day EMA ($55.66) and the RSI in the positive territory show that the bulls have the upper hand. That increases the chances of a rally above $62.10. If that happens, the SOL/USDT pair could reach $68. The bulls must defend this level with all their might as breaking above it could trigger a surge to $100.
The immediate support to watch on the downside is the 20-day EMA. If this level is breached, the pair may tumble to $51. The bears will need to drag the price below this level to start a deeper correction.
Cardano price analysis
Cardano (ADA) has been taking support at the 20-day EMA ($0.37) but the bulls are struggling to start a strong rebound off it, suggesting a lack of demand for the digital asset crypto at higher levels.
The price has been squeezed between the 20-day EMA and the overhead resistance at $0.40. The gradually upsloping 20-day EMA and the RSI above 58 indicate that bulls have an edge. If buyers manage to pierce the overhead resistance at $0.40, the bullish momentum may pick up, and the ADA/USDT pair may jump to $0.42 and subsequently to $0.46.
Contrarily, if the price skids below the 20-day EMA, it will suggest profit-booking by short-term traders. The crypto pair may then slump to $0.34, where the bulls will try to arrest the decline.
Dogecoin price analysis
Dogecoin (DOGE) has been trading above $0.08 for the past four days, a sign that the bulls are in no rush to take profits.
The ascending 20-day EMA ($0.08) and the RSI above 62 point to the bulls staying in control. Buyers will attempt to push the price to the psychological resistance of $0.10. There is a slight barrier at $0.09 but it is likely to be surmounted. Sellers are likely to put up a strong defense in the $0.10 to $0.11 zone.
The 20-day EMA is the vital support to keep an eye on to the downside. If this level gives way, the DOGE/USDT pair might drop to the 50-day SMA ($0.07).
Toncoin price analysis
Toncoin (TON) has been trading above the 20-day EMA ($2.38) for the past several days, but the up-move is lacking momentum. The 20-day EMA is still trending upwards gradually, and the RSI is close to 55, which suggests that the bulls have a slight advantage. Buyers will attempt to push the price above $2.59 and complete the ascending triangle pattern. This bullish setup has a target objective of $3.58.
On the other hand, if the price drops below the uptrend line, it will invalidate the bullish triangle pattern. This failure of a bullish setup is a bearish sign, which could cause the TON/USDT pair to drop towards the next major support at $1.89.
Chainlink price analysis
Chainlink’s (LINK) price is caught in a tight spot, with the 20-day EMA ($14.19) and the overhead resistance of $15.40 keeping it in check. The upsloping 20-day EMA and the RSI in the positive zone suggest that the crypto is likely to move up, possibly hitting $16.60 and then $18.30.
However, if the bears manage to break and close below the 20-day EMA, it could cause a drop to the 61.8% Fibonacci retracement level of $12.83, which might trigger buying by crypto investors.
Avalanche price analysis
Traders drove the AVAX/USDT pair above the $22 resistance on Dec. 1, suggesting strong demand for the digital asset crypto.
A close above $22 could lead to a potential rally towards $24.69, however, sellers may attempt to defend this level. A break above it could result in a surge towards $28.50.
On the other hand, if bears want to put a stop to the uptrend, they must quickly bring the price back below the 20-day EMA ($19.80). This could force short-term traders to close their positions, resulting in a decline to $18.90.
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