Price analysis 11/10: BTC, ETH, BNB, ADA, SOL, XRP, DOT, DOGE, SHIB, LUNA
Bitcoin (BTC) and Ether (ETH) have again risen to a new best high on Nov. 10, indicating that the tendency remains firmly in favor of the bulls.
In a contempo report from Kraken exchange, analysts said that the current quarter's toll action has a correlation of 0.88 with the fourth quarter of 2022.
Bitcoin had rallied 220% in 4Q 2022 and if history repeats itself, Bitcoin could reach $96,355, which could potentially be this cycle's tiptop.
Long-term holders, who have held their Bitcoin for more than 12 months, are reluctant to spend their coins, according to Glassnode's "The Week On-Chain" report. Another positive is that investors keep to withdraw coins from centralized exchanges whose share of supply has dropped to a new record low at 12.nine%.
Can Bitcoin and altcoins sustain their bullish momentum or will profit-booking drag prices lower? Let's study the charts of the peak 10 cryptocurrencies to discover out.
BTC/USDT
The bears tried to pull Bitcoin beneath the breakout level at $67,000 on Nov. 9 simply they could non sustain the lower levels. The modest pullback indicates that bulls are ownership on every minor dip.
Both moving averages are sloping up and the relative strength index (RSI) is near the overbought territory, indicating that bulls are in command.
If buyers sustain the price above $67,000, the BTC/USDT pair could pick upwardly momentum and accelerate to the next target objective at $75,000. A pause and close to a higher place this resistance may open the doors for a possible rally to $89,476.12.
On the downside, the zone betwixt $67,000 and $63,750 is likely to human action equally a strong support. If this zone is breached, it will betoken that traders may be aggressively booking profits. The pair may and then drop to the 50-twenty-four hours simple moving boilerplate (SMA) ($56,348).
ETH/USDT
Ether has been trading within an ascending channel for many days. The bulls are attempting to keep the toll in a higher place the centerline of the channel. The major target to watch on the upside is the psychological level at $five,000.
This level is probable to act as a stiff resistance merely if bulls practice non surrender much ground, the ETH/USDT pair may overcome the barrier and rally to the side by side target objective at $5,283.17.
If the price turns down from the resistance line of the aqueduct, the pair could drib to the back up line. This is an important level to keep an eye on because a break below it will advise a possible change in the short-term trend.
The pair could first drop to $iv,146.xxx simply if this support likewise gives way, the correction could accomplish the psychological support at $4,000.
BNB/USDT
Binance Coin (BNB) slipped below the $630 support on Nov. 11 only the bears could not sustain the lower levels. The altcoin staged a potent recovery and the bulls are now trying to push the toll above $669.30.
If they manage to do that, the BNB/USDT pair will challenge the overhead resistance at $691.80. The rising moving averages and the RSI in the overbought zone indicate the path of least resistance is to the upside.
On the other hand, if the cost turns down from the overhead resistance, information technology will suggest that traders are defending the level aggressively. The bears will then make one more attempt to pull the price down to the 20-day exponential moving average (EMA) ($566).
ADA/USDT
Cardano (ADA) broke and airtight above the downtrend line on November. 9, indicating that the selling pressure is decreasing. The bears are currently attempting to pull the price back below the breakout level.
If they succeed, information technology volition suggest that the interruption higher up the downtrend line may have been a carry trap. The ADA/USDT pair could so drib below the moving averages and retest the critical back up at $1.87.
On the contrary, if the price rebounds off the breakout level, it will suggest that bulls are ownership on dips. The pair could then rally to the overhead resistance at $two.47. This is an important resistance for the bears to defend considering if it cracks, the pair could rise to $2.fourscore.
SOL/USDT
The long tail on Solana's (SOL) November. 8 candlestick shows ownership at the centerline of the ascending channel. Yet, the bulls could not build on this reward as strong selling at higher levels pulled the toll below the centerline on November. ix.
The SOL/USDT pair could now drop to the back up line of the aqueduct. A potent rebound off this support will betoken that the up-move remains intact. Both moving averages are sloping up and the RSI is in the positive territory, signaling that bulls have the upper paw.
A break and close above the channel will indicate strength and the pair may rally to $300 and so to $321. Conversely, if bears sink the toll beneath the channel and the $216 back up, the decline could extend to the 50-day SMA ($179).
XRP/USDT
Ripple (XRP) bankrupt and closed above the overhead resistance at $1.24 on Nov. viii, signaling that bulls are attempting a comeback. The bears tried to pull the cost back beneath $1.24 but failed to sustain the lower levels.
This suggests that bulls accept flipped the $1.24 level into support. This level could now act equally a launchpad for the next leg of the up-move. The XRP/USDT pair could rally to the overhead resistance at $1.41 where the bears are expected to mount a stiff resistance.
If the price turns down from $ane.41 but rebounds off the $1.24, information technology will propose that traders continue to buy on dips. That will increment the likelihood of a breakout of $1.41. This positive view will be negated if the bears sink and sustain the price below the 20-twenty-four hour period EMA ($ane.17).
DOT/USDT
Polkadot (DOT) turned down from $53.87 on Nov. 8, indicating that bears are selling at higher levels. The cost has dipped dorsum to $49.78, which is likely to deed every bit a stiff support.
The repeated retest of a support level within a short interval tends to weaken information technology. If the price breaks below $49.78, the DOT/USDT pair could drop to the xx-day EMA ($48.09). This is an important support for the bulls to defend.
A stiff rebound off the 20-twenty-four hours EMA will suggest that sentiment remains positive and traders are buying on dips. The bulls will take to push the toll in a higher place $55.09 to signal the resumption of the uptrend. The next target objective on the upside is $63.08.
Reverse to this supposition, if the cost plummets below the twenty-day EMA, traders may rush to the exit. That could pull the toll down to the 50-day SMA ($39.87).
Related: Crypto markets rally as inflation rages at 30-year high
DOGE/USDT
Dogecoin (DOGE) turned downwards from $0.29 on November. eight, indicating selling on rallies. The price has dipped back to the xx-twenty-four hour period EMA ($0.26), which is an of import support to keep an middle on.
If the toll rebounds off the current level, the bulls will again try to propel the DOGE/USDT pair to a higher place $0.thirty. If they tin pull it off, the pair could challenge the overhead resistance at $0.34. A pause and shut above this level will bespeak that bulls have the upper hand.
Alternatively, if the price breaks below the 20-day EMA, the next stop could exist the l-day SMA ($0.24). If this support is breached, the selling could intensify and the pair may driblet to the strong back up at $0.19.
SHIB/USDT
SHIBA INU (SHIB) rose in a higher place the downtrend line on November. ix just the bulls could not sustain the college levels. This shows that every rise is being sold by the bears.
The SHIB/USDT pair formed a Doji candlestick pattern on Nov. 9 that resolved to the downside on Nov. 10. If bears sustain the price below the 20-mean solar day EMA ($0.000053), the pair could drib to the 78.6% Fibonacci retracement level at $0.000040 and then to the 50-day SMA ($0.000033).
Contrary to this assumption, if the pair rebounds off the current level and rises above the downtrend line, it could achieve $0.000065. The flattish 20-twenty-four hours EMA and the RSI near the midpoint suggest a range-bound activity in the near term.
LUNA/USDT
Terra'south LUNA token has been trading inside a ascent wedge pattern. The bulls attempted to push the toll to the resistance line of the wedge on Nov. 8 only could non sustain the higher levels.
Turn a profit-booking near the resistance line pulled the price back toward the critical level at $49.54 on Nov. ix. The potent rebound off this level on Nov. 10 suggests that bulls are defending this level with vigor.
The buyers will now endeavor to push the toll to the resistance line of the wedge. If bulls thrust the cost in a higher place the wedge, the bullish momentum could selection up and the LUNA/USDT pair may reach $62.59.
This positive view will invalidate if the price turns down from the current level or the overhead resistance and plummets below the support line of the wedge.
The views and opinions expressed hither are solely those of the author and practice not necessarily reflect the views of Cointelegraph. Every investment and trading motion involves hazard. You should conduct your ain inquiry when making a conclusion.
Market data is provided by HitBTC substitution.
Source: https://cointelegraph.com/news/price-analysis-11-10-btc-eth-bnb-ada-sol-xrp-dot-doge-shib-luna
Posted by: thompsonfouty1954.blogspot.com
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