Traders hate uncertainty; therefore, the settlement between Binance, Changpeng “CZ” Zhao, and the U.S. Department of Justice may be seen as a positive for the cryptocurrency space. Analysts are mostly optimistic about the deal, but some are cautious due to the pending SEC lawsuit against Binance.
Bitcoin (BTC) and several major altcoins fell sharply on November 21 following the Binance news, but found support at lower levels. This suggests traders stepped in after the initial knee-jerk reaction and bought at lower levels. After the initial rally, bulls may encounter backlash from bears.
Buying the dips and selling the highs can lead to range-bound moves as bulls and bears battle for supremacy. Generally speaking, consolidation near the 52-week high is considered a bullish sign, but traders should wait for upside confirmation before buying.
Will Bitcoin and some altcoins continue to be range-bound in the coming days? What levels of importance need to be noted?
Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin Price Analysis
On November 21, bears pulled Bitcoin below the 20-day exponential moving average ($35,948), but were unable to sustain lower levels. On November 22, strong buying from bulls pushed the price back above the 20-day moving average.
The BTC/USDT pair has been consolidating between $34,800 and $38,000 for several days. This represents a balance between supply and demand. A small positive for the bulls is that the 20-day EMA is sloping and the Relative Strength Index (RSI) remains in positive territory.
If the bulls push the price above $38,000, the pair may start the next leg of the uptrend towards $40,000. This level could be a strong resistance, but if cleared, the pair could surge towards $48,000.
Conversely, if the price declines and falls below $34,800, it would indicate that traders are rushing to exit. This could open the door for further declines to $32,400.
Ethereum price analysis
Ethereum (ETH) retreated from the resistance line on November 20 and fell below the 20-day EMA ($1,957) on November 21.
However, the Bulls had other plans. They are buying aggressively below the 20-day moving average and are once again trying to overcome the resistance line hurdle. This remains a key level to watch as a break above this level could start a rally towards $2,137 and then towards $2,200.
On the downside, $1,880 is the necessary support level to watch. If this level fails to hold, the ETH/USDT pair may begin a deeper correction towards the 50-day simple moving average ($1,791). This could delay the start of the next phase of the advance.
BNB price analysis
BNB (BNB) experienced a wild rise on November 21, with an intraday high of $272 and a low of $224. This indicates uncertainty between bulls and bears about where to go next.
A small positive is that the bulls did not allow the price to sink below the main support at $223. The recovery started on November 22 and bulls are trying to push the price back above the 20-day EMA ($240). If successful, this would suggest that the BNB/USDT pair may consolidate between $223 and $265 for some time.
Conversely, if the price fails to hold above the 20-day EMA, it means that the bears are selling on the strength of the rally. This could push the price towards $223 again. A break below this support could extend the decline towards $203.
Ripple Price Analysis
XRP (XRP) fell from the 20-day EMA ($0.61) on November 20 and fell to the 50-day EMA ($0.57) on November 21.
Bulls are expected to hold the support at $0.56, as failure to do so could lead to a decline towards $0.46. The slightly downward sloping 20-day EMA and the RSI just below the midpoint suggest bears have a minor advantage.
If the price breaks above the 20-day EMA, it would indicate strong buying at the lower level. This would indicate a possible range of $0.56 to $0.74 over the next few days. The bulls will regain the dominance after the XRP/USDT pair rises above $0.74.
Solana Price Analysis
Solana (SOL) climbed to key overhead resistance at $0.59 on November 19, but bulls were unable to capitalize on the strength. On November 20, bears pulled the price back below $0.59.
The SOL/USDT currency pair rebounded from the 20-day EMA ($51) on November 22, indicating that bulls are strongly protecting this level. Buyers will once again try to overcome the $59 hurdle and challenge the local high of $68.
On the contrary, if the price declines from $59 again, it will indicate that the bears are still active at higher levels. Sellers will then make another attempt to push the price below the important support level of $48. If this level fails, the pair could plummet towards the 50-day moving average ($37).
Cardano Price Analysis
Bulls failed to sustain Cardano (ADA) above the $0.38 breakout level and a pullback began on November 21.
The price hit the 20-day EMA ($0.35), which is a strong support. A sharp rebound from this level indicates strong buying from the bulls. It also increases the likelihood of a break above $0.39. If this level is extended, the ADA/USDT pair may rise towards $0.46.
If the bears want to stop the rally, they will have to quickly drag the price below the 20-day EMA. There is minor support at $0.34, but if broken, the pair could slide towards the 50-day moving average ($0.30).
Dogecoin Price Analysis
Dogecoin (DOGE) fell below the 20-day EMA ($0.07) on November 21, but bears are struggling to maintain lower levels.
Bulls are trying to push the DOGE/USDT pair back above the 20-day EMA. If they can pull it off, it will mean buying on the dip. The bulls will then make another attempt to clear the $0.08 overhead barrier and start a move towards $0.10.
Alternatively, bears will try to sell on the dip and hold prices below the 20-day EMA. This could open the door for a drop to the 50-day moving average ($0.07) and eventually to the key support level of $0.06.
related: Bitcoin price rebounds 3% after Binance trade ends, calling on Bitcoin bulls to “step in”
Coin price analysis
Toncoin (TON) has been finding support at the 50-day moving average ($2.19), indicating that market sentiment remains positive and traders are buying the dip.
Both moving averages remain flat and the RSI is just above the midpoint, suggesting range-bound action in the near term. If the price sustains above $2.40, the TON/USDT pair may rise to $2.59.
Contrary to this assumption, if the price declines and falls below the 20-day EMA, the pair may test support at the 50-day EMA. If this support breaks down, the pair could start falling to $2 and then to $1.89.
Chainlink Price Analysis
Chainlink (LINK) retreated from immediate resistance at $15.39 on November 20 and fell below the 20-day EMA ($13.63) on November 21.
On November 22, the LINK/USDT currency pair rebounded above the 20-day moving average, indicating that demand was at a low level. Buyers will again try to push the price above $15.39 and retest the overhead resistance at $16.60.
Meanwhile, bears may have other plans. They will try to hold the $15.39 levels and pull the price below the 61.8% Fibonacci retracement level at $12.83. If they do, the pair could plummet towards the 50-day moving average ($10.94).
Avalanche Price Analysis
Avalanche (AVAX) closed above the $10.52 to $22 range on November 19, but bulls were unable to sustain higher levels. Bears pulled the price back below the November 20 breakout level.
The 20-day EMA ($17.71) is sloping upwards and the RSI is in positive territory, indicating that bulls have the upper hand. Buyers will once again try to push the price above $22, which if successful would signal the start of a new leg higher. The AVAX/USDT pair may then start heading towards $30.
On the contrary, if the price declines from $22, it means that the bears are vigorously protecting this level. This would increase the likelihood of a break below the 20-day moving average. If this happens, the pair may remain in a larger range for some time.
This article does not contain investment advice or recommendations. Every investment and trading activity involves risks, and readers should do their own research when making decisions.
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