Bitcoin (BTC) is trying to hold above the overhead resistance at $38,000 for the second day in a row and start the next leg of its uptrend. Excitement among market watchers is likely to grow after the U.S. Securities and Exchange Commission (SEC) delayed a decision on Franklin Templeton and Hashdex exchange-traded fund applications.
Bloomberg ETF analyst James Seyffart speculated in an
While many analysts believe the ETF listing will be a watershed moment for Bitcoin, Joshua Lim, head of derivatives at Genesis Trading, warned in an . Enter.
However, macroeconomic conditions in early 2024 may limit the downside. Bill Ackman, CEO and founder of Pershing Square Capital Management, said in an interview with Bloomberg that the Federal Reserve will cut interest rates sooner than expected. He expects rate cuts to begin in the first quarter, rather than mid-year as expected by markets.
Will Bitcoin and altcoins experience a minor correction before resuming their uptrend?
Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin Price Analysis
On November 28, Bitcoin once again broke through the $37,980 resistance level, but the bulls failed to close above this resistance level. This shows that bears are fiercely defending this level.
Repeatedly retesting a resistance level tends to weaken it. If bulls maintain the price above the 20-day exponential moving average ($36,820), the chances of a rally to $40,000 increase. This level can be a significant obstacle.
If the bears want to halt the rise, they will have to quickly pull the price below the 20-day EMA and the uptrend line. This could start a decline towards solid support at 34,800 points. A strong rebound from this level could keep the BTC/USDT pair within a large range between $34,800 and $38,000 for some time.
Ethereum Price Analysis
Ethereum (ETH) once again found support at the 20-day EMA ($2,006) on November 27-28, suggesting bulls view dips as buying opportunities.
Bulls are expected to face strong resistance between $2,137 and $2,200, but if buyers do not give up too much ground, it will increase the likelihood of a rebound above $2,200. If this happens, the ETH/USDT pair will complete a large ascending triangle pattern. This could start a new uptrend with a target of $3,400.
Conversely, if the price declines and falls below the 20-day EMA, it would indicate that the bears are trying to get back in the game. The pair may then drop towards the 50-day moving average ($1,853).
BNB price analysis
On November 27, the bears attempted to sink BNB (BNB) below the $223 support, but the bulls were not relenting. This indicates that demand is at a lower level.
Bulls must force the price above the 20-day EMA ($235) to begin a meaningful recovery. Subsequently, the BNB/USDT pair may attempt to rebound towards $265, where bears may once again create strong resistance.
If the price falls again from the 20-day EMA, it would indicate that the bears are trying to turn this level into resistance. This would enhance the prospects of a fall below $223. If this level fails, the pair could drop to $203.
Ripple Price Analysis
XRP (XRP) has been hovering between moving averages over the past few days, showing indecision between bulls and bears.
The slightly downward sloping 20-day EMA ($0.61) and the RSI near the midpoint do not suggest that bulls or bears have the advantage.
If buyers push the price above the 20-day EMA, the XRP/USDT pair could rise towards $0.67. Conversely, a sharp decline from the 20-day EMA and below the 50-day EMA ($0.58) would indicate that the bears are trying to seize control. The sell-off may accelerate further if the pair falls below $0.56.
Solana Price Analysis
Solana (SOL) rebounded from its 20-day moving average ($54.71) on November 28, indicating that market sentiment remains positive.
Bulls will attempt to push the price above immediate resistance at $62.10. If they succeed, the SOL/USDT pair could climb to local highs of $68. Bulls must overcome this hurdle to invalidate the head and shoulders pattern. The failure of a bearish pattern is a bullish signal. This could lead to a sharp rise in the pair towards $85.
The $51 level remains key support on the downside. A breakout and close below this level could begin a deeper correction toward the 50-day moving average ($42.25).
Cardano Price Analysis
Cardano (ADA) fell to the 20-day EMA ($0.38) on November 27, but bulls held their ground. This indicates active buying of stocks at lower levels.
Higher lows over the past few days have improved prospects for a breakout to the upside. If the bulls push the price above $0.40, the ADA/USDT pair may accelerate to $0.42 and subsequently to $0.46.
Time is running out for the bears. If they want to stage a comeback, they will have to pull the price below the 20-day moving average. This could hit stops for short-term traders and the pair could drop to solid support at $0.34.
Dogecoin Price Analysis
Dogecoin (DOGE) has found support at the 20-day EMA ($0.08) on multiple occasions, suggesting lower levels are being bought.
The upward sloping moving averages and the RSI in positive territory show that the path of least resistance is to the upside. Buyers will try to push the price below $0.09 and $0.10, where they may encounter selling from the bears.
On the downside, the 20-day moving average is still a key level worthy of attention. If this level collapses, the DOGE/USDT pair could fall to the 50-day moving average ($0.07) and then to the key support at $0.06.
related: SoFi Technologies will discontinue encryption services on December 19
Coin price analysis
Toncoin (TON) has been trading above the 20-day EMA ($2.37) over the past few days, but bulls are working hard to push the price towards $2.59. This suggests demand is drying up at higher levels.
The bears will try to gain the upper hand by pulling the price below the moving average. If they succeed in doing this, the TON/USDT pair could drop to the psychological level of $2 and then to $1.89.
On the bright side, the first hurdle is $2.59. If buyers overcome this resistance, the pair may rise towards $2.77. Sellers are likely to mount strong resistance in the area between $2.77 and $2.90, but if bulls do not allow the price to fall below $2.59, a fresh uptrend to $4.03 may begin.
Chainlink Price Analysis
Chainlink (LINK) once again found support at the 20-day EMA ($14.07) on November 28, indicating that bulls are strongly guarding this level.
The LINK/USDT pair may face a sell-off towards the $15.40 level as bears have managed to hold this resistance level in three previous attempts. If the price falls from $15.40, the probability of a drop to $12.83 will increase.
Conversely, if the bulls push the price above $15.40, the pair may challenge the local high of $16.60. The uptrend is likely to resume and if this level is exceeded, the pair could reach $18.30.
Avalanche Price Analysis
Avalanche (AVAX) rebounded from its 20-day moving average ($19.35) on November 28, showing that market sentiment remained positive, with traders buying dips.
Bulls must overcome resistance at $22 to consolidate their position. The AVAX/USDT currency pair may rise towards $24.69. Sellers are likely to mount a strong defense at this level, as if this resistance is removed, the pair could rise to $28.50 as there is no significant resistance in between.
Contrary to this assumption, if the price declines from $22, it would indicate that bears are still active at higher levels. The advantage will tilt in favor of the bears if they fall below $18.90.
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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