Bitcoin’s (BTC) rally has stalled near $36,000, but bulls are in no hurry to take profits. According to Glassnode’s analysis, the supply of long-term holders (i.e., addresses that have held Bitcoin for at least 155 days) is near all-time highs, while the short-term holder metric (i.e., addresses that have held Bitcoin for less than 155 days) is close to its all-time high. supply is close to record highs. Close to all-time lows, indicating tightening Bitcoin supply.
While the long-term outlook is positive, there may be sparks in the short-term.According to CoinGlass, open interest in the Bitcoin derivatives market has increased significantly, exceeding $16 billion at the time of writing. data. JA Maartunn, a contributor to the on-chain analytics platform CryptoQuant, highlighted on X (formerly Twitter) that open interest increased by more than $12.2 billion, which had previously led to a minimum drop of 20%.
Although Bitcoin faces downside risks in the short term, traders have begun accumulating select altcoins. This has led to a strong rally in several altcoins, which have broken out of long-term base patterns and are showing signs of starting a new uptrend. Altcoins may experience profit-taking rounds, but as long as Bitcoin does not fall below $30,000, altcoins are likely to continue to be in the spotlight.
What key support levels does Bitcoin need to hold to continue its upward trend? Will the altcoin rally continue, or is it time to take profits?
Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin Price Analysis
Bitcoin continues to trade within a narrow ascending channel pattern, showing buyers are cautious at current levels.
The upward sloping 20-day exponential moving average ($33,612) and the relative strength index (RSI) in overbought territory suggest the path of least resistance is to the upside. If buyers push the price above the channel, it means bulls are back in control. This could clear the way for a potential rally to $40,000. This level may attract strong selling from the bears.
On the contrary, if the price declines and falls below the 20-day EMA, it means that bulls are taking profits. The BTC/USDT pair may drop to $32,400 and eventually $31,000.
Ethereum Price Analysis
Ethereum (ETH) has been slowly climbing higher, approaching the important resistance level at $2,000. This is an important level to watch as bears halted the rally at $2,000 twice, in May and July.
If the ETH/USDT pair does not lose too much ground from $2,000, it would suggest that bulls are holding on to their positions as they anticipate another move higher. There is a small resistance at $2,200, but if this level is exceeded, the upward momentum could gain momentum and surge towards $3,500.
Conversely, if the price declines from current levels and breaks below the 20-day EMA ($1,800), the next stop could be $1,746.
BNB price analysis
BNB (BNB) has been in a recovery phase for several days. On November 6, the price reached $256 and bears stepped in to halt the advance.
Sellers will try to push the price down to the 20-day EMA ($232), which is a level to watch closely.
If prices rebound strongly from this level, it would indicate that market sentiment remains positive and traders will view dips as buying opportunities. The BNB/USDT pair may then rise towards $265, where bears may once again pose a major challenge.
On the contrary, if the price declines and falls below the 20-day moving average, it will indicate that the bears are re-engaging.
Ripple Price Analysis
XRP (XRP) climbed above the $0.67 resistance on November 6, but the bulls failed to break through the next hurdle at $0.74.
This may have attracted short-term bulls to take profits, sending the price below $0.67 on November 7. The long tail on the day’s candlestick indicates that lower levels continue to attract buyers. If the price remains above $0.63, prospects for a retest of $0.74 will improve. Above this level, the XRP/USDT pair is likely to rise towards $0.85 and then towards $1.
Contrary to this assumption, if the price falls below $0.63, it will indicate that the bullish momentum has waned. The pair may then drop to the 20-day EMA ($0.60).
Solana Price Analysis
Solana (SOL) has been consolidating in an uptrend. The price is hovering between the overhead resistance at $48 and the support at $38.
Both moving averages are sloping upwards and the RSI is in overbought territory, indicating that bulls have the upper hand. The price may climb towards $48, which may witness a tough battle between bulls and bears. If the bulls overcome this hurdle, the SOL/USDT pair could jump towards $60.
If the bears want to stage a comeback, they will have to drop lower and sustain the price below the 20-day EMA ($36.30). This could start a deeper correction towards the 50-day moving average ($27.35).
Cardano Price Analysis
Cardano (ADA) has been in a strong uptrend over the past few days. On November 6, the price reached $0.38 and bulls may face strong resistance from bears.
Prices pulled back on November 7, but a small positive was that bulls bought at lower levels, as evidenced by the long tail on the candlestick. Buying indicates that bulls expect the overhead resistance to be breached.
If buyers push and sustain the price above $0.38, the ADA/USDT pair may start the next phase of the uptrend towards $0.42 and subsequently to $0.46. This positive view will be invalidated in the short term if the price falls below $0.33.
Dogecoin Price Analysis
Buyers are trying to push Dogecoin (DOGE) above $0.08. The last attempt in July failed at this level; therefore, the bears will once again defend $0.08 with all their might.
The rising 20-day EMA ($0.07) and the RSI in positive territory suggest that bulls have the advantage. If buyers do not give up too much ground from $0.08 onwards, the likelihood of a breakout above $0.08 increases. The DOGE/USDT pair could then surge towards the key psychological level of $0.10.
If the bears want to halt the rise, they will have to quickly pull the price back below the 20-day EMA. This could signal a period of volatility between $0.06 and $0.08.
related: Toncoin (TON) price surges to 11-month high after Telegram launches ‘giveaway’
Coin price analysis
Toncoin (TON) surged above resistance at $2.59 on November 8, indicating that bulls are in control.
Price action over the past few months formed a cup-and-handle pattern that eventually broke out and closed above $2.59. This bullish set target is $4.03.
However, bears are unlikely to give up easily. They will try to pull the price lower and sustain it below the breakout level of $2.59. If they are able to do this quickly, it could trap a few aggressive bulls who may rush for the exits. Subsequently, the TON/USDT pair may begin a sharp correction towards $2.31.
Chainlink Price Analysis
Chainlink (LINK) has been in an upward trend over the past few days. After a brief period of consolidation, the bulls established their dominance and resumed the upward trend on November 5.
The rebound has reached resistance at $13.50, which may act as a temporary hurdle. If buyers pile in, the LINK/USDT pair could rise to $15 and then to $18. Bears are expected to defend this level fiercely.
An important support to watch on the downside is the 20-day moving average ($11.18). A break below and a close below this support would indicate that the bullish momentum may be waning.
Polygon price analysis
Polygon (MATIC) broke above overhead resistance at $0.70 on November 6, indicating that bulls are in charge.
The bears tried to pull the price back below the $0.70 breakout level of November 7, but the bulls held their ground. This suggests that bulls have turned this level into support. This starts the next phase of the uptrend with a target of $0.80. This level may be a minor barrier, but if broken, the MATIC/USDT pair could reach $0.90.
The rally over the past few days has pushed the RSI into overbought territory, warning of a potential consolidation or correction in the near future. The pair may then drop towards the 20-day EMA ($0.66).
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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