Bitcoin (BTC) is trying to maintain the $38,000 overhead resistance for the second day in a row and start the next uptrend. Excitement among market observers may have grown further after the US Securities and Exchange Commission (SEC) postponed its decision on the application of Franklin Templeton and Hashdex exchange-traded funds (ETFs).
Bloomberg ETF analyst James Seyffart speculated in a post on
Many analysts believe the ETF listing will be a watershed moment for Bitcoin, but Joshua Lim, head of derivatives at Genesis Trading, said in an They warned me that it could be terminated. To go in.
However, macroeconomic conditions in early 2024 could limit the downside. Bill Ackman, CEO and founder of Pershing Square Capital Management, told Bloomberg that the U.S. Federal Reserve will cut interest rates sooner than people expect. . He expects rate cuts to begin in the first quarter, instead of the market’s expectations for mid-year.
Could Bitcoin and altcoins witness a shallow correction before resuming their upward trend?
Let’s analyze the top 10 cryptocurrencies chart to find out.
Bitcoin Price Analysis
Bitcoin broke above the $37,980 resistance level again on November 28, but bulls were unable to overcome it. This shows that the Bears are fiercely defending their level.
Retesting a resistance level repeatedly tends to weaken it. If the bulls hold the price above the 20-day exponential moving average ($36,820), a rally to $40,000 is likely. This level can act as a significant obstacle.
If bears want to stop the advance, they need 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. A strong bounce from this level could keep the BTC/USDT pair within a large range between $34,800 and $38,000 for some time.
Ether Price Analysis
Ethereum (ETH) found support again at the 20-day EMA ($2,006) on November 27th and 28th, indicating bulls are seeing the pullback as a buying opportunity.
The bulls are expected to face strong resistance in the area between $2,137 and $2,200, but a bounce above $2,200 is more likely if buyers do not give up many of their positions. When that happens, the ETH/USDT pair will complete a large ascending triangle pattern. This could start a new uptrend with a pattern target of $3,400.
Instead, if the price declines and falls below the 20-day EMA, it will be a sign that the bears are trying to get back in the game. The pair could then fall towards its 50-day SMA ($1,853).
BNB price analysis
Bears attempted to push BNB (BNB) below the $223 support level on November 27, but the bulls did not abate. This suggests low levels of demand.
Bulls will need to push the price above the 20-day EMA ($235) to begin any meaningful recovery. The BNB/USDT pair may attempt a bounce up to $265, where bears may again see strong resistance.
If the price falls back from the 20-day EMA, it means that the bears are trying to move towards the resistance level. This would increase the chances of a decline below $223. If this level is broken, the pair could collapse towards $203.
XRP Price Analysis
XRP (XRP) has been stuck between its moving averages for the past few days, indicating indecision between bulls and bears.
The slightly lower 20-day EMA ($0.61) and RSI near the mid-point do not indicate an advantage for either bulls or bears.
The XRP/USDT pair could rise to $0.67 if buyers push the price above the 20-day EMA. Instead, if the price breaks sharply from the 20-day EMA and slides below the 50-day SMA ($0.58), it is a sign that the bears are trying to take control. Sales may accelerate further if the price falls below $0.56.
Solana Price Analysis
Solana (SOL) plummeted from the 20-day EMA ($54.71) on November 28, indicating that sentiment remains positive.
Bulls will try to push the price above the immediate resistance level of $62.10. If successful, the SOL/USDT pair could rise to a local high of $68. The bull must overcome this obstacle to nullify the head-shoulders pattern. Failure of a bearish pattern is a bullish signal. That could start a sharp rise to $85.
The $51 level remains key support for the downside. A close below this level could initiate a deeper correction to the 50-day SMA ($42.25).
Cardano Price Analysis
Cardano (ADA) fell to the 20-day EMA ($0.38) on November 27, but its uptrend remained intact. This means stocks are being bought aggressively at low levels.
Higher lows over the past few days have increased the likelihood of an upward breakout. If the bulls push the price above $0.40, the ADA/USDT pair could gain momentum and push up to $0.42 and later $0.46.
Time is running out for the bear. If we want to make a comeback we will have to pull the price below the 20-day EMA. This could result in a halt for short-term traders and the pair could fall to solid support at $0.34.
Dogecoin price analysis
Dogecoin (DOGE) has been finding repeated support at the 20-day EMA ($0.08), which suggests buying is taking place at lower levels.
Rising moving averages and RSI in positive territory indicate that the path of least resistance is to the upside. Buyers will try to push the price up to next to $0.09 and $0.10, where bearish selling is likely to occur.
On the downside, the 20-day EMA remains a key level to watch. If this level is broken, the DOGE/USDT pair could fall to its 50-day SMA ($0.07) and then towards the important support at $0.06.
Related: SoFi Technologies suspends cryptocurrency services until December 19th
Toncoin price analysis
Toncoin (TON) has been trading above the 20-day EMA ($2.37) for the past few days, but the bulls are struggling to push the price to $2.59. This means demand depletes at higher levels.
Bears will try to gain the upper hand by pushing the price below the moving average. If that happens, the TON/USDT pair could fall to the psychological level of $2 and then to $1.89.
On the plus side, the first hurdle is $2.59. If buyers overcome this resistance, the pair could rise to $2.77. Sellers may offer strong opposition in the area between $2.77 and $2.90, but if the bulls do not allow the price to fall below $2.59, a new uptrend could begin towards $4.03.
Chainlink Price Analysis
Chainlink (LINK) found support again at the 20-day EMA ($14.07) on November 28, indicating that bulls are actively defending this level.
The LINK/USDT pair is likely to be sold around the $15.40 level, as the bears have successfully held resistance in the previous three attempts. A decline in the price from $15.40 increases the likelihood of a decline to $12.83.
Conversely, if the bulls push the price above $15.40, the pair could challenge the local high of $16.60. The upward movement may resume and a break above this level could see the pair reach $18.30.
Avalanche Price Analysis
Avalanche (AVAX) bounced from the 20-day EMA ($19.35) on November 28, indicating that sentiment remains positive and traders are buying on dips.
Bulls need to overcome resistance at $22 to strengthen their positions. The AVAX/USDT pair may rise to $24.69. Sellers are likely to have a strong defense at this level. Because once this resistance is removed, the pair can move up to $28.50 as there is no significant resistance in between.
Contrary to this assumption, if the price declines from $22, it suggests that bears will remain active at higher levels. If the bears fall below $18.90, the advantage will tilt in their favor.
This article does not contain investment advice or recommendations. All investment and trading activities involve risk and readers should conduct their own research when making any decisions.