SOL, AVAX, SUI, and NEAR rise as Bitcoin price trades in the $90,000 area.

Bitcoin (BTC) continued its upward trend this week, rising more than 12.5%. The bears did not give up easily. They tried to start a downtrend on November 14th, but the uptrend remained. Prices were trading in a narrow range close to all-time highs, increasing the likelihood of a bullish breakout.

CryptoQuant contributor Darkfost said in a market update that Bitcoin whales haven’t stopped buying even at prices around $90,000, and “they’re mostly holding on, which is a sign of confidence in the market.”

Bitcoin’s rally has improved sentiment across the cryptocurrency sector, lifting several altcoins. However, traders need to be cautious as profit booking may begin if Bitcoin fails to hit and maintain all-time highs.

What are the important support levels to watch out for in Bitcoin? If the support line holds, can the altcoin continue its upward trend? Let’s take a look at the top 5 cryptocurrencies with strong technical structures.

Bitcoin Price Analysis

Bitcoin bears are trying to block the upside in the $92,000 to $93,265 resistance area, but a positive sign is that the bulls have not given up much ground.

This increases the likelihood that the upward trend will continue. If buyers push the price above $93,265, the BTC/USDT pair could surge to the psychological level of $100,000. This level could again act as a strong barrier, but if buyers push, the pair could reach $113,331.

If bears want to stop the uptrend, they will need to quickly lower the price below the support level of $85,000. That could push the pair down to the 20-day exponential moving average ($80,791). A break and exit below the 20-day EMA will put the bears back in the game.

Looking at the 4-hour chart, we see that the pair has formed a symmetrical triangle pattern, indicating indecision between the bulls and bears. When the price falls and closes above the triangle, it is a sign that buyers have asserted their supremacy. Then it will likely rise to $100,000.

Instead, if the price declines and falls below the triangle, it means that the short-term bulls are taking profits. That could lead to a drop to $85,000 and then to $80,000.

Solana Token Price Analysis

Buyers expressed positive sentiment in Solana (SOL) after it successfully defended a retest of the $210 breakout level.

The bullish trend took place on November 17th when the price rose above the overhead resistance of $225, signaling the start of a new uptrend. There is a small resistance near $242, but a crossover is likely. The SOL/USDT pair could reach $260, where the downside is expected to pose quite a challenge. If buyers break the $260 level, the pair could surge to $304.

This bullish outlook is invalidated in the near term if the price declines and plunges below the 20-day EMA ($198). Such a move would be a signal that the market has refused to break out.

The upward move faces a profit booking near $240, but the shallow pullback suggests the bulls are in no rush for an exit. This improves the outlook for the upward trend towards $260 to continue.

Conversely, if the price declines and falls below $225, it is a sign that bears are active at higher levels. The pair could fall as low as $210, which is a key short-term support level to keep an eye on. A drop below $200 could give the bears an advantage.

Avalanche Price Analysis

Avalanche (AVAX) bounced from the 20-day EMA ($30.60) on November 15 and reached the resistance line of an ascending channel pattern on November 17.

A rising 20-day EMA and the Relative Strength Index (RSI) near overbought territory increase the likelihood of an upside breakout. If that happens, the AVAX/USDT pair could rise to $41.80 and then $50.

Contrary to this assumption, if the price does not stay above the channel, it indicates that bears will continue to sell in the rally. The pair could then fall towards the 20-day EMA and remain inside the channel for longer.

If you look at the 4-hour chart, you can see that the bears are fiercely defending the rising channel resistance line. If the price rises from the current level or the 20-EMA, the bulls will again try to clear the overhead hurdle. If successful, the pair could rise to $41.80 and then to $45.91.

Conversely, a drop below the 20-EMA would signal that the bears are attempting a rebound. The pair may fall to the 50-SMA and then to $31 later.

relevant: Why is Solana (SOL) price rising today?

sui price analysis

Sui (SUI) has been on a vertical rise since breaking $2.37 on November 9, signaling that the uptrend is under control.

Bears tried to delay the rally several times, but bulls bought the dip during the day. The SUI/USDT pair may rise to $4, where bears will again try to halt the upward trend. However, if the bulls win, the pair could surge to $4.25 and later to $4.70.

The 20-day EMA ($2.86) is an important support level to watch out for in the downtrend. A close below the 20-day EMA is a sign that the uptrend is losing steam. The pair could then fall to $2.37.

Looking at the 4-hour chart, we can see that there is support at the 20-EMA during the downtrend, which indicates buying on the dip. If buyers push the price above $3.93, the pair could rise to $4 and then to $4.40.

Conversely, if the price declines and falls below the 20-EMA, it would be a sign that bulls are in a hurry to take profits. The pair may fall towards the 50-SMA, below which there is solid support at $2.80.

NEAR Protocol Price Analysis

NEAR Protocol (NEAR) gained momentum after breaking above its 50-day SMA ($4.71) on November 11, suggesting a near-term trend change.

The NEAR/USDT pair has reached overhead resistance at $6.50, an important level to watch in the near term. The rising 20-day EMA ($4.96) and RSI in the overbought zone suggest that the path of least resistance is upward. If buyers push the price above $6.50, the pair could rise to $7.70 and eventually $8.58.

Alternatively, if the price declines sharply from current levels and falls below the 20-day EMA, it would be a signal that the price may fluctuate within a large range between $6.50 and $3.42 for some time.

A negative divergence in RSI indicates that the bullish momentum is slowing. A break and close below the 20-EMA could accelerate selling, pulling the pair towards the 50-SMA and later solid support at $5.

On the other hand, if the price rises from current levels and rises above $6.15, it is a sign that the buyers are still in a downtrend. The pair will likely make another attempt to rise above $6.50. That could lead to a rally reaching $7 and then $7.70.