November 25 Technical Analysis: BTC, ETH, BNB, SOL, ADA, XRP, DOT, DOGE, AVAX, CRO

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2021-11-25 00:39:58

Bitcoin (BTC) and most major altcoins continue to be pinned below their overhead resistance, suggesting that bears are selling on the recovery.

Ki Young Ju, CEO of on-chain analytics firm CryptoQuant says that “whales are sending Bitcoins to exchanges.” However, reserves are still hovering near their lowest levels since mid-2018 as outflows from exchanges remain high.

Although Bitcoin is in the midst of a correction in USD terms, it has proven to be a savior for Turkish investors. While the lira continues to depreciate into 2021, Bitcoin in lira regularly hits new all-time highs and it surpassed 700,000 lira on Nov.

Let’s study the charts of the top 10 cryptocurrencies to find out if it’s time for a recovery or can the correction deepen further?

BTC technical analysis

The bulls are attempting to capture the correction near $55,000 but the bears are not willing to give way. Bitcoin’s relief rally on November 23 ended at $58,000, suggesting that the bears are attempting to turn this level into resistance.

BTC/USDT Daily Chart | Source: TradingView

The moving averages have created a bearish cross and the relative strength index (RSI) continues to weaken in the negative zone, signaling that bears have the upper hand.

If the price slides below $55.317, selling may intensify and the BTC/USDT pair can drop to the $52,500 – $50,000 support area. The bulls are likely to defend this zone aggressively but the subsequent bounce could face selling at the 20-day EMA ($60,084).

This negative view will be invalidated if the price rises from the current levels and breaks above the downtrend line. After that, the pair may attempt to resume the uptrend.

ETH technical analysis

Ether (ETH) recovered from near the neckline of a head and shoulders (H&S) pattern developed since Oct. 22. The bounce from the neckline reached the 20-day EMA ($4.337) on the day. November 23 acts as a strong resistance.

ETH/USDT Daily Chart | Source: TradingView

If the price turns down from the current levels and breaks below the 50-day SMA ($4,169), the bears will again attempt to drag the ETH/USDT pair below the neckline. If they succeed, it will complete a bearish pattern, which has a target target of $3,047.

Conversely, if the bulls push the price above the 20-day EMA and the resistance at $4,451, it shows that selling pressure may be abating. Thereafter, the pair will attempt to rise to the $4,772 – $4,868 resistance area. A breakout and close above this zone will signal the continuation of the uptrend.

BNB . Technical Analysis

Binance Coin (BNB) fell from $605.20 on Nov. 21 and dipped below the 20-day EMA ($584). However, the bears were unable to capitalize on this weakness and pushed the price down to the 50-day SMA ($532).

BNB/USDT Daily Chart | Source: TradingView

This shows that the bulls are consolidating at lower levels. The buyers attempted to clear the overhead barrier on Nov 23 but the bears defended this level aggressively. The price is currently hovering near the 20-day EMA.

If the price turns up from the current levels and breaks above $605.20, the BNB/USDT pair can challenge the resistance at $669.20. If this level is conquered, the pair can retest the all-time high of $691.80.

Conversely, if the price sustains below the 20-day EMA, the bears will again attempt to drag the pair down to the 50-day SMA. A break and close below this support could signal the start of a deeper correction.

SOL . technical analysis

Solana (SOL) broke below the 20-day EMA ($219) on Nov. 22. The bulls pushed the price back above it on Nov. 23 but failed to sustain the higher levels. This shows that the bears are defending the 20-day EMA.

Daily SOL/USDT Chart | Source: TradingView

Now the bears will try to drag the price down to the support line of the symmetrical triangle. This is an important level that the bulls need to defend, as a break below it could push the advantage in favor of the bears. After that, the SOL/USDT pair can start falling to $153 and below it to $140.

Also, if the price rises and breaks above the resistance line, it will signal that the bulls have the upper hand. Thereafter, the pair can rally to the all-time high at $259.90, where the bears are expected to create a stiff resistance.

ADA technical analysis

Cardano (ADA) was rejected by the 20-day EMA ($1.90) on November 21, and the bears dragged the price below the critical support at $1.70 thereafter. If the bears sustain the price below $1.70, selling momentum might pick up.

Daily ADA/USDT Chart | Source: TradingView

The downward sloping moving averages and the RSI near the oversold zone show that the bears are in control. The ADA/USDT pair can now drop to the strong support at $1.50, where buyers are expected to step in.

On the upside, the bulls will have to push and sustain the price above the 20-day EMA to show that selling pressure may be abating. The trend may turn in favor of the bulls on a breakout and close above the downtrend line.

XRP technical analysis

Ripple (XRP) recovered from the psychological support at $1 on November 23 but the bulls have yet to push the price to the 20-day EMA ($1.10). The shallow bounce shows that bears are continuing to sell in every minor rally.

XRP/USDT Daily Chart | Source: TradingView

The bears will attempt to sink and sustain the price below the strong support at $1 once again. If they do, selling could accelerate and the XRP/USDT pair could drop to the critical support at $0.85.

The 20-day EMA is sloping down and the RSI is in the negative territory suggesting that the path of least resistance is a move lower. This negative view will be invalidated if the price rises and breaks above the 50-day SMA ($1.12). That could open the door for a rally to $1.24.

DOT technical analysis

Polkadot (DOT) recovered from the uptrend line on Nov 23 but the bulls were unable to sustain the higher levels. The price once again turned down and moved down to the uptrend line.

DOT/USDT Daily Chart | Source: TradingView

Repeated retests of support tend to weaken it. The moving averages have created a bearish cross and the RSI is below 40, showing that the bears have the upper hand.

If the price breaks and closes below $37.53, the DOT/USDT pair will complete a bearish H&S pattern. After that, the pair can start a deeper correction to $26.

Conversely, if the price recovers from the current levels, the bulls will make one more move to overcome the barrier at $43.56. If they can pull the price above it, it will signal that the bears may have lost control.

DOGE technical analysis

Dogecoin (DOGE) bounced off the critical support at $0.21 on Nov. 23 but the long wick on the intraday candlestick shows that bears continue to sell near the downtrend line.

Daily DOGE/USDT Chart | Source: TradingView

The DOGE/USDT pair broke below the $0.21 support on November 24 and now the bears will attempt to drag the price to the critical support at $0.19. This is an important support that the bulls need to defend because if it breaks, the pair can plummet to $0.15.

The 20-day EMA is turning down ($0.24) and the RSI is below 37 showing that the bears have the upper hand. The first sign of strength will be a break and close above the downtrend line. That would indicate a return for the bulls.

AVAX technical analysis

The bulls were unable to propel Avalanche (AVAX) above the all-time high of $147 on November 22, showing that the bears are actively defending the overhead resistance. This may have prompted profit taking from short-term traders.

AVAX/USDT Daily Chart | Source: TradingView

The AVAX/USDT pair has started a correction and can find strong support in the area between the 38.2% Fib retracement level at $112.63 and the 20-day EMA ($103).

If the price recovers from this zone, it shows that sentiment is still positive and traders are buying on the downside. The bulls will then make one more attempt to propel the pair above the all-time high and resume the uptrend.

Additionally, a break and close below the 20-day EMA will signal that supply exceeds demand. The pair can then drop to the 61.8% Fib retracement level at $91.39.

CRO . technical analysis

Crypto.com Coin (CRO) has been on a strong uptrend for the past few days. The vertical bounce has pushed the RSI close to the 90 level, suggesting that the recovery is overheating in the short term. This could lead to a small correction or consolidation in a few days.

Daily CRO/USDT Chart | Source: TradingView

The upside move could see profit taking near the psychological barrier at $1. If that happens, the CRO/USDT pair could initiate a correction. The first major support on the downside is the 38.2% Fib retracement level at $0.73.

Generally, vertical rallies are followed by sharp declines. If the price breaks below $0.73, the correction can extend to the 61.8% Fib retracement level at $0.59. Conversely, if the price bounces off $0.73, the bulls will make one more move to resume the uptrend.

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#November #Technical #Analysis #BTC #ETH #BNB #SOL #ADA #XRP #DOT #DOGE #AVAX #CRO

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