Bitcoin (Bitcoin) above $35,000 on November 2, which may have attracted bulls who were anticipating that the next phase of the upward movement had begun. However, the price quickly turned around and fell below $35,000, indicating that the breakout may have been a false move.
A minor correction during an uptrend does not indicate a trend reversal. This is usually a healthy sign because it eliminates weak hands. When markets are trending higher, dips are a buying opportunity, but it is best to wait until the price bottoms before buying. Strong support levels can be considered potential places where buyers will step in to halt the decline.
MicroStrategy founder and CEO Michael Saylor said in an interview with CNBC that if traders have a time horizon of 12 to 48 months, the current level is a “pretty ideal entry point into the asset.”
The weakness of Bitcoin has led to the decline of many altcoins. What are the important support levels where the decline can end?
Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price analysis
Bitcoin rose above $35,280 on November 1st and tried to build on that rally on November 2nd, but the bears had other plans. Sellers stopped the rally at $35,985 and are trying to keep the price below $35,000.
If they do, the price of BTC/USD could fall to $33,390. This is an important level for the bulls to defend, because if the $33,390 level is broken, the pair could fall to the 20-day EMA ($32,611).
Typically, in an uptrend, the bulls aggressively defend the 20-day EMA. If this level is maintained, it will indicate that the trend is still positive. The bulls will then make another attempt to push the price to $40,000.
A break and close below the 20-day EMA would be the first signal that the bulls may be losing their grip. It is possible that the pair will fall to $31,000.
Ethereum price analysis
On November 2, bulls raised the price of Ether (Ethereum) above the immediate resistance of $1,865, but the bears have retreated below that level, suggesting heavy selling at higher levels.
The bears will try to bring the price down to the strong support level at $1,746. This remains the key level to watch, as a break and close below it would signal the bears are back in control.
Meanwhile, the bulls have other plans. They will try to buy the dips and break the $1865 barrier again. If they succeed, ETH/USDT could start rising towards the psychologically critical level at $2,000.
BNB price analysis
National Bank of Bahrain (BNB Bank) from the breakout level of $223 on November 1, suggesting that the bulls are aggressively defending this level.
Buyers tried to push the price above the $235 resistance level on November 2, but bears held on. This suggests that the BNB/USDT pair will remain stuck between $223 and $235 for some time.
A rising 20-day EMA ($223) and an RSI in positive territory indicate that the path of least resistance is to the upside. If the bulls break the $235 level, the pair could reach $250 and eventually $265. Conversely, the trend will change in favor of the bears if they fall and keep the price below $223.
XRP price analysis
ripple(XRP) is facing resistance near $0.61, but the positive sign is that the bulls have not lost ground to the bears.
Buyers will try to push the price towards the general resistance of $0.67. This level may once again pose a strong challenge for buyers, but if they can break it, the rally could extend to $0.75 and then $0.85. A bullish 20-day EMA ($0.56) and an RSI in the overbought territory suggest that the bulls are in control.
If the bears want to come back, they will have to cut the price below $0.56. The XRP/USDT pair could then fall to the 50-day simple moving average ($0.52).
Solana price analysis
Solana (sun) rose above $38.79 on November 1st and reached near the $48 target, but the long wick on today’s candle shows that traders aggressively booked profits at this level.
The price rebounded from $38.79 on November 2, but the bulls were unable to sustain the intraday highs, suggesting that any rally is being sold off. The bears will try to press their advantage and sink the SOL/USDT pair below $38.79.
If they succeed, a downward move towards the 20-day EMA ($32.41) could begin. Such a deep correction would signal the end of the short-term upward movement. It is possible that the pair will enter the consolidation phase for a few days.
If the bulls want to maintain their advantage, they will have to defend the support at $38.79. If the price rises from this level strongly, the pair may retest the resistance above $48.
Cardano price analysis
cardano (Ada) from the 20-day EMA ($0.28) on November 1st and rose above $0.30, suggesting that the bulls view dips as a buying opportunity.
The price fell from $0.33 on November 2, but the bulls did not give in to the bears. This is a positive sign as it shows that the bullish movement is holding on to its positions with the expectation that the upward movement will continue. The upside target is $0.38.
Conversely, if the price declines and falls below $0.30, it will indicate that the markets have rejected higher levels. ADA/USDT could then fall to the 20-day EMA ($0.28).
Dogecoin price analysis
Dogecoin (Doug) from the 20-day EMA ($0.06) on November 1, but the bulls were unable to sustain the higher levels.
The price returned to the 20-day EMA on November 3rd, but the long tail of the candle shows that the bulls are aggressively defending the level. Buyers are once again trying to push the price above $0.07. If they succeed, DOGE/USDT will try to reach $0.08. This level may witness heavy selling by bears.
Conversely, if the price falls again from $0.07, the bears will sell on the rallies. If it breaks and closes below the 20-day EMA, the bears will return to the fray. It is possible that the pair will fall to $0.06.
Toncoin price analysis
Ton Coin (TON) rose to the general resistance level of $2.31 on November 2, but the bulls were unable to overcome the hurdle. This indicates that the bears are defending the level aggressively.
Bullish moving averages and an RSI in positive territory suggest that the bulls have a slight advantage. A strong bounce from the moving averages will improve the odds of a rally above $2.31. If this level is broken, the TON/USDT pair could start its way towards $2.59.
Alternatively, if the price falls from the upper resistance and breaks below the moving averages, it will indicate that the pair may fluctuate between $1.89 and $2.31 for a few days.
Chainlink price analysis
chain link (connection) encountered resistance near $11.50, indicating that the bears have not given up and are continuing to sell on the rallies.
The inability to sustain higher levels may have tempted short-term traders to take profits on November 2. This pulled the price back towards the 20-day EMA ($10.11). This remains the main level to take into consideration.
If the bounce from the 20-day EMA continues, it will indicate strong demand at lower levels. The bulls will once again try to break the $11.50 level. If they succeed, LINK/USDT could reach $13.50 and then $15, and on the other hand, if it drops below the 20-day EMA, it could retest $9.50.
Polygon stock analysis
polygon (Matic) is rising gradually, but the rise lacks momentum. This indicates that the bulls are reluctant to continue buying at higher levels.
Bullish moving averages and the RSI near overbought territory indicate that the bulls have the upper hand. If the bulls break the $0.70 barrier, MATIC/USDT could rise to $0.74 and then $0.80.
The bears are aggressively challenging the $0.70 resistance, but will have to sink the pair below the 20-day EMA ($0.61) to weaken the bullish momentum. The pair could fluctuate within a wide range between $0.50 and $0.70 for a while.
This article does not contain investment advice or recommendations. All investments and trading involve risk, and readers should conduct their own research when making a decision.
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