Key points:
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Bitcoin has reached a crucial overhead resistance, where the bears are expected to mount a strong defense.
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Several major altcoins are attempting a recovery, which is likely to be met with selling pressure at higher levels.
Bitcoin (BTC) recovered above $93,000 on Friday, but the bulls are struggling to sustain the higher levels. BTC remains on target to end November in the red. According to CoinGlass data, every time BTC closed November in the red, it was followed by a negative monthly close in December.
Select analysts view the current dip as a buying opportunity. LVRG research director Nick Ruck told Cointelegraph that the recent fall has wiped out overleveraged participants and unsustainable projects, paving the way for new long-term investors to buy “ahead of a promising new year.”
Crypto sentiment platform Santiment also sounded positive in a report on Wednesday, stating that the “uptick in declaration of crypto being in a bear market, and rise of bearish sentiment” is a bullish sign as markets generally move opposite to the crowd’s expectations.
What are the crucial resistance levels to watch out for in BTC and major altcoins? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price prediction
BTC’s recovery has reached near the 20-day exponential moving average ($93,256), where the bulls are expected to face significant resistance from the bears.
If the price turns down sharply from the 20-day EMA, the bears will make one more attempt to tug the BTC/USDT pair below the $84,000 to $80,600 support zone. If they can pull it off, the Bitcoin price may slump to $73,777.
Instead, if bulls do not cede much ground to the bears from the 20-day EMA, it suggests that the buyers are holding on to their positions. That increases the likelihood of a break above the 20-day EMA. The pair could then soar toward the psychological level of $100,000.
Ether price prediction
Ether (ETH) has reached the 20-day EMA ($3,109), which is likely to attract strong selling by the bears.
If the price turns down sharply from the 20-day EMA, the ETH/USDT pair could decline to $2,623. Buyers are expected to fiercely defend the $2,623 support, as a break below it may sink the Ether price to $2,400.
Alternatively, a close above the 20-day EMA suggests that the selling pressure is reducing. The pair could climb to the breakdown level of $3,350 and thereafter to the 50-day SMA ($3,541).
XRP price prediction
XRP (XRP) has been witnessing a tough battle between the buyers and sellers at the 20-day EMA ($2.20).
The flattening 20-day EMA and the RSI just below the midpoint do not indicate a clear advantage either to the bulls or the bears. If the 50-day SMA ($2.34) gets taken out, the XRP/USDT pair could rise to the downtrend line.
On the other hand, if the price turns down and breaks below $2.14, it suggests that the bulls have given up. The XRP price could then slump to the support line, which is likely to attract buyers.
BNB price prediction
BNB (BNB) rose above the breakdown level of $860 on Monday and has reached the 20-day EMA ($910), indicating buying at lower levels.
A close above the 20-day EMA suggests that the bears are losing their grip. The BNB/USDT pair could then rally to the 50-day SMA ($1,019), which is an important level for the bears to defend.
On the downside, if the price breaks below $860, it shows that the bears remain in command. That heightens the risk of a break below the $790 level. The BNB price may then plummet to $730.
Solana price prediction
Solana’s (SOL) relief rally has hit a wall at the 20-day EMA ($144) but the bulls have not ceded much ground to the bears.
That increases the possibility of a break above the 20-day EMA. The SOL/USDT pair may then climb to the 50-day SMA ($167), where the bears will again try to halt the recovery. However, if buyers overcome the barrier at the 50-day SMA, the pair could rally toward $190.
Sellers will have to sink the Solana price below the $126 support to retain control. If they succeed, the pair could descend to $110 and eventually to the solid support at $95.
Dogecoin price prediction
Dogecoin’s (DOGE) relief rally is facing selling at the 20-day EMA ($0.16), indicating that the bears are active at higher levels.
The bears will strive to pull the Dogecoin price below the formidable support at $0.14. If they do that, the DOGE/USDT pair could start a new downtrend and descend to the Oct. 10 low of $0.10.
Alternatively, if the price turns up and breaks above the moving averages, it shows that the bulls are aggressively defending the $0.14…
cointelegraph.com