Originally published on: November 08, 2024
Bitcoin made headlines on November 8 when it reached a new all-time high of $77,000, with traders anticipating further upward movement. Analysts are bullish on the leading cryptocurrency, with Bitget Research’s Ryan Lee predicting a surge to $100,000 in the next three months.
Galaxy’s head of research, Alex Thorn, believes Bitcoin and other cryptocurrencies are poised to trade at levels significantly above current all-time highs over the next 12-18 months. The recent rally is seen as fundamentally strong and not overheated.
While the consensus leans towards a continued uptrend, traders should remain cautious as sharp dips could still occur to shake out weak hands. To help navigate potential corrections, let’s take a closer look at the price analysis of the top 10 cryptocurrencies:
Bitcoin (BTC) has remained above the breakout level of $73,777, indicating strong bullish support. The next target for BTC is $93,554, although resistance from bears could lead to a pullback to the 20-day EMA ($70,290).
Ethereum (ETH) broke above the symmetrical triangle’s resistance line and $2,850, signaling a potential trend change. The key support levels to watch are the moving averages and the support line.
Solana (SOL) picked up momentum after breaking above $180 and is heading towards critical resistance at $210. Maintaining support above $189 could lead to a rally towards $260.
Binance Coin (BNB) faces solid resistance at $612, but if buyers break through, the pair could rally to $689 based on an ascending triangle pattern.
XRP broke above the 50-day SMA but faces selling pressure, with critical support at $0.46.
Dogecoin (DOGE) remains above the $0.18 breakout level, with resistance at $0.22 and $0.20. A close above $0.20 could signal a move towards $0.30.
TONcoin’s rally faces resistance at the 20-day EMA, with support at $4.44. Failure to hold this level could lead to a drop to $3.50.
Cardano (ADA) closed above $0.40, indicating a potential breakout towards $0.49. Key support is at $0.40, with resistance at $0.45.
Shiba Inu (SHIB) approaches resistance at $0.000020, with upside potential towards $0.000029 if bulls maintain control.
Avalanche (AVAX) closed above the 50-day SMA, with resistance near $33. A break above this level could push the pair towards $37.50.
In conclusion, while the market remains bullish, traders should exercise caution and closely monitor key support and resistance levels as cryptocurrencies navigate potential corrections and continue their upward trajectory. Sign up for our Markets Outlook newsletter for more insights and updates on investment opportunities and trading strategies.
