Originally published on: November 13, 2024
BitcoinBTC continues its upward trend, surpassing $93,000 on Nov. 13, with significant inflows of $4.22 billion into United States-based spot Bitcoin exchange-traded funds between Nov. 6 and Nov. 12. Fadi Aboualfasaid, Copper.co head of research, expressed optimism in an interview with Cointelegraph, suggesting that Bitcoin could hit $100,000 by the presidential inauguration on Jan. 20.
Although Bitcoin is showing strong bullish momentum, analysts are advising caution as they believe the digital asset needs to consolidate before continuing its upward trajectory.
As Bitcoin and other altcoins experience rapid price movements, let’s dive into a comprehensive analysis of the top 10 cryptocurrencies.
BitcoinBTC is currently in an overbought position, with its relative strength index (RSI) signaling a potential minor correction or consolidation. The immediate support level to watch is $85,000, while a break below this may trigger a pullback to the 20-day exponential moving average at $76,451. On the upside, if Bitcoin surpasses the $93,554 resistance, it could soar to $100,000 and potentially reach $113,331.
EthereumETH faced resistance at $3,443 and is now finding support near the 38.2% Fibonacci retracement level of $3,028. The ETH/USDT pair may aim to break the downtrend line to reach $3,800 and potentially $4,094. However, a downside move below $2,900 could favor the bears in the short term.
SolanaSOL surged after closing above the $210 resistance, indicating bullish momentum. If the bulls manage to maintain the $210 support, the SOL/USDT pair could rise to $225 and $260. On the contrary, a drop below the 20-day EMA at $188 might lead to a decline to the 50-day SMA at $164.
Binance CoinBNB briefly crossed the $635 resistance but retraced back into its range. Buyers are showing interest in buying the dip, and a move above $667 could propel the price to $722. Conversely, a break below the moving averages may shift the advantage to the bears.
DogecoinDOGE saw a significant rally after breaking above $0.23, with resistance at $0.44. The DOGE/USDT pair aims to reach $0.50 and $0.59 if it sustains above $0.44. Key support levels to watch are $0.32 and $0.29 in case of a pullback.
XRPXRP surged above $0.64 and now faces a hurdle at $0.74. A consolidation between $0.64 and $0.74 could precede an upside breakout toward $1.07. However, a drop below $0.64 may invalidate this bullish scenario.
CardanoADA struggled to break above $0.66, finding support near the Fibonacci retracement levels of $0.53 and $0.49. A successful move above $0.66 could resume the uptrend toward $0.77, while a drop below $0.49 may trigger a deeper correction.
Shiba Inu’sSHIB rally paused at $0.000030, prompting some profit-taking. The SHIB/USDT pair aims to break above $0.000030 to reach $0.000033 and $0.000039. However, a dip below $0.000023 may lead to a consolidation within the range of $0.000030 to $0.000013.
ToncoinTON closed above the 50-day SMA but faces resistance at higher levels. Sellers may target the $4.72 to $4.44 support zone, while buyers need to defend this level to prevent a bearish reversal toward $3.50.
AvalancheAVAX experienced a sharp pullback from the resistance line of the ascending channel pattern. The AVAX/USDT pair aims to break above this resistance to reach $41.80, but a failure to do so may keep the pair within the channel. Watch for key support at the 20-day EMA at $29.
As the cryptocurrency market continues to see heightened volatility, it is crucial for investors to conduct thorough research and stay informed to navigate these dynamic conditions effectively.
