Originally published on: November 11, 2024
Bitcoin continues its remarkable rally, smashing through $84,500 and propelling its market capitalization above $1.67 trillion for the first time. Analysts are bullish on Bitcoin’s potential to extend its gains, with veteran trader Peter Brandt predicting a surge to $125,000 by year-end.
However, not all analysts share this optimism, with CryptoQuant CEO Ki Young Ju warning of a potential pullback to $58,974 by year-end. The contrasting views set the stage for a volatile period ahead.
As Bitcoin steals the spotlight, other top cryptocurrencies like Ethereum, Solana, and Dogecoin are also on the move. Here’s a closer look at the key resistance levels to watch for these top assets:
S&P 500 Index (SPX): After breaking to a new all-time high, the SPX is eyeing a rally to 6,221 if it maintains support above 5,879. A drop below this level could see a retreat to 5,670.
US Dollar Index (DXY): The DXY’s resurgence could lead to a rally to 106 and beyond if it holds above 104.80. A break below the 20-day EMA might favor the bears.
Ethereum (ETH): ETH’s breakout above $2,850 signals a potential trend change, with a path to $4,094 if it sustains above $3,250.
Solana (SOL): A breakout above $210 sets SOL on course for $260, but a retreat below this level could lead to a drop to $189.
Binance Coin (BNB): BNB’s battle at $635 could pave the way for a surge to $722 if it overcomes resistance. However, a drop below moving averages might delay the uptrend.
Dogecoin (DOGE): Continuing its upsurge, DOGE could target $0.34 if it maintains above $0.30. A failure to hold this level might see a retreat to $0.23.
Ripple (XRP): XRP’s rally to $0.64 faces resistance, with support at the 20-day EMA acting as a key level to watch. A break below this support could signal a consolidation.
Cardano (ADA): ADA’s surge above $0.45 highlights a potential uptrend, with support at $0.53 and $0.49. A breach of these levels might trigger a decline to $0.45.
TON Coin (TON): TON’s move above key SMAs sets the stage for a push to $6, with a potential rally to $7 if bulls maintain control. A drop below moving averages could signal consolidation.
While Bitcoin’s dominance continues, these altcoins present unique opportunities for traders to capitalize on the evolving market dynamics. Stay tuned for more insights and updates on the exciting crypto landscape.
