Key points:
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Bitcoin has reached crucial overhead resistance, where bears are expected to mount a strong defense.
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Several major altcoins are attempting to recover, which may face selling pressure at higher levels.
Bitcoin (BTC) recovered above $93,000 on Friday, but bulls are struggling to maintain higher levels. BTC remains on track 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.
Some analysts view the current decline as a buying opportunity. LVRG research director Nick Ruck told Cointelegraph that the recent drop had eliminated 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 released Wednesday, stating that “the rise in reports that crypto is in a bear market and the rise in bearish sentiment” is a bullish sign as markets typically move opposite to crowd expectations.
What are the crucial resistance levels to watch in BTC and major altcoins? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin Price Prediction
BTC’s rally 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 declines sharply from the 20-day EMA, the bears will once again attempt to pull the BTC/USDT pair below the $84,000 to $80,600 support zone. If they succeed, the price of Bitcoin could fall to $73,777.
Instead, if the bulls do not give up much ground to the bears from the 20-day EMA, it suggests that buyers are holding on to their positions. This increases the likelihood of a breakout above the 20-day EMA. The pair could then fly towards the psychological level of $100,000.
Ether Price Prediction
Ether (ETH) has reached the 20-day EMA ($3,109), which is likely to attract heavy selling from the bears.
If the price declines sharply from the 20-day EMA, the ETH/USDT pair could drop to $2,623. Buyers are expected to fiercely defend the $2,623 support as a break below could send Ether price down to $2,400.
Alternatively, a close above the 20-day EMA suggests that selling pressure is easing. The pair could rise to the breakout level of $3,350 and then to the 50-day SMA ($3,541).
XRP Price Prediction
XRP (XRP) witnessed a tough battle between buyers and sellers at the 20-day EMA ($2.20).
The flattening of the 20-day EMA and the RSI just below the midpoint do not indicate a clear advantage for either the bulls or the bears. If the 50-day SMA ($2.34) is removed, the XRP/USDT pair could reach the downtrend line.
On the other hand, if the price declines and breaks below $2.14, it suggests that the bulls have given up. The XRP price could then fall to the support line, which is likely to attract buyers.
BNB Price Prediction
BNB (BNB) broke above the $860 breakdown level on Monday and reached the 20-day EMA ($910), indicating buying at lower levels.
A close above the 20-day EMA suggests the bears are losing their grip. The BNB/USDT pair could then rebound to the 50-day SMA ($1,019), which is an important level for bears to defend.
On the downside, if the price falls below $860, it shows that the bears remain in charge. This increases the risk of a breakout below the $790 level. The price of BNB could then drop to $730.
Solana Price Prediction
The Solana (SOL) relief rally hit a wall at the 20-day EMA ($144), but the bulls did not cede much ground to the bears.
This increases the possibility of a breakout above the 20-day EMA. The SOL/USDT pair could then rise to the 50-day SMA ($167), where the bears will again attempt to stop the rally. However, if buyers overcome the 50-day SMA barrier, the pair could rebound towards $190.
Sellers will need to drop Solana price below the $126 support to maintain control. If they succeed, the pair could drop to $110 and eventually reach the strong support of $95.
Dogecoin Price Prediction
Dogecoin’s (DOGE) relief rally is likely to sell off at the 20-day EMA ($0.16), indicating that the bears are active at higher levels.
The bears will work to push Dogecoin price below the formidable $0.14 support. If they do, the DOGE/USDT pair could begin a new downtrend and move down to the October 10 low at $0.10.
Alternatively, if the price rises and breaks above the moving averages, it shows that the bulls are aggressively defending the $0.14 support. The pair could then rise to $0.21, suggesting that the price could remain in the $0.14 to $0.29 range for some time to come.
Cardano Price Prediction
Cardano (ADA) is struggling to reach the 20-day EMA (0.47), indicating a lack of demand from bulls.
The bears will attempt to strengthen their position by bringing Cardano price below the $0.38 level. If they succeed, the ADA/USDT pair could resume the downtrend and retest the October 10 panic low of $0.27.
Buyers will need to keep the price above the $0.50 split level to indicate strength. The pair could then reach the 50-day SMA ($0.56) and later up to the $0.70 level.
Related: Crypto Bull Market Signal: ERC-20 Stablecoin Supply Preserves Record $185 Billion
Hyperliquid price prediction
Sellers attempt to block Hyperliquid’s (HYPE) recovery to the 20-day EMA ($36.54), but bulls kept up the pressure.
If the price breaks above the 20-day EMA, the HYPE/USDT pair could reach the 50-day SMA ($39.12). The bears should mount a strong defense at the 50-day SMA, but if the bulls prevail, the hyperliquid price could rise to $44 and then to $51.50.
This bullish view will be invalidated in the short term if the price deviates from the moving averages and goes below the $29.30 level. This opens the door for a decline to the October 10 low of $20.82.
Bitcoin Cash Price Prediction
Buyers managed to hold Bitcoin Cash (BCH) above the resistance line, signaling a buy on the dip.
The 20-day EMA ($523) has started to rise and the RSI is just above the midpoint, indicating a slight advantage for buyers. The bulls will need to propel the price of Bitcoin Cash above $568 to begin a new rise to $580 and then to $606.
Contrary to this assumption, if the price declines and crosses below the moving averages, it indicates that the market has rejected the breakout of the falling wedge pattern. The bears will then attempt to push the BCH/USDT pair down to the vital support of $443.
Chainlink Price Prediction
Chainlink (LINK) is facing a sell-off near the 20-day EMA ($13.84), but a positive sign is that the bulls have not given up much ground to the bears.
This increases the likelihood of a breakout above the 20-day EMA. The LINK/USDT pair could then rise to the 50-day SMA ($15.87), where the bears should pose a significant challenge. A breakout and close above the 50-day SMA brings the wide range of $10.94 to $27 into play.
The sellers will likely have other plans. They will attempt to defend the 20-day EMA and pull Chainlink price up to the strong support of $10.94.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research before making a decision.
