Key points:
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Bitcoin’s fall has led to three straight weeks of outflows from crypto ETPs, indicating negative sentiment.
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Several altcoins are struggling to initiate a rebound, indicating a lack of demand from buyers.
Bitcoin (BTC) attempted a rally to start the week, but the long wick on the candlestick shows selling at higher levels.
Several analysts believe that the market should soon bottom out and that the worst is over. Hunter Horsley, CEO of Bitwise, said in an article on X that BTC has been in a bear market for six months, which is about to end. He added that the crypto setup “has never been stronger.”
However, crypto sentiment platform Santiment warned in a report that “real bottoms often form when the majority expects prices to fall further” and not when there is consensus on a “specific price floor.”
Traders should keep a close eye on crypto investment products, which have seen three straight weeks of outflows totaling $3.2 billion. According to a report from CoinShares, last week alone saw $2 billion in outflows, the largest weekly outflows since February. Sustained purchases of crypto ETPs will be necessary for a meaningful recovery.
Could BTC extend its decline, causing altcoins to fall, or is a recovery imminent? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
S&P 500 Index Price Prediction
The S&P 500 Index (SPX) has formed a symmetrical triangle pattern, indicating indecision between the bulls and bears.
If the price declines and breaks below the support line, it signals the start of a deeper correction towards 6,550 and then 6,400. The triangle breakout setup target is 6,276.
Alternatively, if the price continues to rise and breaks above the resistance line, it indicates the resumption of the uptrend. The index could bounce up to 7,000 and then towards the target target of 7,220.
US Dollar Index Price Prediction
The US Dollar Index (DXY) declined from the 100.50 resistance level on November 5, but is taking support at the 20-day exponential moving average (99.32).
If the price strongly bounces off the 20-day EMA, the probability of a breakout above the 100.50 level increases. The index could then rise to the 102 level, where the bears should once again mount a strong defense.
Sellers will need to drop the price below the 50-day simple moving average (98.57) to gain the upper hand. If they do, the index could consolidate between 100.50 and 96.21 for some time to come.
Bitcoin Price Prediction
BTC is attempting to gain support at the $93,000 level, but the lack of a strong bounce indicates that the bears continue to exert pressure.
Any recovery attempt should result in a sale at the psychological level of $100,000. If the price declines from $100,000, it suggests that the bears have tipped the level towards resistance. This increases the risk of a decline to $87,800 and then to $83,000.
Time is running out for the bulls. They will need to quickly push Bitcoin price above the 20-day EMA ($102,022) to weaken the bearish momentum. The BTC/USDT pair could then rise to the 50-day SMA ($109,927).
Ether Price Prediction
Ether (ETH) is trading below the $3,350 breakout level, but the bears have failed to push the price below $3,000.
The ETH/USDT pair may reach the 20-day EMA ($3,444), where bears are expected to sell aggressively. If the price declines sharply from the 20-day EMA, the pair is likely to fall below $3,000. If this happens, the price of Ether could drop to $2,500.
Conversely, if buyers push the price above the 20-day EMA, the pair could bounce up to the 50-day EMA ($3,871). A close above the 50-day SMA suggests that the corrective phase may be ending.
XRP Price Prediction
XRP (XRP) has fallen into a descending channel pattern, indicating that bears continue to sell on rallies.
There is minor support at $2.15, but if the level cracks, the XRP/USDT pair could fall to the channel support line. Buyers should aggressively defend the support line, as a break below could send the pair tumbling to $1.61.
On the upside, a breakout and close above the 50-day SMA ($2.52) suggests the bulls are attempting a comeback. A short-term trend change will be signaled once buyers close above the downtrend line.
BNB Price Prediction
BNB (BNB) is trying to stay above the $860 level, but the recovery is likely to face a sell-off at the 20-day EMA ($983).
If the price declines sharply from the 20-day EMA, the bears will once again attempt to push the BNB/USDT pair below the $860 level. If they succeed, the BNB price could collapse to $730.
Contrary to this assumption, if the price rises and rises above the 20-day EMA, it suggests that the selling pressure is decreasing. The pair could then reach the 50-day SMA ($1,082).
Solana Price Prediction
Solana (SOL) has gradually slipped towards strong support at $126, indicating that the bears remain in control.
Any recovery attempt should result in a sell-off at the 20-day EMA ($159). If the price declines sharply from the 20-day EMA, the risk of a break below $126 increases. The price of Solana could then plunge to $95.
Instead, if price breaks above the 20-day EMA, it signals solid demand at lower levels. The SOL/USDT pair could then reach the 50-day SMA ($186), where the bears are expected to intervene.
Related: Has the BTC Price Bull Market Lost? 5 things to know about Bitcoin this week
Dogecoin Price Prediction
Dogecoin (DOGE) is attempting to reach support near $0.15, but the bulls are struggling to initiate a strong recovery.
If the price declines from the 20-day EMA ($0.17), the probability of a decline to $0.14 increases. Buyers should defend the $0.14 level with all their might, as a break below could send Dogecoin price down to $0.10.
On the contrary, a breakout and close above the 20-day EMA suggests that selling is drying up near $0.14. The DOGE/USDT pair could then rebound to the 50-day SMA ($0.19). Such a move indicates that the pair could extend its stay in the $0.14 to $0.29 range for some more time.
Cardano Price Prediction
Cardano (ADA) fell below the $0.50 support on Friday, indicating that bears remain in control.
The bulls are trying to push Cardano price back above the $0.50 breakout level. If they succeed, the ADA/USDT pair could rise to the 20-day EMA ($0.55). Sellers will attempt to stop the recovery at the 20-day EMA. If this happens, the bears will attempt to extend the decline to $0.40.
A minor positive for the bulls is that the RSI is attempting to form a positive divergence. This suggests that selling pressure is decreasing. If buyers clear the hurdle at the 20-day EMA, the pair could bounce up to the 50-day EMA ($0.65).
Hyperliquid price prediction
Hyperliquid (HYPE) has been trading between the 50-day SMA ($41.78) and support at $35.50 over the past few days.
These narrow range trades should result in a range expansion, but it is difficult to predict the direction of the breakout. If the price breaks above the 50-day SMA, the HYPE/USDT pair could rise as high as $52.
Conversely, if the price falls below $35.50, it indicates that the bears have dominated the buyers. This could accelerate sales and drive the price of hyperliquid down to $30.50 and then to $28.
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.
