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Traders hate uncertainty; hence, the settlement between Binance, Changpeng “CZ” Zhao and the United States Department of Justice is likely to be viewed as a positive for the cryptocurrency space. Analysts largely remained positive on the deal, but a few sounded cautious due to the Securities and Exchange Commission’s pending lawsuit against Binance.
Bitcoin (
$64,456.00 ) (BTC) and several major altcoins fell sharply on Nov. 21 following the Binance news but are finding support at lower levels. This suggests that traders stepped in after the initial knee-jerk reaction, and are buying at lower levels. After the initial bounce, the bulls are likely to head into stiff opposition from the bears.
Daily cryptocurrency market performance. Source: Coin360
Buying on dips and selling on rallies results in a range-bound action as both the bulls and the bears battle it out for supremacy. Generally, a consolidation near the 52-week high is considered a bullish sign, but traders should wait for an upside confirmation before jumping in to buy.
Will Bitcoin ( $64,456.00 ) and select altcoins remain stuck inside a range for the next few days? What are the important levels to watch out for?
Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin ( $64,456.00 ) price analysis
The bears pulled Bitcoin ( $64,456.00 ) below the 20-day exponential moving average ($35,948) on Nov. 21 but could not sustain the lower levels. Strong buying by the bulls pushed the price back above the 20-day EMA on Nov. 22.
BTC/USDT daily chart. Source: TradingView
The BTC/USDT pair has been consolidating between $34,800 and $38,000 for several days. This indicates a balance between supply and demand. A minor positive in favor of the bulls is that the 20-day EMA is sloping up, and the relative strength index (RSI) remains in the positive zone.
If bulls propel the price above $38,000, the pair could start the next leg of the uptrend to $40,000. This level may act as a formidable resistance, but if cleared, the pair may soar to $48,000.
On the contrary, if the price turns down and breaks below $34,800, it will suggest that the traders are rushing to the exit. That may open the doors for a further decline to $32,400.
Ether price analysis
Ether (ETH) turned down from the resistance line on Nov. 20 and slipped below the 20-day EMA ($1,957) on Nov. 21.
ETH/USDT daily chart. Source: TradingView
However, the bulls had other plans. They aggressively purchased the drop below the 20-day EMA and are again trying to overcome the barrier at the resistance line. This remains a pivotal level to keep an eye on because a break above it could start a rally to $2,137 and then to $2,200.
On the downside, $1,880 is a necessary support to watch out for. If this level fails to hold, the ETH/USDT pair may start a deeper correction to the 50-day simple moving average ($1,791). That could delay the start of the next leg of the up-move.
BNB (
$0.00 ) price analysis
BNB ( $0.00 ) ( BNB ( $0.00 ) ) witnessed a wild ride on Nov. 21, with an intraday high of $272 and a low of $224. This indicates uncertainty about the next directional move between the bulls and the bears.
BNB ( $0.00 ) /USDT daily chart. Source: TradingView
A minor positive is that the bulls did not allow the price to break below the major support at $223. That started a recovery on Nov. 22, and the bulls are trying to push the price back above the 20-day EMA ($240). If they succeed, it will signal that the BNB ( $0.00 ) /USDT pair may consolidate between $223 and $265 for some time.
Conversely, if the price fails to sustain above the 20-day EMA, it will suggest that bears are selling on rallies. That could again pull the price toward $223. A break below this support could extend the fall to $203.
XRP (
$0.00 ) price analysis
XRP ( $0.00 ) ( XRP ( $0.00 ) ) turned down from the 20-day EMA ($0.61) on Nov. 20 and fell to the 50-day SMA ($0.57) on Nov. 21.
XRP ( $0.00 ) /USDT daily chart. Source: TradingView
The bulls are expected to defend the support at $0.56 because a failure to do so may result in a drop toward $0.46. The slightly downsloping 20-day EMA and the RSI just below the midpoint indicate a minor advantage to the bears.
If the price breaks above the 20-day EMA, it will suggest strong buying at lower levels. That will signal a possible range-bound action between $0.56 and $0.74 for a few days. The bulls will be back in the driver’s seat after the XRP ( $0.00 ) /USDT pair rises above $0.74.
Solana price analysis
Solana (SOL) climbed above the critical overhead resistance of $0.59 on Nov. 19, but the bulls could not build upon this strength. The bears pulled the price back below $0.59 on Nov. 20.
SOL/USDT daily chart. Source: TradingView
The SOL/USDT pair snapped back from the 20-day EMA ($51) on Nov. 22, indicating that the bulls are vigorously protecting the level. Buyers will again try to overcome the obstacle at $59 and challenge the local high at $68.
On the contrary, if the price once again turns down from $59, it will suggest that bears remain active at higher levels. Sellers will then again attempt to sink the price below the vital support at $48. If this level gives way, the pair may nosedive to the 50-day SMA ($37).
Cardano (
$0.00 ) price analysis
Repeated failures of the bulls to maintain Cardano ( $0.00 ) (ADA) above the breakout level of $0.38 started a correction on Nov. 21.
ADA/USDT daily chart. Source: TradingView
The price reached the 20-day EMA ($0.35), which is acting as a strong support. The sharp rebound off this level suggests robust buying by the bulls. It also increases the likelihood of a break above $0.39. If this level is scaled, the ADA/USDT pair could increase to $0.46.
If bears want to prevent the rally, they will have to quickly drag the price below the 20-day EMA. There is a minor support at $0.34, but if it cracks, the pair may slide to the 50-day SMA ($0.30).
Dogecoin (
$0.000 ) price analysis
Dogecoin ( $0.000 ) (DOGE) plunged below the 20-day EMA ($0.07) on Nov. 21, but the bears are struggling to sustain the lower levels.
DOGE/USDT daily chart. Source: TradingView
The bulls are trying to push the DOGE/USDT pair back above the 20-day EMA. If they can pull it off, it will suggest aggressive buying on dips. The bulls will then make one more attempt to clear the overhead hurdle at $0.08 and start the march toward $0.10.
Alternatively, the bears will try to sell the rallies and keep the price pinned below the 20-day EMA. That could open the doors for a potential drop to the 50-day SMA ($0.07) and eventually to the crucial support at $0.06.
Related: BTC price bounces 3% post Binance amid call for Bitcoin ( $64,456.00 ) bulls to ‘step in’
Toncoin price analysis
Toncoin (TON) has been finding support at the 50-day SMA ($2.19), indicating that the sentiment remains positive and traders are buying on dips.
TON/USDT daily chart. Source: TradingView
Both moving averages remain flattish, and the RSI is just above the midpoint, indicating a range-bound action in the short term. If the price maintains above $2.40, the TON/USDT pair may rise to $2.59.
Contrary to this assumption, if the price turns down and breaks below the 20-day EMA, the pair could test the support at the 50-day SMA. If this support cracks, the pair may start a downward move to $2 and subsequently to $1.89.
Chainlink price analysis
Chainlink (LINK) turned down from the immediate resistance of $15.39 on Nov. 20 and fell below the 20-day EMA ($13.63) on Nov. 21.
LINK/USDT daily chart. Source: TradingView
The LINK/USDT pair rebounded back above the 20-day EMA on Nov. 22, indicating demand at lower levels. Buyers will once again try to propel the price above $15.39 and retest the overhead resistance at $16.60.
Meanwhile, the bears are likely to have other plans. They will try to defend the $15.39 level and pull the price below the 61.8% Fibonacci retracement level of $12.83. If they do that, the pair may plummet to the 50-day SMA ($10.94).
Avalanche price analysis
Avalanche (AVAX) closed above the $10.52 to $22 range on Nov. 19, but the bulls could not maintain the higher levels. The bears pulled the price back below the breakout level on Nov. 20.
AVAX/USDT daily chart. Source: TradingView
The 20-day EMA ($17.71) is sloping up, and the RSI is in the positive territory, indicating that the bulls have the upper hand. Buyers will again try to propel the price above $22, and if they are successful, it will suggest the start of a new up-move. The AVAX/USDT pair could then start its journey toward $30.
Contrarily, if the price turns down from $22, it will indicate that the bears are vigorously protecting the level. That will increase the possibility of a break below the 20-day EMA. If that happens, the pair may remain stuck inside the large range for a while longer.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
