Bitcoin’s ATH ride to $69,000 and Ethereum’s slow climb to $5,000 could signal that the bulls are in control and altcoins are poised to follow, according to analyst Rakesh Upadhyay. Although the crypto market faced selloff following the Evergrande bankruptcy, most of the top 10 cryptocurrencies were able to stay above critical support levels. We take a look at the technical levels of BTC, ETH, BNB, SHIB, DOGE, ADA, XRP, SOL, DOT and LUNA to determine the direction of the market. Developments across the market will be our first stop.
Bitcoin repeats the 2107 cycle
In a recent report, analysts of cryptocurrency exchange Kraken said that the current quarter has a 0.88 correlation with the fourth quarter of 2017. Bitcoin rallied 220% during this period and if history repeats itself, BTC could now reach $96,355. Also, Glassnode’s “The Week On-Chain” report shows that wallets holding Bitcoin for more than 12 months are not spending. Another positive point is that investors continue to withdraw coins from centralized exchanges, whose supply share fell to a new record low of 12.9%. So, can DOGE, SHIB, SOL, BTC and 6 altcoins sustain their bullish momentum? We take a look at the technical comments from analyst Rakesh Upadhyay to answer…
DOGE, SHIB, LUNA, DOT and XRP technical analysis
Dogecoin dropped from $0.29 on November 8, confirming selling on rallies. If the price bounces back from the current level, DOGE bulls could aim again above $0.34. However, if the price breaks down from $0.26, the bears’ next stop will be $0.24. If this support is broken, the DOGE could drop to $0.19.
On the other hand, SHIB broke above the downtrend line on November 9 but the bulls were unable to sustain higher levels. If the bears can push the price below $0.0000053, SHIB could drop to $0.0000040 and then to $0.00033. Contrary to this assumption, if the price bounces back at the current level, the SHIB price could reach $0.000065.
It is trading inside the ascending wedge formation on LUNA. If the bulls can push the price above the wedge, the LUNA could reach $62.59. However, this positive view will be invalidated if the price drops from the current level or falls below the support line of the overhead resistance and wedge.
Poladot (DOT) price dropped from $53.87 on November 8, indicating that the bears are selling higher. If the price drops below $49.78, DOT could visit $48.09. However, a recovery from this level will show that the sentiment is positive. The bulls can then propel the rise to $55.09 and then to the formation target of $63.08. Contrary to this assumption, if the price drops below 48.09, traders can rush to the exit. In this case, DIT could drop the price to $39.87.
Ripple (XRP) broke above the overhead resistance on November 8 and closed at $1.24, signaling that the bulls are attempting a reversal. This level could act as a price ramp and the bulls could push XRP higher towards the $1.41 resistance. If the price drops from $1.41 and recovers from $1.24, this will increase the probability of a $1.41 breakout and the bulls will target $1.71 later.
SOL, ADA, BNB, ETH and BTC technical analysis
Solana (SOL) long wick on November 8 shows buying at the centerline of the ascending channel. As the chart below shows, the SOL price is trading inside an ascending channel. According to the analyst, strong purchases from the support line will mean that the upward movement is not broken. Later, the price could reach $300 and $321. However, this positive scenario will be invalidated if the price drops to $216 and SOL’s bearish momentum could extend to $179 later on.
Cardano (ADA) broke above the downtrend line on Nov 9, showing that selling pressure is easing. If the bears trap the bulls below the breakout level on the chart, ADA price could retest the $1.87 strong support. Strong purchases from this level could push the price towards the $2.47 resistance later on. If the bears fail to defend, the ADA bulls are targeting $2.80 as the next level.
Binance Coin (BNB) broke below the $630 support on Nov 11 but the bears were unable to sustain lower levels. The bulls could make a move to clear the $691.80 resistance. On the other hand, if the price drops below the overhead resistance, the bears will make another attempt to push the price down to $566.
Ethereum has been trading in an ascending channel for days. The bulls are trying to keep the price above the centerline of the channel. According to the analyst, the main target to watch on the upside is the psychological resistance of $ 5,000. If this level is exceeded, the bulls’ next target will be $5,283.17. However, if the price bounces back from the resistance level of the below channel, the bears could push the price towards $4,146.30 and then $4,000.
cryptocoin.com Rakesh Upadhyay, whose analysis we share with you, thinks that if Bitcoin can reach above $ 67,000, $ 75,000 can be reached with the momentum gained. This momentum will open the doors for a possible rally to $89,476.12. On the downside, the key levels are the strong support zone between $67,000 and $63,750. If BTC breaches these, it could drop to $56,348.
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