Here are the Leveled Forecasts for BTC, DOGE, AVAX, SHIB and 6 Altcoins!

Crypto analyst Rakesh Upadhyay notes that most major altcoins such as Bitcoin, Ethereum, Polkadot and Dogecoin (DOGE) are recovering from strong support levels, but the main challenge for the bulls is to maintain the momentum and pass the $60,000 resistance level. Despite the uncertainty stemming from the newly discovered Omicron variant of Covid-19, crypto markets and global equity markets recorded a strong recovery on November 29, according to the analyst. Rakesh Upadhyay examines the charts of the top 10 cryptocurrencies to find out whether the current recovery is a bull trap or the start of a sustained relief rally. we too cryptocoin.com We have compiled the analyst’s evaluations for our readers.

An overview of the crypto market

According to the analyst, long-term investors seem to see the recent drop as a great buying opportunity. A recent filing by MicroStrategy shows that the firm purchased 7,002 Bitcoin (BTC) at an average price of $59,187. This has increased MicroStrategy’s total assets to 121,044 Bitcoins, which were purchased at an average price of about $29,534 per coin.

However, analytics resource Material Scientist cited order book data to say “too much Bitcoin liquidity has been taken” and, with the slogan “stop the hunters”, warned that it could try to shake weak hands on a drop.

BTC, ETH, BNB, SOL and ADA analysis

Bitcoin (BTC)

The analyst states that Bitcoin’s relief rally is facing resistance at the 20-day exponential moving average (EMA) ($58,712). According to the analyst, this shows that the sentiment remains negative and the bears are trying to sell in the rallies to the general resistance level.

Although the 20-day EMA continues to drop, the RSI has climbed above 46, indicating that the bearish momentum may weaken. Rakesh Upadhyay points out the following levels in his analysis:

The bulls will need to push and sustain the price above the 50-day simple moving average (SMA) ($60,805) to signal that the correction phase may be over. The rally could then challenge the overhead resistance zone between $67,000 and $69,000.

On the other hand, the analyst states that if the price drops sharply from the 20-day EMA, the bears will try to break the strong support at the 100-day SMA ($54,184), and if this happens, BTC could drop to the psychological critical level of $50,000. He ends his analysis with:

The bulls are expected to defend this level aggressively. Because a break below this could cause panic selling. BTC could slide to the next key support at $40,000 later.

Ethereum (ETH)

The analyst states that Ethereum (ETH) has bounced back from the neckline of the head and shoulders (H&S) pattern that developed on November 28, and the bulls are defending the level with all their might. Persistent buying pushed the price above the 20-day EMA ($4,316) on November 29.

Binance Coin (BNB)

According to the analyst, the long tail on Binance Coin (BNB) November 28 candlestick indicates that the bulls have bought the dips below the 20-day EMA ($595), and the bulls will now attempt to push the price into the overhead resistance zone from $669.30 to $691.80.

Left (LEFT)

The analyst states that Solana (SOL) once again broke below the support line of the symmetrical triangle on November 28, but the bears were unable to sustain the lower levels. According to the analyst, this indicates aggressive buying on dips.

Cardano (ADA)

The analyst states that Cardano (ADA) is in a downtrend and the price bounced off $1.41 on November 28, but the bulls are struggling to sustain higher levels.

XRP, DOT, DOGE, AVAX and SHIB analysis

Ripple (XRP)

According to the analyst, the long tail on Ripple’s (XRP) November 28 candlestick indicates aggressive buying near the strong support at $0.85 and the price has now reached the psychological level at $1, which could act as a resistance.

Polkadot (DOT)

The analyst states that Polkadot (DOT) bounced off of $32.21 on November 28 and the bulls are trying to defend the strong support at $32. The recovery faces selling at the 100-day SMA ($37.16), suggesting that the bears are selling on relief rallies.

Dogecoin (DOGE)

The analyst states that Dogecoin (DOGE) bounced off the $0.19 support on Nov. 28 and bulls are accumulating lower, and buyers pushed the price above the overhead resistance of $0.21 on Nov. 29, but at the 20-day EMA ( $0.22) states that he has not been able to overcome the hurdle.

According to the analyst, the long wick on the November 29 candlestick indicates that sentiment is negative and traders are selling in rallies. He continues in his analysis, pointing to the following levels:

If DOGE price stays below $0.21, the bears will make another attempt to push the price below $0.19. If they do, DOGE could drop to support at $0.15.

The analyst says that otherwise, the bulls will push the price above the 20-day EMA and if they do, it will indicate a change in the short-term trend. DOGE could then rise to the 100-day SMA ($0.24) and gain momentum if this resistance is overcome.

Avalanche (AVAX)

The analyst states that Avalanche (AVAX) bounced back from the 20-day EMA ($106) on November 27 and November 28, but the bulls are struggling to maintain the recovery. According to the analyst, this indicates that demand is drying up at higher levels.

DOGE killer Shiba Inu (SHIB)

The Anlist notes that the Shiba Inu (SHIB) has been trading below $0.000040 for the past three days, but the bears failed to exploit this weakness and push the price to the 100-day SMA ($0.00027). According to the analyst, this indicates a lack of sellers at lower levels.

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