BTC, ETH, BNB, SOL, ADA, XRP, DOT, DOGE, SHIB, LUNA
The future of the blockchain is still being written, but cryptocurrency has already had a huge impact on society. Despite some temporary hiccups in recent months, many coins have seen significant gains and are positioned to continue their success into the next few years.
In the world of cryptocurrencies, it’s difficult to keep up with all that is going on. These coins are traded every day and come from different sources such as ICOs, mining, forks etc. In this blog post I will offer a brief introduction into some of the most popular cryptos currently in use today.The “shiba price” is the current price of Shiba Inus. Shibas are a type of dog that originated in Japan.
As the U.S. trading markets opened the week, Bitcoin (BTC) was unable to hold its gains and bowed to profit-booking, presumably hinting that bearish have not given up yet.
PlanB, the author of the famous BTC stock-to-flow strategy, does not seem to be bothered by the recent price volatility. The analyst thinks his worst-case scenario forecast of $98,000 by December 1 and $135,000 by January 1 will hold true.
Long-term investors, on the other hand, do not seem to be waiting for higher levels and have begun booking gains, according to Glassnode data cited by analyst William Clemente. “Bull market distribution has started,” according to Clemente.
Performance of the bitcoin market on a daily basis. Coin360 is the source of this information.
Bitcoin is not loved by everyone. Because of the government’s heavy regulation, billionaire fund manager Kyle Bass told Investor’s Podcast Network that generating money from Bitcoin would be “very challenging” at present prices.
Will traders continue to book gains or will the bulls purchase at lower levels? Let’s look at the charts of the top ten cryptocurrencies to see what we can learn.
Bitcoin recovered off the 20-day exponential moving average ($63,232) on Nov. 12, but the bears are putting up a strong fight at the $67,000 to $69,000 overhead resistance zone.
Daily chart of BTC/USDT. TradingView is the source of this information.
The relative strength index (RSI) has established a negative divergence, suggesting that bullish momentum is fading. On a break and close below the support line, the BTC/USDT pair has established a bearish rising wedge pattern, which will complete on a break and closure below it.
If this occurs, it indicates that traders are actively booking gains, which might lead to a drop below the 50-day simple moving average ($58,396). The rising wedge pattern’s pattern objective is $53,770.
If the price rises from its present level and breaks over $67,000, the next halt might be $69,000, contrary to popular belief. A break and closure above the wedge’s resistance line might pave the way for a rally above $75,000.
On February 14, Ether (ETH) fell below the ascending channel’s support line, but the lengthy tail on the day’s candlestick predicts strong buying at lower levels. The bulls tried to restart the rise today, but the candlestick’s extended wick shows that selling is around $4,800.
Daily chart of ETH/USDT. TradingView is the source of this information.
The bears will now try once again to drop and hold the price below the channel’s support line and the 20-day EMA ($4,491). If they are successful, it will signal a shift in the short-term trend. The ETH/USDT pair may potentially fall below $3,980, which is the 50-day SMA.
In contrast, if the price bounces back off the support line, it indicates that bulls are defending this level vigorously. The buyers will next attempt to break over the $4,868 barrier and drive the pair to the psychological $5,000 level. If bulls push the price above the channel, the bullish momentum might ramp up even further.
Binance Coin (BNB) is seeking to break over the $669.30 high set on November 7th, but the bears aren’t giving up. They’re putting up a strong fight against the overhead opposition.
Daily chart of the BNB/USDT currency pair. TradingView is the source of this information.
On Nov. 14, the BNB/USDT pair produced a Doji candlestick pattern, indicating hesitation among bulls and bears. The pair might fall below the 20-day EMA ($593) if the uncertainty settles to the negative.
To widen the decline to the 61.8 percent Fibonacci retracement level at $524.70, the bears will have to push the price below $573.
If the price rises from the present level or the 20-day EMA, on the other hand, it indicates that traders are buying on dips and mood is still favorable. A break over $669.30 might lead to a retest of the all-time high, which is now at $691.80. If buyers can take the pair above this level and keep it there, the bullish momentum might grow significantly.
On Nov. 13, Solana (SOL) bounced off the ascending channel’s support line, showing that bulls are still buying on dips. The bulls will now attempt to push the price over the $248 overhead barrier and towards the all-time high of $259.90.
Daily chart of SOL/USDT. TradingView is the source of this information.
The positive RSI and upward-sloping moving averages signal that the route of least resistance is to the upward. The SOL/USDT pair might rise to the ascending channel’s resistance line if bulls push the price over the all-time high.
If the price falls below the channel’s support line and breaks below the present level, this favorable outlook will be invalidated. This might open the door to a probable drop below the 50-day SMA ($189).
For the previous three days, Cardano (ADA) has been trading below the 20-day EMA ($2.06), but bears have been unable to exploit this and bring the price below the firm support around $1.87.
Daily chart of the ADA/USDT currency pair. TradingView is the source of this information.
In the short term, the flattish 20-day EMA and the RSI close below the midpoint signal range-bound movement.
If bulls can push the price above the downtrend line, it means the bears are losing control. The ADA/USDT pair might next rally to the $2.47 overhead barrier level, where the bears may create another strong resistance.
Alternatively, the pair might drop to $1.87 if the price drops from its present level. To signify the start of a downtrend, the bears will have to drag the price below this support.
For the previous several days, XRP has been trading above the 20-day EMA ($1.17), but bulls are trying to push the price above the $1.24 overhead barrier. Today’s candlestick has a lengthy wick, indicating that bears are selling at higher levels.
Daily chart of XRP/USDT. TradingView is the source of this information.
The inability to propel the price over $1.24 may force short-term traders to book profits. This might cause the price to drop to the 50-day SMA ($1.10). If this support breaks through as well, the bears may see an opening and attempt to push the XRP/USDT pair below $1.
On the other hand, if the price rises from its present low and breaks over $1.24, it means that buyers have triumphed against bearish. This might pave the way for a rally to $1.41. To take the upper hand, the bulls must overcome this stumbling block.
On Nov. 10, Polkadot (DOT) dropped below the 20-day EMA ($47.15), but the bears were unable to capitalize on this weakness and sink the price below the 50-day SMA ($41.33). This indicates that dealers are purchasing at reduced prices.
Daily DOT/USDT chart. TradingView is the source of this information.
For the previous several days, the DOT/USDT pair has been holding to the 20-day EMA, boosting the chances of a break above it. If this occurs, the pair might advance to $49.78 before attempting to break the all-time high of $55.09.
In the event that the price falls below $44.04 and breaks below the 50-day SMA, the pair might fall below the 50-day SMA. To get the upper hand, the bears will have to drive the market below the sturdy support level of $40.
Following a 37 percent rally in November, Litecoin faces the possibility of a ‘double top.’
For the past few days, Dogecoin (DOGE) has been trading between the moving averages. The bulls pushed the price above the 20-day EMA ($0.26) on Nov. 14 but the long wick on the candlestick suggests that bears are aggressively defending the downtrend line.
Daily chart of DOGE/USDT. TradingView is the source of this information.
The 20-day EMA has flattened out, and the RSI is towards the middle, indicating that the bulls and bears are in a state of balance.
The first indicator that the selling pressure is easing will be a breakout and closure above the downtrend line. The DOGE/USDT pair might potentially advance to $0.30 and eventually to $0.34, which is the overhead barrier.
On the other hand, if bears push the price below the 50-day SMA, selling might get more intense. The pair may then fall to $0.22, just over the strong support level of $0.19.
For the last several days, SHIBA INU (SHIB) has been fluctuating above and below the 20-day EMA ($0.000053), showing a lack of clear direction.
Daily chart of SHIB/USDT. TradingView is the source of this information.
The 20-day EMA is flat, and the RSI is at the midway, indicating that supply and demand are in balance. The SHIB/USDT pair might try to rise to the overhead barrier at $0.000065 if buyers push the price over $0.000057.
A break below $0.000048, on the other hand, might lead to a probable drop to $0.000043, which is a solid support level. A break above $0.000065 or below $0.000043 might signal the start of the next trending move.
On Nov. 13, Terra’s LUNA token bounced off the 20-day EMA ($48.23), showing that bulls are still buying on falls to this support. Buyers have the upper hand, as seen by rising moving averages and a bullish RSI.
Daily chart of the LUNA/USDT pair. TradingView is the source of this information.
On Nov. 14, the LUNA/USDT pair created an inside-day candlestick pattern, indicating that bulls and bears are undecided.
If bulls can push the price over $53.43, the pair might retest the all-time high of $54.95 before rallying to the wedge’s resistance line. If buyers push the price over the resistance line, the positive momentum might accelerate.
If the price falls and breaks below the wedge’s support line, this bullish view will be invalidated. This might cause the price to drop to the 50-day SMA ($43.26).
The author’s thoughts and opinions are purely his or her own and do not necessarily represent those of Cointelegraph. Every investing and trading decision has some level of risk. When making a choice, you should do your own research.