Analysis of prices on 11/10 for BTC, ETH, BNB, XRP, SOL, ADA, DOGE, TON, LINK, and MATIC.
Bitcoin and Ether are at the forefront of the cryptocurrency markets, yet the potential for a brief downturn persists.
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Bitcoin (BTC)
Bitcoin has seen a break above an ascending channel pattern, but profit-taking became evident as the price hit higher levels. The Relative Strength Index (RSI) has indicated overbought conditions for several days, showing consistent buying pressure. If the current rebound continues, the pair may target $40,000 again. However, if the price re-enters the channel, a rejection of higher levels could push it down to the 20-day Exponential Moving Average (EMA) at $34,240, turning the short-term advantage in favor of bears.
BTC/USDT daily chart. Source: TradingView
Ether (ETH)
A substantial rally saw Ether surge above the psychological level of $2,000, signaling robust buying by the bulls. However, the recent move has led to the RSI entering the overbought territory, indicating a likelihood of consolidation or a corrective move. Sellers aim to hold the price below $2,000, while breaking above $2,200 could open the door for a push to $2,950 without significant resistance.
ETH/USDT daily chart. Source: TradingView
Binance Coin (BNB)
Binance Coin (BNB) experienced a dip that attracted buyers, leading to a push above the resistance at $265. Further progress could push the pair to $285 and potentially to $310. However, a key support lies at the 20-day EMA ($235). A downward move below this level could shift the advantage towards sellers, potentially leading to a decline to the 50-day SMA ($220).
BNB/USDT daily chart. Source: TradingView
Ripple (XRP)
After a rejection at $0.74, XRP fell below support at $0.67, indicating profit-taking by bulls. Despite this, the 20-day EMA and positive RSI signal an advantage for the bulls. A rebound from the 20-day EMA may suggest that the sentiment remains positive, improving the prospects of reaching $0.85. However, a decline below the 20-day EMA could deepen the correction to $0.56.
XRP/USDT daily chart. Source: TradingView
Solana (SOL)
Solana rose above the $48 resistance, potentially signaling the beginning of an uptrend. A sustained hold above $48 could lead to a push to $60. However, an overbought RSI might hint at a potential correction or consolidation. A fall below $48 could be the first sign of weakening bullish control.
SOL/USDT daily chart. Source: TradingView
Cardano (ADA)
Although Cardano broke the $0.38 resistance, the markets seem to have rejected the higher levels. Attempts to maintain prices above this resistance may see the pair reaching $0.42 and then $0.46. A reversal at $0.38 might result in a drop to the 20-day EMA ($0.32). A rebound from this level could favor buyers, but a breakdown could lead to a range-bound market.
ADA/USDT daily chart. Source: TradingView
Dogecoin (DOGE)
DOGE's erratic movement indicates uncertainty between buyers and sellers. Holding the ground against a bearish pullback suggests a potential climb to $0.10, but a fall below the 20-day EMA ($0.07) may initiate a range-bound scenario between $0.08 and $0.06.
DOGE/USDT daily chart. Source: TradingView
TON Coin
After a retracement from $2.59, TON Coin's support at the 20-day EMA ($2.29) remains pivotal. A rally above the resistance zone ($2.59 - $2.77) could propel the pair towards the pattern target of $4.03, yet a breakdown may send it to $2.
TON/USDT daily chart. Source: TradingView
Chainlink (LINK)
Chainlink met selling pressure near $15, with a potential drop to the 50% Fibonacci retracement level at $13.24. Subsequent breaks may lead to a decline to the 20-day EMA ($11.94) or higher resistance at $18.
LINK/USDT daily chart. Source: TradingView
Polygon (MATIC)
The rally in Polygon faces selling pressure near $0.89, and a potential correction could take it to $0.70 or $0.76 before initiating a bullish pattern. Alternatively, a breach below $0.76 might extend the range between $0.49 and $0.89.
MATIC/USDT daily chart. Source: TradingView
