Analysis of Prices on November 22nd: BTC, ETH, BNB, XRP, SOL, ADA, DOGE, TON, LINK, AVAX
The strong recovery in Bitcoin and specific altcoins indicates that bullish momentum persists, with buyers actively engaging at lower price levels.
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On November 21, Bitcoin (BTC) and several major altcoins experienced a significant decline following Binance-related news but have found support at lower levels. This indicates that traders intervened after the initial market reaction, buying at reduced prices. After the initial rebound, the bulls are likely to face strong resistance from the bears.
Daily cryptocurrency market performance. Source: Coin360
Bitcoin Price Analysis
Bears initially pulled Bitcoin below the 20-day exponential moving average ($35,948) on November 21 but failed to sustain the lower levels. Strong buying by the bulls pushed the price back above the 20-day EMA on November 22. Bitcoin has been consolidating between $34,800 and $38,000 for several days, suggesting a balance between supply and demand. A break above $38,000 could signal the start of the next uptrend, targeting $40,000. On the downside, a break below $34,800 could lead to a further decline to $32,400.
BTC/USDT daily chart. Source: TradingView
Ethereum Price Analysis
Ethereum (ETH) turned down from the resistance line on November 20, slipping below the 20-day EMA ($1,957) on November 21. However, aggressive buying by bulls below the 20-day EMA has pushed the price back towards the resistance line. A break above this line could initiate a rally to $2,137 and then $2,200. Conversely, a failure to hold the support at $1,880 may lead to a deeper correction to the 50-day simple moving average ($1,791).
ETH/USDT daily chart. Source: TradingView
Binance Coin (BNB) Price Analysis
Binance Coin (BNB) witnessed a volatile day on November 21, with a high of $272 and a low of $224. The bulls prevented the price from breaking below the major support at $223, initiating a recovery on November 22. If the bulls manage to push the price back above the 20-day EMA ($240), the BNB/USDT pair may consolidate between $223 and $265. On the downside, a failure to sustain above the 20-day EMA may lead to a retest of $223, with a break potentially extending the fall to $203.
BNB/USDT daily chart. Source: TradingView
XRP Price Analysis
XRP turned down from the 20-day EMA ($0.61) on November 20 and fell to the 50-day SMA ($0.57) on November 21. Bulls are expected to defend the support at $0.56, as a failure to do so may result in a drop towards $0.46. A break above the 20-day EMA could indicate strong buying at lower levels, leading to a possible range-bound action between $0.56 and $0.74. The bulls will regain control if the XRP/USDT pair rises above $0.74.
XRP/USDT daily chart. Source: TradingView
Solana Price Analysis
Solana climbed above the critical overhead resistance of $0.59 on November 19, but bears pulled the price back below on November 20. The SOL/USDT pair bounced back from the 20-day EMA ($51) on November 22, indicating strong support. Bulls will try to overcome the obstacle at $59 and challenge the local high at $68. Conversely, a rejection at $59 may suggest continued bearish activity at higher levels, with sellers targeting a drop below the crucial support at $48 and potentially towards the 50-day SMA ($37).
SOL/USDT daily chart. Source: TradingView
Cardano Price Analysis
Cardano (ADA) faced repeated failures to maintain prices above the breakout level of $0.38, leading to a correction on November 21. The price reached the 20-day EMA ($0.35), acting as strong support. A rebound from this level suggests robust buying, increasing the likelihood of a break above $0.39. If achieved, the ADA/USDT pair could rise to $0.46. On the downside, bears will attempt to drag the price below the 20-day EMA, with minor support at $0.34 and potential further declines to the 50-day SMA ($0.30).
ADA/USDT daily chart. Source: TradingView
Dogecoin Price Analysis
Dogecoin plunged below the 20-day EMA ($0.07) on November 21, but bulls are struggling to sustain lower levels. Attempts to push the DOGE/USDT pair back above the 20-day EMA suggest aggressive buying on dips. If successful, bulls may aim to clear the overhead hurdle at $0.08, targeting a march towards $0.10. Conversely, bears may try to keep the price pinned below the 20-day EMA, potentially leading to a drop to the 50-day SMA ($0.07) and crucial support at $0.06.
DOGE/USDT daily chart. Source: TradingView
Toncoin Price Analysis
Toncoin (TON) found support at the 50-day SMA ($2.19), indicating positive sentiment with traders buying on dips. The range-bound action is suggested by both flattish moving averages and the RSI just above the midpoint. If the price remains above $2.40, the TON/USDT pair may rise to $2.59. A downside move, breaking below the 20-day EMA, could lead to a test of the 50-day SMA and further declines to $2 and potentially $1.89.\
TON/USDT daily chart. Source: TradingView
Chainlink Price Analysis
Chainlink turned down from the immediate resistance of $15.39 on November 20, falling below the 20-day EMA ($13.63) on November 21. The LINK/USDT pair rebounded back above the 20-day EMA on November 22, indicating demand at lower levels. Buyers will attempt to push the price above $15.39 and retest the overhead resistance at $16.60. Bears will likely try to defend $15.39 and pull the price below the 61.8% Fibonacci retracement level of $12.83. If successful, the pair may fall to the 50-day SMA ($10.94).
LINK/USDT daily chart. Source: TradingView
Avalanche Price Analysis
Avalanche (AVAX) closed above the $10.52 to $22 range on November 19 but failed to maintain higher levels. The price was pulled back below the breakout level on November 20. With the 20-day EMA sloping up and the RSI in positive territory, bulls have the upper hand. Buyers will attempt to push the price above $22, indicating the start of a new up-move with the AVAX/USDT pair targeting $30. A rejection at $22 could indicate continued consolidation within the large range, potentially falling below the 20-day EMA.
AVAX/USDT daily chart. Source: TradingView
