Analysis of Prices on November 3rd: BTC, ETH, BNB, XRP, SOL, ADA, DOGE, TON, LINK, MATIC
The momentum of the Bitcoin price is waning, but data indicates that traders are preparing to purchase on notable declines.
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Bitcoin Analysis:
Bitcoin made a quick ascent above $35,280 on November 1, with an attempt to continue the rally on November 2. However, the bears intervened, halting the upward move at $35,985 and attempting to keep the price below $35,000. If this support breaks, the BTC/USDT pair may decline to $33,390, a crucial level for the bulls to defend. A break below $33,390 could lead to a drop to the 20-day exponential moving average ($32,611).
Daily cryptocurrency market performance. Source: Coin360
BTC/USDT daily chart. Source: TradingView
Ethereum (ETH) Analysis:
Ethereum surged above the immediate resistance at $1,865 on November 2, but bears pushed the price back below this level, indicating strong selling pressure at higher levels. The bears may aim to drive the price to the critical support at $1,746. A close below this level would suggest that bears are in control. Bulls may attempt to buy the dips and make another effort to breach the $1,865 barrier, potentially leading to a rally toward the psychologically important $2,000 level.
ETH/USDT daily chart. Source: TradingView
Binance Coin (BNB) Analysis:
Binance Coin bounced off the breakout level at $223 on November 1, demonstrating robust defense by the bulls. Buyers made an attempt to push the price above the $235 resistance on November 2, but faced resistance. The BNB/USDT pair appears to be ranging between $223 and $235. The path of least resistance is upward, supported by the rising 20-day EMA. A break above $235 may propel the pair to $250 and $265, but a drop below $223 could shift the trend in favor of the bears.
BNB/USDT daily chart. Source: TradingView
XRP Analysis:
XRP is encountering resistance near $0.61, but the bulls are holding their ground. Buyers may aim to drive the price to the overhead resistance at $0.67, with potential targets at $0.75 and $0.85. The upsloping 20-day EMA and the RSI in the overbought zone indicate that bulls are in control. Bears would need to push the price below $0.56 to regain momentum, which could lead to a drop to the 50-day SMA ($0.52).
XRP/USDT daily chart. Source: TradingView
Solana (SOL) Analysis:
Solana surpassed $38.79 on November 1, nearing the target at $48, but faced profit-taking at this level. The price rebounded from $38.79 on November 2, but the bears maintained pressure. A sustained drop below $38.79 could indicate a potential end to the upward move in the near term. However, defending the $38.79 support may enable the pair to retest the overhead resistance at $48.
SOL/USDT daily chart. Source: TradingView
Cardano (ADA) Analysis:
Cardano rebounded from the 20-day EMA ($0.28) on November 1, breaking above $0.30 as bulls view dips as buying opportunities. The price turned down from $0.33 on November 2, but the bulls held their ground, suggesting a possible continuation of the upward move with a target at $0.38. However, a drop below $0.30 could indicate a rejection of higher levels and a possible decline to the 20-day EMA ($0.28).
ADA/USDT daily chart. Source: TradingView
Dogecoin (DOGE) Analysis:
Dogecoin rebounded from the 20-day EMA ($0.06) on November 1, with bulls defending the level. Buyers are now attempting to push the price above $0.07. If successful, the DOGE/USDT pair may rally to $0.08, which could witness selling pressure. However, if the price drops below $0.07, it could indicate bearish momentum and a potential slide to $0.06.
DOGE/USDT daily chart. Source: TradingView
TON (Toncoin) Analysis:
Toncoin (TON) reached the overhead resistance at $2.31 on November 2 but couldn't surpass it. This suggests strong resistance at this level. The moving averages and RSI indicate that the bulls have a slight advantage. A strong rebound from the moving averages could enhance the prospects of a rally above $2.31, while a drop below the moving averages could lead to a period of consolidation between $1.89 and $2.31.
TON/USDT daily chart. Source: TradingView
Chainlink (LINK) Analysis:
Chainlink has been encountering resistance near $11.50, with bears selling on rallies. Failing to maintain higher levels may result in a retest of the 20-day EMA at $10.11. If the rebound from the 20-day EMA holds, it could suggest strong demand at lower levels, with potential targets at $11.50, $13.50, and $15. However, a slide below the 20-day EMA may lead to a retest of $9.50.
LINK/USDT daily chart. Source: TradingView
Polygon (MATIC) Analysis:
Polygon has been moving gradually higher, but the rally lacks momentum, indicating hesitation among the bulls to continue buying at higher levels. Overcoming the overhead hurdle at $0.70 could result in a rally to $0.74 and $0.80. The RSI near the overbought zone suggests bullish control. A breakdown below the 20-day EMA at $0.61 may weaken the bullish momentum and lead to a range-bound movement between $0.50 and $0.70.
MATIC/USDT daily chart. Source: TradingView
Please note that the provided analysis is based on historical data and past price movements, and cryptocurrency markets can be highly volatile. It's essential to conduct your research and consider current market conditions and trends before making any trading decisions.
