BTC, ETH, BNB, ADA, SOL, XRP, DOT, SHIB, DOGE, LUNA – News Couple
CRYPTO NEWS

BTC, ETH, BNB, ADA, SOL, XRP, DOT, SHIB, DOGE, LUNA


Bitcoin (BTC) and Ether (ETH) recorded their highest monthly closes ever in October, indicating strong momentum favoring buyers. Focus now shifts to November, which was significantly bullish for bitcoin.

Since 2013, Bitcoin has closed November in the red on only two occasions, in 2018 and 2019. Another positive driver for Bitcoin could be tailwinds from US stock markets, which also have an enviable November track record.

The S&P 500 posted an average gain of 2% in November, the only month of the year to generate such impressive average returns.

Daily cryptocurrency market performance. Source: 360 . coin

Data from Glassnode also shows that Bitcoin reserves on exchanges are at their lowest level in three years. The amount of Bitcoin held on exchange books decreased from 3.1 million BTC in April 2020 to 2.47 million BTC. According to analysts, this could be bullish for bitcoin if demand rises because that could create a supply shock.

Can Ether drive cryptocurrency to the top, or will Bitcoin stay in the driving seat? Let’s analyze the charts of the top 10 cryptocurrencies to find out.

BTC / USDT

Bitcoin dropped from the resistance line of the flag pattern on October 31, but the bulls did not allow the price to sustain below the 20-day exponential moving average ($59,876). This is a positive sign as it shows that traders are buying on dips.

BTC/USDT daily chart. Source: TradingView

A breakout and a close above the resistance line will complete the bullish flag setup. The BTC/USDT pair could rise to an all-time high of $67,000. This level is likely to act as a major barrier but if the bulls can overcome it, the pair may start its journey towards the target target at $89,476.12.

The bullish moving averages and the relative strength index (RSI) in the positive area indicate that the bulls have the upper hand. The first sign of weakness will be a breakout and a close below the 20 day moving average. Such a move could lead to a pullback to the pattern’s support line.

Selling could accelerate if the bears keep the price below the flag. The pair could then move down to the 50-day simple moving average ($53,115).

ETH / USDT

The long tail on the Ether candlestick today shows that the bulls are buying aggressively on dips. The bulls have not allowed the price to fall and continue below the 20-day moving average ($4042) since October 1, indicating that the sentiment remains positive.

ETH/USDT daily chart. Source: TradingView

If the bulls push the price above the upper resistance at $4,460.47, ETH/USDT could resume the uptrend. The pair may then rise to the psychologically important $5,000 level where the bears are likely to pose a severe challenge.

Contrary to this assumption, if the price drops from the upper resistance, the bears will attempt to pull the pair back to the 20-day moving average. This is an important support to watch out for as a break below it could push short-term traders into profit-taking.

BNB / USDT

Bears have attempted to pull Binance Coin (BNB) back below $518.90 over the past two days, but the long tail on the candle shows that the bulls have other plans. The lower levels are attracting strong buying and the bulls will now try to resume the uptrend.

BNB/USDT daily chart. Source: TradingView

The high of the 20-day EMA (486) and the RSI just below the overbought zone suggest that the bulls are in control. If the bulls maintain the price above $540.50, the BNB/USDT pair may move towards the pattern target at $554 and later to the psychological resistance at $600.

Conversely, if the price falls and breaks below the 20-day moving average, this will indicate a strong sell-off at higher levels. This could lead to the trap of many bulls, pushing the pair to the critical support level at $392.20.

ADA / USDT

The bulls have successfully defended the strong support at $1.87 in the past few days but are struggling to push Cardano (ADA) above the 20-day moving average ($2.07). This indicates a lack of demand at higher levels.

ADA/USDT daily chart. Source: TradingView

The bears will now attempt to sink the price below the $1.87 to $1.80 support area. If that happens, the ADA/USDT pair could drop to $1.58. Moving averages with a bearish slope and the RSI in negative territory indicate that the bears are under control.

Contrary to this assumption, if the price breaks above the current level and breaks above the moving averages, it will indicate a strong build-up at $1.87. The pair could then rise to the general resistance at $2.47.

SOL / USDT

Solana (SOL) rebounded from the 20-day moving average on Oct 31, indicating strong buying at lower levels. The bulls will now attempt to push the price above the upper resistance area at $216 to $218.93.

SOL/USDT daily chart. Source: TradingView

If they succeed, the SOL/USDT could resume its bullish trend and rise to the pattern target at $239.83. A breakout and a close above this resistance could open the door to a potential rally to $265.80.

The high of the 20-day EMA ($185) and the RSI in positive territory indicates that the bulls have the upper hand. This positive outlook will be nullified if the price breaks down from the upper resistance and drops below the 20 day moving average. This can pull the price back to the trend line.

XRP / USDT

XRP is stuck between the downtrend line and the $1 support as the bears are selling on the rallies and the bulls buying on the dips. The bulls attempted to push the price above the downtrend line on October 31st, but the long wick on the candle shows selling at higher levels.

XRP/USDT daily chart. Source: TradingView

Bears are trying to dump the price below the moving averages today. If that happens, the XRP/USDT pair may fall back to the strong support level at $1. This is an important level to watch as a break below it could push the price to $0.85.

If the bulls push the price above the downtrend line, the pair could rise to the general resistance at $1.24. Flat moving averages and RSI near their midpoint do not give a clear advantage to either the bulls or the bears.

DOT / USDT

Polkadot (DOT) bounced off the 20-day moving average ($41.93) on Oct. 31, as indicated by the long tail on today’s candle. This is a positive sign as it shows that traders build on dips.

DOT/USDT daily chart. Source: TradingView

Continued buying today has pushed the price above the general resistance at $46.39. The bulls attempted to cross the next hurdle at the all-time high of $49.78, but the bears are not ready to pull back.

If the price breaks below the current level or upper resistance and finds support at $46.30, this will improve the odds of resuming the bullish move towards the pattern target at $53.90.

The first sign of weakness will be a close below $46.39. The pair may then fall to the 20-day moving average.

Related: Bitcoin Whale Indicator Discovers Multi-Month Accumulation Trend With $67K BTC Retest

SHIP / USDT

The long tail of the SHIBA INU (SHIB) on the October 31 candlestick indicates that the bulls bought the decline aggressively to the 50% Fib retracement level at $0.0005778.

SHIB/USDT daily chart. Source: TradingView

Buyers will now try to push the price towards the all-time high at $0.0000854. This level is likely to attract strong selling by the bears. If the price breaks below the upper resistance, the SHIB/USDT pair could trade between $0.000008854 and $0.0005778 for a few days.

A breakout and a close above $0.00008854 could signal a resumption of the bullish trend that could reach the 300% Fib Extension level at $0.00010349. Conversely, a breakout and a close below $0.000005778 could pull the price back to the 20-day moving average ($0.000048).

DOGE / USDT

Dogecoin (DOGE) rebounded from the 20-day EMA ($0.25) on Oct. 31, but the bulls are struggling to keep the price above $0.27. This indicates that the bears are selling on rallies.

DOGE/USDT daily chart. Source: TradingView

The 20-day moving average ($0.25) is sloping higher and the RSI slightly above its midpoint, indicating a slight advantage for the buyers. If the price continues above $0.27, DOGE/USDT could rise to $0.30 and later to $0.35.

This positive outlook will be invalidated in the short term if the bears pull the price below the 20 day EMA. After that, the pair may decline to the 50-day simple moving average ($0.23). If this support is breached, the downside move could extend to $0.19.

Moon / USDT

Terra Protocol LUNA is trading between the resistance line of the symmetrical triangle and the 20-day EMA ($41.65), which is a positive sign. This indicates that traders are buying on dips up to the 20 day moving average.

LUNA/USDT daily chart. Source: TradingView

Buyers will have to push the price and keep it above the triangle to signal the potential for the uptrend to resume. LUNA/USDT could rise first to $49.54 and if this hurdle is exceeded, the upside may extend to the pattern target at $62.59.

If the bears pull the price below the 20-day moving average, the pair could slide to the 50-day simple moving average ($38.89) and thereafter to the triangle support line. A breakout and a close below this support will indicate that the bears have overpowered the bulls. After that, the pair may drop to $33 and near $22.40.

The opinions and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risks. You should do your research when making a decision.

Market data is provided by HitBTC exchange.