Price Analysis November 24th – BTC, ETH, XRP SOL, and BNB
Traders and investors hate uncertainty. Therefore, the settlement between the US Justice Department and Binance was taken as a positive for the digital asset world. While most crypto analysts were optimistic that the two parties would reach an agreement, some were pessimistic because of the pending lawsuit by the Securities and Exchange Commission against Binance.
BTC and the leading altcoins dropped to key support levels before Binance and the Justice Department announced their deal but have since rebounded, suggesting that lower levels continue to attract the bulls.
The buyers and the sellers are now battling it out for superiority, with the former buying the dip at major support points while the latter selling rallies at crucial resistance levels. This usually results in consolidation. And when a consolidation occurs near the yearly high, traders become bullish. However, waiting for an upward move confirmation is important before buying Bitcoin or altcoins.
Will leading crypto assets continue consolidating, or should we expect a directional move in the coming days? We take a look at various price charts to get answers.
Bitcoin Price Analysis
Although the bears dragged BTC below the 20-day EMA (Exponential Moving Average) of $35,932 on November 22, they couldn’t sustain prices below that level as buyers came in to purchase the dip, pushing the coin to $37,271 as of this writing. Bitcoin has been stuck in the $35,932 – $37,782 range over the past seven days, indicating a balance between demand and supply. However, the Relative Strength Index (54.29) shows a minor advantage to the bulls. If they thrust Bitcoin above $37,782, the next destination for the coin could be $40,026.
Conversely, if BTC’s price plummets below $35,932, a sharp slide to $32,876 might be possible.
Ethereum Price Analysis
Like Bitcoin, Ethereum dropped to the 20-day EMA on November 22. Buyers purchased the dip at $1,944.93, causing the second-biggest token to rise to $2,066.93 at press time. If ETH continues surging, $2,138.22 should be a level to monitor. A solid break above this price could make a rally to $2,261.18 a reality. On the negative side, if Ethereum crosses below $1,944.93 and $1,880 doesn’t hold, the token might experience a deep correction to $1,792.62, the 50-day SMA (Simple Moving Average). Such a move is likely to make it tough for the bulls to start a rally, as the bears will be in complete control of the Ethereum market.
BNB Price Analysis
Being Binance’s native token, BNB was the most affected altcoin when the Justice Department charged the exchange earlier this week. The token saw a sharp drop from $264.81 to $227.95 within a few hours on Wednesday. However, after the settlement, BNB started a slow upward move, reaching $234.03 at the time of this writing. The buyers’ immediate aim is to thrust the Binance Coin above the 20-day Exponential Moving Average of $241.26. Achieving this might help the token touch $264.81 again. On the contrary, a reverse from $241.26 gives way to a drop to the $223.40 support level if $227.95 does not hold.
XRP Price Analysis
There was solid buying activity at the 50-day SMA of $0.578923 on Wednesday, which caused XRP to break the barrier at the 20-day EMA of $0.610639 to rally to $622412 at press time. With the bears already defeated at $0.610639, the bulls are expected to try to push XRP to $0..7403821 over the coming days. However, this might not be a reality if the sellers manage to drag the crypto asset below $0.578923. That’s because XRP could begin another downward move to major support at $0.479226.
Solana Price Analysis
SOL started the week trading at $61.29. By Wednesday, the bears had pulled the token’s price to $52.21, where the bulls purchased the dip aggressively, causing an upward move to $57.95 as of this writing. The first obstacle that the buyers need to overcome is at $58.98. If they succeed, Solana could touch $68.04.
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