Price Analysis November 17th, 2024 – BTC, DOGE, SOL, BNB, ETH, and XRP
Bitcoin has traded near its latest all-time high ($93,549) in the last few days, suggesting the bulls are looking to propel it further. On Friday, Bitcoin fan and Microstrategy founder Michael Saylor told a journalist from CNBC that the coin’s value was likely to reach $100,000 before 2025. He added that the chances of a fall to $60,000 were slim.
Matthew Sigel, the head of digital assets at VanEck, is also bullish on Bitcoin. He’s optimistic that the currency will set new all-time highs within the first half of next year, reaching $180,000 in the process.
While several other crypto enthusiasts remain bullish, crypto analysts at Real Vision anticipate sharp dips in the short term, arguing that the bull markets do not go up in a straight line. However, they are positive that Bitcoin will enter new territories in the long term.
So, which barriers should investors and traders monitor if Bitcoin crosses $93,549 in the coming days? We now analyze the charts to find answers. Stick around!
Bitcoin Price Analysis
Bitcoin is consolidating between the $89,000 and $91,500 range, suggesting indecision among market participants. However, the rising Relative Strength Index (69.39) indicates a significant advantage to the bulls, who, if they fuel a breakout at $91,500, could lead to a rally toward $93,549, where selling is expected to intensify. However, if that barrier gives way, BTC could cross $95,000 and surge to $100,000.
From a bearish point of view, we might witness intense selling if $89,000 is breached. As such, Bitcoin could plunge below $85,201 to find support at the 20-day Exponential Moving Average of $78,542.
Ethereum Price Analysis
Ethereum’s price has been relatively stable in the past three days, ranging between $3,020 and $3,180. But if the bears spur a break below $3,020, selling pressure on ETH will likely grow, leading to a move toward the 20-day Exponential Moving Average of $2,863, where we expect the bulls to mount pressure.
Meanwhile, If ETH breaks above $3,180, the recently formed resistance ($3,440) could be violated, opening room for a rally to the $3,805 resistance or even $4,093.
Solana Price Analysis
As Ethereum and Bitcoin trade sideways, Solana, on the other hand, has rallied in the past 24 hours, now trading above $230, a vital resistance level. According to various analysts, the token is rallying due to growing optimism over the introduction of a Solana spot ETF following Donald Trump’s victory.
The bulls aim to push SOL toward $260.43 and later to $300, where profit booking is anticipated. On the contrary, a drop below $230 could cause the token to dip to the $210.59 resistance.
BNB Price Analysis
The bulls have been buying the dip near the 20-day Exponential Moving Average of $606 this week, enabling BNB to surge to $630.29 at press time. More buying could trigger a move to $667 and then to $721.80, where the bears are expected to form a strong barrier.
However, a break below $606 would invalidate our bullish prediction. In this scenario, we anticipate a downward move toward the 50-day Simple Moving Average of $589.37 and then to the $550.28 support.
Dogecoin Price Analysis
Dogecoin has cooled down following its major rally that began on November 6th after Trump won the US election. As of this writing, the meme coin has pulled back to $0.361 from $0.438. It’s worth highlighting that the bulls have protected the $0.355 support, signaling their intentions to keep DOGE at high levels, potentially pushing the token above $0.438 and starting a rally to $0.507. Contrarily, Dogecoin could hit $0.250 if the bears pull it below $0.355.
XRP Price Analysis
XRP has crossed $1 for the first time since November 2021 after surging 83% this week. The rally is fueled by speculations over the resignation of SEC Chair Gary Gensler, who has targeted XRP issuer Ripple over the past few years.
If the bulls keep the asset above $1.05 longer, the prospects of a move to $1.5 will improve. However, a dip below $1 could lead to a fall toward the $0.74 resistance.
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