Price Analysis November 27th, 2024 – BTC, AVAX, ADA, ETH, SOL, and BNB
Solid selling pressure near $100,000 has forced Bitcoin to dip to $92,765 as of this writing. Despite the aggressive selling, Bitcoin spot ETFs have continued to perform well per data from SoSoValue, which shows $3.30 billion worth of 7-day inflows.
Moreover, the latest dip has attracted several whales led by MicroStrategy. On November 24th, the software company, which is also the largest institutional BTC holder, purchased over 55,133 Bitcoin for about $5.3 billion, bringing its total holding to 386,702 BTC.
Meanwhile, some analysts have advised traders to monitor the price action at $100,000. If Bitcoin fails to cross that price for the second time, these analysts claim a deeper correction will follow.
What are the vital support areas to monitor for altcoins and Bitcoin if the current downtrend continues? Let’s study the price charts to find answers.
Bitcoin Price Analysis
Aggressive profit booking has dragged Bitcoin near the uptrend line. If the coin touches $90,000 and bounces off, it’ll be assumed that the bulls are purchasing the dip. As such, BTC could rally toward $100,000, where bears have been camping. However, if there is no significant resistance, the rally could continue, with Bitcoin reaching $113,000 or even $125,500.
On the other hand, a drop below $90,000 would mean that BTC has dropped below the uptrend line. In this case, the bears might drag the asset below the 20-day Exponential Moving Average of $89,102 and pull it to the $85,300 support, where a rebound is anticipated.
Ethereum Price Analysis
Ethereum briefly traded above the downtrend line on November 23rd after surging to $3,500. But the token has now reversed to $3,396. If selling pressure grows, the support at the 20-day Exponential Moving Average of $3,142 could break, causing Ethereum to dip to the $2,853.21 breakout level.
Alternately, if the bulls keep the asset above $3,142, the chances of a solid breakout above the downtrend line will improve. As such, ETH could surge to $3,900.63 and later to $4,000.17.
Solana Price Analysis
Despite increased profit-taking by short-term traders, the bulls have guarded the 20-day Exponential Moving Average of $224.98 in the past two days. If selling pressure declines and buying activity intensifies in the coming days, Solana could break above its new all-time high ($263.32) and rise to $300, where profit booking is expected.
On the contrary, SOL risks plummeting to the $210.58 support if the bulls give up on protecting $224.98.
BNB Price Analysis
Demand for BNB is low at higher prices, considering the bulls struggled to keep the asset above $665 on November 23rd, resulting in a drop to $621 at press time. The BNB’s current value is below the 20-day Exponential Moving Average ($623). If the bears continue applying pressure, the Binance Coin could descend to the 50-day Simple Moving Average of $599.83.
Conversely, thrusting and maintaining BNB above $623 improves the prospects of a surge to $665 and later to the $721.93 resistance. While we expect the bears to mount defense at $721.93, if they fail to do so, BNB could ascend to $800.
Cardano Price Analysis
Cardano has dropped below $1 after rallying above $1.10 over the weekend. It is priced at $0.96. With the Relative Strength Index inside the overbought zone, we might see a move to $0.93, where the bulls must exert pressure to limit a drop to the $0.80 support.
If ADA turns up from $0.93, it could cross the minor resistance at $1.14 and rally toward $1.26 and even $1.63.
Avalanche Price Analysis
Despite intense selling activity in the last few days, Avalanche has remained above the resistance line after breaking out at $37 on November 23rd. If the bulls push and sustain AVAX above the $45.28 resistance, the probability of a rise to $52 will increase.
On the bearish side, if Avalanche drops below $37, it could attract selling, leading to a downtrend to the 20-day Exponential Moving Average of $34.82.
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