Price Analysis November 7th, 2024 – BTC, SOL, BNB, ETH, and DOGE
Bitcoin recorded a new all-time high ($76.020) on Wednesday following Donald Trump’s victory against Vice President Kamala Harris.
The rally comes as many crypto supporters hope the incoming US President will fulfill his promises to make the business environment conducive and back blockchain innovations.
Analyst at 10x Research, Markus Thielen, now believes that the actual bull run has begun. He sees Bitcoin rallying to $100,000 within the first three months of 2025. Meanwhile, Bernstein analysts are optimistic that the coin will end the year trading above $90,000.
Besides Trump’s victory, another factor expected to catalyze the bullish momentum this week is the expected interest rate cut on Thursday. Several financial experts have said that the Federal Reserve will likely cut the interest rate by 25 basis points in its next FOMC meeting.
Bitcoin isn’t the only crypto asset rallying in response to Trump’s win. Meme coins have also seen their prices surge significantly in the 24 hours, suggesting a rising risk appetite among investors. According to CoinGecko’s data, the market cap of these cryptocurrencies has shot to $67.61 billion, nearing this year’s high of $68.79 billion.
While the bullish momentum is notably strong, we cannot rule out a potential downturn as sellers attempt to stop the rally. So, what vital support levels do investors need to monitor if the current Bitcoin rally gets halted? Let’s explore the price charts to find answers.
Bitcoin Price Analysis
BTC has entered new territory after the bears failed to protect its previous all-time high ($73,762). As mentioned, the coin peaked at $76,020 on Wednesday night but has since corrected to $74,793 per data from CoinGecko.
The rising Relative Strength Index (69.22) and the moving averages suggest that the buyers have a significant advantage. If Bitcoin stays above $73,762, it will be safe to assume that the next leg of its uptrend has started. As such, $76,020 could be violated, giving room for a surge to $93,571.
Conversely, if the sellers drag BTC below $73,762 and later cause the 20-day Exponential Moving Average of $68,903 to collapse, it’ll indicate their comeback. In this case, Bitcoin could plunge to the 50-day Simple Moving Average of $65,592.
Ethereum Price Analysis
Ethereum has finally closed above the resistance line of the ascending triangle after rallying to $2,837. If it reaches $2,850.44 and the bears do not apply pressure, the journey to $3,406 will start. However, intense selling at $2,850.44 could signal the beginning of a short-term price correction. If that’s the case, we anticipate a downtrend to $2,600.48, the 50-day Simple Moving of Average, where the buyers are likely to stage a comeback.
Solana Price Analysis
After surging to $188 on Thursday morning, Solana flipped the Binance Coin (BNB) to become the fourth-largest crypto asset by market cap. If the $189.05 minor resistance is crossed, the bulls could push the coin to the $210.48 vital resistance, and a break above this level boosts the possibility of a rally to $260.50.
On the other hand, the bears could intensify selling if they tug SOL below the $183.26 support. As such, the 20-day Exponential Moving Average of $167.04 might crumble, making a dip to the 50-day Simple Moving Average of $157.19 possible.
BNB Price Analysis
The buyers have pushed BNB above the $600.49 resistance after defeating the sellers at the 50-day Simple Moving Average of $582.04. If they replicate that at $612.39, then a rally to $636.04 would look likely. On the contrary, exerting pressure at $612.39 could allow the sellers to pull the Binance Coin to the 50-day Simple Moving Average of $578.61.
Dogecoin Price Analysis
Dogecoin rallied to a 7-month high ($0.2108) on Wednesday after the bears failed to guard the $0.1894 resistance. However, it has reversed to $0.1943 as of this writing. If the bulls maintain DOGE above $0.1894, the possibility of a rally above $0.2108 to the $0.2319 resistance will increase. Contrarily, a plunge to the 20-day Exponential Moving Average of $0.1538 could happen if $0.1894 collapses.
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