Bitcoin (BTC) hit a new all-time high of $75,407 on Nov. 6, eclipsing the previous high of $73,777 made on March 14. The rally was triggered after Donald Trump edged closer to winning the United States presidential election.
A Trump win is positive because the crypto industry hopes the incoming President will keep the promises made to the crypto community throughout the campaign trail. 10x Research head of research Markus Thielen told Cointelegraph that Bitcoin could skyrocket to $100,000 by Q1 2025.
Crypto market data daily view. Source: Coin360
The crypto rally is not limited to Bitcoin. Memecoins have been outperformers, signaling a risk on sentiment. The total meme market capitalization hit over $67.5 billion, nearing the April 1 high of $69.8 billion.
Although the sentiment has turned bullish, whipsaws cannot be ruled out as bears try to halt the rally. What are the important support and resistance levels to watch out for on Bitcoin and the major altcoins? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price analysis
Bitcoin soared to a new all-time high of $75,407 on Nov. 6, indicating that the bulls are trying to assert their supremacy.
BTC/USDT daily chart. Source: TradingView
The rising moving averages and the relative strength index (RSI) in the positive territory indicate advantage to the bulls. If the price sustains above $73,777, it will signal the start of the next leg of the uptrend. The pattern target of the breakout from the range is $93,554.
Time is running out for the bears. If they want to make a comeback, they will have to swiftly pull the BTC/USDT pair back below the 20-day exponential moving average ($68,808). If they do that, it will suggest that the breakout may have been a bull trap.
Ether price analysis
Ether (ETH) closed below the support line of the symmetrical triangle pattern on Nov. 4, but the bears could not sustain the lower levels.
ETH/USDT daily chart. Source: TradingView
The bulls pushed the price back into the triangle on Nov. 6. The ETH/USDT pair could rise to the resistance line and then to $2,850, where the bears are expected to sell aggressively. If buyers overcome this hurdle, the pair may rally to the downtrend line.
Conversely, if the price turns down from the resistance line, it will signal that the pair may remain inside the triangle. The trend will favor the bears if they can pull the price below $2,300.
Solana price analysis
Solana (SOL) turned up sharply from the 50-day simple moving average ($156) and rose above the 20-day EMA ($166) on Nov. 4.
SOL/USDT daily chart. Source: TradingView
The SOL/USDT pair has risen above the $183 resistance on Nov. 6, indicating aggressive buying by the bulls. There is minor resistance at $189, but it is likely to be crossed. The pair may retest the stiff overhead resistance of $210.
If the price turns down sharply from $210 and breaks below $189, it will suggest that the pair may extend its stay inside the large range. On the contrary, a break above $210 could open the doors for a rally to $260.
BNB price analysis
BNB (BNB) turned up from the uptrend line on Nov. 5, and the bulls are attempting to maintain the price above the moving averages on Nov. 6.
BNB/USDT daily chart. Source: TradingView
If they succeed, the BNB/USDT pair could rise to $612 and after that to $635. Buyers will find it difficult to overcome the barrier at $635, but if they can pull it off, the pair may start a new up move to $722.
The uptrend line is the critical support to watch out for on the downside. A break and close below the uptrend line will signal that the pair may continue to swing inside the large range between $460 and $635 for a while longer.
XRP price analysis
The failure of the bears to maintain XRP (XRP) below the $0.50 support started a recovery, pushing the price above the 20-day EMA ($0.52).
XRP/USDT daily chart. Source: TradingView
The bears will try to stall the relief rally at the 50-day SMA ($0.54), but if the buyers bulldoze their way through, the XRP/USDT pair could ascend to $0.64. Sellers are expected to mount a strong defense at the $0.64 level.
Contrary to this assumption, if the price turns down sharply from the 50-day SMA, it will signal that the bears are active at higher levels. The selling could accelerate if the pair skids below the $0.50 support.
Dogecoin price analysis
Dogecoin’s (DOGE) up move picked up momentum after breaking out of the $0.18 resistance on Nov. 6.
DOGE/USDT daily chart. Source: TradingView
The bears have not given up and are trying to halt the rally at $0.22, as seen from the long wick on the candlestick. However, if the DOGE/USDT pair does not give up much ground from the current level, the possibility of a break above $0.23 increases. If that happens, the pair may surge to $0.30.
If bears want to prevent the upside, they will have to quickly drag the price below the breakout level of $0.18. The pair could then fall to the 20-day EMA ($0.15). Such a deep pullback may delay the next leg of the up move.
Toncoin price analysis
Toncoin (TON) again found support in the $4.44 to $4.72 range on Nov. 5, indicating buying at lower levels.
TON/USDT daily chart. Source: TradingView
The bulls will try to start a relief rally but are likely to face stiff resistance at the 20-day EMA ($4.94) and again at the 50-day SMA ($5.26). If the price turns down from the moving averages, the likelihood of a break below $4.44 increases. If that happens, the TON/USDT pair will complete a bearish head-and-shoulders pattern. The next support on the downside is at $3.50.
Contrarily, a break and close above the 50-day SMA will signal that the bears are losing their grip. The pair may rise to $6, which is expected to act as a minor resistance.
Cardano price analysis
Cardano (ADA) has been oscillating inside the $0.31 to $0.40 range for several days, indicating buying on dips and selling on rallies.
ADA/USDT daily chart. Source: TradingView
If the price maintains above the moving averages, the ADA/USDT pair could rise to the resistance of the range at $0.40. This level is likely to act as a solid resistance, but if the bulls prevail, the pair may rally to $0.45 and subsequently to $0.49.
Instead, if the price turns down from the current level or $0.40, it will signal that the sellers are fiercely defending the overhead resistance. That could extend the stay inside the range for some more time.
Shiba Inu price analysis
Shiba Inu (SHIB) fell below the 50-day SMA ($0.000017) on Nov. 3, but the bears could not capitalize on the advantage.
SHIB/USDT daily chart. Source: TradingView
The bulls pushed the price to the overhead resistance of $0.000020 on Nov. 6. This is an essential level for the bears to defend because a break and close above it will complete an inverted H&S pattern. That could start a new up move to $0.000026 and thereafter to $0.000029.
This positive view will be invalidated in the near term if the price turns down and breaks below the $0.000016 support. That will suggest the SHIB/USDT pair may remain inside the $0.000013 to $0.000020 range for some more time.
Avalanche price analysis
Avalanche (AVAX) turned up from $22.35 on Nov. 5 and rose above the 20-day EMA ($25.59) on Nov. 6, indicating solid buying at lower levels.
AVAX/USDT daily chart. Source: TradingView
The RSI has risen into positive territory, indicating that the bulls are on a comeback. The AVAX/USDT pair could reach the resistance line, which is a crucial near-term level to watch out for. If buyers overcome this barrier, the pair could start a new up move to $33 and later to $37.50.
If bears want to regain the advantage, they will have to swiftly pull the price below $22.35. If they do that, the pair may plummet to $20.50.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
