Bitcoin (BTC) rose above $98,500 on November 29, indicating that bulls remain determined to push the price above the significant psychological level of $100,000. An analyst from CryptoQuant, Caueconomy, revealed that Bitcoin whales bought about 16,000 BTC during the price drop on November 26.
Alongside Bitcoin, traders are also focusing on Ether (ETH). According to a spokesperson from Bybit, their analysts predict that ETH will reach $4,000 before January 20, when President-elect Donald Trump takes office.
The increase in Bitcoin has stimulated buying activity in some altcoins, but many coins have not yet surpassed historical peaks. Pav Hundal, head of analysis at Swyftx, states that altcoins may still remain volatile until Bitcoin crosses $100,000.
Will Bitcoin break and maintain above $100,000, or will bears continue to defend this level? Will the upward momentum of altcoins continue? Let’s analyze the charts of the top 10 cryptocurrencies to find the answers.
Technical analysis of BTC
Bitcoin formed an inside bar candle pattern on November 28 and continued the upward trend by breaking above $97,208 on November 29.
Daily BTC/USDT chart
Bulls will try once again to break through the $100,000 barrier. If successful, the upward momentum could be stronger, pushing the BTC/USDT pair to $113,331, then to $125,000.
Conversely, if the price sharply reverses after breaking above $100,000, this could be a sign of a bull trap. This currency pair may drop to the 20-day exponential moving average (EMA) at $91,129, a crucial support level. If this support level is broken, the price could decline further to $85,000.
Technical analysis of ETH
Ether rose and closed above the downward trend line on November 27, signaling that the downward trend may have ended.
Daily ETH/USDT chart
However, bears will not easily give up and will try to pull the price below the downward trend line. If successful, the ETH/USDT pair could decline to the 20-day EMA at $3,271. This is a level to watch because if it closes below the 20-day EMA, it will confirm that the breakout above the downward trend line was merely a bull trap.
Conversely, if the price bounces off the downward trend line, this indicates that bulls have turned this level into support, opening up the bullish outlook towards $3,900 and further to $4,094.
Technical analysis of SOL
Solana (SOL) bounced off the 20-day EMA ($229) on November 27, but bulls are facing selling pressure at higher price levels.
Daily SOL/USDT chart
Failure to push the price above $250 could lead to selling pressure, increasing the risk of breaking below the 20-day EMA. If this occurs, the SOL/USDT pair could drop to the crucial support level at $210.
Conversely, if bulls push the price above $250, this currency pair may retest the historical peak at $264. Although bears are likely to provide strong protection at $264, if broken, the price could rise to $300.
Technical analysis of BNB
BNB is facing selling pressure near $667, indicating that bears are actively working at higher price levels.
Daily BNB/USDT chart
If the price reverses from the current level, bears will attempt to push the BNB/USDT pair below the 20-day EMA ($628). If successful, the pair may drop to the 50-day simple moving average (SMA) at $605. Bulls are likely to provide strong protection at the 50-day SMA because if broken, the short-term advantage will tilt towards bears. Afterward, the price could decline towards the upward trend line.
To prevent a downturn, bulls need to push the price to maintain above $687, paving the way for a rise to $722.
Technical analysis of XRP
XRP is in a strong upward trend. The price breaking above $1.63 marks the resumption of the upward trend.
Daily XRP/USDT chart
The XRP/USDT pair is facing minor resistance at $1.76, but if broken, the next target could be $1.97. However, selling pressure from bears at $1.97 could be significant. The RSI is in the overbought zone, indicating potential corrections or consolidation in the short term.
If the price reverses and drops below $1.63, this indicates that some short-term investors are taking profits, pulling the price down to $1.30.
Technical analysis of DOGE
Dogecoin (DOGE) is forming an ascending channel pattern, indicating that bulls are slightly in control.
Daily DOGE/USDT chart
If buyers push the price above $0.44, the DOGE/USDT pair could rise to the resistance line of the price channel near $0.50. However, bears are expected to set up a strong defense at the $0.50 level. If the price reverses from the resistance line, it will indicate that this currency pair is likely to continue trading within the price channel.
Bears will need to pull the price below the 20-day EMA ($0.36) to gain control. If successful, this could initiate a downward trend to $0.30, then to $0.23.
Technical analysis of ADA
The price of Cardano (ADA) is trying to continue the upward trend, but bulls are predicted to face strong resistance in the range of $1.10 to $1.15.
Daily ADA/USDT chart
If buyers break above $1.15, the ADA/USDT pair could begin the next growth phase to $1.25, and then to $1.50.
Conversely, if the price sharply drops from the upper resistance level, this currency pair could decline to $1, and then to $0.86. A deeper correction increases the likelihood of forming a range, and the currency pair could consolidate between $1.15 and $0.86 for some time.
Technical analysis of AVAX
The price of Avalanche (AVAX) is trading above moving averages, indicating that bulls still hold the upper hand.
Daily AVAX/USDT chart
The 20-day EMA is rising ($37.93) along with RSI in the overbought zone, reinforcing the bullish outlook towards $48. Bears will attempt to halt the momentum at $48, but it is likely that this level will be broken, and the AVAX/USDT pair could advance to $60.
This positive outlook will be invalidated in the short term if the price reverses and drops below the 20-day EMA. This could trap aggressive bulls, pulling the price back to the 50-day SMA ($31.09).
Technical analysis of TON
The price of Toncoin (TON) is trading above the resistance level of $6, but bulls are facing selling pressure at $6.61. A small positive point is that bulls have not lost much advantage to bears.
Daily TON/USDT chart
The 20-day EMA ($5.80) is rising, and the RSI is close to the overbought zone, indicating that the path of least resistance is upward. If buyers push the price above $6.61, the TON/USDT pair could rise to $7. A breakout and close above $7 would open up the opportunity to rise to $8.29.
Conversely, if the price reverses and drops below the 20-day EMA, it indicates that bulls are losing control.
Technical analysis of SHIB
The price of Shiba Inu (SHIB) at $0.00002594 is forming a symmetrical triangle pattern, reflecting hesitation between bulls and bears.
Daily SHIB/USDT chart
If buyers push the price above the triangle, the SHIB/USDT pair could rise to the resistance level of $0.000030. A breakout and close above $0.000030 will complete the inverse head and shoulders pattern, opening up the opportunity to rise to $0.000039.
