Price analysis 11/1: BTC, ETH, BNB, ADA, SOL, XRP, DOT, SHIB, DOGE, LUNA

Bitcoin (BTC), and Ether (ETH), had their highest monthly closes ever in October. This indicates strong momentum favoring buyers. Now, the focus shifts to November which has been largely positive for Bitcoin.

In 2018, and 2019, Bitcoin closed November in the red only twice since 2013. The tailwinds coming from the United States stock market could also be a positive factor for Bitcoin. They have a great record in November.

The S&P 500 saw a median increase of 2% in November, making it the only month to record such impressive median returns.

Everyday cryptocurrency market performance. Source: Coin360

Glassnode data also shows that Bitcoin reserves are at their lowest point in three years. The total amount of Bitcoin on exchange books has fallen from 3.1 million Bitcoin to 2.47 million BTC in April 2020. Analysts believe this could be a bullish sign for Bitcoin, if demand rises as that could cause a supply shock.

Will Ether be able to lead altcoins higher, or will Bitcoin continue to hold the reins? Let’s look at the charts for the top 10 cryptocurrency coins to find out.

USDT/BTC

Bitcoin fell from the resistance line in the flag pattern on October 31st, but the bulls didn’t allow it to fall below the 20-day exponential moving Average (EMA) ($59,000. This is a good sign because it indicates that traders are buying dips.

Daily chart of BTC/USDT Source: TradingView

The bullish flag setup will be complete if the resistance line is broken and the closes above it. The BTC/USDT currency pair could rally to $67,000, which would be an all-time high. Although this level will likely be a significant roadblock, bulls could overcome it and the pair could begin its journey towards the $89,476.12 target.

Bulls are favored by rising moving averages, and the relative strength indicator (RSI), in the positive zone. A break below the 20-day EMA will signal weakness. This could lead to a fall in support lines.

If bears maintain the price below the flag, the selling could accelerate. The price could drop to $53,115 (50-day simple moving mean)

USDT/ETH

The Ether candlestick’s Nov. 1 tail shows that bulls are buying with vigor on dips. Since Oct. 1, bulls have not allowed prices to drop below the 20-day EMA ($4,042), which indicates that sentiment is positive.

Daily chart of ETH/USDT Source: TradingView

The ETH/USDT pairing could resume its uptrend if bulls push the price above $4,460.47 overhead resistance. The price could rally to $5,000, where bears will likely pose a tough challenge.

Contrary to popular belief, bears will attempt to pull the pair towards the 20-day EMA if the price falls below the overhead resistance. This support is important to keep an eye on because a break below could cause short-term traders profit booking.

BNB/USDT

For the past two days, the bears tried to bring Binance Coin (BNB), below $518.90 but the long tail of the candlestick indicates that bulls had other plans. The bulls are now trying to reverse the downtrend by buying at lower levels.

Daily chart BNB/USDT TradingView

Bulls are in control, as evidenced by the rising 20-day EMA (486) and the RSI at the bottom of the overbought area. The BNB/USDT pair may move towards the pattern target of $554 if bulls maintain the price above $540.50 and then to psychological resistance at $600 if they do so.

If the price falls below the 20-day EMA and goes down, that will indicate aggressive selling at higher levels. This could trap many aggressive bulls and pull the pair to $392.20.

DA/USDT

While the bulls have defended $1.87 support for the last few days, they are having difficulty pushing Cardano (ADA), above the 20-day EMA ($2.07). This suggests a lackluster demand at higher levels.

Daily chart ADA/USDT Source: TradingView

The bears will attempt to lower the price below $1.87- $1.80 support zone. The ADA/USDT pairing could fall to $1.58 if that happens. The RSI in negative zone and the downsloping moving Averages indicate that bears have control.

Contrary to the assumption, if the price increases from its current level and breaks above moving averages, this will signal strong accumulation at $1.87. The overhead resistance at $2.47 could be reached and the pair could rally.

SOL/USDT

Solana (SOL), rebounded from the 20-day EMA Oct. 31, signaling that there is strong buying at lower levels. Bulls will attempt to push the price higher than the overhead resistance zone of $216 to $218.93.

Daily chart of SOL/USDT Source: TradingView

If they succeed, the SOL/USDT pairing could resume its uptrend to rally to the pattern target of $239.83. Breaking and closing above this resistance could allow for a rally to $265.80.

Bulls are favored by the rising 20-day EMA ($185), and the RSI in positive territory. If the price falls below the overhead resistance, this positive outlook will be negated. This could cause the price to fall below the trendline.

USDT/XRP

Ripple (XRP), is stuck between the downtrendline and the $1 support. This is because the bulls are buying dips while the bears are selling rallies. Although the bulls attempted to push the price higher than the downtrend line Oct. 31, the candlestick’s long wick shows that the price is selling at higher levels.

Daily chart of XRP/USDT Source: TradingView

The bears want to lower the price below Nov. 1’s moving averages. If this happens, the USDT/XRP pair could drop back to $1. This level is important to watch as a break below could cause the price to drop to $0.85.

The overhead resistance at $1.24 could be reached if bulls push the price higher than the downtrend line. The bears have no advantage over the bulls with the flat moving averages and the RSI at the midpoint.

USDT/DOT

The 20-day EMA (41.93 USD) was bounced by Polkadot on Oct. 31, as seen from the candlestick’s long tail. This is a positive sign that traders are taking advantage of dips.

Daily chart of DOT/USDT Source: TradingView

The price has been above $46.39 overhead resistance due to continued buying since Nov. 1. Although the bulls attempted to overcome the overhead resistance at $49.78, the bears refused to give up.

The chances of the up-move towards the pattern target of $53.90 will increase if the price moves down from the current level and the overhead resistance.

A close below $46.39 will signal weakness. The pair could drop to the 20 day EMA.

Related: Bitcoin Whale indicator detects multimonth accumulation trend as BTC eyes $67K – Retest

SHIB/USDT

SHIBA INU (SHIB), a long tail on the Oct. 31 candlestick, suggests that bulls bought aggressively the dip to the 50% Fibonacci level at $0.00005778.

Daily chart of SHIB/USDT TradingView

Buyers will try to push the price towards the record $0.00008854. The bears will likely sell strongly at this level. The SHIB/USDT pairing could trade between $0.00008854 to $0.00005778 for a few more days if the overhead resistance is broken.

If the price breaks and closes above $0.00008854, it could signal a resumption in the uptrend. This may lead to the extension of the Fibonacci 300% Fibonacci level at $0.00010349. A break and close below $0.00005778 could bring the price down to $0.000048, or vice versa.

DOGE/USDT

Dogecoin (DOGE), which bounced off of the 20-day EMA ($0.25) Oct. 31, but the bulls are having trouble keeping the price above $0.27, This indicates that bears are selling during rallies.

Daily chart of DOGE/USDT Source: TradingView

The 20-day EMA ($0.25) has been trending upward and the RSI is slightly above the midpoint. This indicates a slight advantage for buyers. The DOGE/USDT exchange may rise to $0.30 if the price holds above $0.27.

If bears push the price below 20-day EMA, this positive outlook will be invalidated in the short term. The price could fall to the 50-day SMA ($0.23). The down move could reach $0.19 if this support is broken.

USDT/LUNA

Terra protocol’s LUNA token traded between the resistance line in the symmetrical triangle (41.65) and the 20-day EMA ($41.65, which is a good sign. This indicates that traders are buying dips to the 20 day EMA.

Daily chart of LUNA/USDT Source: TradingView

To signal a possible resumption or uptrend, buyers will need to push the price higher than the triangle. If the LUNA/USDT price pair rises to $49.54, the uptrend could extend to $62.59.

If bears push the price below the 20 day EMA, the pair may slide to the 50-day SMA (38.89), and then to the support line in the triangle. If the price breaks or closes below this support, it will be a sign that bulls are defeated. The pair could then fall to $33 or $22.40.

Risk is inherent in every investment or trading move. Before making any investment or trading move, you should do your research.

HitBTC exchange provides market data.

https://cointelegraph.com/news/price-analysis-11-1-btc-eth-bnb-ada-sol-xrp-dot-shib-doge-luna

Lillian Call

I am a technology and gaming writer by profession. I love NFT's and play to earn gaming such as Axie Infinity. I love writing about anything on the blockchain, especially gaming and entertainment. I often sing, write or draw to portray my feelings. When it comes to my free time or you can say ‘ME-TIME’, I love to play with my cat, sleep an extra hour, or play my favorite video games.