Price analysis 11/10: BTC, ETH, BNB, ADA, SOL, XRP, DOT, DOGE, SHIB, LUNA

Bitcoin (BTC), and Ether (ETH), both rose to a new record high on Nov. 10, indicating the bullish trend.

According to a Kraken exchange report, analysts found that the current quarter’s price movement has a correlation coefficient of 0.88 with 2017’s fourth quarter.

Bitcoin rallied 220% during 4Q 2017. If history repeats itself, Bitcoin could hit $96,355, which could be the peak of this cycle.

Everyday cryptocurrency market performance. Source: Coin360

According to Glassnode’s “The Week on-Chain”, long-term Bitcoin holders who have kept their Bitcoin for over 12 months are reluctant to spend the coins. Investors continue to withdraw their coins from centralized exchanges, whose supply has fallen to 12.9%. This is a positive sign.

Will Bitcoin and altcoins maintain their bullish momentum? Or will profit-booking lower prices? Let’s look at the charts for the top 10 cryptocurrency coins to see what happens.

USDT/BTC

Bitcoin was unable to fall below its Nov. 9 breakout level of $67,000. This modest pullback shows that bulls buy on every minor dip.

Daily chart of BTC/USDT Source: TradingView

Both moving averages are moving up, and the relative strength indicator (RSI), is close to the overbought territory. This indicates that bulls have control.

BTC/USDT could gain momentum if buyers can maintain the price above $67,000. This would allow the pair to accelerate towards the next goal of $75,000. Breaking and closing above this resistance could open the door to a rally to $89476.12.

The zone between $67,000 to $63,750 will likely act as a strong support. This zone may be breached if traders are aggressively booking profits. The pair could then fall to the 50-day SMA (simple moving average) ($56,348).

USDT/ETH

Since many days, Ether has traded in an ascending channel. The bulls want to keep Ether above the channel’s centerline. The psychological level of $5,000 is the key target for upside.

Daily chart of ETH/USDT Source: TradingView

This level will likely act as a strong resistance, but if bulls don’t give up, the ETH/USDT pairing may be able to overcome the barrier to rally to the next target at $5,283.17.

The support line could be reached if the price falls below the channel’s resistance line. This level is important to watch as a break below could indicate a change in the short term trend.

This pair could drop to $4146.30 at first, but if that support fails, corrections could reach $4,000.

BNB/USDT

Binance Coin (BNB), fell below the $630 level on Nov. 11, but the bears couldn’t sustain lower levels. Altcoin has made a strong recovery, and bulls are trying to push it above $669.30.

Daily chart BNB/USDT TradingView

If they can do so, the BNB/USDT pair could challenge $691.80 overhead resistance. Rising moving averages and the RSI within the overbought area indicate that the path of least resistance is towards the upside.

However, traders will defend the overhead resistance if the price falls below it. The bears will attempt to bring the price down to $556 (the 20-day exponential moving mean (EMA)).

DA/USDT

Cardano (ADA), broke above the downtrend line and closed above it on Nov. 9, indicating that selling pressure is decreasing. The bears are trying to bring the price below the breakout level.

Daily chart ADA/USDT Source: TradingView

If they succeed, it could indicate that the breakout above the downtrend line was a bear trap. The ADA/USDT pairing could fall below the moving averages, and retest $1.87 as critical support.

Contrarily, if the price bounces off the breakout level it will indicate that bulls are buying dips. The overhead resistance at $2.47 could be the catalyst for the pair to rally. This resistance is crucial for bears to protect as a crack could lead to a rise in the pair to $2.80.

SOL/USDT

Solana’s (SOL), Nov. 8 candlestick has a long tail that indicates buying at the centreline of the ascending channel. The bulls couldn’t capitalize on this advantage, as strong selling at higher levels pushed the price below its centerline on Nov. 9.

Daily chart of SOL/USDT Source: TradingView

The channel support line could see the SOL/USDT pair drop. This support is likely to be reaffirmed if there is a strong rebound. Both moving averages are trending upward and the RSI has moved into positive territory, signaling bulls’ dominance.

If the channel is broken and the close is above it, this will signal strength. The pair could rally to $300 and then to $221. If bears fall below the channel and $216 support, it could lead to a decline of up to $591.

USDT/XRP

Ripple (XRP), broke above the overhead resistance at $1.24, on Nov. 8, signaling that bulls have made a comeback. The bears attempted to bring the price down below $1.24, but were unsuccessful.

Daily chart of XRP/USDT Source: TradingView

This indicates that bulls have turned the $1.24 support level into support. This level could be used as a launchpad to the next leg in the up-move. The XRP/USDT currency pair could rally to $1.41 overhead resistance where bears will likely mount a strong resistance.

It will indicate that traders continue buying dips even if the price falls from $1.41. This will increase the chances of a breakout above $1.41. If the bears continue to sink below the 20-day EMA ($1.17), this positive outlook will be negated.

USDT/DOT

The Polkadot price (DOT) dropped from $53.87 Nov. 8 to $49.78, indicating that bears have been selling at higher levels. The price is now at $49.78 which could act as strong support.

Daily chart of DOT/USDT Source: TradingView

A support level tends to be weakened if it is repeatedly tested within a short time frame. The DOT/USDT currency pair could fall to the 20-day EMA (48.09) if the price falls below $49.78. This is a crucial support for bulls to defend.

The strong rebound from the 20-day EMA will indicate that sentiment is positive and traders are buying dips. To signal the return of the uptrend, the bulls must push the price higher than $55.09 The $63.08 target is the next objective.

Contrary to popular belief, traders might rush to exit if the price falls below the 20-day EMA. This could bring the price to the 50-day SMA (39.87).

Related: The rise of inflation in crypto markets is a sign that the market is rallying

DOGE/USDT

Dogecoin (DOGE), which was $0.29 on Nov. 8 has dropped to $0.29, indicating that there were selling opportunities for rallies. The price is now back at the 20-day EMA ($0.26) which is an important support that you should be watching.

Daily chart of DOGE/USDT Source: TradingView

The bulls will attempt to push the DOGE/USDT price above $0.30 if the price recovers from its current level. The overhead resistance of $0.34 could be broken if they are able to pull it off. Bulls will win if they break or close above this level.

Alternativly, if the price falls below the 20-day EMA (0.24), the next stop may be the 50-day SMA (0.24). The selling could accelerate if this support is broken and the pair could drop to $0.19.

SHIB/USDT

SHIBA INU(SHIB), rose above the downtrendline on Nov. 9, but the bulls couldn’t sustain higher levels. This is a sign that the bears are selling every rise.

Daily chart of SHIB/USDT TradingView

On Nov. 9, the SHIB/USDT pair formed Doji candlestick patterns that were resolved to the downside on November 10. If bears continue to hold the price below the 20 day EMA ($0.000053) the pair could fall to the 78.6% Fibonacci retracement level of $0.000040, and then to its 50-day SMA ($0.000033).

Contrary to popular belief, the pair could reach $0.000065 if it bounces off the current level and moves above the downtrend line. The near-midpoint RSI and the flattish 20-day EMA suggest a range-bound movement in the near term.

USDT/LUNA

Terra’s LUNA token trades within a rising wedge pattern. The bulls tried to push the price up to the resistance line on Nov. 8, but were unable to sustain higher levels.

Daily chart of LUNA/USDT Source: TradingView

Profit-booking close to the resistance line pushed the price back towards the critical level of $49.54 on November 9. This level was defended vigorously by bulls, as evidenced by the strong rebound on Nov. 10.

Buyers will now try to push the price above the resistance line of wedge. Bulls pushing the price higher than the wedge could increase bullish momentum and the LUNA/USDT pairing may reach $62.59.

If the price falls below the overhead resistance or current level, this positive view will be invalidated.

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

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https://cointelegraph.com/news/price-analysis-11-10-btc-eth-bnb-ada-sol-xrp-dot-doge-shib-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.