Price analysis 11/26: BTC, ETH, BNB, SOL, ADA, XRP, DOT, DOGE, AVAX, SHIB

Bitcoin (BTC), and many other altcoins, were sold along with global equity markets and crude oils on Nov. 26. Markets were shaken by news that a new coronavirus variant was discovered in South Africa. This is alarming scientists because it contains a large number of mutations to the spike protein.

Despite the sharp drop in crypto liquidity, cross-crypto liquidations have reached more than $750 million within the 24 hour period. However, funding rates between exchanges are still high. This indicates that selling is not over.

Everyday cryptocurrency market performance. Source: Coin360

Analyst PlanB is not likely to see Bitcoin’s November monthly close surpass the $98,000 worst-case scenario. This is the first time the model has failed to predict the end-of month price levels for October, September and August. The stock-to-flow model creator still believes that Bitcoin’s target of $100,000 in the halving cycle is achievable.

Is this a Black Friday bargain or the beginning of a bear phase? Let’s look at the charts for the top 10 cryptocurrencies to see what the answer is.

BTC/USDT

Although the bulls managed to push Bitcoin above its breakdown level of $58,000 on Nov. 25, they were unable to clear the barrier at the exponential moving average (20-day) ($59,510). This could have attracted traders to book profits.

Daily chart of BTC/USDT Source: TradingView

After breaking below $55,317, the selling momentum picked up today. The next stop could be psychological support at $50,000.

If the price rebounds from this level, buyers will try to push it above the 20-day EMA. If they succeed, it may indicate that selling pressure is decreasing.

Alternatively, if the next rebound is lower than the 20-day EMA it will signal that sentiment has turned negative, and traders are selling rallies. This will increase the likelihood of a break below $50,000.

In that case, panic selling could occur on the BTC/USDT pair that could bring the price down to $42,000

ETH/USDT

The price of Ether (ETH), which broke above the $20-day EMA ($4,336) Nov. 25, proved to be a bullish move as it fell sharply to the neckline today of the H&S (head and shoulders) pattern.

Daily chart of ETH/USDT Source: TradingView

Bulls are aggressively defending the neckline. The overhead resistance of $4,551 will be cleared if the price bounces off the neckline. This could open the way for a retest at the all-time high of $4,868.

A close below the neckline would complete the bearish pattern. This could increase selling and lead to a decline in the ETH/USDT currency pair to the $3,000.- $3,000.00 support zone. The target objective at $3,000.47 could become the next stop if this zone cracks.

BNB/USDT

Binance Coin (BNB), soared above the overhead resistance of $605.20 on Nov. 25, but bulls couldn’t overcome the strong hurdle of $669.30. This shows that the bears are fighting to defend this level vigorously.

Daily chart BNB/USDT TradingView

Short-term traders may have profit-booked because the price failed to rise above $669.30. Today’s price has fallen below the $20 EMA (590). The bears are now trying to bring the BNB/USDT price pair below the 50-day simple moving Average ($539).

Trend change could be indicated by a break below the 50-day SMA. A break below $510 could lead to selling acceleration. If the pair falls below $510, it could accelerate selling.

To signal the resumption or continuation of the uptrend, the bulls must push the price higher than the overhead resistance zone between $669.30 and $691.80.

SOL/USDT

Solana (SOL), rebounded from the 50-day SMA ($202 on Nov. 25, but fell from the 20-day EMA ($216). This indicates a shift in sentiment from buying on dips to selling on rallies.

Daily chart of SOL/USDT Source: TradingView

Today’s selling was continued and bears attempted to lower the price below the support level of the symmetrical triangular triangle. The SOL/USDT pair may fall to $153 if they can maintain the price below the triangle.

Bears are the ones who have the upper hand, as the relative strength index (RSI), below 43 and the 20-day EMA that is in decline indicate. If the price rises above the resistance line and breaks through the triangle, this negative view will be invalidated.

DA/USDT

Cardano (ADA), formed an inside-day Doji candlestick structure on Nov. 25, indicating indecision between the bulls, and the bears. Today, this uncertainty was resolved by a break below $1.58.

Daily chart ADA/USDT Source: TradingView

Strong support is at $1.50 for the ADA/USDT pair. Despite the fact that bears have an advantage, the RSI is in the oversold area suggesting that selling may have been excessive in the short-term.

Bulls could attempt a relief rally, but they will likely face strong selling at $1.85 (the 20-day EMA). The bears will attempt to bring the pair below $1.50 if the price drops from this level. The pair could fall to $1 if they succeed. A break and close above 20-day EMA will be the first sign of strength.

XRP/USDT

Bulls defended $1 support over the past few days but they couldn’t push XRP higher than the 20-day EMA ($1.08). This indicates a lackluster demand at higher levels.

Daily chart of XRP/USDT Source: TradingView

Today’s selling was more rapid than expected and bears drove the price below $1. The XRP/USDT currency pair could drop to $0.85. The bulls will try to push the price higher if the price bounces off of this level.

If they are able to do so, the pair may attempt to slowly climb up to the overhead resistance of $1.24. The pair could also drop to $0.70 if the price drops below $1 or breaks below $0.85.

DOT/USDT

Polkadot, (DOT), bounced off the uptrendline on Nov. 25, but the bulls couldn’t sustain higher levels. Today saw more selling and the price fell below $37.53, concluding a bearish H&S.

Daily chart of DOT/USDT Source: TradingView

The DOT/USDT currency pair could drop to $32 and then to $26 where bulls might try to stop the fall. The breakout level at 38.70, which is a positive level, is something to be aware of.

If the price drops below this level, it indicates that traders are selling rallies and the sentiment is still negative.

If bulls can drive the price to $38.70 and maintain it, it will indicate strong demand at lower levels. Bulls could win if they can break the $43.56 mark and close higher than that.

Related: BAT price reaches new high following a 30% daily rally in Basic Attention Tokens crypto downtrend

DOGE/USDT

Dogecoin (DOGE), attempted to rally on Nov. 25, but the candlestick’s long wick shows that bears were selling near the downtrend.

Daily chart of DOGE/USDT Source: TradingView

Today’s selling momentum picked up and the DOGE/USDT currency pair fell below its immediate support of $0.21. It even broke below $0.19, the strong support. The bulls are trying to defend $0.19.

The bears will be again challenging $0.21 if the price moves above the current level. The likelihood of the price breaking below $0.19 will increase if this resistance level is flipped. The pair could drop to $0.15 as a result. A break above the 20-day EMA ($0.23) will signal strength.

VAX/USDT

Avalanche (AVAX), rebounded from the 38.2% Fibonacci level at $112.63 Nov. 25, but the candlestick’s long wick shows that traders bought on rallies.

Daily chart of AVAX/USDT Source: TradingView

Today’s AVAX/USDT exchange rate fell to $105 at the 20-day EMA. This is a crucial level to monitor because traders tend to buy dips below the 20-day EMA during uptrends. The bulls will push the price up to $130 if the price recovers from the current level.

If bears pull the price lower than the 20-day EMA at $102.01, and the 50% retracement at $102.01, then the pair could fall to the 61.8% Fibonacci retracement at $91.39. The longer it takes for the next leg to start, the deeper the fall.

SHIB/USDT

SHIBA INU(SHIB), fell below $0.000040 on Nov. 24, after falling below strong support. On Nov. 25, the bulls tried to push the price higher and trap aggressive bears, but they failed to clear the overhead hurdle at 20-day EMA ($0.000046).

Daily chart of SHIB/USDT TradingView

This means that traders are buying on rallies close to overhead resistance levels. Today, the bears pulled the price below $0.000040. This increases the chance of a correction.

The SHIB/USDT currency pair may now complete a 100 percent retracement, and fall to $0.000027. If the price rises above the 20-day EMA, this bearish view could be invalidated. This could lead to a rise in the pair to $0.000052

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-11-26-btc-eth-bnb-sol-ada-xrp-dot-doge-avax-shib

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.