Price analysis 11/16: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, DOT, UNI, LTC

1 year ago

The illness of FTX cryptocurrency speech has created a liquidity situation successful the crypto space, which could widen the crypto wintertime done the extremity of 2023, according to a probe study by Coinbase.

According to analysts, the FTX implosion could support the organization investors astatine bay due to the fact that they are adjacent much apt to tread cautiously for immoderate time.

The situation has negatively impacted respective crypto-focused companies who person assets stuck on FTX pursuing the company's bankruptcy filing connected Nov. 11. Investors besides fearfulness the contagion could spread, causing further harm to the cryptocurrency ecosystem.

Although respective investors were rattled by the illness of FTX, billionaire task capitalist and serial blockchain capitalist Tim Draper remains bullish connected Bitcoin (BTC). In a Nov.15 interrogation with Cointelegraph, Draper doubled down connected his $250,000 people for Bitcoin successful 2023.

However, investors should instrumentality the terms projection with a pinch of brackish due to the fact that it is improbable that Bitcoin volition commencement a roaring bull marketplace successful the adjacent future.

What are the cardinal enactment and absorption levels to ticker retired for connected Bitcoin and altcoins? Let’s survey the charts of the top-10 cryptocurrencies to find out.

BTC/USDT

Bitcoin broke and closed beneath the June debased of $17,622 connected Nov. 9. This marked the resumption of the downtrend. Although bulls tried to signifier a beardown betterment connected Nov. 10, their efforts met with dense selling supra $17,622. This suggests that the bears person flipped the level into resistance.

The 20-day exponential moving mean ($18,271) has turned down and the comparative spot scale (RSI) is successful the antagonistic territory. This suggests that the bears person the precocious hand.

If the terms sustains beneath $17,622, it volition summation the imaginable of a interruption beneath $15,588, If that happens, the BTC/USDT brace could widen its diminution to $12,200.

Contrary to this assumption, if the terms turns up and breaks supra the 20-day EMA, it volition suggest beardown request astatine little levels. The brace could past situation the intelligence level astatine $20,000.

ETH/USDT

Ether (ETH) has been declining wrong a descending transmission signifier for the past respective weeks. The nonaccomplishment to propulsion the terms supra the transmission connected Nov. 4 whitethorn person led to profit-booking by the short-term traders.

The buyers aggressively bought the dip to the enactment enactment connected Nov. 10 but the alleviation rally fizzled retired adjacent the 50-day elemental moving mean ($1,372). This suggests that bears are selling astatine higher levels.

The bears volition again strive to descend the terms beneath the channel. If that happens, the selling could intensify and the ETH/USDT brace could driblet to $1,000. To summation the precocious hand, buyers volition person to propulsion the terms supra the moving averages. The brace could past emergence to the downtrend line.

BNB/USDT

BNB (BNB) soared to $398 connected Nov. 8 but the bulls could not prolong the higher levels arsenic seen from the agelong wick connected the day’s candlestick. The selling continued connected Nov. 9 and pulled the terms adjacent the beardown enactment astatine $258.

The bulls purchased the driblet connected Nov. 10 but they could not thrust the terms supra the 20-day EMA ($295). This suggests that the sentiment turned antagonistic and bears were selling the alleviation rallies to the 20-day EMA.

The bears volition again effort to interruption the enactment astatine $258 and if they negociate to bash that, the BNB/USDT brace could driblet to $239 and aboriginal to $216. This antagonistic presumption volition beryllium invalidated successful the adjacent word if bulls propulsion and prolong the terms supra $313.

XRP/USDT

XRP (XRP) re-entered the $0.41 to $0.30 scope connected Nov. 8, indicating a deficiency of request astatine higher levels. The selling continued connected Nov. 9 and the terms dropped to $0.32.

Buyers purchased the dip and tried to propulsion the terms backmost supra $0.41 but the bears did not relent. This suggests that the bears person flipped the $0.41 level into resistance. The bears volition again effort to propulsion the brace to the captious enactment astatine $0.30.

This is an important level for the bulls to support due to the fact that a interruption and adjacent beneath it could awesome the resumption of the downtrend. On the upside, the archetypal motion of spot volition beryllium a interruption and adjacent supra $0.41. The XRP/USDT brace could past emergence to the 50-day SMA ($0.45).

ADA/USDT

Cardano (ADA) is successful a beardown downtrend. Although some moving averages are sloping down, the RSI is attempting to signifier a bullish divergence, indicating that the selling unit whitethorn beryllium reducing.

The archetypal motion of spot volition beryllium a interruption and adjacent supra the downtrend line. Such a determination volition suggest a imaginable inclination change. The ADA/USDT brace could past effort a rally to $0.52.

On the different hand, if the terms continues little and breaks beneath $0.31, the brace could driblet to the enactment line. This enactment has arrested the diminution connected 3 erstwhile occasions, hence the bulls whitethorn again bargain the dip to this level. If buyers neglect to support the level, the brace could widen its downtrend to $0.25.

DOGE/USDT

Dogecoin (DOGE) witnessed a crisp rally from $0.06 connected Oct. 25 to $0.16 connected Nov. 1. That pushed the RSI into highly overbought levels, which whitethorn person tempted short-term traders to publication profits.

The selling picked up momentum aft bulls failed to support the 50% Fibonacci retracement level of $0.11. Buyers defended the 50-day SMA ($0.08) connected Nov. 9 but the bears halted the betterment astatine the 20-day EMA ($0.09).

The DOGE/USDT brace has been trading betwixt the moving averages for the past fewer days. If bears descend the terms beneath the 50-day SMA, the brace could implicit a 100% retracement and driblet to $0.06. Contrarily, a interruption supra $0.10 volition suggest that the bulls are backmost successful the game. The brace could past emergence to $0.12.

MATIC/USDT

Polygon (MATIC) soared supra the overhead absorption of $1.05 connected Nov. 4 but the rally met with stiff absorption astatine $1.30 connected Nov. 5. Buyers tried to resume the up-move connected Nov. 7 but could not wide the overhead hurdle.

The bears sold aggressively connected Nov. 8 and 9 and pulled the terms beneath the moving averages but the buyers held the uptrend line. The MATIC/USDT brace rebounded sharply connected Nov. 10 but the bears sold astatine higher levels and pulled the terms backmost beneath the 20-day EMA ($0.96) connected Nov. 12.

If the terms slides beneath the 50-day SMA ($0.89), the brace could driblet to the uptrend line. A interruption beneath this enactment could unfastened the doors for a retest of the important enactment astatine $0.69. On the contrary, if buyers propulsion the terms supra the 20-day EMA, the brace could emergence to $1.05.

DOT/USDT

Polkadot (DOT) plunged beneath the beardown enactment portion of $6 to $5.68 connected Nov. 9. This indicates the resumption of the downtrend.

Buyers attempted to propulsion the terms backmost supra $6 and trap the assertive bears but the sellers held their ground. This indicates that the bears are trying to flip the $6 level into resistance.

The downsloping 20-day EMA ($6.12) and the RSI successful the antagonistic territory bespeak vantage to the bears. The sellers volition marque 1 much effort to propulsion the DOT/USDT brace beneath $5.32. If they succeed, the brace could widen its diminution to $4.32. To invalidate this antagonistic view, the bulls volition person to propulsion and prolong the terms supra the moving averages.

UNI/USDT

Uniswap (UNI) had been trading betwixt $5.14 and $7.36 for the past respective days. Buyers drove the terms supra the absorption connected Nov. 4 but could not physique upon this advantage. The bears pulled the terms backmost into the scope connected Nov. 6.

This whitethorn person trapped the assertive bulls who past rushed to the exit. Long liquidation and selling by the bears pulled the terms beneath the enactment of $5.14 connected Nov. 8 but this proved to beryllium a carnivore trap. The bulls bought the dip and pushed the terms backmost into the scope connected Nov. 10.

The betterment is facing stiff absorption astatine the moving averages, indicating selling astatine higher levels. The bears whitethorn again effort to descend and prolong the terms beneath the scope but the bulls are expected to support the enactment aggressively.

This suggests that the UNI/USDT brace whitethorn stay range-bound betwixt $4.71 and $7.79 for a fewer much days.

LTC/USDT

Litecoin (LTC) has been range-bound betwixt $46 and $75 for the past respective weeks. The nonaccomplishment of the bulls to propulsion the terms supra $75 connected Nov. 7 whitethorn person attracted profit-booking by short-term traders. That pulled the terms adjacent the enactment of $46 connected Nov. 9.

When the terms is stuck wrong a range, traders mostly bargain the dips to the enactment level and that is what happened connected Nov. 10. The LTC/USDT brace continued its emergence connected Nov. 11 but met with beardown selling adjacent $65. This suggests that bears are progressive astatine higher levels.

The flattish moving averages and the RSI adjacent the midpoint bespeak a equilibrium betwixt proviso and demand. This indicates that the brace could commercialized successful a choky scope betwixt $53 and $65 for immoderate time.

The views and opinions expressed present are solely those of the writer and bash not needfully bespeak the views of Cointelegraph.com. Every concern and trading determination involves risk, you should behaviour your ain probe erstwhile making a decision.

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