Price analysis 11/21: SPX, DXY, BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, DOT

1 year ago

Continued selling successful the cryptocurrency markets pulled the full marketplace capitalization beneath $800 cardinal connected Nov. 21. Traders are progressively tense astir the grade of harm FTX’s illness whitethorn person connected several crypto firms. Until the uncertainty clears, it is futile to expect a sustained betterment successful cryptocurrency prices.

The FTX saga has breached the adjacent correlation betwixt the United States equities markets and Bitcoin (BTC). While Bitcoin is trading adjacent to its 52-week low, the S&P 500 (SPX) has recovered sharply from its debased made connected Oct. 13.

The U.S. dollar scale (DXY) is usually inversely correlated to Bitcoin but its caller driblet from the multi-year precocious did not payment Bitcoin. This suggests that crypto buyers stay connected the sidelines and are not venturing successful to buy.

However, Billionaire capitalist and hedge money manager Bill Ackman said successful a Twitter thread connected Nov. 20 that crypto was “here to enactment with due oversight and regulation.”He besides highlighted the imaginable of cryptocurrencies to “greatly payment nine and turn the planetary economy.”

Could the cryptocurrency marketplace drawback up with the U.S. banal markets? Let’s survey the charts of the S&P 500 index, the U.S. dollar scale (DXY) and the large cryptocurrencies to find out.

SPX

The S&P 500 scale has been successful a beardown betterment since bottoming retired astatine 3,491 connected Oct. 13. Although the 4,000 level has been acting arsenic a absorption successful the past fewer days, a affirmative motion is that the bulls person not fixed up overmuch ground.

The rising 20-day exponential moving mean (3,879) and the comparative spot scale (RSI) successful the affirmative territory bespeak vantage to buyers. If bulls propulsion the terms supra 4,029, the up-move could scope the downtrend line.

The bears person successfully halted erstwhile alleviation rallies adjacent the downtrend enactment hence they volition effort to bash the aforesaid again.

If the terms turns down from the downtrend enactment but does not gaffe beneath the 20-day EMA, it volition suggest that bulls are buying connected dips. That could summation the likelihood of a interruption supra the downtrend line.

The archetypal motion of weakness volition beryllium a interruption and adjacent beneath the 20-day EMA. The scale could past diminution to the 50-day elemental moving mean (3,786).

DXY

The U.S. dollar scale plunged beneath the uptrend enactment connected Nov. 10. This is the archetypal denotation that the scale whitethorn person topped retired successful the adjacent term.

The scale rebounded disconnected the enactment adjacent 105, indicating beardown buying connected dips. The 20-day EMA (108) is sloping down and the RSI is successful the antagonistic territory, suggesting that bears person an borderline successful the abbreviated term.

If the alleviation rally stalls adjacent the 20-day EMA, the bears volition marque different effort to propulsion the scale beneath 105. If they succeed, the adjacent halt could beryllium 103.50 and past 102.

Alternatively, if buyers thrust the terms supra the 20-day EMA, the scale could emergence to the uptrend line. The bulls volition person to propulsion the terms backmost supra this level to bespeak that the corrective signifier whitethorn beryllium over.

BTC/USDT

Bitcoin remains successful a downtrend. The bears pulled the terms beneath the contiguous enactment of $16,229 connected Nov. 21, which suggests a deficiency of request from the bulls.

If the terms sustains beneath $16,229, the BTC/USDT brace could retest the captious enactment astatine $15,588. This is an important level to support an oculus connected due to the fact that a interruption and adjacent beneath it could awesome the commencement of the adjacent limb of the downtrend. The brace could past commencement its downward travel toward $12,200.

On the contrary, if the terms turns up and breaks backmost supra $16,229, it volition suggest that the bulls are buying the dips beneath $16,000. The bulls volition past effort to propulsion the terms toward the overhead absorption astatine $17,190.

ETH/USDT

Ether (ETH) continues to gradually descent toward the enactment enactment of the descending transmission pattern. This is an important level for the bulls to support due to the fact that a interruption beneath the transmission could intensify selling.

The ETH/USDT brace could past driblet to the intelligence level of $1,000 and thereafter to the captious enactment astatine $881. The downsloping 20-day EMA ($1,381) and the RSI successful the antagonistic territory bespeak that bears are successful control.

Contrary to this assumption, if the terms rebounds disconnected the enactment enactment with strength, it volition suggest that buyers are defending the level with each their might. They volition past effort to wide the moving averages and unfastened the doors for a imaginable rally to the downtrend enactment of the channel.

BNB/USDT

BNB (BNB) has declined to the captious enactment astatine $258 which could witnesser a pugnacious conflict betwixt the bulls and the bears.

The downsloping 20-day EMA ($284) and the RSI beneath 37 bespeak that bears person the precocious hand. If bears descend and prolong the terms beneath $258, the selling could prime up momentum and the BNB/USDT brace could driblet to $239 and thereafter to $216.

Alternatively, if the terms turns up from the existent level, it volition suggest that the bulls proceed to bargain the dips to $258. The brace could past emergence to the moving averages wherever the bears whitethorn again equine a beardown defense.

XRP/USDT

Buyers pushed XRP (XRP) supra the downtrend enactment connected Nov. 20 but could not wide the hurdle astatine the 20-day EMA ($0.39). This suggests that the sentiment remains antagonistic and traders are selling connected rallies.

The XRP/USDT brace could driblet to the enactment enactment wherever buyers whitethorn measurement in. A beardown rebound disconnected the enactment enactment volition suggest that the brace has formed a symmetrical triangle pattern.

On the different hand, if the terms slips beneath the enactment line, the brace could driblet to the $0.32 to $0.30 enactment zone. A beardown rebound disconnected this portion volition bespeak that the brace whitethorn stay stuck betwixt $0.30 and $0.41 for a fewer days.

The bears volition person to propulsion the terms beneath $0.30 to awesome the commencement of the adjacent limb of the downtrend.

ADA/USDT

Cardano (ADA) remains successful a beardown downtrend. The bears pulled the terms beneath the contiguous enactment astatine $0.31 connected Nov. 21 opening the doors for a imaginable driblet to the enactment line.

A insignificant affirmative for the bulls is that the RSI is forming a bullish divergence. This suggests that the bearish momentum could beryllium waning. The ADA/USDT brace could effort a betterment from the enactment line, which is apt to deed a partition astatine the 20-day EMA ($0.34).

If the terms turns down from this level, it volition suggest that bears proceed to merchantability connected rallies. That could effect successful a retest of the enactment line. If this level cracks, the selling could accelerate and the brace whitethorn driblet to $0.25. Contrarily, a interruption supra the 20-day EMA could embolden the buyers who whitethorn propulsion the brace to the downtrend line.

DOGE/USDT

After trading betwixt the moving averages for respective days, Dogecoin (DOGE) plunged beneath the 50-day SMA ($0.08) connected Nov. 20. This indicates that the uncertainty resolved successful favour of the bears.

The 20-day EMA ($0.09) is sloping down and the RSI is successful the antagonistic area, indicating that the DOGE/USDT brace could diminution to the contiguous enactment astatine $0.07. If this level besides gives way, the brace could implicit a 100% retracement of the full rally and driblet to $0.06.

Conversely, if the terms rebounds disconnected the existent level oregon $0.07, the bulls volition again effort to propel the brace supra $0.09. A adjacent supra this absorption could awesome that the corrective signifier whitethorn beryllium over. The brace could past rally to $0.12.

MATIC/USDT

Polygon (MATIC) dropped to the uptrend enactment connected Nov. 21. This level has acted arsenic a enactment connected 2 erstwhile occasions, hence the bulls volition again effort to support it.

A betterment from the uptrend enactment could look beardown selling adjacent the 20-day EMA ($0.91). If the terms turns down from this level, the brace could again retest the uptrend line. A interruption beneath this level could propulsion the brace to the important enactment astatine $0.69. This level is apt to pull buyers.

On the upside, the 20-day EMA remains the cardinal absorption to support an oculus on. If buyers thrust the terms supra the 20-day EMA, the brace could emergence to $0.97 and aboriginal to the stiff overhead absorption astatine $1.05.

DOT/USDT

Polkadot (DOT) remains successful a beardown downtrend. The bears pulled the terms beneath the pennant enactment and the Nov. 10 intraday debased of $5.32 connected Nov. 20. This indicates the resumption of the downtrend.

Buyers whitethorn effort to commencement a betterment from the intelligence level of $5 which could scope the breakdown level from the pennant. If bears flip this level into resistance, the prospects of a diminution to $4.08 increase.

On the contrary, if buyers thrust the terms supra the 20-day EMA ($5.86), it volition bespeak assertive buying astatine little levels. That whitethorn trigger abbreviated covering from the assertive bulls, clearing the way for a imaginable rally to $6.50.

The views, thoughts and opinions expressed present are the authors’ unsocial and bash not needfully bespeak oregon correspond the views and opinions of Cointelegraph.

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