The cryptocurrency market is experiencing significant upward momentum, with Bitcoin leading the surge. As of November, Bitcoin’s price has shown strong performance, climbing above the $93,000 level. Market activity indicates sustained buyer interest even at elevated price points.
Data demonstrates substantial capital inflows into U.S. spot Bitcoin ETFs, with reports indicating over $4 billion in new investments over a recent one-week period. While some analysts maintain optimistic projections for Bitcoin’s future valuation, it’s important to note that cryptocurrency markets are highly volatile and unpredictable.
However, some analysts are cautious in the near term and believe that Bitcoin needs to take a break before continuing its upmove.
“BTC needs to slow down the pace and build some structural support in the new range,” said Material Indicators co-founder Keith Alan in a post on X.
Could Bitcoin and altcoins extend their upmove, or is a correction around the corner? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin (BTC) Market Analysis
Bitcoin is in a strong uptrend, which has pushed the relative strength index (RSI) into the overbought territory. This increases the possibility of a minor correction or consolidation in the near term.
BTC/USDT daily chart. Source: TradingView
The immediate support on the downside is $85,000. If the price turns down and breaks below $85,000, the short-term bulls may be tempted to book profits. That could start a pullback to the 20-day exponential moving average ($76,451).
The $93,554 level may act as a resistance, but if the bulls overcome it, the BTC/USDT pair could soar to the psychological resistance at $100,000. If this level is crossed, the next stop is likely to be $113,331.
Ether (ETH) Market Analysis
Ether turned down from $3,443 on Nov. 12, indicating that the bears are defending the downtrend line.
ETH/USDT daily chart. Source: TradingView
The pullback is finding support near the 38.2% Fibonacci retracement level of $3,028, signalling solid buying on every minor dip. The ETH/USDT pair may reach the downtrend line, where the bears are expected to mount a strong defence. If buyers pierce the downtrend line, the pair could surge to $3,800 and eventually to $4,094.
The short-term advantage will tilt in favour of the bears if the price continues lower and plummets below the 50% retracement level of $2,900.
Solana (SOL) Market Analysis
Solana SOL$213.52 broke out and closed above the $210 resistance on Nov. 11, indicating an advantage to the bulls.
SOL/USDT daily chart. Source: TradingView
The bears tried to pull the price back below the $210 level, but the bulls held their ground. This suggests the buyers are trying to flip the $210 level into support. If they manage to do that, the SOL/USDT pair could rise to $225 and later to $260.
If bears want to prevent the upside, they will have to quickly yank the price below the 20-day EMA ($188). If that happens, several aggressive bulls may get trapped, resulting in a long liquidation. That could start a decline to the 50-day SMA ($164).
BNB Price Analysis
BNB closed above the $635 resistance on Nov. 11, but the bulls could not maintain the higher levels.
BNB/USDT daily chart. Source: TradingView
The BNB/USDT pair slipped back into the range on Nov. 12, but the price rebounded off the 20-day EMA ($602) on Nov. 13, indicating buying on dips. Buyers will try to start a new upmove by pushing the price above $667. The pair may then surge to $722.
Alternatively, a break and close below the moving averages will signal that the bulls are losing their grip. The pair may descend to the uptrend line, which is expected to attract buyers.
Dogecoin (DOGE) Price Analysis
Dogecoin rose vertically after breaking out of the $0.23 resistance on Nov. 10, indicating aggressive buying by the bulls.
DOGE/USDT daily chart. Source: TradingView
The bears tried to stall the up move at $0.44, as seen from the long wick on the Nov. 12 candlestick, but the bulls bought the dip to $0.35 on Nov. 13 and are again trying to clear the overhead hurdle. If the price sustains above $0.44, the DOGE/USDT pair could rise to $0.50 and subsequently to $0.59.
The first support on the downside is the 38.2% Fibonacci retracement level of $0.32 and then the 50% retracement level of $0.29. A deeper pullback below $0.29 could delay the continuation of the uptrend.
XRP Price Analysis
XRP skyrocketed above the $0.64 resistance on Nov. 12 and reached the formidable hurdle at $0.74.
XRP/USDT daily chart. Source: TradingView
The bears tried to pull the price back below $0.64 on Nov. 13, but the long tail on the candlestick shows aggressive buying at lower levels. The XRP/USDT pair could consolidate in the $0.64 to $0.74 range for a while, increasing the possibility of an upside breakout. The breakout from the large range between $0.41 and $0.74 gives a pattern target of $1.07.
This positive view will be invalidated in the near term if the price skids and sustains below the $0.64 support.
Cardano (ADA) Price Analysis
Buyers attempted to push Cardano above the $0.66 resistance on Nov. 12, but the bears held their ground.
ADA/USDT daily chart. Source: TradingView
That started a pullback, which found support in the zone between the 38.2% Fibonacci retracement level of $0.53 and the 50% retracement level of $0.49. The bulls will try to clear the hurdle at $0.66 and resume the uptrend toward $0.77.
On the contrary, a break and close below $0.49 will signal that the bulls are rushing to the exit. That may sink the ADA/USDT pair to the 20-day EMA ($0.44), which is likely to act as a strong support.
Shiba Inu (SHIB) Price Analysis
Shiba Inu’s rally stalled at the overhead resistance of $0.000030 on Nov. 12, signalling profit-booking by the bulls.
SHIB/USDT daily chart. Source: TradingView
The bears pulled the price below the $0.000024 support on Nov. 13, but the lower levels attracted solid buying by the bulls. Buyers will attempt to drive the SHIB/USDT pair above $0.000030. If they can pull it off, the pair may rise to $0.000033 and later to $0.000039.
Contrary to this assumption, if the price turns down from the current level or the overhead resistance and breaks below $0.000023, it will suggest that the pair may swing inside the large range between $0.000030 and $0.000013 for a few days.
Toncoin (TON) Price Analysis
Toncoin closed above the 50-day SMA ($5.21) on Nov. 10, but the bulls are struggling to sustain the higher levels.
TON/USDT daily chart. Source: TradingView
Sellers are trying to pull the price back below the moving averages. If they do that, the TON/USDT pair could drop to the $4.72 to $4.44 support zone. This remains the critical zone for the bulls to defend because a break below it will complete a bearish head-and-shoulders pattern. The negative setup could start a decline to $3.50.
Buyers will have to push and maintain the price above the $6 overhead resistance to invalidate the bearish setup.
Avalanche (AVAX) Price Analysis
Avalanche turned down sharply from the resistance line of the ascending channel pattern on Nov. 12, signalling profit booking by the short-term buyers.
AVAX/USDT daily chart. Source: TradingView
The bears tried to pull the price down on Nov. 13, but the long tail on the candlestick shows solid buying at lower levels. The bulls will again try to drive the AVAX/USDT pair above the resistance line. If they succeed, the pair may soar to $41.80.
Instead, if the price turns down from the current level or the resistance line, it will suggest that sellers are active at higher levels. A break below the 20-day EMA ($28.99) will signal that the pair may remain inside the channel for some time.
