Bitcoin’s price faces difficulty breaking the $100,000 mark, but its predictable market movements are opening up opportunities for several altcoins.
On November 29, Bitcoin (BTC) surged past $98,500, suggesting that bulls are still targeting the key psychological barrier of $100,000. In a post on X, CryptoQuant analyst Caueconomy revealed that Bitcoin whales had purchased around 16,000 BTC during the price dip on November 26.
Traders are also turning their attention to Ether (ETH). A representative from Bybit told Cointelegraph that their analysts predict Ether could reach $4,000 before January 20, the date when President-elect Donald Trump is set to take office.
Bitcoin’s rally has triggered buying in several altcoins, but many remain below their respective all-time highs. Swyftx lead analyst Pav Hundal told Cointelegraph that altcoins could “remain choppy” until Bitcoin crosses $100,000.
Could Bitcoin break and remain above $100,000, or will the Bears successfully defend the level? Will the altcoin rally pick up? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin (BTC) Market Analysis
The Bitcoin market formed an inside-day candlestick pattern on Nov. 28, which resolved to the upside with a break above $97,208 on Nov. 29.
The bulls will make one more attempt to clear the $100,000 hurdle. If they can pull it off, the momentum is likely to pick up, and the BTC/USDT pair could surge to $113,331 and later to $125,000.
On the contrary, if the price turns down sharply after breaking above $100,000, it will signal that the breakout may have been a bull trap. The pair may then slide to the 20-day exponential moving average ($91,129), which is the critical support to watch out for on the downside. If this support gets taken out, the pair may slump to $85,000.
Ether (ETH) Market Analysis
The Ether market rose and closed above the downtrend line on Nov. 27, signalling that the downtrend may have ended.
The bears are unlikely to give up easily and will try to pull the price back below the downtrend line. If they succeed, the ETH/USDT pair may slump to the 20-day EMA ($3,271). This is an important level to watch out for because a close below the 20-day EMA will indicate that the breakout above the downtrend line may have been a bull trap.
Contrarily, if the price rebounds off the downtrend line, it will signal that the bulls have flipped the level into support. That will improve the prospects of a rally to $3,900 and eventually to $4,094.
Solana (SOL) Market Analysis
Solana bounced off the 20-day EMA ($229) on Nov. 27, but the bulls are facing selling at higher levels.
The failure to push the price above $250 may attract selling, which increases the risk of a break below the 20-day EMA. If that happens, the SOL/USDT pair could plummet to the breakout level of $210.
Instead, if buyers drive the price above $250, the pair could retest the all-time high at $264. The bears are expected to fiercely defend the $264 level, but if the bulls prevail, the pair may surge toward $300.
BNB Price Analysis
BNB’s recovery is facing selling near $667, indicating that the bears are active at higher levels.
If the price turns down from the current level, sellers will try to sink the BNB/USDT pair below the 20-day EMA ($628). If they do that, the pair may slump to the 50-day simple moving average ($605). Buyers are expected to vigorously defend the 50-day SMA because a break below it will tilt the short-term advantage in favour of the bears. The pair may then decline to the uptrend line.
If buyers want to prevent the downside, they will have to push and maintain the price above $687. That could start a rally to $722.
XRP Price Analysis
XRP is in a strong uptrend. The break above $1.63 indicates the resumption of the uptrend.
The XRP/USDT pair has minor resistance at $1.76, but if this level is crossed, the next stop could be $1.97. Buyers may face intense selling pressure from the bears at $1.97. The overbought level of the RSI suggests a high near-term possibility of a correction or consolidation.
If the price turns down and skids below $1.63, it will signal that select short-term bulls are booking profits. That could pull the price toward $1.30.
Dogecoin (DOGE) Price Analysis
Dogecoin has formed an ascending channel pattern, indicating a slight advantage to the bulls.
If buyers drive the price above $0.44, the DOGE/USDT pair could rally to the channel’s resistance line near $0.50. The bears are expected to mount a strong defence at $0.50. If the price turns down from the resistance line, it will signal that the pair may extend its stay inside the channel.
The bears will have to yank the price below the 20-day EMA ($0.36) to seize control. That may start a downward move to $0.30 and subsequently to $0.23.
Cardano (ADA) Price Analysis
Cardano is trying to resume the uptrend, but the bulls are expected to face significant resistance between $1.10 and $1.15.
If buyers bulldoze their way through $1.15, the ADA/USDT pair could start the next leg of the uptrend to $1.25 and later to $1.50.
Conversely, if the price turns sharply from the overhead resistance, the pair may drop to $1 and thereafter to $0.86. A deeper pullback increases the likelihood of a range formation. The pair could then consolidate between $1.15 and $0.86 for some time.
Avalanche (AVAX) Price Analysis
Avalanche has been trading above the moving averages, indicating that the bulls remain in the driver’s seat.
The rising 20-day EMA ($37.93) and the RSI in the overbought zone improve the prospects of a rally to $48. Sellers will again try to halt the upmove at $48, but the level is likely to be crossed. The AVAX/USDT pair may then march toward $60.
This positive view will be invalidated in the near term if the price turns down and breaks below the 20-day EMA. That could trap the aggressive bulls, pulling the pair to the 50-day SMA ($31.09).
Toncoin (TON) Price Analysis
Toncoin has been trading above the $6 resistance, but the bulls are facing selling pressure at $6.61. A minor positive is that the bulls have not ceded much ground to the bears.
The 20-day EMA ($5.80) is sloping up, and the RSI is near the overbought zone, indicating that the path of least resistance is to the upside. If buyers drive the price above $6.61, the TON/USDT pair could rally to $7. A break and close above $7 could open the doors for a rally to $8.29.
Contrary to this assumption, if the price turns down and breaks below the 20-day EMA, it will indicate that the bulls are losing their grip.
Shiba Inu (SHIB) Price Analysis
Shiba Inu has formed a symmetrical triangle pattern, indicating indecision between the bulls and the bears.
If buyers propel the price above the triangle, the SHIB/USDT pair could rise to the $0.000030 resistance. A break and close above $0.000030 will complete an inverted head-and-shoulders pattern, opening the doors for a rally to $0.000039.
Alternatively, a break and close below the triangle will signal that the bulls are losing their grip. The pair may plummet to the breakout level of $0.000020, where the buyers are expected to step in.
