Traders hate uncertainty; Therefore, the settlement between Binance, Changpeng “CZ” Zhao and the US Department of Justice is likely to be seen as a positive for the cryptocurrency space. Analysts were largely positive about the deal, but some expressed caution due to the Securities and Exchange Commission’s pending lawsuit against Binance.
Bitcoin (BTC) and several major altcoins fell sharply on November 21 following the Binance news but are finding support at lower levels. This suggests that traders have intervened after the initial knee-jerk reaction and are buying at lower levels. After the initial upswing, the bulls are likely to face stiff resistance from the bears.
Daily cryptocurrency market performance. Source: Coin360
Buying on downturns and selling on rises results in range-bound action as both the bulls and bears fight for dominance. Generally, a consolidation near the 52-week high is considered a bullish sign, but traders should wait for upside confirmation before jumping in to buy.
Will Bitcoin and select altcoins remain rangebound in the next few days? What are the important levels to pay attention to?
To find out, let’s analyze the charts of the top 10 cryptocurrencies.
Bitcoin price analysis
The bears pulled Bitcoin below the 20-day exponential moving average ($35,948) on November 21 but failed to sustain the lower levels. Strong buying by bulls pushed the price back above the 20-day EMA on November 22nd.
BTC/USDT daily chart. Source: TradingView
The BTC/USDT pair has been consolidating between $34,800 and $38,000 for several days. This suggests a balance between supply and demand. A small positive in the bulls’ favor is that the 20-day EMA is trending upwards and the relative strength index (RSI) remains in positive territory.
If the bulls push the price above $38,000, the pair could initiate the next leg of the uptrend towards $40,000. This level could act as a formidable resistance, but if overcome, the pair could rise to $48,000.
On the contrary, if the price declines and falls below $34,800, it will indicate that traders are rushing to exit. This could open the door for a further decline to $32,400.
Ether price analysis
Ether (ETH) turned away from the resistance line on November 20 and slipped below the 20-day EMA ($1,957) on November 21.
ETH/USDT daily chart. Source: TradingView
However, the Bulls had other plans. They aggressively bought the dip below the 20-day EMA and are again trying to overcome the barrier at the resistance line. This remains a crucial level to keep an eye on, as a break above could trigger a rally to $2,137 and then to $2,200.
On the other hand, $1,880 is a necessary support to watch out for. If this level is not held, the ETH/USDT pair could initiate a deeper correction to the 50-day simple moving average ($1,791). This could delay the start of the next phase of the recovery.
BNB price analysis
BNB (BNB) had a wild ride on November 21st with an intraday high of $272 and a low of $224. This suggests uncertainty about the next directional move between bulls and bears.
BNB/USDT daily chart. Source: TradingView
A small positive is that the bulls did not allow the price to fall below the main support at $223. This started a recovery on November 22 and bulls are trying to push the price back above the 20-day EMA ($240). If they succeed, it would be a sign that the BNB/USDT pair could consolidate between $223 and $265 for some time.
On the other hand, if the price fails to sustain above the 20-day EMA, it suggests that the bears are selling on rallies. This could send the price rising again towards $223. A break below this support could extend the decline to $203.
XRP price analysis
XRP (XRP) turned lower from the 20-day EMA ($0.61) on November 20 and fell to the 50-day SMA ($0.57) on November 21.
XRP/USDT daily chart. Source: TradingView
Bulls are expected to defend the support at $0.56 as failure to do so could result in a decline towards $0.46. The slightly falling 20-day EMA and the RSI just below the midpoint suggest a marginal advantage for the bears.
If the price breaks above the 20-day EMA, it will indicate strong buying at lower levels. This suggests that the price could fluctuate in a range between $0.56 and $0.74 for a few days. The bulls will be in charge again once the XRP/USDT pair rises above $0.74.
Solana price analysis
Solana (SOL) climbed above the critical overhead resistance at $0.59 on November 19, but bulls failed to build on this strength. The bears pushed the price back below $0.59 on November 20th.
SOL/USDT daily chart. Source: TradingView
The SOL/USDT pair rebounded from the 20-day EMA ($51) on November 22, indicating that bulls are vigorously protecting this level. Buyers will once again try to overcome the obstacle at $59 and challenge the local high at $68.
On the contrary, if the price drops again from $59, it will indicate that the bears remain active at higher levels. Sellers will then make another attempt to push the price below the key support at $48. If this level weakens, the pair could crash to the 50-day SMA ($37).
Cardano price analysis
Bulls’ repeated failure to keep Cardano (ADA) above the $0.38 breakout level triggered a correction on November 21st.
ADA/USDT daily chart. Source: TradingView
The price reached the 20-day EMA ($0.35), which acts as strong support. The strong rebound from this level suggests strong buying by the bulls. It also increases the chances of a break above $0.39. If this level scales, the ADA/USDT pair could rise to $0.46.
If the bears want to prevent the rally, they must quickly push the price below the 20-day EMA. There is a minor support at $0.34, but if this is broken, the pair could slide to the 50-day SMA ($0.30).
Dogecoin price analysis
Dogecoin (DOGE) fell below the 20-day EMA ($0.07) on November 21, but bears are struggling to hold the lower levels.
DOGE/USDT daily chart. Source: TradingView
Bulls are attempting to push the DOGE/USDT pair back above the 20-day EMA. If they can do this, it suggests aggressive buying during downturns. The bulls will then make another attempt to clear the upper hurdle at $0.08 and begin the march towards $0.10.
Alternatively, the bears will try to sell the rallies and keep the price below the 20-day EMA. This could open the door for a possible decline to the 50-day SMA ($0.07) and eventually to the crucial support at $0.06.
Related: BTC price recovers 3% after Binance as Bitcoin bulls are urged to “intervene”
Toncoin price analysis
Toncoin (TON) has found support at the 50-day SMA ($2.19), suggesting sentiment remains positive and traders are buying on dips.
TON/USDT daily chart. Source: TradingView
Both moving averages remain flat and the RSI is just above the middle, suggesting a short-term move within a range. If the price stays above $2.40, the TON/USDT pair could rise to $2.59.
Contrary to this assumption, the pair could test support at the 50-day SMA if the price declines and breaks below the 20-day EMA. If this support is broken, the pair could start a downward move to $2 and then to $1.89.
Chainlink price analysis
Chainlink (LINK) turned away from immediate resistance at $15.39 on November 20 and fell below the 20-day EMA ($13.63) on November 21.
LINK/USDT daily chart. Source: TradingView
The LINK/USDT pair bounced back above the 20-day EMA on November 22, indicating that demand is at lower levels. Buyers will once again attempt to push the price above $15.39 and retest the upper resistance at $16.60.
Meanwhile, the Bears may have other plans. They will attempt to defend the $15.39 level and push the price below the 61.8% Fibonacci retracement level at $12.83. If they do, the pair could fall to the 50-day SMA ($10.94).
Avalanche price analysis
Avalanche (AVAX) closed above the $10.52-$22 range on November 19, but bulls failed to sustain the higher levels. The bears pulled the price back below the breakout level on November 20th.
AVAX/USDT daily chart. Source: TradingView
The 20-day EMA ($17.71) is trending up and the RSI is in positive territory, suggesting that bulls have the upper hand. Buyers will once again attempt to push the price above $22, and if they succeed, it will indicate the start of a new bullish move. The AVAX/USDT pair could then begin its journey towards $30.
On the other hand, if the price drops from $22, it will suggest that the bears are vigorously defending the level. This increases the chances of a break below the 20-day EMA. In this case, the pair could remain stuck in the wide range for a while.
This article does not contain any investment advice or recommendations. Every investment and trading activity involves risks and readers should conduct their own research when making their decision.
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