Originally published on: November 27, 2024
Bitcoin’s recent pullback to $90,791 found strong support on November 26, with the price bouncing back above $96,000 the following day. The dip to $92,600 could be a crucial turning point, according to BTC Markets head of finance and crypto analyst Charlie Sherry, who suggested that this may be the final flush before Bitcoin crosses the highly anticipated $100,000 mark.
Despite the bullish sentiment, some analysts remain cautious about Bitcoin’s immediate future. Bitget Research chief analyst Ryan Lee warned of a potential 30% correction before Bitcoin reaches its cyclical peak.
Crypto market data daily view. Source: Coin360
Price corrections are common in uptrends as they help to alleviate excessive speculation. Bitcoin’s recent drop, therefore, may not indicate a short-term peak, but traders should remain vigilant for a possible rejection near the $100,000 level.
Will Bitcoin break through $100,000, or will higher prices trigger a wave of selling? What can we expect from altcoins? Let’s dive into the charts of the top 10 cryptocurrencies to find out.
Bitcoin’s bearish trendline was broken on November 26, but the bulls successfully defended the 20-day exponential moving average ($89,857).
BTC/USDT daily chart. Source: Cointelegraph/TradingView
With the price back above the trendline on November 27, the BTC/USDT pair could potentially rally towards the psychological barrier of $100,000. If buyers maintain control, a surge to $113,331 and $125,000 could follow. However, a sharp downturn below the 20-day EMA may signal a short-term reversal, with a likely support level at $85,000.
Ethereum’s consolidation pattern broke to the upside, signaling a potential trend reversal.
ETH/USDT daily chart. Source: Cointelegraph/TradingView
If the price remains above the downtrend line, the ETH/USDT pair could target $3,900 and $4,094. Resistance is expected near this level, with a potential drop to the 20-day EMA if buyers fail to sustain above the trendline.
Solana bulls defended the 20-day EMA ($227) on November 26, indicating bullish sentiment.
SOL/USDT daily chart. Source: Cointelegraph/TradingView
A break above $240 could propel the SOL/USDT pair towards $264 and potentially $300. Conversely, a breakdown below the 20-day EMA may lead to a drop to $210, a critical support level for the bulls.
Binance Coin (BNB) found support at the 50-day SMA ($601) on November 26.
BNB/USDT daily chart. Source: Cointelegraph/TradingView
Maintaining a price above $635 may pave the way for a rally towards $667 and $722. Failure to hold this level, however, could trigger a decline to the 50-day SMA, acting as strong support.
Ripple (XRP) bounced off $1.28 on November 26, with potential upside targets at $1.50 and $1.63.
XRP/USDT daily chart. Source: Cointelegraph/TradingView
A break below $1.27 may lead to a drop to the 20-day EMA before a potential rebound. Similarly, strong support lies at $1.10 to prevent further downside.
Dogecoin retreated to the 20-day EMA ($0.35) on November 26, prompting profit-taking.
DOGE/USDT daily chart. Source: Cointelegraph/TradingView
A rebound from the 20-day EMA could push DOGE/USDT towards $0.44, $0.50, and $0.59. Alternatively, a breakdown below this level may signal a deeper correction towards $0.30.
Cardano’s pullback found support at the 61.8% Fibonacci retracement level, with upside resistance at $1 and $1.15.
ADA/USDT daily chart. Source: Cointelegraph/TradingView
A rally above $1.15 could propel ADA/USDT towards $1.25, while failure to sustain this level may result in a range-bound scenario between $0.86 and $1.15.
Avalanche struggles to break $45, with potential support at the 20-day EMA.
AVAX/USDT daily chart. Source: Cointelegraph/TradingView
Maintaining above $45 may push AVAX/USDT towards $50 and $60. However, a breakdown below the 20-day EMA could signal a bearish reversal, with support at the 50-day SMA.
In summary, while Bitcoin remains on track to break $100,000, altcoins such as Ethereum, Solana, Binance Coin, Ripple, Dogecoin, Cardano, Avalanche, Toncoin, and Shiba Inu are showing mixed signals, with potential upside targets and key support levels to watch.