Originally published on: November 24, 2024
As Bitcoin experienced a slight dip below $96,000 recently, many traders are looking at potential buying opportunities in other cryptocurrencies such as BNB, AVAX, NEAR, and OKB. Corrections in the market are common during bull phases, and seasoned traders often see these dips as a chance to buy in at lower prices.
Predictions for Bitcoin’s future value are optimistic, with a breakout above $100,000 projected for 2024. Data from betting platform Kalshi suggests an 81% likelihood of Bitcoin reaching $100,000 or higher by the end of the year, with a median forecast of $122,000. Experts like Georgii Verbitskii predict even higher prices, anticipating a rally to $180,000 by 2025.
In this volatile market, it’s essential to keep an eye on critical support levels for both Bitcoin and alternative cryptocurrencies. Let’s take a closer look at the top five cryptocurrencies that show strength on the charts:
Bitcoin (BTC):
Bitcoin is currently facing resistance near $100,000 but remains buoyed by rising moving averages and an overbought RSI. If the price surpasses $100,000, it could surge to $113,331 and beyond.
BNB:
Despite facing resistance at $667, BNB has strong support at the 20-day EMA. A bounce from this level could lead to a push towards $722 and potentially $810.
AVAX:
AVAX recently broke above a key resistance line but is experiencing selling pressure. A rebound from the resistance line could propel the price to $50, while a break below it may result in a drop to the 20-day EMA.
NEAR Protocol:
NEAR broke through the $6.50 barrier but struggled to maintain momentum. A bounce from the 20-day EMA could see a move towards $8.58 and $9.01, while a break below could signal a drop to the 50-day SMA.
OKB:
OKB is in the midst of a trend change, with potential upside to $62 and $68 after breaking out of $48. A pullback to $48 may act as support, but a break below could lead to a drop to the 20-day EMA.
Keep an eye on these cryptocurrencies as buying opportunities may arise amidst the current market conditions. Stay informed and make strategic decisions to navigate the volatile cryptocurrency market successfully.