Originally published on: November 25, 2024
The recent failure of Bitcoin to break above $100,000 has led to a pullback, prompting investors to look for buying opportunities at lower levels. Last week, US-based spot Bitcoin ETFs reported record inflows of $3.38 billion, with major buyers like MicroStrategy adding 55,000 Bitcoin to their holdings. Despite these bullish signals, the inability to breach key resistance levels could trigger profit-taking among short-term traders.
Let’s dive into the price analysis of major cryptocurrencies and traditional markets to identify critical support levels and potential price movements:
S&P 500 Index (SPX): The index hit a new all-time high but faces resistance from bears. A break above 6,021 could pave the way for further gains, while a drop below the 20-day EMA may lead to a correction.
US Dollar Index (DXY): The DXY struggles to break above 108, with the 20-day EMA acting as crucial support. A move above 108 may trigger a rally towards 114, while a break below the EMA could signal a range-bound movement between 100 and 108.
Bitcoin (BTC): BTC is testing the uptrend line after a pullback, with $89,213 and $85,000 as key support levels. A bounce from the trend line could push the price towards $113,331 and $125,000.
Ether (ETH): ETH faces resistance at the downtrend line but retains strong support at the 20-day EMA. A break above the downtrend line could lead to a rally towards $3,900 and $4,094.
Solana (SOL): SOL retraced to the 20-day EMA, with $265 as a crucial resistance level. A bounce from the EMA could signal a move towards $304, while a break below may drive the price to $210.
Binance Coin (BNB): BNB struggles to sustain above $667, with the 20-day EMA acting as support. A break above $667 could lead to gains towards $722 and $810.
XRP: XRP consolidates between $1.27 and $1.63, with $1.97 as a crucial resistance level. A break above $1.63 may push the price towards $1.76 and $1.97.
Dogecoin (DOGE): DOGE eyes $0.44 resistance, with $0.30 as a key support level. A break above $0.44 could trigger gains towards $0.50 and $0.59.
Cardano (ADA): ADA finds support near $0.92, with $1.15 as a critical resistance level. A break below $0.92 may lead to a slide towards $0.86 and $0.80.
Avalanche (AVAX): AVAX rebounds from the breakout level, with $45.27 as a key resistance. A bounce from the 20-day EMA could drive the price towards $51 and $60.
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