Latest Market Overview 22nd Nov: BTC, ETH, BNB, XRP, SOL, ADA, DOGE, TON, LINK, AVAX

The significant resurgence in Bitcoin (BTC) and specific alternative cryptocurrencies indicates that bullish sentiment continues to prevail, with investors consistently showing interest in purchasing these assets at reduced prices.

Traders generally have a solid aversion to uncertainty, so the recent resolution between Binance, Changpeng “CZ” Zhao, and the United States Department of Justice will likely foster a positive outlook for the cryptocurrency market. Most analysts have expressed optimism regarding this development, although a minority have voiced caution, citing the ongoing lawsuit by the Securities and Exchange Commission against Binance.

On November 21st, Bitcoin and various major alternative cryptocurrencies experienced a substantial decline in value following the Binance-related news. However, it appears traders swiftly intervened after the initial knee-jerk reaction, taking advantage of the lower prices. Following this initial rebound, the bullish momentum is anticipated to encounter significant resistance from bearish forces.

Buying on dips and selling on rallies results in a range-bound action as both the bulls and the bears battle it for supremacy. Generally, a consolidation near the 52-week high is considered a bullish sign, but traders should wait for an upside confirmation before jumping in to buy.

Will Bitcoin and select altcoins remain stuck inside a range for the next few days? What are the critical levels to watch out for?

Let’s analyse the charts of the top 10 cryptocurrencies to find out.

Bitcoin (BTC) price analysis

The bears pulled Bitcoin below the 20-day exponential moving average ($35,948) on Nov 21st but could not sustain the lower levels. Strong buying by the bulls pushed the price back above the 20-day EMA on Nov 22nd.

The BTC/USDT pair has been consolidating between $34,800 and $38,000 for several days. This indicates a balance between supply and demand. A minor positive in favour of the bulls is that the 20-day EMA slows up, and the relative strength index (RSI) remains in the positive zone.

If bulls propel the price above $38,000, the pair could start the next leg of the uptrend to $40,000. This level may act as a formidable resistance, but the team may soar to $48,000 if cleared.

On the contrary, if the price turns down and breaks below $34,800, it will suggest that the traders are rushing to the exit. That may open the doors for a further decline to $32,400.

Ether (ETH) price analysis

Ether turned down from the resistance line on Nov 20th and slipped below the 20-day EMA ($1,957) on Nov 21st.

However, the bulls had other plans. They aggressively purchased the drop below the 20-day EMA and are again trying to overcome the barrier at the resistance line. This remains a pivotal level to watch because a break above it could start a rally to $2,137 and then to $2,200.

On the downside, $1,880 is a necessary support to watch out for. If this level fails, the ETH/USDT pair may start a deeper correction to the 50-day simple moving average ($1,791). That could delay the start of the next leg of the up-move.

BNB price analysis

BNB witnessed a wild ride on Nov 21st, with an intraday high of $272 and a low of $224. This indicates uncertainty about the next directional move between the bulls and the bears.

A minor positive is that the bulls did not allow the price to break below the significant support at $223. That started a recovery on Nov 22nd, and the bulls are trying to push the price back above the 20-day EMA ($240). If they succeed, it will signal that the BNB/USDT pair may consolidate between $223 and $265 for some time.

Conversely, if the price fails to sustain above the 20-day EMA, it will suggest that bears are selling on rallies. That could again pull the price toward $223. A break below this support could extend the fall to $203.

XRP price analysis

XRP turned down from the 20-day EMA ($0.61) on Nov 20th and fell to the 50-day SMA ($0.57) on Nov 21st.

The bulls are expected to defend the support at $0.56 because a failure to do so may result in a drop toward $0.46. The slightly downsloping 20-day EMA and the RSI just below the midpoint indicate a minor advantage to the bears.

If the price breaks above the 20-day EMA, it will suggest strong buying at lower levels. That will signal a possible range-bound action between $0.56 and $0.74 for a few days. The bulls will return to the driver’s seat after the XRP/USDT pair rises above $0.74.

Solana (SOL) price analysis

Solana climbed above the critical overhead resistance of $0.59 on Nov 19th, but the bulls could not build upon this strength. The bears pulled the price back below $0.59 on Nov 20th.

The SOL/USDT pair snapped back from the 20-day EMA ($51) on Nov 22nd, indicating that the bulls vigorously protect the level. Buyers will again try to overcome the obstacle at $59 and challenge the local high at $68.

On the contrary, if the price again turns down from $59, it will suggest that bears remain active at higher levels. Sellers will again attempt to sink the price below the vital support at $48. If this level allows, the pair may nosedive to the 50-day SMA ($37).

Cardano (ADA) price analysis

Repeated failures of the bulls to maintain Cardano above the breakout level of $0.38 started a correction on Nov 21st.

The price reached the 20-day EMA ($0.35), a strong support. The sharp rebound off this level suggests robust buying by the bulls. It also increases the likelihood of a break above $0.39. If this level is scaled, the ADA/USDT pair could rise to $0.46.

Bears must quickly drag the price below the 20-day EMA if they want to prevent the rally. There is minor support at $0.34, but if it cracks, the pair may slide to the 50-day SMA ($0.30).

Dogecoin (DOGE) price analysis

Dogecoin plunged below the 20-day EMA ($0.07) on Nov 21st, but the bears struggle to sustain the lower levels.

The bulls are trying to push the DOGE/USDT pair back above the 20-day EMA. It will suggest aggressive buying on dips if they can pull it off. The bulls will then make one more attempt to clear the overhead hurdle at $0.08 and start the march toward $0.10.

Alternatively, the bears will try to sell the rallies and keep the price pinned below the 20-day EMA. That could open the doors for a potential drop to the 50-day SMA ($0.07) and eventually to the crucial support at $0.06.

Toncoin (TON) price analysis

Toncoin has been finding support at the 50-day SMA ($2.19), indicating that the sentiment remains positive and traders buy on dips.

Both moving averages remain flattish, and the RSI is just above the midpoint, indicating a range-bound action in the short term. If the price is above $2.40, the TON/USDT pair may rise to $2.59.

Contrary to this assumption, if the price breaks below the 20-day EMA, the pair could test the support at the 50-day SMA. The pair may move downward to $2 and $1.89 if this support cracks.

Chainlink (LINK) price analysis

Chainlink turned down from the immediate resistance of $15.39 on Nov 20th and fell below the 20-day EMA ($13.63) on Nov 21st.

The LINK/USDT pair rebounded above the 20-day EMA on Nov 22nd, indicating demand at lower levels. Buyers will again try to propel the price above $15.39 and retest the overhead resistance at $16.60.

Meanwhile, the bears are likely to have other plans. They will try to defend the $15.39 level and pull the price below the 61.8% Fibonacci retracement level of $12.83. The pair may plummet to the 50-day SMA ($10.94) if they do that.

Avalanche (AVAX) price analysis

Avalanche closed above the $10.52 to $22 range on Nov 19th, but the bulls could not maintain the higher levels. The bears pulled the price back below the breakout level on Nov 20th.

The 20-day EMA ($17.71) slows up, and the RSI is in positive territory, indicating that the bulls have the upper hand. Buyers will again try to propel the price above $22, and if they are successful, it will suggest the start of a new up-move. The AVAX/USDT pair could then start its journey toward $30.

Contrarily, if the price turns down from $22, it will indicate that the bears vigorously protect the level. That will increase the possibility of a break below the 20-day EMA. If that happens, the pair may remain stuck inside the extensive range longer.