Bitcoin and most major altcoins are witnessing a relief rally, but higher levels are likely to attract strong selling by the bears. Here are the technical levels for DOGE, MATIC, BTC…
DOGE, MATIC, BTC analysis
BTC/USDT
Bitcoin recovered from $15,476 on November 21. This suggests that lower levels are attracting buys from aggressive bulls. The RSI has formed a bullish divergence suggesting that the bears may be losing their grip.
Buyers will try to push the price above the overhead resistance zone between $17,180 and $17,622. If they manage to do this, BTC will indicate a possible change in trend. It will then head towards $18,718. From here on, the next target of the bulls is $20,000. Contrary to this assumption, if the price drops from the current level or overhead resistance, this will indicate that the bears remain sellers in the relief rallies. The bears will then try to push the pair back below $15,588 and continue the downtrend. The next support on the downside is $12,200.
ETH/USDT
Ethereum recovered from strong support near $1,073 on November 22. It broke above the downtrend line on November 24. This indicates that the bulls are trying to make a comeback.
ETH will then head towards $1,248, which is an important level to watch out for. If the buyers break this hurdle, they will attempt to rise to the resistance line of the descending channel pattern. On the other hand, if the price turns down from the 20-day EMA, it will indicate that sentiment remains negative and traders are selling on rallies. The bears will then try to push the price to the support line of the channel. If this support is broken, the pair could drop into the critical support zone between $1,000 and $881.
BNB/USDT
BNB broke below the strong support at $258 on Nov. 21. However, this has proven to be a bear trap. The price rallied on November 22 and the momentum picked up further on November 23. This took the price to the overhead resistance of $300.
As seen from the candle formation formed on November 24 and 25, the bulls and bears are witnessing a tough battle at $300. If the bulls top it, BNB will head towards $338. Here bears again establish a strong defense. On the contrary, if the price breaks down from the current level and dips below the moving averages, this will suggest that the price may remain range-bound between $258 and $300 for a few more days.
XRP/USDT
XRP rose from $0.34 on November 21. It broke above the symmetrical triangle and the 20-day EMA of $0.40 on November 24. This indicated that the uncertainty between buyers and sellers was resolved in favor of the bulls.
Buyers are trying to develop the advantage by pushing the price above the overhead resistance of $0.41. If they are successful, XRP will gain momentum. It will then head towards $0.50 and then $0.56. However, the bears are likely to have other plans. They will try to stop the recovery at $0.41 and pull the price back into the triangle. If this happens, the aggressive bulls may fall into the trap and the pair may fall to the support line later on.
ADA/USDT
ADA is in a strong downtrend. The bulls bought the low below $0.30 on November 22. However, it is struggling to push the price up to the 20-day EMA of $0.33.
The downward sloping moving averages show that the bears have the upper hand but the RSI is forming an uptrend. This indicates that the selling pressure may be easing. The first sign of strength will be a break above the 20-day EMA. The ADA/USDT pair could then attempt a rally to the 50-day SMA at $0.36 and then to the downtrend line. Instead, if the price breaks from the current level or the 20-day EMA, it will head towards the support line.
DOGE/USDT
Dogecoin recovered from support at $0.07 on Nov. 21. This indicates that the bulls are attempting to form a higher bottom at this level.
The rally reached $0.09 and the bulls are likely to face strong resistance from the bears. If the price breaks down from the current level, DOGE will be stuck in a range between $0.07 and $0.09 for a while. On the contrary, if the buyers push the price above the overhead resistance, the bullish momentum will increase. It will then be ready for a rally towards $0.10.
MATIC/USDT
MATIC moved up from the uptrend line on November 21. However, the relief rally bounced back from the November 24 moving averages. This indicates that the bears are active at higher levels.
Sellers may try to push the price below the uptrend line once again. If they can manage this, the MATIC will drop to the key support at $0.69. The bulls are expected to defend this level strongly. Because if it breaks, the pair could start a fresh downward move and drop to $0.52. Conversely, if the price rises and rises above the moving averages, the short-term advantage turns in favor of the bulls. It will then head towards $0.97 and then towards $1.05.
DOT/USDT
DOT recovery from $5 faces resistance near the 20-day EMA of $5.69. This indicates that the bears continue to view the rally as a selling opportunity.
If the price turns down from this level, the bears will try to pull the DOT/USDT pair to the critical support at $5. A break and close below this level will indicate the resumption of the downtrend. The pair will then head towards $4.32.
To invalidate this negative view, the bulls will need to push and sustain the price above the moving averages. If they can achieve this, it will suggest that the downtrend may be coming to an end. The pair will then head towards $7.43.
LTC/USDT
Litecoin rallied and closed above the overhead resistance of $75 on November 23. However, the bulls failed to build on the breakout. The bears are trying to push the price below $75 on November 25.
If they are successful, the LTC/USDT pair could drop to the 20-day EMA of $65. This is an important level to consider because a strong bounce will indicate a change in sentiment from selling on rallies to buying on dips. The bulls will then try to push the price above $84 and open the doors for a possible rally to $104.
Alternatively, if the bears pull the price below the 20-day EMA, it will indicate that higher levels continue to attract sellers. The pair will then head towards the 50-day SMA at $58.
UNI/USDT
UNI formed a large symmetrical triangle formation between the bulls and bears, signaling indecision. The price rebounded from the support line of the triangle on November 22, indicating buying lower.
A recovery attempt will be met with resistance on the moving averages. If the price turns down from it, the bears will again try to push the UNI/USDT pair below the triangle. If this happens, the pair could drop to $3.33. Conversely, if the bulls push the price above the moving averages, the pair will climb to the resistance line of the triangle. This level will act as a major obstacle. However, if the bulls surpass this, the pair will head towards $8. It may then attempt to rise to $10.
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