The cryptocurrency market is preparing for a very stressful week. US elections have the potential to affect the future of the market and therefore the prices of tokens. According to veteran technical analyst Rakesh Upadhyay, short-term investor sentiment could improve if Bitcoin breaks above $70,000. The analyst states that this is also possible to increase purchases in certain altcoins. In this context, the analyst discusses 4 altcoin projects that have a strong appearance on the charts along with Bitcoin.
BTC price analysis: If the bulls break out, there is 93.5 thousand dollars ahead!
Bitcoin’s (BTC) pullback has reached the 20-day exponential moving average ($68,194), which is an important support to watch out for in the near term. If the price recovers from the 20-day EMA and moves above $70,000, it will signal a return from buyers. It is possible for BTC to rally to $72,000 and then to $73,777. Sellers will fiercely defend the $72,000 to $73,777 zone. However, if the bulls prevail, BTC is likely to start a new uptrend towards the $93,554 target. The bears will have to push the price below the 20-day EMA and maintain it to break the bullish view. BTC is likely to drop to the 50-day simple moving average ($65,002) later.
BTC/USDT daily chart. Source: TradingViewETH price analysis: $3,400 is the target for the leading altcoin!
Ethereum (ETH) has fallen to the support line of the symmetrical triangle formation, which is likely to attract buyers. If the altcoin price turns up from the support line and rises above the 20-day EMA ($2,540), it will signal an increase to the resistance line of the triangle. This is an important level to pay attention to. Because a close above it is possible to initiate a move towards $3,400. The $2,850 level will likely act as resistance. But it will probably exceed it. If the price breaks and closes below the support line, the triangle will resolve in favor of the bears. This is also possible to start a decline towards $2,150 and eventually $2,111.
ETH/USDT daily chart. Source: TradingViewDOGE price analysis: Is Meme coin racing towards $0.21?
Dogecoin (DOGE) fell from $0.18 on October 30. Thus, it reached the 20-day EMA ($0.14) on November 3. In an uptrend, traders often buy the dip to the 20-day EMA. If the price recovers from the 20-day EMA, the bulls will attempt to push DOGE above the $0.18 resistance again. If they do this, it is possible for the altcoin price to rise to $0.21. Conversely, if the price falls and remains below the 20-day EMA, it will indicate that the bulls have given up. DOGE is likely to drop to the 50-day SMA ($0.12) later. However, this too will likely attract buyers.
DOGE/USDT daily chart. Source: TradingViewLTC price analysis: This move opens the door to a rally for the altcoin!
Litecoin (LTC) is rising in a rising channel formation. It also indicates a slight advantage for buyers. Traders buy the dip to the support line. It also sells near the resistance line in an ascending channel. If the altcoin price turns up from the support line and rises above the 20-day EMA ($69.65), it will open the doors for a rally towards the resistance line near $77. This level is likely to attract selling by bears. On the downside, if the price breaks the support line and closes below it, it will indicate a short-term trend change. LTC is likely to drop to $62 and then to $59.
LTC/USDT daily chart. Source TradingViewXMR price analysis: $180 is on course for the altcoin!
Monero (XMR) has been trading in a wide range between $135 and $180 for several days. This shows that buying during declines and selling during rallies. The altcoin price fell below the moving averages on October 31. But the bulls did not give up much ground to the bears. This shows that sales are decreasing at lower levels. Buyers are trying to push the price back above the moving averages. If they are successful, it is possible for XMR to rise as high as $166. With a break above this level, XMR continues its journey towards $180. This optimistic view will be negatively impacted in the near term if the price declines and breaks below $150. This is likely to push the price towards $144 and then $135.
XMR/USDT daily chart. Source: TradingViewThe opinions and predictions in the article belong to the analyst and are definitely not investment advice. As Kriptokoin.com, we recommend that you do your own research before investing.
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