Buy-Sell Levels for DOGE, MATIC, BTC and These 7 Altcoins!

The recovery in the Bitcoin and altcoin market was quickly extinguished by the bankruptcy of FTX. DOGE, MATIC, XRP and other volume giants are now just one step away from breaking critical supports.

FTX crisis hit DOGE, MATIC and Bitcoin hard

According to a research report by Coinbase, the collapse of the FTX cryptocurrency exchange created a liquidity crisis in the crypto space that could extend the crypto winter until the end of 2023. According to analysts, the explosion of FTX could keep institutional investors away. This is because; more likely to be cautious for a while. The crisis took a toll on several crypto-focused companies whose funds remained in FTX after the company filed for bankruptcy on Nov. Cryptokoin.com details we have covered in this article.

While many investors are dismayed by the collapse of FTX, billionaire venture capitalist and serial blockchain investor Tim Draper remains optimistic about Bitcoin. In an interview on November 15, Draper doubled his $250,000 goal for Bitcoin in 2023.

However, investors should take the price projection with a pinch of salt. Because it is unlikely that Bitcoin will start a roaring bull market in the near future. So, what are the main support and resistance levels to watch out for in Bitcoin and altcoins? Let’s take a look at the technical analysis of analyst Rakesh Upadhyay to find out…

BTC/USDT

Bitcoin (BTC) closed on November 9 below the June low of $ 17,622. This was a sign of the resumption of the downtrend. Although the bulls tried to stage a strong recovery on November 10, their efforts fell short at $17,622. This shows that the bears have turned the level into resistance.

On the technical side, the 20-day EMA of $18,271 is back and the RSI is in negative territory. This shows that the bears have the upper hand. If the price stays below $17,622, it will increase the probability of a break below $15,588. If this happens, there is a chance that the BTC price drop could extend to $12,200. Conversely, if the price rises and breaks above the 20-day EMA, it indicates strong demand at lower levels. Bitcoin will then challenge the psychological $20,000 zone.

ETH/USDT

Ethereum has been falling within a descending channel for the past few weeks. The failure of the price to rise above the channel on November 4 led short-term investors to take profits.

Buyers aggressively bought the dip on the support line on Nov. However, the relief rally failed near the 50-day SMA of $1,372. This indicates that the bears are selling at higher levels. The bears will again try to push the price below the channel. If this happens, the sell-off could intensify and the ETH/USDT pair could drop to $1,000. For the upper hand, buyers will have to push the price above the moving averages. The price will then rise to the bearish line.

BNB/USDT

BNB hit $398 on November 8. However, the bulls failed to hold higher as seen from the long wick on the day’s candlestick. Sales continued on 9 November. Thus, it dragged the price near the strong support at $258.

The bulls bought the dip on Nov. However, they were unable to push the price above the $295 20-day EMA. This indicates that sentiment has turned negative and bears have sold their aid rally to the 20-day EMA. The bears will now attempt to break the support at $258 again. If they succeed, the BNB/USDT pair will head towards $239 and then $216. This downside view will be invalidated in the near term if the bulls propel the price above $313 and sustain it.

XRP/USDT

XRP re-entered the $0.41-0.30 range on November 8, signaling a lack of demand at higher levels. Selling continued on November 9 and the price dropped to $0.32.

Buyers bought the dip and tried to push the price back above 0.41 but the bears did not give up. This shows that the bears have turned the $0.41 level into resistance. The bears will again try to push the pair to the critical support at $0.30. This is an important level for the bulls to defend. Because a break and close below this will signal the resumption of the downtrend. On the upside, the first sign of strength will be above $0.41. XRP will then head towards the 50-day SMA at $0.45.

ADA/USDT

ADA is currently in a strong downtrend. While both moving averages are sloping downwards, the RSI is trying to form a bullish divergence. This shows that the selling pressure is decreasing.

The first sign of strength will be a break above the bearish line. Such a move would suggest a potential trend change. ADA/USDT bulls may then attempt an upward move to $0.52. On the other hand, if the price continues to decline below $0.31, there is a possibility that the pair could drop to the support line. This line stopped the decline in the previous three cases. Therefore, the bulls can re-buy the drop to this level. If buyers fail to defend the level, ADA price will extend the downtrend to $0.25.

DOGE/USDT

Dogecoin (DOGE) witnessed a sharp rally from $0.06 on October 25 to $0.16 on November 1. This pushed the RSI to overbought levels. This encourages short-term traders to record profits.

Selling gained momentum after the bulls failed to defend the 50% Fibonacci retracement level of $0.11. Buyers defended the 50-day SMA of $0.08 on Nov. However, the bears stopped the recovery at the 20-day EMA of $0.09. DOGE has been trading between moving averages for the past few days. If the bears pull the price below the 50-day SMA, the pair could complete a 100% retracement. Later, they may drop to $0.06. Conversely, a break above $0.10 will indicate the bulls are back in the game. According to the analyst, it will then head towards $0.12.

MATIC/USDT

Polygon broke above the overhead resistance of $1.05 on Nov. 4. However, the rally faced stiff resistance at $1.30 on November 5. Buyers tried to maintain the upside on November 7 but failed to break through the overall hurdle.

The bears sold aggressively on November 8 and 9, pushing the price below the moving averages. But the buyers kept the bullish streak. MATIC rebounded sharply on November 10. However, the bears have sold at higher levels. Thus, they pulled the price below the 20-day EMA of $0.96 on Nov. 12.

If the price breaks below the 50-day SMA ($0.89), MATIC price will head towards the uptrend line. A break below this support opens the doors for a retest of the critical support at $0.69. On the contrary, if the buyers push the price above the 20-day EMA, there are chances of a rise to $1.05.

DOT/USDT

Polkadot dropped below the strong $6 support zone on Nov. 9 to $5.68. This indicates the resumption of the downtrend.

Buyers tried to push the price back above $6 and trap the aggressive bears. But the vendors held their ground. This shows that the bears are trying to turn the $6 level into resistance. The 20-day EMA of $6.12 and the RSI in the negative zone point to an advantage for the bears. Sellers will make another attempt to push the DOT/USDT pair below $5.32. If they are successful, the pair could extend its decline to $4.32. To invalidate this negative view, the bulls will need to push and sustain the price above the moving averages.

UNI/USDT

UNI has been trading between $5.14 and $7.36 for the past few days. Buyers pushed the price above the November 4 resistance but failed to develop this advantage. The bears pulled the price back into the range on Nov.

This may have trapped the aggressive bulls who then rushed to the exit. Long liquidation and selling by the bears pushed the price below the $5.14 support on Nov. However, this has proven to be a bear trap. The bulls bought the dip and pushed the price back into the range on Nov.

The recovery is facing stiff resistance in the moving averages. This indicates higher selling levels. The bears may again try to push the price down and keep it below the range. However, the bulls are expected to defend the support aggressively. This indicates that the UNI/USDT pair could remain range-bound between $4.71 and $7.79 for a few more days.

LTC/USDT

Litecoin has been hovering between $46 and $75 for the past few weeks. The failure of the bulls to push the price above $75 on November 7 may have booked profits by short-term traders. This brought the price close to the $46 support on Nov.

When the price is stuck inside a range, traders usually buy the dips to the support level. That’s what happened on November 10. LTC/USDT parity continued to rise on November 11th. However, it faced a strong sell-off around $65. This indicates that the bears are active at higher levels. The horizontal moving averages and the RSI near the midpoint indicate a balance between supply and demand. This indicates that the pair could trade in a narrow range between $53 and $65 for a while.