Price Analysis November 7th – BTC, LINK, ETH, BNB, XRP, ADA, and SOL
Bitcoin has been crossing above $35,000 since the start of the month, but the bulls haven’t succeeded in maintaining the digital currency’s price above that mark, indicating that the bears are still active. However, BTC’s failure to stay above $35,000 doesn’t mean the trend is about to change. Usually, when the coin is trending upwards and then reverses from a resistance level, the dips are considered buying opportunities. But it’s advisable to wait for Bitcoin to touch a support level before purchasing it.
Michael Saylor, a prominent crypto enthusiast and the CEO of MicroStrategy, told CBNC last week that the current Bitcoin price is the perfect entry point for long-term holders. Saylor, whose company is the largest institutional Bitcoin investor, has said severally that BTC has the potential to hit $100,000 in the next four to five years.
In the meantime, let’s explore the price charts to find out the key support and resistance levels to monitor in the short term.
Bitcoin Price Analysis
Bitcoin reached a 7-day high of $35,735 on November 2. The bears stalled the rally, pulling BTC to its current price of $34,887. However, all conditions favor the bulls, from RSI being in the positive territory to Bitcoin trading above the 20-day Exponential Moving Average (EMA) of $32,587. This makes it difficult for bears to build up a strong downward momentum. But if they do, Bitcoin could slide to $31,798 if the $33,432 support level is not guarded. On the other hand, we are anticipating a rally to $40,276 if the buyers sustain Bitcoin above $35,735.
Ethereum Price Analysis
Since crossing above the $1,864.38 resistance level earlier this month, ETH has continued trading above that point. It’s now valued at $1,895.32. If the bulls push the second-biggest token above $1,912, then a rally to $1,989.42 looks likely. Conversely, Ethereum could touch critical support at $1,743.83 if the bulls fail to protect $1,864.38.
BNB Price Analysis
BNB successfully reversed from the $223.81 breakout level on November 2, growing to $252.03 as of this writing. With the 20-day EMA rising and the Relative Strength Index in a positive zone, there is a massive chance of further upward movement. Intense buying activity could push BNB to $264.72. If the token reaches this point and reverses, it may slide to retest $223.81. Any drop from here could cause BNB to dip to $203.76.
XRP Price Analysis
Among the assets that have rallied massively over the last seven days is XRP. The digital currency is valued at $0.693961 after posting 7-day gains of 21%. The current price means the bulls have defeated the bears at the $0.678001 tough resistance. The buyers will now attempt to push XRP above $0.746720 for a rally to $0.849981. On the contrary, the Ripple-issued digital currency could hit the 20-day EMA of $0.560308 if $0.678001 cracks.
Solana Price Analysis
SOL hasn’t dropped below the $38.48 resistance level since the start of the month despite news that FTX, a fallen crypto exchange, had transferred its Solana holding worth millions to Binance and Kraken to convert it to cash. SOL is changing hands for $41.28 at press time. Intense buying pressure could push it to the $48.30 resistance. On the other hand, we predict a dip to $32.46 if $38.48 crumbles.
Cardano Price Analysis
On November 2, ADA touched the 20-day Exponential Moving Average of $0.285084 and then reversed to $0.349002 as of Tuesday morning. The buyers’ immediate target is $0.371722. If they thrust Cardano above this level, a rally to $0.419034 is anticipated. Conversely, ADA could collapse to $0.264190 if $0.285084 isn’t guarded.
Chainlink Price Analysis
LINK faced resistance at $11.04 last week but managed to go above that mark yesterday. It’s now priced at $13.08. If Chainlink crosses $13.58, it might touch $15.93. On the negative side, it is possible that the token could plummet to the $9.56 support level if it crosses below $11.04 and the 20-day EMA of $10.19.
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