Price Analysis November 12th, 2024 – BTC, DOGE, ADA, SOL, BNB, and ETH
Bitcoin has rallied significantly in the past seven days and is yet to show signs of slowing down. On Monday, it peaked at $89,573 and surpassed Silver to become the eighth-largest global asset. BTC’s latest rally has fueled optimism among crypto enthusiasts, with popular trader Peter Brandt predicting that the coin could hit $125,000 before December 31st.
Meanwhile, CryptoQuant boss Ki Young Ju tweeted on Sunday that Bitcoin could lose most of its recent gains to end the year trading at $58,900, arguing that a price correction was imminent after a strong rally. He added that the bear market could begin as early as March if Bitcoin ends 2024 strongly.
Top cryptocurrencies have mirrored BTC’s performance in the past few days. So, which levels are likely to attract selling if crypto prices continue to surge? Let’s find out by studying the charts.
Bitcoin Price Analysis
Since breaking above its previous all-time high ($73,759) last week, Bitcoin hasn’t looked back. As mentioned, the coin set a new all-time high on Monday but has fallen to $87,991 at press time.
The Relative Strength Index has entered the overbought zone, enhancing the possibility of a minor price correction in the coming days. If Bitcoin starts trending downward, we should watch closely the newly created support at $80,000. If it breaks, a drop to $77,203 is likely.
On the bullish side, if the buyers protect $80,000 and fuel a recovery rally, Bitcoin could head toward $93,500 for the first time ever.
Ethereum Price Analysis
The bulls have effortlessly kept Ethereum above the $2,849.32 resistance level since last Wednesday. On November 10th, the bears attempted to stall ETH’s rally at $3,200 but failed, allowing the bulls to push the asset above $3,400.
However, prices above $3,400 have attracted a massive profit booking today, causing Ethereum to plummet to $3,298. But if the bulls sustain the token above $3,000, a rally to $4,086 seems possible. Meanwhile, the 20-day Exponential Moving Average of $2,754 could be the next stop for ETH if $2,849.32 gives way.
Solana Price Analysis
SOL has stayed above $210.38, a key resistance point, since November 8th, suggesting that the bulls aim to start a new leg of the uptrend. As such, the $260.71 resistance could be the next destination for Solana. However, if the bears drag the asset below $210.38, it’ll mean that the breakout was meant to trap the bulls. In this scenario, we might see SOL plummet below the $189.36 support and head toward the 20-day Exponential Moving Average of $183.04.
BNB Price Analysis
BNB crossed the $635.77 resistance on November 12th and rallied to $667, where the bulls took profits, pulling it to $627 at press time. The latest price action signals a fake breakout. However, if the bulls push and keep BNB above $635.77 again, a rally to $720.94 could happen.
On the downside, a drop below $600 increases the prospects of a break below the 20-day Exponential Moving Average of $594.82. Furthermore, if the bears maintain BNB below $594.82, the asset could dip to the 50-day Simple Moving Average of $584.21.
Dogecoin Price Analysis
DOGE peaked at $0.438 on Tuesday morning after surging 152% in the past seven days. Notably, the meme coin has outperformed Bitcoin and other top ten cryptocurrencies.
Dogecoin has seen its price dip slightly to $0.396 as of this writing. But if the rally continues, our next point of interest would be $0.50. Crossing this barrier could allow the token to surge to $0.69. On the other hand, a drop below $0.3419 could encourage the bears to pull DOGE toward the $0.26 support.
Cardano Price Analysis
While the bulls have sustained Cardano above the $0.459 resistance in the last few days, they have been defeated by the bears in the $0.603 – $0.659 resistance area. The coin is changing hands for $0.586 as of this writing. If it breaks out at $0.659, it could surge to $0.780, while a close below the $0.537 support could fuel a move to $0.459.
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