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BTC, AVAX, MATIC, EGLD, MANA

Bitcoin (BTC) price is putting up a tough fight near the $ 58,000 mark, but that hasn’t stopped some altcoins hit a new all-time high. This shows that traders are keeping an eye on the fundamental developments of individual currencies.

One of the top performing altcoins has been Avalanche (AVAX), which has risen more than 120% in November. The coin caught the attention of traders ahead of the announcement by accounting firm Deloitte, which plans to build its disaster relief platforms on the Avalanche blockchain.

Daily view of cryptocurrency market data. Source: Coin360

In another step showing the growing adoption of cryptocurrencies, the President of El Salvador, Nayib Bukele, announced the launch of the Bitcoin City, which will be powered by geothermal energy and initially funded by $ 1 billion in Bitcoin bonds..

Could major downstream buying propel Bitcoin’s price above $ 60,000? Will altcoins be involved in the recovery? Let’s study the charts of the top 5 cryptocurrencies that could attract the attention of traders in the short term.

BTC / USDT

Bitcoin price reversed direction from $ 55,600 on Nov. 19, but the recovery is facing resistance from the 50-day SMA ($ 60,187). The moving averages are on the verge of a bearish crossover and the Relative Strength Index (RSI) is in the negative zone, indicating that the bears are making a significant comeback.

Daily chart of the BTC / USDT pair. Source: TradingView

If the price of Bitcoin turns lower from the current level, the bears will try to extend the correction bringing the BTC / USDT pair below $ 55,600. If this happens, the next stop could be the firm support zone at $ 52,500 to $ 50,000.

If the price of BTC bounces in this zone, the bulls will try to propel the pair above the moving averages and the downtrend line.. This move will indicate that the corrective phase may be over. The bulls will then attempt to push the price above the all-time high of $ 69,000..

On the other hand, a break below the psychological support at $ 50,000 could intensify sales.as traders would rush out. The pair could drop to $ 45,000 and subsequently to $ 40,000.

4-hour chart for the BTC / USDT pair. Source: TradingView

The 4-hour chart shows that the bears drove the price of Bitcoin below the important support of $ 58,000., but they could not take advantage of this advantage. The bulls bought during the dip and have pushed the price back above the 20 exponential moving average.

If Bitcoin price sustains above $ 58,000, the pair could rise to the downtrend line. If it breaks out and closes above this resistance, the bulls will prevail. The pair could rise to $ 62,000 and later to $ 67,000.

Conversely, if the price of Bitcoin turns lower from the current level and breaks below $ 55,600, it will signal the possible start of a deeper correction.

AVAX / USDT

Avalanche is in a major uptrend and has been making new highs consistently for the past few days.. The bulls pushed the price above the 200% Fibonacci extension level at $ 146.18 today, but the long wick on the day’s candle shows the profit reserve at higher levels.

Daily chart of the AVAX / USDT pair. Source: TradingView

The rise of the 20-day EMA (96) indicates that the bulls have the upper hand, but the RSI near 80 suggests that the rally may overheat in the near term.. This could lead to a small correction or consolidation in the next few days.

If the price turns down from the current level, $ 110 and then the 20-day EMA could act as a major support.. A firm bounce from either level will suggest that the bulls are viewing the declines as a buying opportunity. The pair could then march towards the 261.8% Fibonacci extension level at $ 175.58..

Conversely, if the price breaks below the 20-day EMA, it will suggest that traders are rushing out. This could take the AVAX / USDT pair to $ 81.

4-hour chart for the AVAX / USDT pair. Source: TradingView

The pair has turned lower from $ 147, indicating aggressive profit-taking at higher levels.. The bears will now try to push the price to the 20 EMA, which will likely act as a firm support.

If the price bounces off the 20 EMA, it will indicate a major buy on the dips. The bulls will try to resume the uptrend, propelling the pair above $ 147.

Conversely, If the price breaks below the 20 EMA, selling could accelerate and the pair could drop to $ 110.. This move will suggest that the bulls are losing control. Thereafter, the pair could drop to the 50 SMA.

MATIC / USDT

Polygon (MATIC) trading has been in an ascending channel pattern for the past few days. The bulls pushed the price above the resistance line of the channel on October 28 and 29, but failed to sustain the breakout. This may have caused the short-term traders to sell.

Daily chart of the MATIC / USDT pair. Source: TradingView

The bears successfully re-defended the resistance line on November 3. This started the journey down towards the trend line of the channel. The descending 20-day EMA ($ 1.69) and the RSI just below the midpoint indicate a small upside for sellers.

If the price turns down from the current level, the MATIC / USDT pair could fall to the trend line. The bulls are expected to defend this level aggressively. If the price bounces off the trend line and rises above the 20-day EMA, it will indicate that the selling pressure may be easing. That may signal the start of the upward journey toward the resistance line.

Conversely, if the bears push the price below the trend line, a decline to the psychological support of $ 1 could occur.

4-hour chart for the MATIC / USDT pair. Source: TradingView

The 4-hour chart shows that the bulls are trying to organize a relief rally from the firm support zone at $ 1.50 to $ 1.40.. The 20 EMA has started to rise and the RSI is close to the center, indicating that the selling pressure may be easing.

If the bulls push the price above $ 1.70, the pair could rally to $ 1.80. The breakout and close above this level will indicate strength. The pair could then start its upward movement towards $ 2.15. Conversely, selling could accelerate if the bears push the price below $ 1.40.

EGLD / USDT

The bears tried to pull Elrond (EGLD) below the breakout level at $ 303.03 from Nov 16-18, but the bulls bought during the dips., as seen in the long tail of the candles. The major buying on November 19 pushed the price above the overhead resistance of $ 338.70.

EGLD / USDT daily chart. Source: TradingView

This resumed the uptrend and the EGLD / USDT pair has reached close to its pattern target at $ 427. The major rally has pushed the RSI into the overbought zone, suggesting that a small consolidation or correction could be around the corner..

The first support on the downside is the breakout level at $ 338.70 and then the 20-day EMA ($ 325).. If the price bounces off either level, it will suggest that traders keep buying on dips. The bulls will then try to resume the uptrend with the next target at $ 500.

This positive view will be invalidated if the price turns lower and plummets below the breakout level at $ 303..

4-hour chart for the EGLDT / USDT pair. Source: TradingView

The 4-hour chart shows that the bears tried to stop the bullish movement at $ 400, but the bulls were unwilling to budge.. Sustained buying at the higher levels pushed the pair above the psychological barrier. Rising 20 EMA and RSI in overbought zone indicate bulls have the upper hand.

The first major level to watch on the downside is $ 380. If the bears push the price below this support, the pair could drop to the 20 EMA.. A major bounce from this support could keep the uptrend intact, but a break below it will suggest that the bullish momentum may be weakening.

MANA / USDT

Decentraland (MANA) turned down from the 78.6% Fibonacci retracement level at $ 4.35 on Nov.20. This indicates that traders may be selling on rallies.

MANA / USDT daily chart. Source: TradingView

The MANA / USDT pair could now fall to the immediate support of $ 3.50 and if this level gives way, the correction could deepen to the 20-day EMA ($ 3.11). If the price bounces off either of the two supports, it will suggest that the sentiment is still positive and that traders are buying on the dips.

The bulls will then try to push the price to $ 4.36. A breakout and close above this resistance could open the doors for a rally to $ 4.94. This positive view will be invalidated if the price continues to decline and breaks below the 20-day EMA.

4-hour chart for the MANA / USDT pair. Source: TradingView

The pair has been rising within an ascending channel pattern. The failure of the bulls to push the price above the resistance line may have prompted the traders to sell off., causing the price to fall below the 20-day EMA.

Both moving averages have flattened out and the RSI has fallen close to the midpoint, suggesting that the bullish momentum may be weakening.. The pair could now fall to the trend line of the channel, where buying could emerge.

If the price bounces off the trend line, the pair could continue its upward movement within the channel. Buyers will then try to drive the price towards the resistance line. The bullish momentum could pick up again if it breaks down and closes above the channel.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. All investments and trading involve risk, so you should do your own research when making a decision.

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HELEN HERNANDEZ

Helen Hernandez is our best writer. Helen writes about social news and celebrity gossip. She loves watching movies since childhood. Email: Helen@oicanadian.com Phone : +1 281-333-2229

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