BTC, AVAX, MATIC, EGLD, MANA


Bitcoin (BTC) is seeing an uphill struggle near the $ 58,000 mark, but that hasn’t stopped some altcoins from hitting a new high. This shows that traders are watching fundamental developments on individual coins.

One of the recent top performing major altcoins was Avalanche (AVAX), which climbed over 120% in November. The coin caught the attention of traders ahead of the announcement by accounting firm Deloitte that plans to build its disaster relief platforms on the Avalanche blockchain.

Daily view of crypto market data. Source: Coin360

In another milestone that shows the growing adoption of crypto, 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 funding. ‘Bitcoin bonds.

Could large purchases at lower levels push Bitcoin above $ 60,000 and will altcoins participate in the rally? Let’s take a look at the charts of the top 5 cryptocurrencies that might grab the attention of short-term traders.

BTC / USDT

Bitcoin reversed the direction of $ 55,600 on November 19, but the rally faces resistance at the 50-day simple moving average ($ 60,187). The moving averages are on the verge of a bearish cross and the Relative Strength Index (RSI) is in the negative zone, indicating that the bears are making a strong comeback.

BTC / USDT daily chart. Source: TradingView

If the price drops from the current level, bears will try to extend the correction by pulling the BTC / USDT pair below $ 55,600. If that happens, the next stop could be the solid support area at $ 52,500 to $ 50,000.

If the price bounces out of this area, the bulls will try to push the pair above the moving averages and the downtrend line. Such a move will indicate that the corrective phase may be over. The bulls will then try to push the price up above the all-time high of $ 69,000.

Alternatively, a break below the psychological support at $ 50,000 could intensify the sell as traders rush to exit. The pair could then drop to $ 45,000 and later to $ 40,000.

4 hour BTC / USDT chart. Source: TradingView

The 4 hour chart shows that the bears pulled the price below the strong support at $ 58,000, but they were unable to take advantage of this advantage. The bulls bought the downside and pushed the price back above the 20 exponential moving average.

If the price holds above $ 58,000, the pair could move up towards the downtrend line. A breakout and close above this resistance could indicate that the bulls have the upper hand. The pair could then rise to $ 62,000 and later to $ 67,000.

Conversely, if the price drops from the current level and goes below $ 55,600, it will signal the possible start of a deeper correction.

AVAX / USDT

The avalanche is in a strong uptrend and has consistently hit new highs in recent days. The bulls pushed the price above the 200% Fibonacci extension level at $ 146.18 today, but the long wick on the day’s candlestick shows profit taking at higher levels.

AVAX / USDT daily chart. Source: TradingView

The 20-day higher EMA (96) indicates that the bulls are in charge, but the RSI near 80 suggests the rally may be overheated in the near term. This could lead to a minor correction or consolidation in the next few days.

If the price drops from the current level, $ 110, then the 20-day EMA can serve as strong support. A strong rebound from either level will suggest that the bulls view the declines as a buying opportunity. The pair could then walk towards the 261.8% Fibonacci extension level at $ 175.58.

Contrary to this assumption, if the price breaks below the 20 day EMA, it will suggest that traders are rushing for the exit. This could pull the AVAX / USDT pair down to $ 81.

AVAX / USDT 4 hour chart. Source: TradingView

The pair fell $ 147, indicating aggressive profit-taking at higher levels. The bears will now attempt to pull the price towards the 20 EMA which is likely to act as strong support.

If the price rebounds from the 20-EMA, it will indicate strong buying if there is a dip. The bulls will then attempt to resume the uptrend by pushing the pair above $ 147.

Contrary to this assumption, if the price goes below the 20-EMA, the sell could accelerate and the pair could drop to $ 110. Such a move will suggest that the bulls could lose their grip. The pair could then drop to 50-SMA.

MATIC / USDT

Polygon (MATIC) has traded inside an ascending channel pattern over the past few days. The buyers pushed the price above the channel resistance line on October 28-29, but failed to maintain the breakout. This may have prompted short term traders to sell.

MATIC / USDT daily chart. Source: TradingView

The bears successfully defended the resistance line on November 3. This started the downward journey towards the channel trendline. The 20-day waning EMA ($ 1.69) and the RSI just below the midpoint indicate a minor advantage for sellers.

If the price drops from the current level, MATIC / USDT could drop to the trendline. Bulls should aggressively defend this level. If the price bounces off the trendline and breaks the 20 day EMA, it will indicate that the selling pressure may decrease. This may signal the start of the northward journey towards the resistance line.

Contrary to this assumption, if the bears push the price down below the trendline, it could cause the psychological support to drop to $ 1.

MATIC / USDT 4 hour chart. Source: TradingView

The 4 hour chart shows the bulls trying to stage a rally of relief from the strong support area at $ 1.50 to $ 1.40. The 20-EMA has started to rise and the RSI is near the center indicating that selling pressure may ease.

If the bulls push the price above $ 1.70, the pair could hit $ 1.80. A breakout and close above this level will indicate strength. The pair could then begin its ascent towards $ 2.15. On the downside, selling may accelerate if bears pull the price below $ 1.40.

Related: Do you see red? FUD that! Here’s what you should have bought instead of Bitcoin last week

EGLD / USDT

The bears attempted to pull Elrond (EGLD) below the breakout level at $ 303.03 from November 16-18, but the bulls bought the lows as shown by the long tail of the candlesticks. Large buys on November 19 pushed the price above overhead resistance at $ 338.70.

EGLD / USDT daily chart. Source: TradingView

This resumed the uptrend and EGLD / USDT hit near its setup target at $ 427. The strong rally pushed the RSI deep into the overbought zone, suggesting that a consolidation or minor correction may be imminent.

The first downside support 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 continue to buy on the lows. The bulls will then attempt to resume the uptrend with the next target target at $ 500.

This positive opinion will be invalidated if the price drops and falls below the breakout level at $ 303.

4 hour EGLDT / USDT chart. Source: TradingView

The 4-hour chart shows the bears tried to slow the rise to $ 400, but the bulls weren’t in the mood to give in. Sustained buying at higher levels pushed the pair above the psychological barrier. The rise of 20-EMA and the RSI in the overbought zone indicate that the bulls are firmly in control.

The first important level to watch on the downside is $ 380. If the bears pull the price below this support, the pair may drop to 20-EMA. A strong rebound from this support could keep the uptrend intact, but a break below will suggest that the bullish momentum may weaken.

MANA / USDT

Decentraland (MANA) lowered the 78.6% Fibonacci retracement level to $ 4.35 on November 20. This indicates that traders can sell on rallies.

MANA / USDT daily chart. Source: TradingView

MANA / USDT could now drop to immediate support at $ 3.50 and if that level breaks, the correction could deepen to the 20-day EMA ($ 3.11). If the price bounces on either support, it will suggest that sentiment remains positive and traders are buying if there is a dip.

The bulls will then try to push the price up to $ 4.36. A breakout and close above this resistance could open the door for a rally to $ 4.94. This positive opinion will be invalidated if the price continues to fall and goes below the 20 day EMA.

MANA / USDT 4 hour chart. Source: TradingView

The pair rose inside an ascending channel pattern. The failure of the bulls to push the price above the resistance line may have prompted traders to sell, pulling the price below the 20-EMA.

Both moving averages flattened and the RSI fell near the midpoint, suggesting that bullish momentum may weaken. The pair could now drop to the channel trendline where the buy could emerge.

If the price bounces off the trendline, the pair could continue its rally inside the channel. The buyers will then try to push the price up to the resistance line. The bullish momentum could accelerate on a breakout and close above the channel.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move comes with risk, you should do your own research before making a decision.


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