Price analysis 11/22: BTC, ETH, BNB, SOL, ADA, XRP, DOT, AVAX, DOGE, SHIB

Bitcoin (BTC) continues to be pinned down below $60,000, indicating that higher levels are alluring selling from traders.

The Due south&P 500 made a new all-time loftier on November. 22 due to reports that United States President Joe Biden had renominated Jerome Powell to serve a 2d term every bit the Federal Reserve chair. This news also boosted the U.Southward. dollar currency alphabetize (DXY) to its highest level since July 2022.

Usually, sharp gains in the DXY are inversely correlated with Bitcoin and the same can be seen in November of this year besides. While the DXY is upwards near 2.three% in November, Bitcoin is down roughly v.5% during the same period.

*Daily cryptocurrency marketplace performance. Source:* *Coin360*

Independent marketplace annotator, TechDev, said Bitcoin's performance in 2022 is following the toll action of 2022 but with a lag of v–8 days. If the correlation continues, the eagerly awaited accident-off top phase in Bitcoin is likely to occur.

Could the electric current fall be the final dip before the resumption of the uptrend or is the pass up the start of a sharper correction? Allow's report the charts of the top ten cryptocurrencies to find out.

BTC/USDT

Bitcoin'southward recovery from $55,600 on Nov. 19 reached the l-day simple moving boilerplate (SMA) ($lx,350) on Nov. 20 merely the bulls could not clear this hurdle. This indicates that bears are attempting to flip the 50-24-hour interval SMA into resistance.

The moving averages are about to complete a bearish crossover and the relative forcefulness index (RSI) is in the negative territory, suggesting that the path of least resistance is to the downside.

If the price turns down and breaks below $55,600, it will indicate the start of a deeper correction to the $52,500 to $50,000 support zone.

This negative view will invalidate if the price turns upwardly from the current level and breaks above the downtrend line. Such a movement will signal that the correction may be over.

The BTC/USDT pair could then start its northward march toward the overhead resistance zone at $67,000 to $69,000.

ETH/USDT

Ether's (ETH) relief rally from the Nov. 18 intraday low at $iii,956.44 rose above the 20-day exponential moving average (EMA) ($4,364) on Nov. 20 but the bulls could non sustain the higher levels. The bears pulled the price back below the 20-day EMA on Nov. 21.

The ETH/USDT pair dropped to the fifty-solar day SMA ($four,240) on Nov. 22 merely the long tail on the candlestick indicates that bulls are defending this support. If buyers bulldoze the price above $4,451, the pair could rally to the 61.80% Fibonacci retracement level at $four.519.78 and then to the 78.60% retracement level at $4,672.93.

On the contrary, if the price turns downwardly from the electric current level, the bears will again try to sink the pair below the 50-day SMA. If they succeed, the pair could drop to $3,956.44. A interruption and close below this level will consummate a caput and shoulders design. The pair could then driblet to $3,400 and eventually to the pattern target at $3,047.

BNB/USDT

Binance Money (BNB) rebounded off the 50-day SMA ($526) on Nov. 19 simply the bulls could non extend the relief rally above the 61.8% Fibonacci retracement level at $602.40.

The bears pulled the price beneath the 20-day EMA ($585) on Nov. 22. If the price sustains below the twenty-mean solar day EMA, the bears will make one more attempt to sink the BNB/USDT pair beneath the 50-day SMA. If they succeed, the pair could slide to $485.xl.

Conversely, if the price turns up from the current level and breaks above $605.20, it will advise that bulls are back in the game. The pair could then rally to the overhead resistance zone at $659.50 to $669.thirty.

The flattish 20-day EMA and the RSI near the midpoint exercise not give a clear advantage either to the bulls or the bears.

SOL/USDT

Solana's (SOL) bounce off the 50-day SMA ($198) hit a potent hurdle at the downtrend line on Nov. 21, indicating that bears continue to sell on rallies.

The price activity of the past few days has formed a symmetrical triangle blueprint suggesting a balance between supply and need. This equilibrium will shift in favor of the bulls on a interruption and close above the resistance line of the triangle. The SOL/USDT pair could then retest the all-fourth dimension high at $259.90.

Alternatively, if the price sustains below the 20-day EMA, the pair could drib to the support line of the triangle. The bears volition have to sink the price below this support to gain the upper mitt. The pair could and so drop to $153.

ADA/USDT

Cardano (ADA) rose above the breakup level at $1.87 on Nov. 20 but the bulls could not push button the price higher up the 20-day EMA ($1.95). This suggests that sentiment remains negative and traders are selling on rallies to the 20-day EMA.

The price dipped back below $ane.87 on Nov. 21 and the bears will now attempt to sink the ADA/USDT pair below $i.70. If they manage to do that, the selling could intensify and the pair could drop to $1.l.

Contrary to this supposition, if the price turns up from the current level and breaks above the 20-day EMA, the pair could rally to the downtrend line. A interruption and close above this resistance volition indicate that the correction may exist over.

XRP/USDT

Ripple (XRP) rebounded off the strong support at $one on Nov. nineteen but the recovery try faded at $1.10, indicating that demand dries up at college levels.

The downsloping xx-mean solar day EMA ($i.12) and the RSI in the negative territory indicate that bears take the upper hand. If the price breaks below $1, the selling could selection up momentum and the XRP/USDT pair could drop to $0.85.

Conversely, if the price rebounds off the current level and rises above the moving averages, it will point that bulls are aggressively defending the back up at $i. The pair could then start its due north march toward $1.24.

DOT/USDT

Polkadot (DOT) rebounded off the uptrend line on Nov. 18 merely the relief rally is facing resistance at the l-day SMA ($42.96). This indicates that bears are attempting to flip the fifty-mean solar day SMA into resistance.

The moving averages are close to completing a bearish crossover and the RSI is in the negative zone, indicating that bears are in control. If the price breaks and closes below the uptrend line, the DOT/USDT pair could drop to $32 then to $29.

Reverse to this assumption, if the price turns upwards from the current level and breaks above the moving averages, it will suggest that bulls go on to buy on dips. The pair could then rally to the overhead resistance zone at $47.83 to $49.78.

Related: Institutional managers bought the dip as crypto funds meet $154M in weekly inflows

AVAX/USDT

The long wick on Avalanche'due south (AVAX) Nov. 21 candlestick shows that traders booked profits near the 200% Fibonacci extension level at $146.18. Lower levels attracted buying and the bulls attempted to resume the uptrend on November. 22.

The buyers volition have to button and sustain the price above $147 to signal the resumption of the uptrend. The AVAX/USDT pair could and then rally to the 261.viii% Fibonacci extension level at $175.58.

While the upsloping 20-day EMA ($100) suggests that bulls are in command, the RSI in a higher place 81 indicates that the rally may be overheated in the short term.

If the cost turns downwardly from $147, short-term traders may blitz to the get out. That could pull the price down to $123. A break below this back up could signal the get-go of a deeper correction to $110 and then to the xx-mean solar day EMA.

DOGE/USDT

Dogecoin's (DOGE) rebound off the potent back up at $0.21 on November. 19 fizzled out at $0.23. This weak relief rally indicates that demand dries up at college levels.

The downsloping 20-day EMA ($0.24) and the RSI in the negative territory indicate that bears accept the upper hand. If sellers pull the price below $0.21, the DOGE/USDT pair could driblet to the critical back up at $0.xix.

Opposite to this assumption, if the cost over again rebounds off the current level, the pair could ascension to the downtrend line. The bulls will accept to button and sustain the pair in a higher place this resistance to signal that the correction may be over.

SHIB/USDT

SHIBA INU (SHIB) turned down from the twenty-day EMA ($0.000049) on Nov. 20, indicating that the sentiment has turned negative and traders are selling on rallies to the overhead resistance levels.

The bears are attempting to sink the cost below the fifty-day SMA ($0.000043) and the 78.half dozen% Fibonacci retracement level at $0.000040. If they manage to practise that, the SHIB/USDT pair could plummet to $0.000027, completing a 100% retracement.

The downsloping 20-24-hour interval EMA and the RSI in the negative zone indicate that bears have the upper paw. Contrary to this assumption, if the cost rebounds off the current level, the bulls will try to push button the pair above the twenty-solar day EMA and start an up-motion toward $0.000057.

The views and opinions expressed here are solely those of the author and exercise non necessarily reflect the views of Cointelegraph. Every investment and trading motion involves run a risk. You lot should behave your own research when making a decision.

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