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 The weakness in the U.S. Dollar Index suggests that risky assets such as Bitcoin and the S&amp;P 500 Index may remain in favor with the buyers.
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<div class="cointelegraph">
 <p>The S&amp;P 500 Index (SPX) rose 2.24% last week, its third consecutive weekly gain. In comparison, Bitcoin (BTC) managed a minuscule gain of 0.8%, indicating consolidation below $38,000. The prospects for risky assets remain bullish as the United States Dollar Index has started to turn down.&nbsp;</p>
 <p>Cryptocurrency investors have not parted with their Bitcoin holdings even after the 125% rally in 2023, indicating their long-term bullish view. Reflexivity co-founder William Clemente posted a chart sourced from Glassnode to X (formerly Twitter), which showed that 70% of Bitcoin in circulation has not been sold or transferred in the past year.</p>
 <figure><img src="https://cdn.thebittimes.com/images/2023/11/21/37626fe291422dcd0a0ea00e8b631c5e.webp">
  <figcaption style="text-align: center;"><em>Daily cryptocurrency market performance. Source: </em><em>Coin360</em>
  </figcaption>
 </figure>
 <p>Investors have also increased exposure to global cryptocurrency exchange-traded products (ETP) in 2023, according to a report by the digital asset platform Fineqia, seen by Cointelegraph. Fineqia reported that crypto ETP assets under management ballooned by 91% from Jan. 1 to Oct. 31, 2023.</p>
 <p>If Bitcoin fails to break above its resistance, will it start a deeper correction? Will altcoins also turn lower, or could they buck the trend? Let’s analyze the charts to find out.</p>
 <h2 id="sp-500-index-price-analysis">S&amp;P 500 Index price analysis</h2>
 <p>The S&amp;P 500 Index surged above the downtrend line on Nov. 14, signaling an end of the corrective phase.</p>
 <figure><img src="https://cdn.thebittimes.com/images/2023/11/21/3e850ac66ce3a38a6d4476cb24846d6e.webp">
  <figcaption style="text-align: center;"><em>SPX daily chart. Source: </em><em>TradingView</em>
  </figcaption>
 </figure>
 <p>The moving averages have completed a bullish crossover, and the relative strength index (RSI) is in the overbought territory, indicating that bulls are in command. There is a minor resistance in the 4,512 to 4,541 zone, which may result in a pullback.</p>
 <p>On the downside, the 20-day exponential moving average (4,395) is likely to act as a strong support. If the price rebounds off this level, it will suggest that the trend has turned positive. That will enhance the prospects of a rally to 4,650.</p>
 <p>Contrarily, if the 20-day EMA gives way, the index may drop to the 50-day simple moving average (4,340). Sellers will have to yank the price below this support to indicate strength.</p>
 <h2 id="u-s-dollar-index-price-analysis">U.S. Dollar Index price analysis</h2>
 <p>The U.S. Dollar Index turned down from the 20-day EMA (105) on Nov. 14 and plunged below the descending channel pattern.</p>
 <figure><img src="https://cdn.thebittimes.com/images/2023/11/21/eed1e44d80dff87e7a17d73a771ae7e9.webp">
  <figcaption style="text-align: center;"><em>DXY daily chart. Source: </em><em>TradingView</em>
  </figcaption>
 </figure>
 <p>That started a correction, which has reached the 50% Fibonacci retracement level of 103.46. The 20-day EMA has started to turn down, and the RSI is near the oversold zone, indicating that bears are in command.</p>
 <p>If the 103.46 level cracks, the decline may extend to the 61.8% Fibonacci retracement level of 102.55. Buyers are likely to defend the zone between 103.46 and 102.55 with vigor. The first sign of strength will be a break and close above the 20-day EMA.</p>
 <h2 id="bitcoin-price-analysis">Bitcoin price analysis</h2>
 <p>After finding support at the 20-day EMA ($35,925), Bitcoin has been gradually moving up toward the vital resistance at $38,000. The bears have guarded this level twice in the past hence; they will try to do the same once again.</p>
 <figure><img src="https://cdn.thebittimes.com/images/2023/11/21/a676eaf090e369047ebe6c129bea22f5.webp">
  <figcaption style="text-align: center;"><em>BTC/USDT daily chart. Source: </em><em>TradingView</em>
  </figcaption>
 </figure>
 <p>If the price turns down sharply from the overhead resistance and breaks below the 20-day EMA, it may trigger stops of several short-term traders. That may start a correction in the BTC/USDT pair, which could reach $34,000 and subsequently $32,400.</p>
 <p>Contrarily, if bulls pierce the $38,000 resistance, it will indicate the start of the next leg of the uptrend. The pair may travel to $40,000, which is again likely to behave as a significant resistance. The rising moving averages and the RSI in the positive territory indicate that the path of least resistance is to the upside.</p>
 <h2 id="ether-price-analysis">Ether price analysis</h2>
 <p>Ether (ETH) has been forming a large ascending triangle pattern, which will complete on a break and close above $2,200. This bullish setup has a target objective of $3,400.</p>
 <figure><img src="https://cdn.thebittimes.com/images/2023/11/21/f674e80e8f76988e38b4ca7c6b29c198.webp">
  <figcaption style="text-align: center;"><em>ETH/USDT daily chart. Source: </em><em>TradingView</em>
  </figcaption>
 </figure>
 <p>The bulls are buying the dips to the 20-day EMA ($1,949), indicating that lower levels continue to attract buyers. If the price sustains above the psychological level of $2,000, the ETH/USDT pair could attempt a rally to $2,090 and then to $2,200.</p>
 <p>Instead, if the price turns down and breaks below the 20-day EMA, it will signal that the bears are attempting a comeback in the near term. The pair may then drop to the 50-day SMA ($1,779).</p>
 <h2 id="bnb-price-analysis">BNB price analysis</h2>
 <p>The bulls have successfully held BNB (BNB) above the 20-day EMA ($242) for the past few days, indicating that the sentiment remains positive and traders are buying the dips.</p>
 <figure><img src="https://cdn.thebittimes.com/images/2023/11/21/626ccfea255711e9961062b6c8fc8df8.webp">
  <figcaption style="text-align: center;"><em>BNB/USDT daily chart. Source: </em><em>TradingView</em>
  </figcaption>
 </figure>
 <p>The bulls will next try to push the price above $258 and retest the formidable resistance at $265. A break and close above this level will complete a rounding bottom pattern. The BNB/USDT pair may then ascend to $305 as there is no major resistance level in between.</p>
 <p>Alternatively, if the price turns down and breaks below the 20-day EMA, it will suggest that the bulls are losing their grip. The pair could drop to the immediate support at $235. This level is likely to act as solid support, but if it breaks down, the correction could stretch to the 50-day SMA ($227).</p>
 <h2 id="xrp-price-analysis">XRP price analysis</h2>
 <p>XRP (XRP) fell below the 20-day EMA ($0.62) on Nov. 16, but the bears have failed to pull the price to the next support at $0.56. This suggests that lower levels are attracting buyers.</p>
 <figure><img src="https://cdn.thebittimes.com/images/2023/11/21/688a2791bc552022abbce88e67d5c75f.webp">
  <figcaption style="text-align: center;"><em>XRP/USDT daily chart. Source: </em><em>TradingView</em>
  </figcaption>
 </figure>
 <p>The XRP/USDT pair is stuck between $0.74 and $0.56. If buyers push and sustain the price above the 20-day EMA, it will suggest that a relief rally has begun. The pair may then climb to $0.67 and later to $0.74. The price action inside the range is likely to remain random and volatile.</p>
 <p>A break above $0.74 or a collapse below $0.56 could start a trending move. If the price sustains above $0.74, the pair may jump to $0.85. On the other hand, a slump below $0.56 could sink the pair to $0.46.</p>
 <h2 id="solana-price-analysis">Solana price analysis</h2>
 <p>Buyers are struggling to sustain Solana (SOL) above $59, indicating that the bears remain active at higher levels.</p>
 <figure><img src="https://cdn.thebittimes.com/images/2023/11/21/0f7443f3961ed04225a63389edae0d7c.webp">
  <figcaption style="text-align: center;"><em>SOL/USDT daily chart. Source: </em><em>TradingView</em>
  </figcaption>
 </figure>
 <p>A minor positive in favor of the bulls is that they have not ceded much ground to the bears. This suggests that the buyers are not dumping their positions in a hurry as they anticipate the uptrend to continue. On the upside, a break and close above $68.20 could clear the path for a rally to $77.</p>
 <p>This bullish view will be invalidated in the near term if the price turns down and skids below the 20-day EMA ($51.39). The SOL/USDT pair could then fall to the crucial support at $48.</p>
 <p><strong><em>Related: </em></strong><strong><em>ARK, 21Shares update spot Bitcoin ETF application as next SEC deadline looms</em></strong></p>
 <h2 id="cardano-price-analysis">Cardano price analysis</h2>
 <p>Cardano (ADA) has been witnessing a tough battle between the bulls and the bears near the $0.38 level for the past several days.</p>
 <figure><img src="https://cdn.thebittimes.com/images/2023/11/21/970af80a2c675af8f56a6ecedb0d878f.webp">
  <figcaption style="text-align: center;"><em>ADA/USDT daily chart. Source: </em><em>TradingView</em>
  </figcaption>
 </figure>
 <p>The upsloping moving averages and the RSI in the overbought zone indicate that the bulls are at an advantage. If the price stays above the $0.38 to $0.40 resistance zone, the ADA/USDT pair could rally to $0.46.</p>
 <p>If bulls want to prevent the upside, they will have to quickly drag the price back below the 20-day EMA ($0.35). If that happens, several short-term bulls may book profits, and the pair could slide to the 50-day SMA ($0.30).</p>
 <h2 id="dogecoin-price-analysis">Dogecoin price analysis</h2>
 <p>Dogecoin (DOGE) has been gradually moving higher in the past few days. The bulls drove the price above $0.08 on Nov. 17 but could not sustain the breakout.</p>
 <figure><img src="https://cdn.thebittimes.com/images/2023/11/21/6ca75dc0c0330281c3ccc1ba8a8c7616.webp">
  <figcaption style="text-align: center;"><em>DOGE/USDT daily chart. Source: </em><em>TradingView</em>
  </figcaption>
 </figure>
 <p>The price turned down on Nov. 18 and dipped to $0.08. A positive sign is that the bulls are trying to defend the $0.08 level. If they manage to do that, it will signal that $0.08 has flipped into support. That will improve the prospects of the resumption of the uptrend. The DOGE/USDT pair could then reach $0.10.</p>
 <p>The RSI is showing signs of forming a bearish divergence, indicating that the momentum may be slowing down. Sellers will have to pull and sustain the price below the 20-day EMA ($0.07) to seize control.</p>
 <h2 id="chainlink-price-analysis">Chainlink price analysis</h2>
 <p>Sellers tried to sink Chainlink (LINK) below the 20-day EMA ($13.64) on Nov. 17 and 18, but the long tail on the candlestick indicates solid buying at lower levels.</p>
 <figure><img src="https://cdn.thebittimes.com/images/2023/11/21/bdb7c4f5ee586d1c8e312629c07f91f2.webp">
  <figcaption style="text-align: center;"><em>LINK/USDT daily chart. Source: </em><em>TradingView</em>
  </figcaption>
 </figure>
 <p>There is a minor resistance at $15.40, but if this level is scaled, the LINK/USDT pair could retest the local high at $16.60. Sellers are again expected to mount a vigorous defense at this level, but if the bulls do not give up much ground, it will increase the likelihood of a break above $16.60.</p>
 <p>Contrarily, if the price turns down from $15.40, it will suggest that bears are selling at higher levels. The trend will shift in favor of the bears if they can sink and sustain the price below the 61.8% Fibonacci retracement level of $12.83.</p>
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 <p class="post-content__disclaimer">This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/price-analysis-11-20-spx-dxy-btc-eth-bnb-xrp-sol-ada-doge-link-tbt70976.html">https://thebittimes.com/price-analysis-11-20-spx-dxy-btc-eth-bnb-xrp-sol-ada-doge-link-tbt70976.html</a></p>

Price analysis 11/20: SPX, DXY, BTC, ETH, BNB, XRP, SOL, ADA, DOGE, LINK

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