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Bitcoin

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 <p class=""><strong>The significant resurgence in Bitcoin (BTC) and specific alternative cryptocurrencies indicates that bullish sentiment continues to prevail, with investors consistently showing interest in purchasing these assets at reduced prices.</strong></p>
 <p class="">Traders generally have a solid aversion to uncertainty, so the recent resolution between Binance, Changpeng “CZ” Zhao, and the United States Department of Justice will likely foster a positive outlook for the cryptocurrency market. Most analysts have expressed optimism regarding this development, although a minority have voiced caution, citing the ongoing lawsuit by the Securities and Exchange Commission against Binance.</p>
 <p class="">On November 21st, Bitcoin and various major alternative cryptocurrencies experienced a substantial decline in value following the Binance-related news. However, it appears traders swiftly intervened after the initial knee-jerk reaction, taking advantage of the lower prices. Following this initial rebound, the bullish momentum is anticipated to encounter significant resistance from bearish forces.</p>
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   <figcaption class="wp-element-caption"><em><sub>Daily cryptocurrency market performance. Source:&nbsp;Coin360</sub></em>
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 <p class="">Buying on dips and selling on rallies results in a range-bound action as both the bulls and the bears battle it for supremacy. Generally, a consolidation near the 52-week high is considered a bullish sign, but traders should wait for an upside confirmation before jumping in to buy.</p>
 <p class="">Will Bitcoin and select altcoins remain stuck inside a range for the next few days? What are the critical levels to watch out for?</p>
 <p class="">Let’s analyse the charts of the top 10 cryptocurrencies to find out.</p>
 <h2 class="wp-block-heading" id="bitcoin-btc-price-analysis">Bitcoin (BTC) price analysis</h2>
 <p class="">The bears pulled Bitcoin below the 20-day exponential moving average ($35,948) on Nov 21st but could not sustain the lower levels. Strong buying by the bulls pushed the price back above the 20-day EMA on Nov 22nd.</p>
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   <figcaption class="wp-element-caption"><em><sub>BTC/USDT daily chart. Source:&nbsp;</sub></em><sub><em>TradingView</em></sub>
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 <p class="">The BTC/USDT pair has been consolidating between $34,800 and $38,000 for several days. This indicates a balance between supply and demand. A minor positive in favour of the bulls is that the 20-day EMA slows up, and the relative strength index (RSI) remains in the positive zone.</p>
 <p class="">If bulls propel the price above $38,000, the pair could start the next leg of the uptrend to $40,000. This level may act as a formidable resistance, but the team may soar to $48,000 if cleared.</p>
 <p class="">On the contrary, if the price turns down and breaks below $34,800, it will suggest that the traders are rushing to the exit. That may open the doors for a further decline to $32,400.</p>
 <h2 class="wp-block-heading" id="ether-eth-price-analysis">Ether (ETH) price analysis</h2>
 <p class="">Ether turned down from the resistance line on Nov 20th and slipped below the 20-day EMA ($1,957) on Nov 21st.</p>
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   <figcaption class="wp-element-caption"><em><sub>ETH/USDT daily chart. Source:&nbsp;TradingView</sub></em>
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 <p class="">However, the bulls had other plans. They aggressively purchased the drop below the 20-day EMA and are again trying to overcome the barrier at the resistance line. This remains a pivotal level to watch because a break above it could start a rally to $2,137 and then to $2,200.</p>
 <p class="">On the downside, $1,880 is a necessary support to watch out for. If this level fails, the ETH/USDT pair may start a deeper correction to the 50-day simple moving average ($1,791). That could delay the start of the next leg of the up-move.</p>
 <h2 class="wp-block-heading" id="bnb-price-analysis">BNB price analysis</h2>
 <p class="">BNB&nbsp;<a target="_blank" rel="noreferrer noopener">witnessed a wild ride on Nov 21st, with an intraday high of $272 and a low of $224. This indicates uncertainty about the next directional move between the bulls and the bears.</a></p><a target="_blank" rel="noreferrer noopener">
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    <figcaption class="wp-element-caption"><em><sub>BNB/USDT daily chart. Source:&nbsp;TradingView</sub></em>
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  </div> <p class="">A minor positive is that the bulls did not allow the price to break below the significant support at $223. That started a recovery on Nov 22nd, and the bulls are trying to push the price back above the 20-day EMA ($240). If they succeed, it will signal that the BNB/USDT pair may consolidate between $223 and $265 for some time.</p> <p class="">Conversely, if the price fails to sustain above the 20-day EMA, it will suggest that bears are selling on rallies. That could again pull the price toward $223. A break below this support could extend the fall to $203.</p> <h2 class="wp-block-heading" id="xrp-price-analysis">XRP price analysis</h2> </a>
 <p class=""><a target="_blank" rel="noreferrer noopener">XRP&nbsp;</a><a target="_blank" rel="noreferrer noopener">turned down from the 20-day EMA ($0.61) on Nov 20th and fell to the 50-day SMA ($0.57) on Nov 21st.</a></p><a target="_blank" rel="noreferrer noopener">
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    <figcaption class="wp-element-caption"><em><sub>XRP/USDT daily chart. Source:&nbsp;TradingView</sub></em>
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  </div> <p class="">The bulls are expected to defend the support at $0.56 because a failure to do so may result in a drop toward $0.46. The slightly downsloping 20-day EMA and the RSI just below the midpoint indicate a minor advantage to the bears.</p> <p class="">If the price breaks above the 20-day EMA, it will suggest strong buying at lower levels. That will signal a possible range-bound action between $0.56 and $0.74 for a few days. The bulls will return to the driver’s seat after the XRP/USDT pair rises above $0.74.</p> <h2 class="wp-block-heading" id="solana-sol-price-analysis">Solana (SOL) price analysis</h2> </a>
 <p class=""><a target="_blank" rel="noreferrer noopener">Solana&nbsp;</a><a target="_blank" rel="noreferrer noopener">climbed above the critical overhead resistance of $0.59 on Nov 19th, but the bulls could not build upon this strength. The bears pulled the price back below $0.59 on Nov 20th.</a></p><a target="_blank" rel="noreferrer noopener">
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    <figcaption class="wp-element-caption"><em><sub>SOL/USDT daily chart. Source:&nbsp;TradingView</sub></em>
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  </div> <p class="">The SOL/USDT pair snapped back from the 20-day EMA ($51) on Nov 22nd, indicating that the bulls vigorously protect the level. Buyers will again try to overcome the obstacle at $59 and challenge the local high at $68.</p> <p class="">On the contrary, if the price again turns down from $59, it will suggest that bears remain active at higher levels. Sellers will again attempt to sink the price below the vital support at $48. If this level allows, the pair may nosedive to the 50-day SMA ($37).</p> <h2 class="wp-block-heading" id="cardano-ada-price-analysis">Cardano (ADA) price analysis</h2> </a>
 <p class=""><a target="_blank" rel="noreferrer noopener">Repeated failures of the bulls to maintain Cardano&nbsp;</a><a target="_blank" rel="noreferrer noopener">above the breakout level of $0.38 started a correction on Nov 21st.</a></p><a target="_blank" rel="noreferrer noopener">
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    <figcaption class="wp-element-caption"><em><sub>ADA/USDT daily chart. Source:&nbsp;TradingView</sub></em>
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  </div> <p class="">The price reached the 20-day EMA ($0.35), a strong support. The sharp rebound off this level suggests robust buying by the bulls. It also increases the likelihood of a break above $0.39. If this level is scaled, the ADA/USDT pair could rise to $0.46.</p> <p class="">Bears must quickly drag the price below the 20-day EMA if they want to prevent the rally. There is minor support at $0.34, but if it cracks, the pair may slide to the 50-day SMA ($0.30).</p> <h2 class="wp-block-heading" id="dogecoin-doge-price-analysis">Dogecoin (DOGE) price analysis</h2> </a>
 <p class=""><a target="_blank" rel="noreferrer noopener">Dogecoin&nbsp;</a><a target="_blank" rel="noreferrer noopener">plunged below the 20-day EMA ($0.07) on Nov 21st, but the bears struggle to sustain the lower levels.</a></p><a target="_blank" rel="noreferrer noopener">
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   <figure class="aligncenter"><img decoding="async" src="https://cdn.thebittimes.com/images/2023/11/23/2a6d858dc0dee6df00ee331469eb1092.webp" alt="" data-recalc-dims="1">
    <figcaption class="wp-element-caption"><em><sub>DOGE/USDT daily chart. Source:&nbsp;</sub></em><sub><em>TradingView</em></sub>
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  </div> <p class="">The bulls are trying to push the DOGE/USDT pair back above the 20-day EMA. It will suggest aggressive buying on dips if they can pull it off. The bulls will then make one more attempt to clear the overhead hurdle at $0.08 and start the march toward $0.10.</p> <p class="">Alternatively, the bears will try to sell the rallies and keep the price pinned below the 20-day EMA. That could open the doors for a potential drop to the 50-day SMA ($0.07) and eventually to the crucial support at $0.06.</p> <h2 class="wp-block-heading" id="toncoin-ton-price-analysis">Toncoin (TON) price analysis</h2> <p class="">Toncoin has been finding support at the 50-day SMA ($2.19), indicating that the sentiment remains positive and traders buy on dips.</p>
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   <figure class="aligncenter"><img decoding="async" src="https://cdn.thebittimes.com/images/2023/11/23/f8f953f256ac1e262cca0fe328bdaf9e.webp" alt="" data-recalc-dims="1">
    <figcaption class="wp-element-caption"><em><sub>TON/USDT daily chart. Source:&nbsp;TradingView</sub></em>
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  </div> <p class="">Both moving averages remain flattish, and the RSI is just above the midpoint, indicating a range-bound action in the short term. If the price is above $2.40, the TON/USDT pair may rise to $2.59.</p> <p class="">Contrary to this assumption, if the price breaks below the 20-day EMA, the pair could test the support at the 50-day SMA. The pair may move downward to $2 and $1.89 if this support cracks.</p> <h2 class="wp-block-heading" id="chainlink-link-price-analysis">Chainlink (LINK) price analysis</h2> <p class="">Chainlink turned down from the immediate resistance of $15.39 on Nov 20th and fell below the 20-day EMA ($13.63) on Nov 21st.</p>
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   <figure class="aligncenter"><img decoding="async" src="https://cdn.thebittimes.com/images/2023/11/23/477b6c61dc9e5709bbefeedf83b1d195.webp" alt="" data-recalc-dims="1">
    <figcaption class="wp-element-caption"><em><sub>LINK/USDT daily chart. Source:&nbsp;</sub></em><sub><em>TradingView</em></sub>
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  </div> <p class="">The LINK/USDT pair rebounded above the 20-day EMA on Nov 22nd, indicating demand at lower levels. Buyers will again try to propel the price above $15.39 and retest the overhead resistance at $16.60.</p> <p class="">Meanwhile, the bears are likely to have other plans. They will try to defend the $15.39 level and pull the price below the 61.8% Fibonacci retracement level of $12.83. The pair may plummet to the 50-day SMA ($10.94) if they do that.</p> <h2 class="wp-block-heading" id="avalanche-avax-price-analysis">Avalanche (AVAX) price analysis</h2> </a>
 <p class=""><a target="_blank" rel="noreferrer noopener">Avalanche&nbsp;</a><a target="_blank" rel="noreferrer noopener">closed above the $10.52 to $22 range on Nov 19th, but the bulls could not maintain the higher levels. The bears pulled the price back below the breakout level on Nov 20th.</a></p><a target="_blank" rel="noreferrer noopener">
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   <figure class="aligncenter"><img decoding="async" src="https://cdn.thebittimes.com/images/2023/11/23/1f85cedfcc6b4b6900ce817ae2add5da.webp" alt="" data-recalc-dims="1">
    <figcaption class="wp-element-caption"><em><sub>AVAX/USDT daily chart. Source:&nbsp;</sub></em><sub><em>TradingView</em></sub>
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  </div> <p class="">The 20-day EMA ($17.71) slows up, and the RSI is in positive territory, indicating that the bulls have the upper hand. Buyers will again try to propel the price above $22, and if they are successful, it will suggest the start of a new up-move. The AVAX/USDT pair could then start its journey toward $30.</p> <p class="">Contrarily, if the price turns down from $22, it will indicate that the bears vigorously protect the level. That will increase the possibility of a break below the 20-day EMA. If that happens, the pair may remain stuck inside the extensive range longer.</p> <h4 class="wp-block-heading"><em>Source – Rakesh Upadhyay</em></h4> </a>
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<p><a target="_blank" rel="noreferrer noopener">Source: </a><a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/latest-market-overview-22nd-nov-btc-eth-bnb-xrp-sol-ada-doge-ton-link-avax-tbt71288.html">https://thebittimes.com/latest-market-overview-22nd-nov-btc-eth-bnb-xrp-sol-ada-doge-ton-link-avax-tbt71288.html</a></p>

Latest Market Overview 22nd Nov: BTC, ETH, BNB, XRP, SOL, ADA, DOGE, TON, LINK, AVAX

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