November 9th Technical Analysis: BTC, ETH, BNB, ADA, SOL, XRP, DOT, SHIB, DOGE, AVAX

Bitcoin (BTC) is showing strength while Ether (ETH) has finally surged to a new ATH of $ 4,800. This drove total crypto market cap above $ 3 trillion for the first time on Nov. 8, according to CoinGecko.

Data from mood shows that Bitcoin whales, holding between 10,000 BTC and 100,000 BTC in their wallets, have been buying heavily in the past few days. You bought an additional 92,000 bitcoins in the past 25 days, with about 43,000 of them in the past five days.

Another important group that still holds their assets are Bitcoin miners. Data from CryptoQuant shows that the flow of coins from miners’ wallets has remained largely unchanged in recent months, with a few exceptions.

Can the rise of bitcoin and ether pull other big coins up? Let’s check out the top 10 cryptocurrency charts to find out.

BTC technical analysis

Bitcoin broke a bullish flag pattern on November 2nd, indicating a possible continuation of the uptrend. The bears tried to get the price back under the flag but failed to break the support at the 20-day EMA ($ 61,400).

BTC / USDT daily chart | Source: TradingView

The rising moving averages and Relative Strength Index (RSI) are in positive territory, suggesting that the path of least resistance is up. If the bulls push the price above $ 67,000, the BTC / USDT pair may gain momentum.

The initial upside target is $ 75,000 which could act as resistance, but if the bulls break this barrier the pair could begin a march towards the pattern target of $ 89,476.

Contrary to this assumption, if the price deviates from the overhead resistance, the pair can fall to the 20-day EMA. A break and close below this support could open the door for a decline towards the 50-day SMA ($ 55,284).

Technical analysis of the ETH

Ether rebounded from the breakout at $ 4,375 on November 6, indicating that the bulls have turned that level into support. The buying continued on November 7th and the bulls pushed the price above the all-time high of $ 4,665.87 on November 8th.

ETH / USDT daily chart | Source: TradingView

The ETH / USDT pair can now rebound to the psychologically important level of $ 5,000, where the bears are expected to create strong resistance. If the price is falling from $ 5,000 but not falling below the 20-day EMA, it indicates strong buying on a decline.

A break and close above USD 5,000 could open the door for a rally to USD 5,283.17. The main support to watch on the downside is the 20-day EMA, which has not been breached since October 1st.

If this support breaks, it signals that bullish momentum may be wearing off. After that, the pair may drop to $ 3,888.

BNB. Technical analysis

Binance Coin (BNB) has picked up speed again after breaking the $ 518.90 mark. The bears are trying to defend the $ 691.80 resistance as seen from the long wick on the November 7th candlestick bar.

Daily BNB / USDT Chart | Source: TradingView

Unless the bulls give up much ground from current levels it will show strength and increase the likelihood of a breakout above the resistance. When this happens, the BNB / USDT pair can rise to $ 717.80.

While the moving averages suggest an advantage for buyers, the movement of the RSI into the overbought territory suggests that the pair may soon enter a period of consolidation or minor correction. Initial downside support is at $ 600.

If this support breaks, the pair may fall to the 20-day EMA ($ 549). Such a deep correction could delay the start of the next phase of an uptrend.

Technical analysis of the ADA

Cardano (ADA) has been trading between the 20-day EMA ($ 2.04) and the key support at $ 1.87 for the past few days. Although the bears successfully defended the 20-day EMA, they were unable to push the price below $ 1.87, indicating consolidation at lower levels.

Daily ADA / USDT Chart | Source: TradingView

Buyers have pushed price above the 20-day EMA and the RSI has also moved into positive territory, suggesting that the bearish momentum may ease. The ADA / USDT pair can now climb to the resistance line.

A break and close above the resistance line shows that the bulls are back in the game. After that, the pair can rebound to $ 2.47 where the bears are likely to create tough resistance.

Alternatively, if the price breaks down from the resistance line, the bears will try again to push the pair below $ 1.87.

SOL. technical analysis

Solana (SOL) is in a strong uptrend and trades within an ascending channel. The upside has seen profit taking near the resistance line of the channel, but a positive sign is that the bulls haven’t given up much ground yet.

Daily SOL / USDT chart | Source: TradingView

If price rebounds from the center line of the channel, the bulls will take another step to push the SOL / USDT pair above the resistance line. If they do that, the pair can rebound to $ 300 and then to $ 321.

Alternatively, if the price falls below the midline, the pair may fall to the support line of the channel. A break below the channel can trigger a deeper correction to $ 200 and then to the 50-day SMA ($ 4,175).

Technical XRP analysis

Ripple (XRP) broke the USD 1.24 resistance on November 8, but the bulls are having a hard time sustaining the breakout. This shows that the bears are active at higher levels.

XRP / USDT daily chart | Source: TradingView

The 20-day EMA ($ 1.13) is sloping up and the RSI is in positive territory, suggesting that the path of least resistance is up. If the bulls hold the price above $ 1.24, the XRP / USDT pair can rise to $ 1.41.

This level could act as a strong resistance again, but if buyers break this barrier, the upward momentum could pick up.

Conversely, the pair can fall to the 20-day EMA if the price falls from current levels. The sell could get stronger if this support breaks and the pair can drop to $ 1.

Technical DOT analysis

Polkadot (DOT) rebounded from the breakout at $ 49.78 on November 6, indicating that the bulls are trying to turn this level into support. Buyers will now try to push the price above $ 55.09 and continue the uptrend.

DOT / USDT daily chart | Source: TradingView

If successful, the DOT / USDT pair can begin its march north with the next target at $ 63.08. The upward sloping moving averages and the RSI near the overbought zone suggest that buyers have the upper hand.

If the price deviates from the overhead resistance, the pair could stay in a range between $ 49.78 and $ 55, and a break and close below $ 49.78 is the first sign that traders are taking profits.

After that, the pair may drop to the 20-day EMA ($ 47.41). If the price recovers from these levels the bulls will try again to resume the uptrend, but if this support breaks the pair may fall to the 50-day SMA ($ 38.92).

Technical SHIB analysis

SHIBA INU (SHIB) has been in a strong correction in the last few days. Although the price rebounded from just below the 20-day EMA ($ 0.00053) on November 5th, the bulls are struggling to hold the higher levels.

Daily SHIB / USDT Chart | Source: TradingView

This shows that traders are selling at higher levels. If the bears pull the price below the 20-day EMA, the SHIB / USDT pair may plunge to $ 0.000043. This is an important level to keep an eye on because if it breaks the correction can extend as low as $ 0.000040.

The longer the price stays below the 20-day EMA, the greater the chance of a decline to the 50-day SMA ($ 0.00031).

A breakout and close above the downtrendline are the first signs that selling pressures may ease. After that, the pair can rise to $ 0.000065 and above that to $ 0.000075.

DOGE technical analysis

Dogecoin (DOGE) fell below the 20-day EMA ($ 0.26) on Nov 4th, 5th and 6th, but the candles’ long tails show strong buying at the lower levels.

Daily DOGE / USDT Chart | Source: TradingView

The 20-day EMA is rising and the RSI is in positive territory, showing that the bulls are slightly ahead. The bulls are currently trying to push the price down to the stiff resistance at $ 0.34, but the long wick of the Nov. 8 candle shows that the bears are selling on the rebound.

If the price drops from current levels, the bears will try again to pull the price below the 20-day EMA. When this happens, the DOGE / USDT pair can fall to the 50-day SMA ($ 0.24). Breaking below this support may cause it to fall to $ 0.19.

Technical analysis by AVAX

Avalanche (AVAX) is on a strong uptrend. The upward move has regained momentum after the price climbed above the USD 81 resistance level, and now the bulls will try to push the price down to USD 100.

AVAX / USDT daily chart | Source: TradingView

If this level is hit, the AVAX / USDT pair can extend the rally to $ 108.56. The 20-day EMA is rising ($ 72) and the RSI is above 75, showing that the bulls have the upper hand.

However, if the price drops down from current levels, the pair can fall to a breakout at $ 81. If the bulls turn this level into support, the possibility of the uptrend continuing increases.

The first sign of weakness will be a breakout and close below the USD 81 support. The pair may then drop to the 20-day EMA, which is important for the bulls due to the breakout. Breakthroughs underneath can signal that a local vertex was created.

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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

SN_Nour

According to Cointelegraph

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