November 27th Technical Analysis: BTC, ETH, BNB, SOL, ADA, XRP, DOT, DOGE, AVAX, SHIB

On November 26th, Bitcoin (BTC) and most of the major altcoins were sold along with the global stock markets and crude oil. Markets were in turmoil when news of a new variant of coronavirus discovered in South Africa worried scientists.

The sharp decline has resulted in $ 750 million liquidating in the past 24 hours, but funding rates on the exchanges are still rising. This suggests that the sale may not be complete yet.

Bitcoin will most likely miss PlanB’s worst-case target of $ 98,000 by the end of November. This will be the first failure after the model correctly predicted month-end prices for August, September, and October, but the creator of the stock-to-flow model believes the $ 100,000 target for Bitcoin will remain intact this cycle.

Is the current decline the start of a deeper downtrend or a correction within a long-term uptrend? Let’s check out the top 10 cryptocurrency charts to find out.

BTC technical analysis

The bulls pushed Bitcoin back above the $ 58,000 break on Nov. 25 but failed to break the barrier at the 20-day EMA ($ 59,510). This could have resulted in profit-taking by traders.

BTC / USDT daily chart | Source: TradingView

The sale has regained momentum after falling below $ 55,317 on Nov 26 and the next stop could be psychological support at $ 50,000.

When the price recovers from these levels, buyers will seek to push the price above the 20-day EMA. If they are successful, it suggests that selling pressures may ease.

Even if the next rally is stopped by the 20-day EMA, it shows that sentiment has turned negative and traders are selling on the rallies. That increases the chance of a break below $ 50,000.

If that happens, the BTC / USDT pair could panic selling, potentially pushing the price down to $ 40,000.

Technical analysis of the ETH

Ether (ETH) broke above the 20-day EMA ($ 4.336) on November 25, but the upward move proved to be a bull trap as the price collapsed on November 26 and hit the neckline of a developing head and shoulders (H&S) fell. Template.

ETH / USDT daily chart | Source: TradingView

The cops actively defend the cutout. If price bounces off the neckline, buyers will try to overcome the overhead resistance at $ 4,551. This could pave the way for a retest of the all-time high of $ 4,868.

Conversely, a closing price below the cutout will complete the bearish pattern. This could intensify selling and the ETH / USDT pair could fall into the $ 3,600-3,400 support area. If this zone is also broken, the next stop could be the target of the pattern at $ 3,047.

BNB. Technical analysis

Binance Coin (BNB) rose above the resistance at $ 605.20 on November 25, but the bulls failed to break the strong barrier at $ 669.30. This shows that the bears are aggressively defending this level.

Daily BNB / USDT Chart | Source: TradingView

Failure to break above $ 669.30 may have led short-term traders to profit-taking. This pushed the price back below the 20-day EMA (USD 590) on November 26th. The bears will now attempt to lower the BNB / USDT pair to the 50-day SMA ($ 539).

A break and close below the 50-day SMA could indicate a trend reversal. The sale could accelerate on a break below $ 510, after which the pair may tumble to $ 450.

The bulls must push and hold the price above the $ 669.30 to $ 691.80 resistance area to signal the continuation of the uptrend.

SOL. technical analysis

Solana (SOL) rallied from the 50-day SMA ($ 202) on November 25, but was rejected by the 20-day EMA ($ 216) shortly afterwards. This shows a shift in sentiment from buying when falling to selling when rising.

Daily SOL / USDT chart | Source: TradingView

Selling resumed November 26th and the bears are trying to push the price below the support line of the symmetrical triangle. If they keep the price below the triangle, the SOL / USDT pair can fall to $ 153 and then to $ 140.

The falling 20-day EMA and Relative Strength Index (RSI) below 43 suggest the bears have the upper hand. This negative view will be invalidated if price rises from current levels and breaks above the triangle’s resistance line.

Technical analysis of the ADA

Cardano (ADA) formed a doji candlestick pattern on Nov. 25, showing indecision between the bulls and the bears. That uncertainty cleared with a break below $ 1.58 on November 26th.

Daily ADA / USDT Chart | Source: TradingView

The ADA / USDT pair has strong support at $ 1.50. While the downward sloping moving averages are giving the bears an advantage, the RSI in the oversold territory suggests that the selling may have been oversold in the short term.

The bulls could attempt a recovery rally to the 20-day EMA ($ 1.85). If the price moves down from this level, the bears will make another move to bring the pair below $ 1.50. If successful, the pair may fall to $ 1. The first sign of strength will be a breakout and close above the 20-day EMA.

Technical XRP analysis

Although the bulls have been defending $ 1 support for the past few days, they have been unable to push Ripple (XRP) above the 20-day EMA ($ 1.08). This shows a lack of demand at the higher levels.

XRP / USDT daily chart | Source: TradingView

Selling accelerated on November 26th and the bears pushed the price below the psychological support at $ 1. The XRP / USDT pair may now fall to the strong support at $ 0.85. If the price recovers from these levels, the bulls will attempt to push the price above $ 1.

If they do, the pair may rebound to the $ 1.24 resistance level. Conversely, if the price goes down from $ 1 to below $ 0.85, the pair can drop to $ 0.70.

Technical DOT analysis

Polkadot (DOT) broke the uptrend line on November 25th, but the bulls were unable to hold higher levels. Selling pressure increased on November 26, and the price fell below $ 37.53, completing a bearish H&S pattern.

DOT / USDT daily chart | Source: TradingView

The DOT / USDT pair may now drop to $ 32 and then $ 26 where the bulls can halt the decline. On the flip side, the $ 38.70 level is an important level to watch.

If the price moves down from this level, it shows that sentiment is still negative and traders are selling on the rebound.

Conversely, if the bulls push and hold the price above $ 38.70 it will show strong demand at lower levels. A breakthrough and closing price above $ 43.56 can add to the bulls advantage.

DOGE technical analysis

Dogecoin (DOGE) attempted a rebound on November 25, but the long wick on the intraday candle shows that bears were selling near the downtrend line.

Daily DOGE / USDT Chart | Source: TradingView

The sell regained momentum on Nov 26, and the DOGE / USDT pair fell below the nearest support at $ 0.21 and even challenged the strong support at $ 0.19. The bulls are currently trying to defend the $ 0.19 level.

If price bounces off current levels, the bears will again be challenging at $ 0.21. If that level turns to resistance, a break will go below $ 0.19. If so, the pair may fall to the critical support at $ 0.15. The first sign of strength will be a breakout and close above the 20-day EMA ($ 0.23).

Technical analysis by AVAX

Avalanche (AVAX) rebounded from the 38.2% fib retracement level at $ 112.63 on November 25, but the long wick on the candle shows traders are selling on the rebound.

AVAX / USDT daily chart | Source: TradingView

The AVAX / USDT pair turned down on November 26th, falling to the 20-day EMA ($ 105). This is an important level to watch out for, as in an uptrend traders will usually buy when the price falls below the 20-day EMA. If the price recovers from current levels, the bulls will attempt to push the price down to $ 130.

Conversely, if the bears pull below the 20-day EMA and the 50% retracement at $ 102.01, the pair may drop to the 61.8% fib retracement at $ 91.39. The deeper the decline, the longer it will take for the next leg of the uptrend to begin.

Technical SHIB analysis

SHIBA INU (SHIB) fell below strong support at $ 0.000040 on November 24. The bulls tried to push the price back above this level and caught aggressive bears on November 25th, but failed to break the 20-day EMA hurdle ($ 0.00046).

Daily SHIB / USDT Chart | Source: TradingView

This shows that on rallies, traders sell near the overhead resistance. The bears pushed the price back below $ 0.000040 on November 26th, increasing the possibility of the correction continuing.

The SHIB / USDT pair may now hit the 100% fib retracement level and drop to $ 0.000027. This bearish view will be invalidated if price rises from current levels and breaks above the 20-day EMA. After that, the pair can rally to $ 0.000052.

You can see the price of the coin Here.

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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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