Key points:
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Bitcoin’s fall has resulted in three consecutive weeks of outflows from crypto ETPs, indicating a negative sentiment.
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Many altcoins are struggling to start a rebound, indicating a lack of demand from buyers.
Bitcoin (BTC) attempted a recovery to start the week, but the long wick on the candlestick shows selling at higher levels.
Many analysts believe that the market is likely to bottom and that the worst is over. Bitwise CEO Hunter Horsley said in a post on x that BTC is in a Bear Market in the last six monthswhich is about to end. He added that the setup for crypto “has never been stronger.”
However, the crypto sentiment platform Keeping a report that “real bottoms often form when most people expect prices to fall further” and not when there is consensus about a “definite price floor.”
Traders should keep an eye on crypto investment products, which are eyewitnesses Three consecutive weeks of outflows worth $ 3.2 billion. Last week alone saw $2 billion in outflows, the largest weekly outflow since February, according to a report from Coinshares. Continued buying in crypto ETPs will be required for a significant recovery.
Could BTC extend its decline, pulling altcoins lower or a recovery around the corner? Let’s check the charts of the top 10 cryptocurrencies to find out.
S&P 500 Index Price Prediction
The S&P 500 index (SPX) formed a symmetric triangle pattern, indicating insensitivity between bulls and bears.
If the price declines and breaks below the support line, it signals the start of a deeper correction towards 6,550 and then 6,400. The target pattern break from the triangle is 6,276.
Alternatively, if the price continues higher and breaks above the resistance line, it indicates the continuation of the uptrend. The index may rally to 7,000 and then to the target objective of 7,220.
US Dollar price forecast
The US Dollar Index (DXY) dropped from the 100.50 overhead resistance level on November 5 but is taking support at the 20-day moving average (99.32).
If the price bounces off the 20-day EMA with strength, the possibility of a break above the rising level of 100.50. The index can climb to the level of 102, where the bears are again expected to mount a strong defense.
Sellers need to pull the price below the 50-day simple moving average (98.57) to gain the upper hand. If they do that, the index could consolidate between 100.50 and 96.21 for longer.
Bitcoin price prediction
BTC is trying to take support at the $93,000 level, but the lack of a solid rebound indicates that the bears continue to apply pressure.
Any recovery attempt is expected to face selling at the psychological level of $100,000. If the price drops from $100,000, it suggests that the Bears have flipped the resistance level. That increases the risk of a drop to $87,800 and subsequently to $83,000.
Time is running out for the Bulls. They need to quickly drive Bitcoin price above the 20-day EMA ($102,022) to weaken the bearish momentum. The BTC/USDT pair may climb to the 50-day SMA ($109,927).
Ether price prediction
Ether (Eth) is trading below the breakdown level of $3,350, but the Bears failed to sink the price below $3,000.
The ETH/USDT pair may rise above the 20-day EMA ($3,444), where bears are expected to sell aggressively. If the price drops sharply from the 20-day EMA, the pair risks a break below $3,000. If that happens, the price of ether could plunge to $2,500.
Specifically, if buyers kick the price above the 20-day EMA, the pair may rally to the 50-day SMA ($3,871). A close above the 50-day SMA suggests that the correction phase may be ending.
XRP price prediction
XRP (XRP) is falling within a descending channel pattern, indicating that bears continue to sell in rallies.
There is minor support at $ 2.15, but if the level cracks, the XRP/USDT pair may break through the support line of the channel. Buyers are expected to aggressively defend the support line, as a break below could sink the pair to $1.61.
On the upside, a break and close above the 50-day SMA ($2.52) suggests the bulls are attempting a comeback. A short-term change in trend is signaled after buyers achieve a close to the downtrend line.
BNB price prediction
BNB (BNB) is trying to stay above the $860 level, but the recovery is expected to face selling at the 20-day EMA ($983).
If the price drops sharply from the 20-day EMA, the Bears will again try to sink the BNB/USDT pair below the level of $ 860. If they manage to do that, the price of BNB may fall to $ 730.
Contrary to this assumption, if the price turns and breaks above the 20-day EMA, it suggests that selling pressure is reducing. The pair may rise above the 50-day SMA ($1,082).
Solana price prediction
Solana (Sol) has gradually slipped towards solid support at $126, indicating that the bears remain in control.
Any recovery attempt is expected to face selling at the 20-day EMA ($159). If the price drops sharply from the 20-day EMA, the risk of a break below $126 increases. Solana’s price can dive to $95.
Instead, if the price breaks above the 20-day EMA, it indicates solid demand at lower levels. The SOL/USDT pair may rise to the 50-day SMA ($186), where bears are expected to enter.
Related: Has the BTC Price Bull Market Lost? 5 things to know in Bitcoin this week
Dogecoin price prediction
Dogecoin (Doge) is trying to take support near $0.15, but the bulls are struggling to start a strong recovery.
If the price declines from the 20-day EMA ($0.17), the probability of a drop to $0.14 increases. Buyers are expected to defend the $0.14 level with all their might, as a break below could sink the price of Dogecoin to $0.10.
Conversely, a break and close above the 20-day EMA suggests that selling dries up to $0.14. The DOGE/USDT pair may rally to the 50-day SMA ($0.19). Such a move indicates that the pair may extend its stay within the $0.14 to $0.29 range for more time.
Cardano price prediction
Cardano (There is) dipped below $0.50 support on Friday, indicating that the Bears will remain in charge.
Bulls are trying to push cardano price back above the $0.50 breakdown level. If they succeed, the ADA/USDT pair may climb above the 20-day EMA ($0.55). Sellers will try to stop the recovery at the 20-day EMA. If that happens, the Bears will try to extend the decline to $0.40.
A minor positive for the Bulls is the RSI’s attempt to form a positive divergence. That suggests that selling pressure is reducing. If buyers clear the obstacle at the 20-day EMA, the pair may rally to the 50-day SMA ($0.65).
Hyperliquid price prediction
Hyperliquid (Hype) has been trading between the 50-day SMA ($41.78) and the $35.50 support over the past few days.
This tight trade is expected to end in a range widening, but it is difficult to predict the direction of the breakout. If the price pierces the 50-day SMA, the Hype/USDT pair can advance to $52.
Conversely, if the price drops below $35.50, it is a sign that the Bears have overpowered the buyers. That could accelerate the sell-off and sink the hyperliquid price to $30.50 and subsequently to $28.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should do their own research when making decisions.
