Bitcoin (BTC) is witnessing a tough fight near the $ 58,000 mark, but that hasn't stopped some altcoins from hitting a new all-time high. This shows that traders are watching the fundamental developments of the individual coins.
One of the recent The top-performing altcoins have been Avalanche (AVAX), which has soared more than 120% in November. The coin caught the attention of traders ahead of the announcement by accounting firm Deloitte, which plans to build its disaster relief platforms on the Avalanche blockchain.
In another step showing growing crypto adoption, El Salvador's President Nayib Bukele announced the bitcoin city launch, which will be powered by geothermal energy and initially funded by $ 1 billion in Bitcoin bonds.
Could strong buying at lower levels propel Bitcoin above $ 60,000 and will altcoins participate in the rally? Let's study the charts of the top 5 cryptocurrencies that could attract the attention of traders in the short term.
Bitcoin reversed direction from $ 55,600 on Nov. 19, but the recovery is facing resistance at the 50-day simple moving average ($ 60,187). The moving averages are on the verge of a bearish crossover and the Relative Strength Index (RSI) is in the negative area, indicating that the bears are making a strong comeback. If the price turns down from the current level, the bears will attempt to extend the correction by pulling the BTC / USDT pair below $ 55,600. If that happens, the next stop could be the strong support zone at $ 52,500 to $ 50,000. If the price bounces in this zone, the bulls will try to push the pair above the moving averages and the downtrend line. Such a move will indicate that the corrective phase may be over. The bulls will try to push the price above the all-time high of $ 69,000. Alternatively, a break below psychological support at $ 50,000 could intensify selling as traders rush out. The pair could then drop to $ 45,000 and then to $ 40,000. The 4-hour chart shows that the bears lowered the price below the strong support at $ 58,000, but were unable to take advantage of this advantage. The bulls bought the dip and have pushed the price above the 20 exponential moving average. If the price sustains above $ 58,000, the pair could move up to the downtrend line. A breakout and close above this resistance could indicate that the bulls have the upper hand. The pair could then rise to $ 62,000 and then $ 67,000. Conversely, if the price turns down from the current level and breaks below $ 55,600, it will signal the possible beginning of a deeper correction. Avalanche is in a strong uptrend and has been consistently hitting new highs for the past few days. The bulls pushed the price above the 200% Fibonacci extension level at $ 146.18 today, but the long wick on the day's candle shows the profit reserve at higher levels. The rising 20-day EMA (96) indicates that the bulls are in command, but the RSI near 80 suggests that the rally may overheat in the near term. This could result in a small correction or consolidation in the next few days. If the price turns down from the current level, $ 110 and then the 20-day EMA can act as a strong support. A strong bounce at either level will suggest that the bulls view declines as a buying opportunity. The pair could then march towards the 261.8% Fibonacci extension level at $ 175.58. Contrary to this assumption, if the price breaks below the 20-day EMA, it will suggest that traders are rushing out. That can push the AVAX / USDT pair to $ 81. The pair is down from $ 147, indicating an aggressive profit booking at higher levels. The bears will now try to push the price to the 20-EMA, which will likely act as strong support. If the price bounces off the 20-EMA, it will indicate a strong buy on the dips. The bulls will attempt to resume the uptrend by pushing the pair above $ 147. Contrary to this assumption, if the price breaks below the 20-EMA, the sell could accelerate and the pair could fall to $ 110. Such a move will suggest that the bulls may be losing control. Thereafter, the pair could fall to the 50-SMA. Polygon (MATIC) has been trading within an ascending channel pattern for the past few days. The bulls pushed the price above the resistance line of the channel on October 28 and 29, but failed to sustain the breakout. This may have caused short-term traders to sell out. The bears successfully defended the resistance line again on November 3. This started the downward journey towards the trend line of the channel. The falling 20-day EMA ($ 1.69) and the RSI just below the midpoint indicate a minor advantage for sellers. If the price falls from the current level, the MATIC / USDT pair could fall to the trend line. The bulls are expected to defend this level aggressively. If the price bounces off the trend line and rises above the 20-day EMA, it will indicate that the selling pressure may be easing. That may indicate the beginning of the journey north toward the resistance line. Contrary to this assumption, if the bears sink the price below the trend line, it could result in a decline of the psychological support at $ 1. The 4-hour chart shows that the bulls are attempting to rally relief from the strong support zone at $ 1.50 to $ 1.40. The 20-EMA has started to rise and the RSI is close to the center, indicating that the selling pressure may be easing. If the bulls carry the price above $ 1.70, the pair could rally to $ 1.80. A breakout and close above this level will indicate strength. Then the pair could start its upward move towards $ 2.15. On the downside, the sell may accelerate if the bears lower the price below $ 1.40. Related: Seeing red? FUD that! This is what you should have bought instead of Bitcoin last week The bears attempted to carry Elrond (EGLD) below the breakout level at $ 303.03 from Nov 16-18, but the bulls bought the dips as seen from the long tail of the candles. Strong buying on November 19 pushed the price above the overhead resistance at $ 338.70. This resumed the uptrend and the EGLD / USDT pair approached its pattern target at $ 427. The strong rally has pushed the RSI deep into the overbought zone, suggesting that a minor consolidation or correction could be on the way. from the corner. The first support on the downside is the breakout level at $ 338.70 and then the 20-day EMA ($ 325). If the price bounces off any of the levels, it will suggest that traders continue to buy on the dips. Then the bulls will try to resume the uptrend with the next target at $ 500. This positive view will be invalidated if the price dips and plummets below the breakout level at $ 303. The 4-hour chart shows that the bears tried to stop the bullish move at $ 400, but the bulls were in no mood to budge. Sustained buying at higher levels pushed the pair above the psychological barrier. The rise of the 20-EMA and the RSI in the overbought zone indicate that the bulls are firmly in the driver's seat. The first major level to watch on the downside is $ 380. If the bears pull the price below this support, the pair may drop to the 20-EMA. A strong bounce from this support could keep the uptrend intact, but a break below it will suggest that the bullish momentum may be weakening. Decentraland (MANA) was down from the 78.6% Fib retracement level to $ 4.35 on Nov. 20. This indicates that traders may be selling in rallies. The MANA / USDT pair could now drop to immediate support at $ 3.50 and if this level gives way, the correction could deepen to the 20-day EMA ($ 3.11). If the price bounces off any of the supports, it will suggest that sentiment remains positive and traders are buying on dips. The bulls will try to push the price to $ 4.36. A breakout and close above this resistance could open the doors for a rally to $ 4.94. This positive view will be invalidated if the price continues lower and breaks below the 20-day EMA. The pair has been rising within an ascending channel pattern. The failure of the bulls to push the price above the resistance line may have prompted the traders to sell, which drove the price below the 20-EMA. Both the moving averages have leveled off and the RSI has sunk near the midpoint, suggesting that the bullish momentum may be weakening. The pair could now fall to the trend line of the channel where buying can emerge. If the price bounces off the trend line, the pair could continue its upward movement within the channel. Buyers will try to bring the price to the resistance line. The bullish momentum could rebound on a breakout and close above the channel. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trade move involves risk, you should do your own research when making a decision.
BTC / USDT
AVAX / USDT
MATIC / USDT
EGLD / USDT
MANA / USDT
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