Price analysis 11/22: BTC, ETH, SOL, BNB, XRP, DOGE, ADA, AVAX, SHIB, TON

Bitcoin (BTC) is showing no signs of slowing down as it came within a whisker of hitting the psychologically critical level of $100,000 on Nov. 22. Material Indicators co-founder Keith Alan cautioned short sellers in a post on X to be “prepared to get squeezed” if they sell at current levels.

Bitcoin’s rally is supported by strong inflows into United States spot Bitcoin exchange-traded funds. Bloomberg ETF analyst Eric Balchunas said in a post on X that the US spot Bitcoin ETFs crossed the $100 billion mark in assets on Nov. 21, which is 82% the size of the gold ETFs.

Newbie traders generally tend to chase prices higher during a strong bull phase, but caution is warranted. The sharp rally of the past few days has pushed investor sentiment into the “extreme greed” category at 87, according to data from CoinMarketCap’s Crypto Fear & Greed Index. Increasing greed poses a risk of a short-term pullback.

Will Bitcoin accelerate once it crosses $100,000, or is a near-term correction possible? How are the altcoins likely to behave? Let’s analyze the charts of the top 10 cryptocurrencies to find out.

Bitcoin price analysis

Bitcoin has been in a strong uptrend, but the rally could face resistance at the psychological level of $100,000.

If the bulls do not cede much ground to the bears, it will suggest that the buyers are holding on to their positions as they anticipate the rally to continue. Above $100,000, the BTC/USDT pair could reach $113,331 and then $125,000.

The first sign of weakness will be a break and close below the uptrend line. That could tempt short-term traders to book profits, pulling the price to the 20-day exponential moving average ($86,473). A break and close below the 20-day EMA will indicate that the bears are on a comeback.

Ether price analysis

Ether (ETH) rebounded off the 20-day EMA ($3,042) and broke above the $3,225 resistance on Nov. 21, indicating that the bulls are trying to take charge.

The upsloping 20-day EMA and the relative strength (RSI) in the positive zone indicate the path of least resistance is to the upside. If buyers pierce the downtrend line, the ETH/USDT pair could soar to $3,900 and eventually to $4,094.

This optimistic view will be negated in the near term if the price turns down and breaks below $3,000. The pair may drop to $2,850, which is an important level for the bulls to defend. If this support gives way, the advantage will tilt in favor of the bears.

Solana price analysis

Solana (SOL) picked up momentum after breaking out of $249 on Nov. 21 and hit a new all-time high above $264 on Nov. 22.

A new all-time high is a bullish sign as it shows solid demand for the asset. With no overhead resistance, a new high clears the path for further gains. If buyers maintain the price above $248, the SOL/USDT pair is likely to skyrocket to $304.

The 20-day EMA ($218) is the vital support to watch out for on the downside. If the price tumbles below the 20-day EMA, it will indicate that the bulls are rushing to the exit. A local short-term top will be signaled on a break below $200.

BNB price analysis

BNB (BNB) bounced off the 50-day simple moving average ($594) on Nov. 21, indicating that the sentiment remains positive, and traders are buying on dips.

The BNB/USDT pair could rise to $667, a near-term resistance to watch out for. If bulls overcome this barrier, the pair could surge to $722. This level may act as a strong hurdle, but if the bulls cross it, the pair could jump to $810.

The 50-day SMA is the crucial support to watch out for on the downside. If this level breaks down, the pair could drop to the uptrend line. The deeper the pullback, the greater the time needed for the next leg of the uptrend to begin.

XRP price analysis

XRP (XRP) resumed its up move after buyers pushed the price above the $1.27 resistance on Nov. 22.

The vertical rally in the XRP/USDT pair has pushed the RSI deep into the overbought territory. If bulls maintain the momentum, the pair could reach $1.70, but vertical rallies are rarely sustainable.

The first support on the downside is the breakout level of $1.27. A break and close below $1.27 could tempt buyers to book profits. That may increase the selling pressure, pulling the pair toward $1.

Dogecoin price analysis

Dogecoin (DOGE) has been consolidating in a wide range between $0.34 and $0.44 for the past few days.

The upsloping 20-day EMA ($0.32) and the RSI in the overbought territory indicate advantage to buyers. If bulls drive the price above $0.44, the DOGE/USDT pair could rally to $0.50 and then to $0.59.

If bears want to prevent the up move, they will have to swiftly pull the price below the 20-day EMA. If they do that, the selling could pick up, and the pair may plummet to the 50% Fibonacci retracement level of $0.29 and later to the 61.8% retracement level of $0.25.

Cardano price analysis

Cardano (ADA) rose and closed above the $0.80 hurdle on Nov. 20, signaling the start of the next leg of the up move.

The bulls are trying to push the price to the psychological level of $1, which is expected to act as a strong resistance. If the price turns down from $1 but does not skid below $0.80, it will indicate that the bulls have flipped the level into support. That increases the possibility of a break above $1. The ADA/USDT pair may then ascend to $1.25.

Contrary to this assumption, if the price turns down sharply and breaks below $0.80, it will suggest that the markets have rejected the breakout. The pair may plunge to the 20-day EMA ($0.63).

Related: Why is Solana (SOL) price up today?

Avalanche price analysis

Avalanche (AVAX) broke above the resistance line of the ascending channel pattern on Nov. 22, indicating that the bulls have overpowered the bears.

If the price sustains above the resistance line, the AVAX/USDT pair could surge to $42 and subsequently to $50. 

This positive view will invalidate in the near term if the price turns down and breaks below the 20-day EMA. Such a move will signal that the breakout may have been a bull trap. The pair may then dip to the 50-day SMA ($28.71), extending the stay inside the channel for some more time.

Shiba Inu price analysis

Shiba Inu (SHIB) turned up from the 20-day EMA ($0.000023) on Nov. 21, signaling that the bulls continue to buy the dips.

Buyers will have to drive the price above the $0.000026 resistance to open the doors for a retest of the $0.000029 level. A break and close above $0.000029 will complete a bullish inverted head-and-shoulders pattern, starting an up move to $0.000039 and later to the pattern target of $0.000047.

Contrarily, if the price turns down and breaks below the 20-day EMA, it will signal that the bears are back in the game. The SHIB/USDT pair may slump to the SMA ($0.000020).

Toncoin price analysis

Toncoin (TON) turned up from the moving averages on Nov. 21, indicating that the bulls are attempting to form a higher low.

The 20-day EMA ($5.30) is gradually sloping up, and the RSI is in the positive territory, indicating advantage to buyers. The TON/USDT pair could rise to the overhead resistance at $6, an essential level for the bears to defend because a break and close above it may propel the pair to $7.

If bears want to regain control, they will have to yank the price below the moving averages and challenge the $4.72 to $4.44 support zone.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.