Bitcoin (BTC) continued its up move, rallying more than 12.5% this week. It is not that the bears gave up easily. They tried to start a pullback on Nov. 14, but the bulls held their ground. The price has been trading in a tight range near the all-time high, improving the prospects of an upside breakout.
CryptoQuant contributor Darkfost said in a market update that Bitcoin whales have not stopped buying even with the price around $90,000, and “most are holding, which is a sign of confidence in the market.”
Crypto market data daily view. Source: Coin360
Bitcoin’s rally has improved sentiment across the cryptocurrency sector, pulling several altcoins higher. However, traders need to be careful because profit booking may set in if Bitcoin fails to hit and maintain a new all-time high.
What are the crucial support levels to watch out for in Bitcoin? If the supports hold, could altcoins continue their rally? Let’s look at the top 5 cryptocurrencies with a strong technical structure.
Bitcoin price analysis
Bitcoin bears are trying to stall the up move in the $92,000 to $93,265 resistance zone, but a positive sign is that the bulls have not given up much ground.
BTC/USDT daily chart. Source: TradingView
That increases the likelihood of the continuation of the uptrend. If buyers drive the price above $93,265, the BTC/USDT pair could surge to the psychological level of $100,000. This level may again act as a strong barrier, but if the buyers bulldoze their way through, the pair may reach $113,331.
If bears want to prevent the upside, they will have to swiftly yank the price below the $85,000 support. If they do that, the pair may sink to the 20-day exponential moving average ($80,791). A break and close below the 20-day EMA will bring the bears back into the game.
BTC/USDT 4-hour chart. Source: TradingView
The 4-hour chart shows that the pair has formed a symmetrical triangle pattern, indicating indecision between the bulls and the bears. If the price breaks and closes above the triangle, it will signal that the buyers have asserted their supremacy. That is likely to start the up move to $100,000.
Instead, if the price turns down and breaks below the triangle, it will suggest that the short-term bulls are booking profits. That may start a down move to $85,000 and then to $80,000.
Solana token price analysis
Buyers successfully defended Solana’s (SOL) retest of the breakout level of $210, indicating a positive sentiment.
SOL/USDT daily chart. Source: TradingView
The bulls pushed the price above the $225 overhead resistance on Nov. 17, signaling the start of a new up move. There is minor resistance near $242, but it is likely to be crossed. The SOL/USDT pair could reach $260, where the bears are expected to pose a substantial challenge. If buyers pierce the $260 level, the pair may surge to $304.
This bullish view will be invalidated in the near term if the price turns down and plummets below the 20-day EMA ($198). Such a move will signal that the markets have rejected the breakout.
SOL/USDT 4-hour chart. Source: TradingView
The up move is facing profit-booking near $240, but a shallow pullback suggests that the bulls are not rushing to the exit. That improves the prospects of the continuation of the uptrend toward $260.
Contrarily, if the price turns down and breaks below $225, it will signal that bears are active at higher levels. The pair may slump to $210, which is the key short-term support to keep an eye on. A break below $200 may tilt the advantage in favor of the bears.
Avalanche price analysis
Avalanche (AVAX) rebounded off the 20-day EMA ($30.60) on Nov. 15 and reached the resistance line of the ascending channel pattern on Nov. 17.
AVAX/USDT daily chart. Source: TradingView
The upsloping 20-day EMA and the relative strength index (RSI) near the overbought territory increase the likelihood of an upside breakout. If that happens, the AVAX/USDT pair could rally to $41.80 and thereafter to $50.
Contrary to this assumption, if the price fails to sustain above the channel, it will indicate that bears continue to sell on rallies. The pair may then slump to the 20-day EMA, extending the stay inside the channel for some more time.
AVAX/USDT 4-hour chart. Source: TradingView
The 4-hour chart shows that the bears are fiercely defending the resistance line of the ascending channel. If the price turns up from the current level or the 20-EMA, the bulls will again try to clear the overhead hurdle. If they succeed, the pair may climb to $41.80 and subsequently to $45.91.
On the contrary, a break below the 20-EMA will signal that the bears are attempting a comeback. The pair could slide to the 50-SMA and later to $31.
Related: Why is Solana (SOL) price up today?
Sui price analysis
Sui (SUI) rallied vertically since breaking out of $2.37 on Nov. 9, signaling that the bulls are in control.
SUI/USDT daily chart. Source: TradingView
The bears tried to stall the rally on several occasions, but the bulls purchased the intraday dips. The SUI/USDT pair could rally to $4, where the bears will again try to halt the uptrend. However, if the bulls prevail, the pair could surge to $4.25 and later to $4.70.
The 20-day EMA ($2.86) is the crucial support to watch out for on the downside. A break and close below the 20-day EMA will signal that the bulls are losing their grip. The pair may then sink to $2.37.
SUI/USDT 4-hour chart. Source: TradingView
The 4-hour chart shows that the pair is taking support at the 20-EMA during pullbacks, indicating buying on dips. If buyers thrust the price above $3.93, the pair could rally to $4 and subsequently to $4.40.
Conversely, if the price turns down and breaks below the 20-EMA, it will signal that the bulls are hurrying to book profits. The pair may drop to the 50-SMA and below that to the solid support at $2.80.
NEAR Protocol price analysis
NEAR Protocol (NEAR) picked up momentum after breaking out of the 50-day SMA ($4.71) on Nov. 11, suggesting a short-term trend change.
NEAR/USDT daily chart. Source: TradingView
The NEAR/USDT pair has reached the overhead resistance of $6.50, a crucial near-term level to watch out for. The rising 20-day EMA ($4.96) and the RSI in the overbought zone suggest the path of least resistance is to the upside. If buyers thrust the price above $6.50, the pair may rally to $7.70 and eventually to $8.58.
Alternatively, if the price turns down sharply from the current level and breaks below the 20-day EMA, it will signal that the pair may swing inside the large range between $6.50 and $3.42 for some time.
NEAR/USDT 4-hour chart. Source: TradingView
The negative divergence on the RSI suggests that the bullish momentum is slowing down. A break and close below the 20-EMA could accelerate selling, pulling the pair to the 50-SMA and later to the solid support at $5.
On the other hand, if the price turns up from the current level and rises above $6.15, it will signal that the bulls remain buyers on dips. The pair will make another attempt to rise above $6.50. If that happens, the rally could reach $7 and then $7.70.
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.