Price Analysis November 21st, 2024 – BTC, AVAX, SOL, ADA, ETH, and SHIB

Bitcoin bulls have continued to strengthen their position in the past 24 hours, pushing the coin above $98,000. The positive momentum is fueled by the introduction of option contracts on IBIT, a spot Exchange-Traded Fund issued by Wall Street giant BlackRock.

According to Bloomberg ETF expert James Seyffart, these contracts have been an instant hit since their inception on November 19th. He says they have seen over $1.9 billion in trading volume in the last two days.

As Bitcoin nears $100,000, the largest institutional BTC holder, MicroStrategy, is considering buying more coins. On Wednesday, the company’s CEO, Michael Saylor, said they were planning to raise at least $2.6 billion through Senior convertible notes to buy Bitcoin.

Meanwhile, as several crypto analysts remain bullish on BTC, onchain analytics firm CryptoQuant warns that the asset could hit a local peak soon. The company argues that the Fead & Greed Index has been above 80% for several days, suggesting that market sentiment could turn bearish in the coming days.

Will a breakout at $100,000 trigger solid price rallies in altcoins? If so, what barriers on the upside must we monitor? Analyzing the charts will help us find the answers.

Bitcoin Price Analysis

BTC has rallied to $98,333, recording a new all-time high. The current price action indicates the beginning of the next leg of the bullish trend, which could be halted at $100,000 should the bears exert pressure.

However, if selling doesn’t happen at $100,000, we anticipate Bitcoin heading toward $113,500 for the first time ever. On the other hand, the first sign of weakening bullish momentum will be when BTC drops below the $93,200 support. As such, the coin may plunge below $90,108 and move to the 20-day Exponential Moving Average of $83,972.

Ethereum Price Analysis

Buyers’ attempts to thrust ETH above $3,200 have yet to succeed, suggesting that sellers are active at higher levels. The good news is the 20-day Exponential Moving Average of $2,985.60 hasn’t collapsed. But if it does in the coming days, Ethereum could plummet to the $2,856 support and then to the 50-day Simple Moving Average of $2,685.

On the bullish side, a break and close above $3,200 could trigger a move toward the $3,400.58 resistance, where aggressive profit-taking is anticipated.

Solana Price Analysis

The small pullback from the $249 resistance to $242 at press time indicates that buyers are not in a rush to exit the market. If they intensify buying now, it is likely that Solana will rally to $259.81, a price it hasn’t seen since late 2021.

On the bearish side, if the pullback extends and the bears drag SOL below $230, a downtrend to the 20-day Exponential Moving Average of $208.97 could start.

Cardano Price Analysis

ADA has cooled after rallying 119% in the past three weeks. It’s now trading at $0.792. Its surge this month is attributed to a statement from Cardano’s co-founder Charles Hoskinson that he will be among the key figures expected to advise President-elect Donald Trump on crypto policy.

That said, ADA could rise above $0.849 if the bulls thrust its price past the $0.802 barrier. As such, a surge to the $1 resistance is possible. Conversely, the token could dip to the 20-day Exponential Moving Average of $0.580 if the $0.705 support crumbles.

Shiba Inu Price Analysis

While the bulls have pushed Shiba Inu above the 20-day Exponential Moving Average of $0.0000231, they have yet to clear the tough hurdle at $0.0000264, suggesting low demand at higher prices. However, if $0.00000264 is finally cleared, SHIB could rise to $0.0000297.

On the other hand, A Close below $0.0000231 will indicate that the bears are coming back. In this scenario, a pullback to the 50-day Simple Moving Average of $0.0000197 could happen.

Avalanche Price Analysis

After pushing AVAX above the 20-day Exponential Moving Average of $31.98 a few days ago, the bulls are looking to trigger a rally to $41. However, if the bears start applying pressure now, pulling the coin below $31.98, a dip to the $28.21 support is likely.

Tokenhell produces content exposure for over 5,000 crypto companies and you can be one of them too! Contact at [email protected] if you have any questions. Cryptocurrencies are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by Tokenhell authors (namely Crypto Cable , Sponsored Articles and Press Release content) and the views expressed in these types of posts do not reflect the views of this website. Tokenhell is not responsible for the content, accuracy, quality, advertising, products or any other content or banners (ad space) posted on the site. Read full terms and conditions / disclaimer.