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11/22/2023

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Price Analysis November 22nd – BTC, ETH, BNB, XRP, ADA, and SOL - Herald Sheets

Despite Bitcoin surging 130% this year, most crypto investors haven't booked profits, suggesting they are bullish about the coin in the long term. Reflexity founder Willian Clemente recently shared a chart on X showing that over 70% of the BTC currently in circulation hasn't been transferred or sold in the past 12 months.

Price Analysis November 22nd – BTC, ETH, BNB, XRP, ADA, and SOL - Herald Sheets
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Despite Bitcoin surging 130% this year, most crypto investors haven’t booked profits, suggesting they are bullish about the coin in the long term. Reflexity founder Willian Clemente recently shared a chart on X showing that over 70% of the BTC currently in circulation hasn’t been transferred or sold in the past 12 months.

Another factor suggesting a long-term bullish view of Bitcoin is the growing number of investors injecting funds into crypto exchange-traded products (ETPs). Over the weekend, cryptocurrency platform Fineqia released a report indicating that total assets under management in various ETPs had jumped 90% from January 1 to October 31 this year.

Let’s now study the price charts of some of the top 10 crypto assets to find out the crucial support and resistance levels to watch out for.

Bitcoin Price Analysis

Bitcoin bounced off from the 20-day Exponential Moving Average (EMA) of $35,967 earlier today, then rose to $36,573 at press time. This is the second time in seven days that the bulls have guarded $35,967. However, buying activity hasn’t been solid enough to thrust Bitcoin towards the $38,281 resistance. But if BTC does cross above this level over the coming days, it might touch $40,028.

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On the contrary, succeeding in tugging Bitcoin below $35,967 can help the bears drag the coin to the $34,207 and $32,510 support levels.

Ethereum Price Analysis

ETH dropped to $1,945.21 on Wednesday morning, but the buyers have pushed the token above the $2,002.98 key resistance level as of this writing. This suggests that the bulls view lower prices as an opportunity for purchasing the dip. Ethereum is now selling for $2,013.87. A solid break above $2,208 might cause the cryptocurrency to rally to $3,403. Conversely, a drop below the support at $1,945.21 could lead to ETH sliding toward the 50-day Simple Moving Average of $1,782.10.

Over the last 24 hours, BNB has come under selling pressure following news that Binance CEO Changpeng Zhao was stepping down from his CEO role after agreeing on a plea deal with United States officials. Another factor that caused BNB to drop in value is the Department of Justice’s move to charge Binance with money laundering. The US authority alleged that the crypto exchange allowed various terror groups to transact on its platform.

BNB is trading below the 20-day EMA of $241.87 and the key support at $236.30. More selling pressure will likely pull Binance’s native token to the 50-day Simple Moving Average of $226.98.

XRP Price Analysis

Despite XRP trading below the 20-day Exponential Moving Average of $0.6289031 over the past few days, the bears haven’t been able to pull it below the $0.5677120 support level, suggesting that the current XRP’s price ($0.5981027) seems to present a perfect buy opportunity for the bulls, who may push the token to $0.6702802 or $0.7400218 if they overcome the hurdle at $0.6289031.

On the other hand, the bear can gain a massive advantage if they tug XRP below $0.5677120. If it happens, they might be able to cause the token to collapse to $0.4681201.

Solana Price Analysis

Prices above $60.34 have proven tough for the buyers to sustain. Intense selling pressure has caused SOL to drop to $54.29 as of this writing. The positive thing to note is that Solana continues to trade above the $49.89 resistance. If the bulls manage to turn this level into solid support, SOL could grow to retest $68.92 and even rally to $76.39.

This assumption will be invalidated if Solana crosses below $49.89. That’s because the crypto asset may fall to $41.56.

Cardano Price Analysis

The latest ADA rally stalled at $0.3989281 on Tuesday. The token has since declined to $0.3698342 as of this writing. Despite the drop, the Relative Strength Index (58) shows that the buyers still have an advantage. If they push Cardano above $0.3989281, a rally to $0,4600317 could happen. On the other hand, if ADA reverses and drops below the 20-day EMA of $0.3509932, it may continue plummeting to $0.3002982.

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