Bitcoin crossed the $81,000 mark on November 10th, recording a new peak price. Several analysts now anticipate the continuation of the uptrend in the coming months. Lead researcher at Bitget, Ryan Lee, predicted on Sunday night that BTC could reach $100,000 by January next year.
He further claimed that Bitcoin’s rally is backed by numerous solid fundamentals, so it might last for several months. The Head of Research at Galaxy, Alex Thorn, had a similar opinion. He tweeted that Bitcoin and other top cryptocurrencies could stay at higher prices over the next 18 months.
Meanwhile, famous crypto trader Rekt Capital believes that the ‘parabolic phase’ of the bull run has begun. Going forward, he expects massive upward moves marked by small price corrections.
While there are strong signs of a continued rally, investors and traders are advised not to rule out sharp dips. This calls for the need to apply proper risk management.
That said, let’s take a closer look at the price charts to determine vital resistance and support levels to monitor this week.
Bitcoin Price Analysis
Since breaking above its previous peak price of $73,729, Bitcoin has rallied significantly, peaking at $81,780 on November 11th. The latest price action sends a clear message that the bulls are determined to keep the digital asset at high levels and eventually push it into new grounds.
If Bitcoin stays above $80,000, it’ll enhance the chances of an uptrend toward $93,550, where significant selling pressure is expected. Conversely, if the support at $73,729 breaks, BTC could plunge below the 20-day Exponential Moving Average of $70,304 and head toward the 50-day Simple Moving Average of $66,279.
Ethereum Price Analysis
The $2,849 resistance was finally crossed last week, allowing Ethereum to rally to $3,259, a level it hadn’t seen since August 3rd. The coin has, however, reversed to $3,127 at press time. If it hits $3,000 and bounces off, we can assume that the bulls are aggressively purchasing the dips to maintain it at higher levels. As such, ETH will likely cross $3,259 and move toward $3,408.
On the bearish side, if $3,000 isn’t guarded, Ethereum could slide to $2,849, where we anticipate dip-buying. However, if that is not the case, a move toward the 20-day Exponential Moving Average of $2,604 could start.
Solana Price Analysis
SOL started to rally on November 6th after breaking the $180.53 barrier. However, the bears have made it difficult for the bulls to keep the token above $210. Solana is changing hands for $205.73 as of this writing. Aggressive dip-purchasing near $200 could help the coin cross $210 and head toward $261.04.
On the other hand, the buyers’ failure to safeguard $200 could start a downtrend toward the 20-day Exponential Moving Average of $173.10.
BNB Price Analysis
The bulls have kept BNB above the $612.83 resistance since Saturday, signaling their intention to maintain the uptrend. If they push and keep it above $635.48, the road to $688 will be cleared. However, if BNB reaches $600.40 and the buyers do not purchase the dips, then a downturn toward the 20-day Exponential Moving Average of $583 could happen.
XRP Price Analysis
XRP exceeded the 50-day Simple Moving Average of $0.5593 on November 7th. However, the long-wicked candle on the price chart suggests that the bears are mounting pressure above $0.5593 to block the bulls from pushing the token to higher levels. But if selling dries up, XRP could cross $0.60 and rally toward $0.6491.
On the contrary, a drop below $0.5593 could shift the advantage to the bears’ side, causing XRP to plummet toward the 20-day Exponential Moving Average of $0.5284.
Cardano Price Analysis
Cardano has crossed the $0.4091 resistance and rallied to $0.5713 at press time. Its latest rally follows an announcement from the project founder Charles Hoskinson that he will be involved in formulating crypto policy under Donald Trump’s administration next year.
The bulls are looking to push ADA toward $0.7038. However, if they let the bears tug it below the $0.4907 support, it may retest $0.4091.
