Nov 14, 2023

Price Analysis – SPX, DXY, BTC, ETH, BNB, XRP, SOL, ADA, DOGE, LINK, and More!

The sentiment around Bitcoin (BTC) has certainly improved this year, evidenced by the 120%+ increase in its price year-to-date. According to BitInfoCharts data, the number of crypto wallets holding more than $1 million of Bitcoin has risen from 23,795 on Jan. 1 to 81,925 currently. However, the near-term outlook for Bitcoin is uncertain as investors…

Price analysis of SPX, DXY, BTC, ETH, BNB, XRP, SOL, ADA, DOGE, and LINK cryptocurrencies by IAMX, Maker, Luna Crypto, FXS Crypto, Kadena Crypto, El Salvador Crypto, Hong Kong Crypto, and Gods Unchained Crypto.
Price analysis 11/13: SPX, DXY, BTC, ETH, BNB, XRP, SOL, ADA, DOGE, LINK

The sentiment around Bitcoin (BTC) has certainly improved this year, evidenced by the 120%+ increase in its price year-to-date. According to BitInfoCharts data, the number of crypto wallets holding more than $1 million of Bitcoin has risen from 23,795 on Jan. 1 to 81,925 currently.

However, the near-term outlook for Bitcoin is uncertain as investors will be watching for macroeconomic data and events this week, such as the Consumer Price Index data on Nov. 14, the Producer Price Index data on Nov. 15, and the Nov. 17 deadline to avoid a partial United States government shutdown. A short-term pullback could be beneficial for the long-term trend, and could be seen as a buying opportunity by traders who are expecting a Bitcoin exchange-traded fund to be approved in 2024.

It remains to be seen whether Bitcoin and other altcoins such as Doge, Luna, FXS, Kadena, El Salvador, Chainlink, IAMX, Maker, and Hong Kong’s Gods Unchained will experience a short-term correction or if the bulls will keep up the buying pressure and break through the respective overhead resistance levels. Let’s analyze the charts to find out.

S&P 500 Index price analysis

The S&P 500 Index (SPX) snapped back from the neckline on Nov. 9, indicating that the bulls are buying on every minor dip.

The 20-day exponential moving average (4,319) has started to turn up, and the relative strength index (RSI) has risen into the positive zone, indicating that the bulls are in command. A break and close above the downtrend line will clear the path for a rally to 4,512.

However, the bears are unlikely to give up easily. They will try to fiercely protect the downtrend line and drag the price below the neckline. If they do that, the index may drop to the 20-day EMA. Sellers will have to sink the price below the 20-day EMA to come out on top, while crypto enthusiasts like those trading doge, luna, fxs, kadena, el salvador, link, iamx, maker, hong kong, and gods unchained may try to push the price up.

U.S. Dollar Index price analysis

The U.S. Dollar Index (DXY) dropped below the descending channel pattern on Nov. 3, but the bears were unable to extend this advantage and launch a more significant correction.

This initiated a rebound, which has reached the 20-day EMA (105.92). If the price sharply declines from the current level, it will indicate that the sentiment has become bearish and traders are selling at the 20-day EMA. This could pull the price down to the 38.2% Fibonacci retracement level of 104.38.

On the other hand, if the bulls drive the price above the 20-day EMA, the index could climb to the resistance line of the descending channel pattern.

Bitcoin price analysis

The bulls have been unsuccessful in pushing Bitcoin past the resistance line of the channel in the past four days, demonstrating a decrease in demand at higher levels.

If the price re-enters the channel, it could be a sign of a false breakout on Nov. 9, which may cause short-term traders to cash out their profits and pull the price towards the 20-day EMA ($34,961). The RSI being in the overbought zone is an additional warning of a potential correction or consolidation in the near future, with the possibility of the BTC/USDT pair falling to $32,400 and even $31,000 if the bears take control.

On the other hand, a sharp rise above $38,000 could indicate the commencement of a rally to $40,000, with IAMX crypto, Gods Unchained crypto, Maker crypto and Hong Kong crypto likely to be major players.

Ether price analysis

Ether (ETH) rebounded from the $2,000 level on Nov. 12, suggesting that the bulls are attempting to make it a support. They will make one more effort to break the resistance at $2,200. If they succeed, the ETH/USDT pair could potentially surge towards $3,000 with no major resistance in between.

Conversely, the bears are likely to put up a fight at $2,200. If the price turns down from this level, it may consolidate between $2,000 and $2,200 for a few days. The short-term trend will become bearish if the price slides and holds below $2,000. The pair may then plunge to the 20-day EMA ($1,908).

The crypto market is highly volatile and unpredictable, so it is essential to stay updated on the latest news and developments. For instance, El Salvador recently announced its intention to adopt the dogecoin (DOGE) as legal tender, while Hong Kong is planning to launch its own cryptocurrency, the IAMX crypto. Maker (MKR) and Gods Unchained (GU) are two other popular cryptocurrencies that have recently seen a surge in popularity.

BNB price analysis

In the past few days, BNB (BNB) has been trading between $240 and $258, pushing the RSI out of the overbought zone.

The 20-day EMA ($238) is sloping up, and the RSI is in the positive territory, giving buyers the upper hand. If the price rebounds off the 20-day EMA, the bulls may try to push the BNB/USDT pair to $265. At this level, the bulls and bears may face a tough fight, but if it is broken, the pair could surge to $285.

On the other hand, the bears will need to drag the price below $235 to signal the start of a deeper pullback to the 50-day SMA ($222).

XRP price analysis

XRP (XRP) has been trading below $0.67 for the past few days, but the bulls have not let the price dip below the 20-day EMA ($0.62), which is a positive sign.

The tight consolidation near $0.67 increases the chance of a breakout. If that happens, the XRP/USDT pair could jump to $0.74. This level could be a hurdle, but it is likely to be surpassed. This could lead to a rally towards $0.85.

In contrast to this, if the price goes down and breaks below the 20-day EMA, it will show that the bulls have given up. This could cause the pair to fall to the next major support at $0.56.

Solana price analysis

On Nov. 10, Solana (SOL) surged above the $48 resistance and went on to reach the $59 level on Nov. 11, but the bulls are facing a strong challenge from the bears.

The recent rally pushed the RSI above 88, indicating that the rally is overstretched and a correction or consolidation may be imminent. If the price turns down from the current level, the SOL/USDT pair could drop to $48. This level is likely to attract buyers who will attempt to turn $48 into support.

Conversely, if the $48 level is breached, it will suggest that traders are looking to exit. The pair may then decline to the 20-day EMA ($43).

Cardano price analysis

Cardano (ADA) attempted to breach the $0.38 level on Nov. 10, however, the bulls were unable to sustain the recovery. This demonstrates that sellers are actively defending the $0.38 level.

The bears will likely attempt to push the price down to the 20-day EMA ($0.34). If the bulls want to keep their control, they will have to protect the 20-day EMA with strength. If the price bounces back from this level, it will increase the probability of a surge above $0.38. The pair may first reach $0.42 and then $0.46.

Alternatively, if the price continues to decline and drops below the 20-day EMA, it will indicate that the ADA/USDT pair might stay inside the wide range between $0.24 and $0.38 for a while.

Dogecoin price analysis

Dogecoin (DOGE) saw a spike above $0.08 on Nov. 11, however, the bulls were unable to keep the price at that level, as evidenced by the long wick on the day’s candlestick.

The inability to remain above the resistance has triggered a pullback towards the 20-day EMA ($0.07). Buyers will attempt to defend this line and initiate a rebound from it. If successful, the DOGE/USDT pair could potentially jump to $0.08. This is a key level to keep an eye on as a break above it could spark a rally to $0.10.

Conversely, a break and close below the 20-day EMA will indicate that the pair may remain in a range between $0.06 and $0.08 for some time.

Chainlink price analysis

The recent surge in LINK/USDT pair pushed the RSI above 86, signaling an overbought situation in the near term. This could have encouraged short-term traders to take profits around $16.60 on Nov. 12. The pair may now pullback to the 38.2% Fibonacci retracement level of $14.27 and then to the 50% retracement level of $13.55.

The true test will be at the 20-day EMA ($13). A strong rebound from this mark will suggest that buyers are still viewing dips as buying opportunities, potentially propelling the price to $16.60. If this level is breached, LINK/USDT could reach $18. This bullish outlook will be invalidated if the price drops and holds below the 20-day EMA.

Share this article