Price analysis 11/20: BTC, ETH, SOL, BNB, XRP, DOGE, ADA, SHIB, TON, AVAX

Bitcoin (BTC) bulls have kept up the pressure, and the price is trying to climb above $95,000. Options contracts on BlackRock’s spot Bitcoin exchange-traded fund (ETF), the iShares Bitcoin Trust ETF (IBIT), launched on Nov. 19, were an instant hit. 

Bloomberg ETF analyst James Seyffart said in a post on X that IBIT options recorded roughly $1.9 billion in notional exposure, and that could be the reason for Bitcoin’s new all-time high on Nov. 19.

Bitcoin’s price is nearing $100,000, but MicroStrategy, the largest corporate holder of Bitcoin, is not showing any signs of slowing down its purchases. The business intelligence firm revealed plans to raise $2.6 billion from senior convertible notes to buy more Bitcoin and for general corporate purposes.

Although several analysts are bullish on Bitcoin’s prospects, onchain data service CryptoQuant highlighted in a post on X that five indicators warn that Bitcoin could be close to its local peak.

Will Bitcoin break out of $100,000, triggering solid buying in the altcoins? Let’s analyze the charts of the top 10 cryptocurrencies to find out.

Bitcoin price analysis

Bitcoin rose to a new all-time high on Nov. 20, indicating the start of the next leg of the uptrend.

The BTC/USDT pair is likely to reach $100,000, where the bears will try to halt the up move. However, the upsloping 20-day exponential moving average ($83,818) and the relative strength index (RSI) in the overbought zone signal that the bulls remain in control. If the $100,000 resistance is surpassed, the rally could reach $113,331.

The first sign of weakness will be a break and close below the uptrend line. That could tempt short-term traders to book profits. A deeper correction could begin on a close below the 20-day EMA.

Ether price analysis

Buyers tried to push and maintain Ether (ETH) above the $3,220 level on Nov. 18, but the bears held their ground.

The crucial support to watch out for on the downside is the 20-day EMA ($2,986). If the support holds, the bulls will again try to kick the price above $3,220. If they can pull it off, the ETH/USDT pair may rally to the downtrend line. Sellers are expected to mount a vigorous defense at the downtrend line.

The trend will tilt in favor of the bears if the price skids below the 20-day EMA. The pair may tumble to $2,850 and later to the 50-day SMA ($2,688).

Solana price analysis

Solana (SOL) turned down from $248 on Nov. 18, but the shallow pullback suggests that the bulls are not rushing to the exit.

Both moving averages are sloping up, and the RSI is in the overbought territory, suggesting that the path of least resistance is to the upside. There is stiff resistance at $260, but if the buyers bulldoze their way through, the SOL/USDT pair could ascend to $304.

Contrarily, the failure to shove the price above the overhead resistance zone of $248 to $260 could tempt several short-term traders to book profits. That may pull the price to the 20-day EMA ($209).

BNB price analysis

BNB (BNB) is taking support at the 20-day EMA ($610), indicating that the bulls are buying on dips.

Buyers will have to quickly propel the price above $667 to strengthen their position. If they do that, the BNB/USDT pair could rally to $722. This level is expected to act as a solid barrier, but if the bulls prevail, the pair may skyrocket to $810.

This positive view will be invalidated in the near term if the price closes below the 50-day SMA ($591). The pair may then descend to the uptrend line, which is again likely to attract buyers.

XRP price analysis

XRP (XRP) has been consolidating between $1 and $1.20 after the recent vertical rally, indicating that the bulls are not hurrying to book profits.

The bulls will again attempt to drive the price above $1.27. If they succeed, the XRP/USDT pair could resume the uptrend. The pair could extend its rally to $1.27 and subsequently to $1.70.

The bears are likely to have other plans. They will try to defend the $1.27 resistance and pull the price below the psychological support of $1. If that happens, the pair may enter a deeper correction toward the 20-day EMA ($0.81). Such a move is likely to delay the start of the next leg of the uptrend.

Dogecoin price analysis

Buyers attempted to push Dogecoin (DOGE) above the $0.44 resistance on Nov. 19, but the bears held their ground.

The DOGE/USDT pair is stuck between $0.33 and $0.44 for the past few days, indicating a tough battle between the bulls and the bears. If the price rises above $0.44, it will signal that the bulls have overpowered the bears. That could drive the pair to $0.50 and later to $0.59.

Alternatively, a break below $0.33 will indicate that the bulls are dumping their positions. That could sink the pair to the 20-day EMA ($0.30), an important short-term support to watch out for.

Cardano price analysis

Cardano (ADA) broke above the $0.80 barrier on Nov. 20, indicating the resumption of the uptrend.

If the price maintains above $0.80, the ADA/USDT pair could surge to the psychological level of $1. This level may act as a strong obstacle, but if cleared, the pair may move up to $1.25.

This positive view will be invalidated in the near term if the price turns down from the overhead resistance and breaks below $0.70. That could tempt short-term buyers to book profits, pulling the pair to the 20-day EMA ($0.58).

Related: BTC price all-time high above $94K comes amid Bitcoin sell-off warning

Shiba Inu price analysis

Shiba Inu (SHIB) has been trading above the 20-day EMA ($0.000023), but the bulls have failed to clear the $0.000026 hurdle. This suggests that demand dries up at higher levels.

The price is stuck between the 20-day EMA and $0.000026. The upsloping 20-day EMA and the RSI in the positive territory give a slight edge to the buyers. A close above $0.000026 could propel the SHIB/USDT pair to the overhead resistance of $0.000029.

On the contrary, if the price breaks below the 20-day EMA, it will suggest that the bulls have given up. The pair may slump to the 50-day SMA ($0.000019), which is expected to attract buyers.

Toncoin price analysis

Toncoin (TON) is struggling to start a rebound off the moving averages, indicating a lack of demand at higher levels.

The bears will try to strengthen their position by pulling the price below the moving averages. If they manage to do that, the TON/USDT pair could fall to the $4.72 to $4.44 support zone. Buyers are expected to defend this zone with all their might because a close below $4.44 will complete a bearish head-and-shoulders pattern. That may sink the pair to $3.50.

On the upside, the bulls will have to push and retain the price above $6 to signal a comeback. The pair may then climb to $7.

Avalanche price analysis

Sellers thwarted attempts by the bulls to push Avalanche (AVAX) above the resistance line of the ascending channel on Nov. 17.

The 20-day EMA ($31.59) is the critical support to watch out for on the downside. If the price turns up from the current level or rebounds off the 20-day EMA with strength, it will signal buying on dips. That increases the likelihood of a breakout above the resistance line. The AVAX/USDT pair could rally to $42 and then to $50.

Contrary to this assumption, a break and close below the 20-day EMA will signal that the bulls are losing their grip. The pair may then dip toward the 50-day SMA ($28.24), extending its stay inside the channel for a few more days.

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.