Key points:
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Bitcoin’s fall has resulted in three consecutive weeks of outflows from crypto ETPs, indicating a negative sentiment.
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Several altcoins are struggling to start a rebound, indicating a lack of demand from buyers.
Bitcoin (BTC) attempted a recovery to start the week, but the long wick on the candlestick shows selling at higher levels.
Several analysts believe that the market is likely to bottom soon and that the worst is over. Bitwise CEO Hunter Horsley said in a post on X that BTC has been in a bear market for the past six months, which is about to end. He added that the setup for crypto “has never been stronger.”
However, crypto sentiment platform Santiment cautioned in a report that “true bottoms often form when the majority expects prices to fall further” and not when there is a consensus about a “specific price bottom.”
Traders should keep a close eye on crypto investment products, which have witnessed three consecutive weeks of outflows totaling $3.2 billion. Last week alone saw $2 billion in outflows, the largest weekly outflows since February, according to a report from CoinShares. Sustained buying into crypto ETPs will be needed for a meaningful recovery.
Could BTC extend its decline, pulling altcoins lower or is a recovery around the corner? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
S&P 500 Index price prediction
The S&P 500 Index (SPX) has formed a symmetrical triangle pattern, indicating indecision between the bulls and the bears.
If the price turns down and breaks below the support line, it signals the start of a deeper correction toward 6,550 and then 6,400. The pattern target of the break from the triangle is 6,276.
Alternatively, if the price continues higher and breaks above the resistance line, it indicates the resumption of the uptrend. The index may rally to 7,000 and then to the target objective of 7,220.
US Dollar Index price prediction
The US Dollar Index (DXY) turned down from the 100.50 overhead resistance level on Nov. 5 but is taking support at the 20-day exponential moving average (99.32).
If the price rebounds off the 20-day EMA with strength, the likelihood of a break above the 100.50 level increases. The index could then climb to the 102 level, where the bears are again expected to mount a strong defense.
Sellers will have to pull the price below the 50-day simple moving average (98.57) to gain the upper hand. If they do that, the index may consolidate between 100.50 and 96.21 for a while longer.
Bitcoin price prediction
BTC is attempting to take support at the $93,000 level, but the lack of a solid rebound indicates that the bears continue to exert pressure.
Any recovery attempt is expected to face selling at the psychological level of $100,000. If the price turns down from $100,000, it suggests that the bears have flipped the level into resistance. That heightens the risk of a drop to $87,800 and subsequently to $83,000.
Time is running out for the bulls. They will have to swiftly drive the Bitcoin price above the 20-day EMA ($102,022) to weaken the bearish momentum. The BTC/USDT pair may then climb to the 50-day SMA ($109,927).
Ether price prediction
Ether (ETH) has been trading below the breakdown level of $3,350, but the bears have failed to sink the price below $3,000.
The ETH/USDT pair could rise to the 20-day EMA ($3,444), where the bears are expected to sell aggressively. If the price turns down sharply from the 20-day EMA, the pair risks a break below $3,000. If that happens, the Ether price may plunge to $2,500.
Contrarily, if buyers kick the price above the 20-day EMA, the pair could rally to the 50-day SMA ($3,871). A close above the 50-day SMA suggests that the corrective phase may be ending.
XRP price prediction
XRP (XRP) has been falling inside a descending channel pattern, indicating that the bears continue to sell on rallies.
There is minor support at $2.15, but if the level cracks, the XRP/USDT pair could plummet to the support line of the channel. Buyers are expected to aggressively defend the support line, as a break below it may sink the pair to $1.61.
On the upside, a break and close above the 50-day SMA ($2.52) suggests that the bulls are attempting a comeback. A short-term trend change will be signaled after buyers achieve a close above the downtrend line.
BNB price prediction
BNB (BNB) is attempting to stay above the $860 level, but the recovery is expected to face selling at the 20-day EMA ($983).
If the price turns down sharply from the 20-day EMA, the bears will again try to sink the BNB/USDT pair below the $860 level. If they manage to do that, the BNB price could collapse to $730.
Contrary to this assumption, if the price turns up and breaks above the 20-day EMA, it suggests that the selling pressure is reducing. The pair may then rise to the 50-day SMA ($1,082).
Solana price prediction
Solana (SOL) has been gradually sliding toward the solid support at $126, indicating that the bears remain in control.
Any recovery attempt is expected to face selling at the 20-day EMA ($159). If the price turns down sharply from the 20-day EMA, the risk of a break below $126 increases. The Solana price could then dive to $95.
Instead, if the price breaks above the 20-day EMA, it signals solid demand at lower levels. The SOL/USDT pair could then rise to the 50-day SMA ($186), where the bears are expected to step in.
Related: BTC price bull market lost? 5 things to know in Bitcoin this week
Dogecoin price prediction
Dogecoin (DOGE) is trying to take support near $0.15, but the bulls are struggling to start a strong recovery.
If the price turns down from the 20-day EMA ($0.17), the likelihood of a drop to $0.14 increases. Buyers are expected to defend the $0.14 level with all their might, as a break below it could sink the Dogecoin price to $0.10.
On the contrary, a break and close above the 20-day EMA suggests that selling dries up near $0.14. The DOGE/USDT pair may then rally to the 50-day SMA ($0.19). Such a move indicates that the pair could extend its stay inside the $0.14 to $0.29 range for some more time.
Cardano price prediction
Cardano (ADA) dipped below the $0.50 support on Friday, indicating that the bears remain in charge.
The bulls are attempting to push the Cardano price back above the breakdown level of $0.50. If they succeed, the ADA/USDT pair could ascend to the 20-day EMA ($0.55). Sellers will try to halt the recovery at the 20-day EMA. If that happens, the bears will try to extend the decline to $0.40.
A minor positive for the bulls is that the RSI is attempting to form a positive divergence. That suggests the selling pressure is reducing. If buyers clear the hurdle at the 20-day EMA, the pair could rally to the 50-day SMA ($0.65).
Hyperliquid price prediction
Hyperliquid (HYPE) has been trading between the 50-day SMA ($41.78) and the $35.50 support for the past several days.
This tight-range trading is expected to culminate in a range expansion, but it is difficult to predict the direction of the breakout. If the price pierces the 50-day SMA, the HYPE/USDT pair could surge to $52.
Conversely, if the price drops below $35.50, it signals that the bears have overpowered the buyers. That could accelerate selling and sink the Hyperliquid price to $30.50 and subsequently to $28.
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.
