Price Forecasts for Major Cryptocurrencies: BTC, ETH, XRP, and More
Recent analyses point to significant resistance for Bitcoin and other cryptocurrencies as they approach crucial moving averages, with market dynamics suggesting potential volatility ahead.
Key Insights:
- Bitcoin has encountered a significant overhead resistance that is likely to be defended by bears.
- Major altcoins are pushing for recovery but may face selling pressures as they approach higher price points.
Bitcoin (BTC) managed to rebound above $93,000 on Friday, yet the bulls are finding it challenging to maintain these elevated levels. The current analysis suggests that BTC is on track to close November negatively. Historical data from CoinGlass indicates that previous instances of BTC closing lower in November were usually followed by a downturn in December.
Some analysts regard the current price drop as an opportunity for buying, with LVRG’s research director Nick Ruck commenting that it has eliminated overleveraged players and unsustainable projects, thus allowing new long-term investors to step in before what looks to be an auspicious new year.
Crypto market daily data view
Source: TradingView
Crypto sentiment platform Santiment recently released a report indicating a bullish outlook as a decrease in market sentiment points to a bear market.
Price Predictions:
- Bitcoin: Currently grappling around the 20-day EMA ($93,256) with potential resistance from sellers. A strong push may see BTC aiming for $100,000.
- Ethereum (ETH): Approaches the 20-day EMA ($3,109) where sellers are expected to mount pushback.
Continuous assessments will be made on pivotal resistance levels for major cryptocurrencies as their charts are scrutinized for movements.
Further insights will cover price predictions for XRP, BNB, SOL, and others, painting a clearer picture of possible future trends over the coming week.
