Price analysis 11/21: SPX. DXY. BTC. ETH. BNB. XRP. ADA. DOGE. MATIC. DOT.
The week started on a weak note for crypto markets, which suggests that buyers are still skeptical about buying significant dips. Price Analysis On Nov. 21, the total market capitalization fell to $800 billion due to continued selling in cryptocurrency markets. Traders are becoming more concerned about the potential damage that FTX’s collapse could cause to several crypto firms. It is impossible to expect a sustained recovery of cryptocurrency prices until the uncertainty has cleared. The Bitcoin price is close to its 52-week lowest, but the S&P 500 (SPX), has seen a sharp recovery from its Oct. 13 low. Daily cryptocurrency market performance. Source: Coin360. The U.S. dollar index, DXY, is often inversely related to Bitcoin. However, Bitcoin’s recent decline from its multi-year high was not a good sign. This means that crypto buyers are still waiting and not buying. Bill Ackman, a billionaire investor and manager of a hedge fund, stated in a Twitter thread that crypto is “here to remain with proper oversight and regulation. He also spoke out about the potential for cryptocurrencies to “greatly help society and grow the global economic system. “Could the cryptocurrency markets catch up to the U.S. stock market? Let’s look at the charts of the S&P 500 and DXY indexes to see if the cryptocurrency market can catch up to the U.S. stock markets. SPXThe S&P 500 has seen a strong recovery from its Oct. 13 bottom at 3,491. The resistance at 4,000 has been a strong indicator that the bulls are not giving up any ground. SPX daily chart. Source: TradingView. The rising 20-day exponential moving mean (3,879) as well as the relative strength index(RSI) in positive territory are indicators of buyers’ advantage. The bulls could push the price higher than 4,029, which would signal that the up-move will reach the downtrend. Bulls will buy on dips if the price falls below the downtrend line. This could increase the chances of a break above downtrend line. However, if the price does not slip below the 20-day EMA, it will indicate that bulls are buying on dips. DXYThe U.S. dollar Index plunged below its uptrend line on November 10. This is the first sign that the index could have topped in the near future. DXY daily chart. Source: TradingViewThe index rebounded from the support at 105, which indicates strong buying on dips. The 20-day EMA (108) is sloping downward and the RSI in the negative territory. This suggests that bears have an edge in short-term buying. If the relief rally stalls at the 20-day EMA the bears will attempt to lower the index below 105. If they succeed, the next stop is 103.50, then 102. Alternatively, buyers could drive the price higher than the 20-day EMA to push the index towards the uptrend line. To indicate that the corrective phase is over, the bulls will need to push the price above this level. BTC/USDTBitcoin continues to be in a downtrend. BTC/USDT daily charts. Source: TradingView If the price falls below $16,229, then the BTC/USDT pair may retest the crucial support at $15,588. This is an important level to watch because a break or close below it could signal that the next leg of the downtrend is beginning. The price could then begin its downward spiral towards $12,200. However, if it rises above $16,229, this will indicate that the bulls are buying dips below $16,000. The bulls will then attempt to push the price toward the overhead resistance at $17,190.ETH/USDTEther (ETH) continues to gradually slide toward the support line of the descending channel pattern. This is an important level that the bulls must defend as a break below it could increase selling.ETH/USDT daily charts. Source: TradingViewThe psychological level of $1,000 could be reached by the ETH/USDT pair, and then to $881 as support. Source: TradingViewThe downsloping 20 day EMA ($1,381), and the RSI in negative territory suggest that bears have control. If the price rebounds from the support line with strength it will indicate that buyers are defending the level with all of their might. They will then attempt to clear the moving averages, opening the doors to a rally to the channel’s downtrend line. BNB/USDTBNB (BNB), has fallen to $258, which could see a fierce battle between the bulls versus the bears. Source: TradingViewThe bears have the upper hand because the 20-day EMA ($284) is in a downward trend and the RSI is below 37. If bears fall and keep the price below $258, selling could pick up momentum. The BNB/USDT pair could fall to $239 and then to $216. Or, if the price rises from its current level, it will indicate that bulls will continue to buy dips up to $258. The pair could then rise above the moving averages, where bears may once again mount a strong defense. XRP/USDTBuyers pushed XRP(XRP) above its downtrend line on Nov. 20, but failed to clear the hurdle at $20 EMA ($0.39). This indicates that traders are selling on rallies and the sentiment is still negative. XRP/USDT daily charts. Source: TradingViewThe pair XRP/USDT could fall to the support line, where buyers might step in. A strong rebound from the support line will indicate that the pair has formed an symmetrical triangle pattern. The support line can be crossed if the price falls below it. If this happens, the pair could fall to the $0.32-$30 support zone. The pair could see a strong rebound from this zone, meaning that it may stay between $0.30 and $0.41 for a few more days. The bears have pulled the price below $0.31 on Nov. 21, opening the door for a possible fall to the support line. Daily chart of ADA/USDT. Source: TradingViewA minor plus for the bulls is the formation of a bullish divergence by the RSI. This could indicate that the bearish momentum may be waning. The ADA/USDT currency pair could attempt a rebound from the support line. If the price drops below this level, it will indicate that bears continue to sell during rallies. This could lead to a retesting of the support line. The selling could accelerate if this level is broken and the pair could drop to $0.25. Contrarily, a break below the 20-day EMA could encourage buyers, who may push the pair down to $0.25. Source: TradingViewThe uncertainty has been resolved in favor the bears. DOGE/USDT daily chart. Source: TradingViewThe 20 day EMA ($0.09) is sloping downward and the RSI in the negative zone indicate that the DOGE/USDT pairing could fall to the immediate support of $0.07. If this level gives way, the pair may complete a 100% retracement and fall to $0.06. If the price recovers from $0.07, the bulls will try to push the pair above $0.09. A close above this resistance could indicate that the corrective phase is over. The pair could then rally to $0.12.MATIC/USDTPolygon (MATIC) dropped to the uptrend line on Nov. 21. This level has served as support on two occasions and the bulls will defend it again. MATIC/USDT daily chart. Source: TradingViewA strong sell-off could occur near the 20 day EMA ($0.91) in the event of a recovery from the uptrend. If the price falls below this level, the pair may retest its uptrend line. A break below this level could see the pair move to $0.69 as support. This level is likely attract buyers. On the upside, the 20 day EMA remains the key resistance that you should be watching. If buyers drive the price above the 20-day EMA, the pair could rise to $0.97 and later to the stiff overhead resistance at $1.05.DOT/USDTPolkadot (DOT) remains in a strong downtrend. The bears drove the price below the pennant formation, the Nov. 10 intraday high of $5.32 on November 20, and the Nov. 20 low of $5.32. This is a sign of the resumption the downtrend. Daily chart of DOT/USDT. Source: TradingViewBuyers might attempt to recover from the psychological level $5, which could lead to the pennant’s breakdown level. If this level is turned into resistance by bears, there are increased chances of a fall to $4.08. This could trigger aggressive bulls to cover short, opening the way for a rally to $6.50. These views, thoughts, and opinions are solely those of the authors and do not necessarily reflect the views or opinions of Cointelegraph.