Bitcoin Blazes Past Key Resistance: Are Ripple, Ethereum Eyeing Similar Gains?
Investing.com | Nov 10, 2023 02:54AM ET
- Bitcoin has broken the critical resistance at $36,500 and set sights on $40,000
- Ethereum is testing the $1,900 resistance; breakout could lead to a target of $2,200 - $2,400
- Meanwhile, Ripple aims to maintain support at $0.687, with a positive SEC lawsuit outcome potentially pushing it to $0.9 - $1
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Cryptocurrencies have experienced sustained momentum throughout this week, with buying pressure intensifying in the later part of the week. Bitcoin, a prominent player in this surge, has breached its crucial resistance at $36,500. If the leading cryptocurrency manages to conclude the week above this level, it enhances the likelihood of the trend extending towards the $40,000 mark.
In the ever-evolving crypto market, marked by constant developments, the surge isn't confined to Bitcoin alone. Altcoins have witnessed substantial gains, adding a new dimension to the market dynamics. In today's analysis, we explore the current status of Ethereum, Ripple, and Binance Coin - dominant altcoins characterized by their market capitalization and trading volumes.
h2 Ethereum Poised for Another Surge/h2Ethereum has completed the correction phase by managing to hold the $1,550 support after breaking the 2023 uptrend in August.
The largest altcoin, which entered a steep accelerated rise with purchases starting from the support zone in mid-October, started to give a more solid trend outlook after breaking the short-term downtrend.
Ethereum started to test the resistance of $1,900 this week, which corresponds to Fib 0.618, based on the April-based downtrend. The cryptocurrency, which made a move to break this resistance with the acceleration of purchases today, is likely to move toward the $2,000 band as long as it remains above the $1,900 level.
If the cryptocurrency recovers the $2,000 level, we can see that the trend can complete its formation in the $2,200 - $2,400 region in the medium term. On this path, the $2,000 and $2,120 regions stand out as the points where a trend reversal is seen according to past price movements. Therefore, buyers may struggle at these resistance points while moving ETH up.
In the lower region, if 1,900 support is lost with a possible selling pressure, we can see that the 8-day EMA value just below it may form an intermediate support at $1,875. Breaking this level could trigger a decline to $1,800, and it will be important for ETH to stay above $1,800 to maintain the current trend.
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In terms of technical indicators, the divergence of the short-term EMA values and the ideal position supports the rise. Although the Stochastic RSI remains below 80 on the daily chart, it has turned horizontal with purchases today, signaling that the rise may continue.
In summary, the continuation of the trend in Ethereum seems to depend on maintaining the $1,900 level this week.
h2 Ripple Bulls Look to Hold Key Support/h2XRP, in its current trend, quickly crossed the Fib 0.618 value at $0.687 this week, then performed a backtest towards this point, which turned into this support.
While this price level was maintained in yesterday's trading, the next resistance point for XRP, which is rising again with purchases today, stands at Fib 0.786 at $0.746. At this point, if it breaks with volume, we can see that the cryptocurrency's next target zone could be in the range of $0.9 - $1.
In a possible reversal, supporting XRP in the range of $0.64 - $0.68 will ensure that the trend is maintained. The loss of this region can be perceived as a trend reversal and we can see that the cryptocurrency may retreat towards $0.6.
In the case of XRP, Ripple's lawsuit with the SEC is closely followed, while it can be said that the needle has largely turned to Ripple during the litigation process.
If Ripple wins the case, there is a high probability of a rapid jump in cryptocurrency as seen in July. Therefore, XRP is likely to hold above the current support zone as long as there is no negative news. Accordingly, investors may consider the cryptocurrency's correction to the range of $0.64 - $0.68 as a buying opportunity.
In addition, the test of the $0.68 level this week and the preservation of the price level can be considered as an important indicator that the demand for cryptocurrency remains alive.
h2 Binance Coin: Can the Upward Momentum Sustain?/h2BNB made an important move for a trend reversal last month after holding the 2023 support once again.
BNB, which stepped into the $250 band this week, is struggling to stay above the region where it moved sideways in June-August. Although the range of $230 - $250, which worked as the support zone of the downtrend for a long time, was passed quickly with the increase in demand in November, it is seen that the $250 resistance has not yet been broken.
The weekly close above $250 will bring up a more important resistance point at $260, and exceeding this level with daily closes could open the door to $300 in BNB. Thus, BNB can make an important move to regain the value lost by Binance's SEC-induced negativity in June.
On the other hand, the ongoing litigation process between the SEC and Binance basically stands as the biggest obstacle in BNB's upward trend. On the other hand, BNB is an altcoin that is in regular demand due to its use case, especially as the asset that Binance locks for the assets listed on the Launchpad platform from time to time.
As a result, the current outlook shows that BNB is struggling to break through the $250 resistance, while the failure to break through may cause the cryptocurrency to loosen up to $230. If $230 is maintained in a possible decline, we can see that the uptrend may strengthen.
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