Price Predictions (November 24): SPX, DXY, BTC, ETH, XRP, BNB, SOL, DOGE, ADA, BCH

Bitcoin is attempting a recovery from the $80,600 level, perceived by analysts as a potential bottom.
Many altcoins are struggling to show signs of a rebound, indicating weaker demand from buyers.

Key Takeaways:

Bitcoin is attempting a recovery from the $80,600 level, perceived by analysts as a potential bottom.
Many altcoins are struggling to show signs of a rebound, indicating weaker demand from buyers.

Bitcoin is trying to recover after dropping to $80,600, a threshold many analysts see as a potential bottom. In the previous week, Bitcoin experienced a decline of about 8%, but lower price levels attracted buyers. As the week begins, bulls aim to push the price above $88,000. Data from Farside Investors revealed an inflow of $238.4 million into spot BTC exchange-traded funds on Friday, signaling a resurgence of bullish activity.

Swissblock, a wealth management firm, noted in a post on X that the significant decrease in risk-off signals suggests reduced selling pressure. This could imply that the "worst of the capitulation" may be behind us for now. Furthermore, diminishing selling pressure, coupled with a weaker second selling wave, could confirm a more stable bottom.

Crypto market data daily view. Source: TradingView

Arthur Hayes, co-founder of BitMEX, mentioned in a post on X that BTC could fluctuate below $90,000 and potentially drop into the low $80,000s, though he anticipates the $80,000 level will hold firm.

Will Bitcoin and other major altcoins begin a sustained recovery, or will prices attract more sellers? Let’s delve into the charts of the top 10 cryptocurrencies to find out.

Price predictions 11/24: SPX, DXY, BTC, ETH, XRP, BNB, SOL, DOGE, ADA, BCH

S&P 500 Index (SPX) Price Projection

The S&P 500 Index (SPX) has rebounded from the support level of 6,550 on Friday, with bulls making an attempt to extend this recovery on Monday.

SPX daily chart. Source: Cointelegraph/TradingView

However, this relief rally may face obstacles between the moving averages and the resistance line. If the price falters in this area, bears will again aim to pull the index below 6,550. A successful move could see it drop to 6,350.

Conversely, if the price breaks above the resistance line and closes there, it may signal an end to the corrective phase, potentially leading to a retest of the all-time high at 6,920.

US Dollar Index (DXY) Price Outlook

The US Dollar Index (DXY) is encountering resistance around the 100.50 level. A positive indication is that bulls haven't ceded much ground to the bears.

DXY daily chart. Source: Cointelegraph/TradingView

While the moving averages trend upwards, and the relative strength index (RSI) remains in positive territory, the likelihood of price movement remains upward. Should it breach the 100.50 level, the index could climb to 102. A close above this level would complete a rounding bottom pattern, suggesting a possible shift in trend.

To weaken the bullish momentum, sellers would need to push prices below the 20-day exponential moving average (99.62). Subsequently, the index could slide to the 50-day simple moving average (98.81).

Bitcoin (BTC) Price Forecast

Bitcoin is attempting a recovery after dropping to $80,600 on Friday, but higher price levels may draw in sellers.

BTC/USDT daily chart. Source: Cointelegraph/TradingView

The 20-day EMA ($94,620) may pose a significant barrier on the upside. A sharp decline from this moving average would suggest persistent negative sentiment, increasing the risk of a drop to $73,777, where bulls might intervene. Buyers need to push the price above the 20-day EMA to gain momentum, potentially aiming for the psychological level of $100,000.

Ether (ETH) Price Forecast

Ether is working on initiating a recovery, but it may encounter considerable resistance in the zone between the 20-day EMA ($3,148) and $3,350.

ETH/USDT daily chart. Source: Cointelegraph/TradingView

If the price falls back from this resistance zone, bears will likely attempt to resume the downtrend. A break and close below $2,623 could facilitate a drop to $2,400 and then to $2,111.

Alternatively, if buyers manage to push Ether above $3,350, the ETH/USDT pair might reach the 50-day SMA ($3,659). Staying above this moving average would indicate renewed bullish activity.

XRP Price Analysis

XRP bounced off the support line on Saturday, showing that bulls are working to maintain the price within the descending channel pattern.

XRP/USDT daily chart. Source: Cointelegraph/TradingView

However, bears are unlikely to back down easily and may attempt to halt the relief rally at the moving averages. If the price sharply declines from this point, sellers could push the XRP/USDT pair down to $1.61.

On the upside, a break above the moving averages would allow the price to move towards the downtrend line. Sustaining XRP above this line would indicate a potential change in trend.

BNB Price Prediction

BNB is on a recovery path after dropping to $790 on Friday, but sellers are expected to return at higher levels.

BNB/USDT daily chart. Source: Cointelegraph/TradingView

If the price sharply declines from $860, it will signal that bears have turned this level into resistance, raising the possibility of a fall below $790. In that case, the BNB/USDT pair could slide to $730.

The 20-day EMA ($920) represents a critical resistance level. Should the price close above this moving average, it would indicate a rejection of the breakdown below $860, potentially rallying to $1,019.

Solana (SOL) Price Perspective

Solana is trying to establish support at the $126 level; however, the weak rebound suggests insufficient aggressive buying from bulls.

SOL/USDT daily chart. Source: Cointelegraph/TradingView

If SOL turns down from its current level or from the 20-day EMA ($145), it indicates active bears at higher levels. This could risk a drop below $126, potentially plunging to $110 and then to $95.

However, if the price breaks and closes above the 20-day EMA, it signifies that bulls are aiming for a comeback and may attempt to rally towards the 50-day SMA ($174).

Related: Zcash down 30% from November’s top: Will ZEC price crash further?

Dogecoin (DOGE) Forecast

Dogecoin bounced back from the $0.15 support on Saturday, showing that bulls are defending this level.

DOGE/USDT daily chart. Source: Cointelegraph/TradingView

The positive divergence on the RSI indicates a reduction in selling pressure. For buyers to strengthen their position, they must push Dogecoin above the 20-day EMA at $0.16. If successful, the DOGE/USDT pair could then rise to the 50-day SMA ($0.18).

If the price sharply declines from the 20-day EMA, sellers will aim to drag the price below $0.14. A successful move could bring the price down to the lows of October 10 at $0.10.

Cardano (ADA) Price Insight

Cardano is aiming to establish support at $0.38, but the feeble bounce suggests bears are not ready to relent.

ADA/USDT daily chart. Source: Cointelegraph/TradingView

Should the price pull back from its current position and break below $0.38, the ADA/USDT pair could resume its downtrend, possibly descending to the October 10 low of $0.27.

Conversely, the $0.50 resistance is crucial for the upside. If the price falters at $0.50, it indicates bears remain in control, putting the $0.38 level at risk. Should the price close above $0.50, it would demonstrate a loss of bear dominance, with the potential to rally towards the 50-day SMA ($0.60).

Bitcoin Cash (BCH) Price Outlook

Bitcoin Cash experienced a sharp rebound from the $443 support line on Friday and climbed above the resistance of the falling wedge pattern.

BCH/USDT daily chart. Source: Cointelegraph/TradingView

Although bears are trying to push the price back into the wedge, bulls are holding firm. If BCH breaks above $568, it would signal the beginning of a new upward move, potentially reaching $615 and then $651.

However, this bullish outlook could be invalidated if the Bitcoin Cash price drops below the moving averages, suggesting that the breakout above the resistance line might have been a bull trap. In such a scenario, BCH/USDT could retest the support level at $443.