Cryptocurrency is the most disruptive technology in recent years. The blockchain and cryptocurrency revolution has created a new global, decentralized financial system that promises to create an entirely different way of doing business.
The “sol/bnb” is a cryptocurrency that is currently trading at around $6.
Bitcoin (BTC) and the majority of prominent altcoins have been battling to recover after a steep drop on Nov. 26. Due to the uncertainties surrounding the new substantially modified coronavirus strain found in South Africa, dealers may be hesitant to purchase at present prices.
Bitcoin’s assets under control fell 9.5 percent to $48.70 billion in November, according to a CryptoCompare analysis. The AUM of altcoin-based crypto funds, on the other hand, climbed by 5.4 percent to $16.60 billion.
This suggests that traders may have taken gains in Bitcoin and then invested a portion of their winnings in altcoins.
View of the cryptocurrency market on a daily basis. Coin360 is the source of this information.
Alex Mashinsky, the founder and CEO of Celsius, is undeterred by the recent drop and sees it as a purchasing opportunity. He tweeted on Nov. 28 that he had “purchased over $10 million worth of Bitcoin and Ether at present values,” predicting a rise to $70,000 for Bitcoin. Mashinsky further said that if Bitcoin hits the $50,000 support level, he would reduce his recent purchases in half.
Select altcoins may potentially gain investor interest if Bitcoin recovers from its present level. Let’s have a look at the charts of the top five cryptocurrencies that are likely to stay in the spotlight in the coming days.
BTC/USDT
For the previous two days, Bitcoin has been correcting in a downward channel. For the previous two days, the bulls have been seeking to defend the 100-day simple moving average ($54,064), but the thin rebound suggests a lack of urgency to accumulate at this level.
Daily chart of BTC/USDT. TradingView is the source of this information.
Bears are in control, as seen by the downsloping 20-day exponential moving average ($58,521) and the relative strength index (RSI) below 39. The bulls may run into resistance at the 20-day EMA if the price bounces off the present level.
If the price continues to fall from the 20-day EMA, the chances of a break below the 100-day SMA become more likely. The couple might then question the channel’s support line. A breach below the channel may exacerbate selling and send the BTC/USDT pair below $40,000 in value.
To indicate that the correction may be finished, the bulls will have to lift the price above the channel and keep it there. On a break, the pair might gain positive momentum and close over $61,000.
4-hour chart of BTC/USDT. TradingView is the source of this information.
On the 4-hour chart, the RSI has established a positive divergence, indicating that selling pressure may be easing. The pair might reach $60,000 if bulls drive the price above the 20-EMA and 50-SMA.
The bulls must overcome this obstacle since the past two recoveries have stalled at this level.
If the price drops below $53,500 and breaks below the present level or the above barrier, the selling might pick up speed. The pair may then fall below $50,000, which is a solid support level.
BNB/USDT
The bulls and bears are battling it out at the 20-day EMA ($590) in Binance Coin (BNB). On Nov. 26, the price dropped and closed below the 20-day EMA, but the bears were unable to capitalize on this advantage.
Daily chart of the BNB/USDT currency pair. TradingView is the source of this information.
Today, the bears pushed the price below the 20-day EMA once again, although the candlestick’s extended tail indicates accumulation at lower levels. The 20-day EMA is flat, and the RSI is at the midway, indicating that supply and demand are in balance.
The BNB/USDT pair might rise to the overhead resistance zone of $669.30 to $691.80 if bulls lift the price over $621.30.
Alternatively, if the price falls below the 20-day EMA and closes below it, the pair might fall to the 50-day SMA ($546). If this support is broken and closed below, the downturn might continue to the 100-day SMA ($487) and possibly to $440.
4-hour chart of BNB/USDT. TradingView is the source of this information.
On the 4-hour chart, the price bounced off the uptrend line, but bears are attempting to halt the recovery at the 20-EMA. If the price falls further, the bears will aim to push the pair below the uptrend line once again.
The pair might drop to the support zone between $564.20 and $553.80 if they succeed. A break below this level might lead to a more rapid drop below $510.
If bulls can take the price over the 20-day EMA and keep it there, the pair may move to $621.30 and gain momentum above it.
LUNA/USDT
Terra’s LUNA token is now trading in a rising channel. Between November 24-26, the bulls effectively defended the channel’s support line, and now the price has surged over the 20-day EMA ($44.33).
Daily chart of the LUNA/USDT pair. TradingView is the source of this information.
The LUNA/USDT pair might increase to $52 and then retest the all-time high of $54.95, if bulls can keep the price above the 20-day EMA. Near the channel’s resistance line, the rise might see heavy selling.
Contrary to popular belief, if the price does not stay above the 20-day EMA, it indicates that traders are selling rallies.
The bears will attempt to lower the stock below the channel once again. If they succeed, it will signify a potential shift in the trend. The pair might then fall to $32 and eventually to $24 in the future.
4-hour chart of the LUNA/USDT pair. TradingView is the source of this information.
Bulls moved the price over the overhead resistance at $45.54 on the 4-hour chart, but they are fighting to keep the pair above it. This suggests that bears are seeking to trap aggressive bulls by pulling the price down below the breakthrough level.
The 20-EMA has gone up, and the RSI is in the positive zone, suggesting a modest edge for bulls. If the price climbs from its present level or bounces back from $45.54, it suggests buying on dips.
A break and closing below the moving averages, on the other hand, might tip the short-term edge to bears. The price of the pair may then fall to $38.
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MANA/USDT
Decentraland (MANA) has fallen from $5.90 since November 25, however the extended tail on the candlesticks suggests that bulls are striving to defend the zone between the 38.2 percent Fibonacci retracement level at $4.48 and the 50 percent retracement level at $4.05.
Daily chart of MANA/USDT. TradingView is the source of this information.
Bulls will now try to push the price above the all-time high of $5.90 in order to restart the uptrend. If they succeed, the MANA/USDT pair might begin its ascent toward the next target goal of $7.87.
Bulls have the upper hand, as seen by rising moving averages and an RSI in positive territory.
If the price falls below the 20-day EMA ($3.88), this bullish outlook will be invalidated in the short term. This indicates that supply is more than demand. After that, the pair may drop to $3.10.
4-hour chart of MANA/USDT. TradingView is the source of this information.
The pair jumped off the 50-day moving average, but the bears are defending the $5 overhead barrier with vigour. The bears will now try to keep the stock below the 50-day moving average. If they succeed, it might signal the start of a more serious decline to $3.90 and then $3.50.
On the other hand, if the price rises from its present level or the 50-SMA, the bulls will try to push the price over $5 and keep it there. This might prompt further purchasing, and the pair could rise to $5.50 and then $5.90.
SAND/USDT
The Sandbox (SAND) has been rectifying the recent strong upward trend. The bulls are aiming to halt the decline in the area between the 38.2% Fibonacci retracement level at $$6.02 and the 50% retracement level at $5.26.
Daily chart of the SAND/USDT pair. TradingView is the source of this information.
If the price climbs from its present level, it means that traders are buying on every slight fall and mood is still optimistic. The bulls will next attempt to push the price over the $8.48 overhead barrier.
If they succeed, the SAND/USDT pair may restart its upward trend, with $10.52 as the next target. If the price falls below the 20-day EMA ($4.84) and breaks below the present level, this bullish view will be invalidated in the near run.
4-hour chart of the SAND/USDT pair. TradingView is the source of this information.
On the 4-hour chart, the pair rebounded off the 50-SMA, and bulls have pushed the price above the falling wedge formation. The pair might rally to $7.50 and then test the all-time high if bulls can keep the price above the 20-EMA.
Traders may be booking gains on relief rallies if the market moves down from the present level or above resistance and falls below the 50-SMA, contrary to popular belief. This might pave the way for a further drop below $4.50.
The author’s thoughts and opinions are purely his or her own and do not necessarily represent those of Cointelegraph. Every investing and trading choice has risk, so do your homework before making a decision.
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The “bnb usdt” is a cryptocurrency that has been created by the company Binance. It is one of the many cryptocurrencies that are available to use on the platform.
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