November Market Analysis Update: BTC, BNB...
November Market Analysis Update: BTC, BNB...
Here's how your favorite token looks, and what could happen over the course of the next weeks.
The last few days have seen some positive price movements, with the likes of BNB leading the market alongside some other altcoins. Bitcoin has been showing bottom signs over the last few weeks, and most recently retested $21,300. Below we analyze a few charts to understand the current market situation.
Bitcoin
BTC, has been in a boring range over the last few weeks but recently began showing positive signs after breaking out of the trendline. This move comes right after fulfilling an 18% drop on breaching the ascending channel support, as predicted from the last Market Analysis in this newsletter (image above).
If Bitcoin continues its rally upwards before EoY, eyes will be on $24000-25000, a crucial resistance that currently triples as the 200DMA, and the lower trendline of the ascending channel in the chart above. That will be a short-worthy area if it happens before EoY. However, a sustained move toward that area makes room for BTC not to fall below the $18000-19000 region on any final dumps, barring any black swan event.
Binance Coin
The BNB Chain ecosystem has seen nothing but good news in recent weeks, from launching a $10m Gas Fee Incentive to the $500k-weekly Builder Grant, topping Unique User Wallet Addresses (bar Bitcoin), Launching Glory Pass, and many other partnerships and activities. This has surely reflected in the $BNB token price, as seen in the chart above. We’re beginning to see new higher lows as the price bounced off the 20WMA. It is, however, reaching a significant resistance, as we can see a potential rising wedge squeeze.
The chances that BNB may retest $300 within the next few weeks cannot be overruled. BNB is, nonetheless, one of the highly recommended tokens to have in your portfolio for the next bull run.
QREDO
Qredo seemed to have double-bottomed (W-shaped) around the 20 cents region after a long period of distress. To make any significant move, it would have to first break through $0.27, the upper descending channel trendline. Any burst through that area could lead to a test of $0.45. However, given the current market scenario, focus should be on how well it holds the 20DMA around 0.21. For investors looking to fill bags, this area is definitely a good place to stack some $QRDO ahead of the next cycle.
Do you have your favorite tokens you want me to include in the market analysis? Feel free to leave it in the comment box.