Price analysis 11/11: SPX, DXY, BTC, ETH, SOL, BNB, DOGE, XRP, ADA, TON

Bitcoin (BTC) has been on a roll and shows no signs of slowing down. The latest leg of the rally above $84,500 pushed Bitcoin’s total market capitalization above $1.67 trillion for the first time. 

Analysts remain optimistic that Bitcoin will extend its month-to-date gains of 17% as November’s average return is 44%, according to CoinGlass data. Veteran trader Peter Brandt said in a post on X that “when BTC runs – it runs.” He projects Bitcoin to reach $125,000 by the end of the year. 

Bitcoin’s sharp up move has turned select analysts bearish. CryptoQuant CEO Ki Young Ju said in a post on X that Bitcoin could give up a large part of its gains to close the year at $58,974. In case Bitcoin sees a solid year-end rally, Ki expects a bear market in 2025.

What important resistance levels could attract profit booking in Bitcoin and select altcoins? Let’s analyze the charts to find out.

S&P 500 Index price analysis

The S&P 500 Index (SPX) broke out to a new all-time high on Nov. 6 and has continued its northward march since then.

The critical support to watch out for on the downside is the breakout level of 5,879. If the price stays above this level, the likelihood of a rally to 6,221 increases. This level may again act as a solid resistance, but if the bulls surpass it, the uptrend could extend to 6,500.

If bears want to prevent the up move, they will have to swiftly pull the price below 5,879. If they do that, the index could slide to the next significant support at 5,670. Buyers are expected to vigorously defend the 5,670 support.

US Dollar Index price analysis

The US Dollar Index (DXY) made a strong comeback on Nov. 6 and skyrocketed above the overhead resistance of 104.80.

Sellers tried to trap the bulls by pulling the price below 104.80 on Nov. 7, but the lower levels attracted buyers. The bulls cleared the minor hurdle at 105.50 on Nov. 11, clearing the path for a rally to 106 and then to 106.50.

The breakout level of 104.80 and the 20-day exponential moving average (104.05) are likely to act as solid support on the way down. A break and close below the 20-day EMA will tilt the advantage in favor of the bears.

Bitcoin price analysis

Bitcoin has not looked back since breaking out of the overhead resistance at $73,777 on Nov. 6.

The rally above $84,000 has pushed the relative strength index (RSI) into the overbought territory, suggesting that the BTC/USDT pair may soon enter a minor correction or consolidation. The support on the downside is at $80,000 and then at $77,000. A shallow pullback will improve the prospects of a rally to the pattern target of $93,554.

The short-term advantage will tilt in favor of the bears if they sink and sustain the price below the breakout level of $73,777.

Ether price analysis

Ether (ETH) signaled a potential trend change after the price rose above the $2,850 resistance on Nov. 7.

The bears tried to stall the up move at $3,250 on Nov. 10, but the bulls did not cede ground to the bears. If buyers push and maintain the price above $3,250, the ETH/USDT pair could rise to the downtrend line. Sellers are expected to mount a strong defense at the downtrend line, but if the bulls have their way, the pair could surge to $4,094.

This positive view will be invalidated in the near term if the price turns down and breaks below the 20-day EMA ($2,756).

Solana price analysis

Solana (SOL) broke above the $210 resistance on Nov. 10, signaling the start of a new up move.

If buyers maintain the price above $210, the SOL/USDT pair is likely to start its journey toward $260. The bears are likely to fiercely defend the $260 level.

Contrarily, if the price turns down from the current level and breaks below $210, it will suggest that the markets have rejected the breakout. The pair may drop to $189 and thereafter to the 20-day EMA ($182). If the price rebounds off the 20-day EMA, the bulls will again try to push the pair above $210 and resume the uptrend.

BNB price analysis

BNB (BNB) bulls tried to push the price above the overhead resistance at $635, but the bears held their ground.

The price may dip to the moving averages, which are the near-term support to watch out for. If the price rebounds off the moving averages with strength, it will suggest that the sentiment remains positive, and traders are buying on dips. The bulls will then make one more attempt to clear the $635 hurdle. If they succeed, the BNB/USDT pair could surge toward $722.

Alternatively, if the price breaks below the moving averages, the pair may drop to the uptrend line. That will indicate the continuation of the range-bound action between $635 and $460 for a few more days.

Dogecoin price analysis

Dogecoin (DOGE) has been in a strong up move for the past few days. The momentum picked up after buyers surmounted the $0.23 resistance on Nov. 10.

The long wick on the Nov. 11 candlestick shows that the bears are trying to stall the up move at $0.30. If buyers do not cede much ground to the bears, the DOGE/USDT pair may continue its uptrend toward $0.34.

A correction may set in if buyers fail to drive the pair above $0.30. The pair could drop to $0.26 and then to the breakout level of $0.23. Buyers will have to defend the $0.23 level to keep the positive sentiment intact. 

Related: Bitcoin price gains see ‘significant pullbacks’ ruled out before $150K

XRP price analysis

XRP (XRP) attempted a rally to $0.64 on Nov. 10, but the long wick on the candlestick shows selling near the resistance. 

If the price finds support at the 20-day EMA ($0.54), the bulls will again try to drive the XRP/USDT pair to $0.64. The bears are expected to pose a strong challenge at $0.64, but if the bulls overcome it, the pair may rally to $0.74.

On the contrary, if the price turns down and breaks below the 20-day EMA, it will signal that the bulls are losing their grip. The pair may then spend some more time inside the $0.41 to $0.64 range.

Cardano price analysis

Cardano (ADA) skyrocketed after breaking out of the $0.45 resistance on Nov. 9, indicating the start of a new up move.

The rally is facing selling at $0.66, as seen from the long wick on the Nov. 10 candlestick. The ADA/USDT pair has support at the 38.2% Fibonacci retracement level of $0.53 and then at the 50% retracement level of $0.49. A shallow pullback will increase the possibility of a rally to $0.78.

On the other hand, a drop below $0.49 will suggest that the short-term traders are rushing to the exit. The pair may then decline to $0.45.

Toncoin price analysis

Toncoin (TON) rose above the 20-day EMA ($5.03) on Nov. 9 and followed it up with a move above the 50-day SMA ($5.21) on Nov. 10.

If the price maintains above the 50-day SMA, the bulls will try to push the TON/USDT pair to $6. The bears are expected to defend the level with vigor because a break and close above it will open the doors for a rally to $7. 

Contrary to this assumption, if the price turns down from $6 and breaks below the moving averages, it will suggest that the pair may consolidate near the bottom of the range. Sellers will have to sink the price below the $4.72 to $4.44 support zone to gain the upper hand.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.