Autor Cointelegraph By Rakesh Upadhyay

FTX’s collapse dealt a major blow to the already fragile sentiment among cryptocurrency investors. Although a quick recovery is unlikely, Blockchain analysis firm Chainalysis said that the crypto universe could emerge stronger from this crisis. Chainalysis’ research lead Eric Jardine arrived at the conclusion after comparing FTX’s fall to that of Mt. Gox.Another calming statement came from Bloomberg Intelligence exchange-traded fund analyst James Seyffart, who said that there was a “99.9% chance” that the Grayscale Bitcoin Trust (GBTC) held the Bitcoin (BTC) it claimed. He added that GBTC was “unlikely” to be liquidated.Daily cryptocurrency market performance. Source: Coin360The negative events of the past few days do not seem to have scared away the small investors who remain on an accumulating spree. According to blockchain analytics company Glassnode, the number of wallets holding at least one Bitcoin or more soared in November and reached 950,000.Could Bitcoin and altcoins extend their recovery in the near term? Let’s study the charts of the top-10 cryptocurrencies to find out.BTC/USDTBitcoin rebounded off $15,476 on Nov. 21, indicating that lower levels are attracting buying by the aggressive bulls. The relative strength index (RSI) has formed a bullish divergence, suggesting that the bears may be losing their grip.BTC/USDT daily chart. Source: TradingViewBuyers will try to push the price above the overhead resistance zone between the 20-day exponential moving average ($17,186) and $17,622. If they manage to do that, the BTC/USDT pair could indicate a possible change in trend. The pair could then rise to the 50-day simple moving average ($18,718) and thereafter challenge the psychological level of $20,000.Contrary to this assumption, if the price turns down from the current level or the overhead resistance, it will suggest that bears remain sellers on relief rallies. The bears will then again attempt to sink the pair below $15,588 and resume the downtrend. The next support on the downside is at $12,200.ETH/USDTEther (ETH) rebounded off the strong support near $1,073 on Nov. 22 and broke above the downtrend line on Nov. 24. This suggests that the bulls are attempting a comeback.ETH/USDT daily chart. Source: TradingViewThe ETH/USDT pair could next rise to the 20-day EMA ($1,248), which is an important level to watch out for. If buyers overcome this barrier, the pair could attempt a rally to the resistance line of the descending channel pattern. On the other hand, if the price turns down from the 20-day EMA, it will suggest that the sentiment remains negative and traders are selling on rallies. The bears will then endeavor to pull the price to the support line of the channel. If this support cracks, the pair could plunge to the critical support zone between $1,000 and $881.BNB/USDTBNB (BNB) broke below the strong support of $258 on Nov. 21 but this proved to be a bear trap. The price turned up on Nov. 22 and the momentum picked up further on Nov. 23. This drove the price to the overhead resistance at $300.BNB/USDT daily chart. Source: TradingViewThe bulls and the bears are witnessing a tough battle at $300 as seen from the Doji candlestick pattern formed on Nov. 24 and 25. If bulls come out on top, the BNB/USDT pair could climb to $338 where the bears may again mount a strong defense.On the contrary, if the price turns down from the current level and breaks below the moving averages, it will suggest that the pair may remain range-bound between $258 and $300 for a few more days.XRP/USDTXRP (XRP) turned up from $0.34 on Nov. 21 and shot up above the symmetrical triangle and the 20-day EMA ($0.40) on Nov. 24. This showed that the uncertainty between the buyers and sellers resolved in favor of the bulls.XRP/USDT daily chart. Source: TradingViewThe buyers are trying to build upon the advantage by pushing the price above the overhead resistance at $0.41. If they succeed, the XRP/USDT pair could pick up momentum and rise to $0.50 and then to $0.56.However, the bears are likely to have other plans. They will try to stall the recovery at $0.41 and pull the price back into the triangle. If that happens, the aggressive bulls may get trapped and the pair could then plummet to the support line.ADA/USDT Cardano (ADA) is in a strong downtrend. The bulls purchased the dip below $0.30 on Nov. 22 but are struggling to push the price to the 20-day EMA ($0.33).ADA/USDT daily chart. Source: TradingViewThe downsloping moving averages indicate that bears have the upper hand but the RSI is forming a bullish divergence, which suggests that the selling pressure may be reducing. The first sign of strength will be a break above the 20-day EMA. The ADA/USDT pair could then attempt a rally to the 50-day SMA ($0.36) and subsequently to the downtrend line.Instead, if the price turns down from the current level or the 20-day EMA, the pair could extend its downtrend and drop to the support line.DOGE/USDTDogecoin (DOGE) rebounded off the support at $0.07 on Nov. 21, indicating that the bulls are trying to establish a higher low at this level.DOGE/USDT daily chart. Source: TradingViewThe relief rally has reached $0.09 where the bulls are likely to encounter strong resistance from the bears. If the price turns down from the current level, the DOGE/USDT pair could remain range-bound between $0.07 and $0.09 for some time.Contrarily, if buyers propel the price above the overhead resistance, the bullish momentum could pick up and the pair may start a rally to the 38.2% Fibonacci retracement level of $0.10 and then to the 50% retracement level of $0.11.MATIC/USDTPolygon (MATIC) rebounded off the uptrend line on Nov. 21 but the relief rally turned down from the moving averages on Nov. 24. This suggests that the bears are active at higher levels.MATIC/USDT daily chart. Source: TradingViewThe sellers may once again attempt to sink the price below the uptrend line. If they manage to do that, the MATIC/USDT pair could drop to the important support at $0.69. The bulls are expected to vigorously defend this level because if it cracks, the pair could start a new down move and drop to $0.52.Conversely, if the price turns up and rises above the moving averages, the short-term advantage could tilt in favor of the bulls. The pair could then rally to $0.97 and later to $1.05. Related: Will Bitcoin hit $110K in 2023? 3 reasons to be bullish on BTC nowDOT/USDTPolkadot’s (DOT) rebound off $5 is facing resistance near the 20-day EMA ($5.69). This suggests that bears continue to view the rallies as a selling opportunity.DOT/USDT daily chart. Source: TradingViewIf the price turns down from this level, the bears will try to pull the DOT/USDT pair to the crucial support at $5. A break and close below this level will indicate the resumption of the downtrend. The pair could then decline to $4.32.To invalidate this negative view, the bulls will have to push and sustain the price above the moving averages. If they can pull it off, it will suggest that the downtrend could be ending. The pair could then rally to $7.43.LTC/USDTLitecoin (LTC) surged and closed above the overhead resistance of $75 on Nov. 23 but the bulls could not build upon the breakout. The bears are attempting to pull the price back below $75 on Nov. 25.LTC/USDT daily chart. Source: TradingViewIf they succeed, the LTC/USDT pair could drop to the 20-day EMA ($65). This is an important level to keep an eye on because a strong bounce off it will suggest a change in sentiment from selling on rallies to buying on dips. The bulls will then strive to push the price above $84 and open the doors for a possible rally to $104.Alternatively, if bears pull the price below the 20-day EMA, it will indicate that higher levels continue to attract sellers. The pair could then drop to the 50-day SMA ($58).UNI/USDTUniswap (UNI) has formed a large symmetrical triangle pattern, suggesting indecision among the bulls and the bears. The price rebounded off the support line of the triangle on Nov. 22, indicating buying at lower levels.UNI/USDT daily chart. Source: TradingViewThe recovery attempt could face resistance at the moving averages. If the price turns down from it, the bears will again try to sink the UNI/USDT pair below the triangle. If that happens, the pair could drop to $3.33.Contrary to this assumption, if bulls drive the price above the moving averages, the pair could climb to the resistance line of the triangle. This level could act as a major hurdle but if bulls overcome it, the pair could rise to $8 and thereafter attempt a rally to $10.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.Market data is provided by HitBTC exchange.

The sentiment across the cryptocurrency ecosystem remains fragile as market participants assess the impact of the FTX crisis on various businesses within and outside of the crypto sector. Trading firm QCP Capital said in its latest circular on Telegram that crypto assets may continue their underperformance till the new year. QCP projects Bitcoin (BTC) to plunge to $12,000 and Ether (ETH) to $800.Looking at the brighter side, FTX could be the last major player to bite the dust during the current bear market cycle, according to CK Zheng, co-founder of crypto hedge fund ZX Squared Capital. Zheng also added that institutional investors who have a long-term horizon may continue to invest in blockchain technology and select cryptocurrencies such as Bitcoin and Ethereum.Daily cryptocurrency market performance. Source: Coin360When the sentiment is bearish, rumors create panic among traders who dump their holdings out of fear. Usually, these occasions form a bottom. Traders may remain cautious and avoid placing large bets until the dust settles and the markets confirm a bottom.What are the important levels to keep an eye on and which could suggest that the correction may be over? Let’s study the charts of the top-10 cryptocurrencies to find out.BTC/USDTBitcoin continues to trade below the breakdown level of $17,622, which is a negative sign. After a period of high volatility, the price has been stuck inside the range between $16,229 and $17,190.BTC/USDT daily chart. Source: TradingViewThe 20-day exponential moving average ($17,980) is sloping down and the relative strength index (RSI) is in the negative territory, indicating that bears are in control. If the price turns down and breaks below $16,229, the BTC/USDT pair could retest the Nov. 9 low of $15,588. A break and close below this support could trigger panic selling, which could pull the pair to $12,200. On the contrary, if buyers drive the price above $17,190, it will suggest strong demand at lower levels. The pair could then rally to the overhead resistance zone between $17,622 and the 20-day EMA. A break and close above this zone could indicate the start of a new up-move.ETH/USDTEther has been gradually losing ground in the past few days. The bears may try to build upon their advantage by pulling the price below the immediate support of $1,171. If they succeed, the pair could decline to the support line of the descending channel pattern.ETH/USDT daily chart. Source: TradingViewThe downsloping 20-day EMA ($1,325) and the RSI in the negative zone indicate that sellers have the upper hand. If bears pull the price below the support line of the channel, the selling could accelerate and the ETH/USDT pair may drop to $1,000.The first sign of strength will be a break and close above the moving averages. Such a move could open the gates for a possible rally to the downtrend line. The bulls will have to clear this hurdle to signal the start of a new up-move. BNB/USDTBNB (BNB) once again dipped close to the strong support of $258 on Nov. 17 but the bulls held their ground. Buyers will now attempt to start a relief rally that could reach the 20-day EMA ($291).BNB/USDT daily chart. Source: TradingViewThe downsloping 20-day EMA and the RSI in the negative territory indicate that bears are in control. If the price turns down from the current level or the 20-day EMA, the bears will make one more attempt to break the support at $258. If they can pull it off, the BNB/USDT pair could dive to $239 and then to $216.Contrarily, if bulls push the price above the 20-day EMA, the pair could rise to the overhead resistance at $300. The bulls will have to clear this hurdle to open the doors for a possible rally to $338.XRP/USDTXRP (XRP) is facing selling near the downtrend line. This suggests that the bears are trying to build upon their advantage and pull the price below the immediate support of $0.36.XRP/USDT daily chart. Source: TradingViewThe downsloping 20-day EMA ($0.41) and the RSI in the negative territory indicate that the path of least resistance could be to the downside. If the $0.36 level gives way, the XRP/USDT pair could plunge to $0.32.To invalidate this bearish view, buyers will have to overcome the stiff challenge in the zone between the downtrend line and $0.41. If that happens, the pair could pick up momentum and rally toward the 50-day SMA ($0.45).ADA/USDT Cardano (ADA) remains in a strong downtrend and the bears are trying to sink the price below the crucial support at $0.31. However, the bulls are likely to have other plans and they may try to defend this level aggressively.ADA/USDT daily chart. Source: TradingViewAny relief rally is likely to face stiff resistance in the zone between $0.35 and the 20-day EMA ($0.36). If the price turns down from this zone, the likelihood of a break below $0.31 increases. The ADA/USDT pair could then plummet to the support line. This is an important level to keep an eye on because if it cracks, the next stop could be $0.25.This negative view could invalidate in the near term if buyers push the price above the 20-day EMA. The pair could then rise to the downtrend line. A break and close above this resistance could suggest a potential trend change.DOGE/USDTDogecoin (DOGE) has been trading between the moving averages for the past few days. This suggests that the bulls are buying the dips to the 50-day SMA ($0.08) and the bears are selling the relief rallies to the 20-day EMA ($0.09).DOGE/USDT daily chart. Source: TradingViewThe downsloping 20-day EMA and the RSI just below the midpoint indicate a minor advantage to the bears. If the price turns down and slips below the 50-day SMA, the DOGE/USDT pair could drop to $0.07 and later to $0.06.The bulls are likely to have other plans as they will try to push and sustain the price above the overhead resistance at the 20-day EMA. If they succeed, the pair could start a stronger recovery and rally toward $0.12. MATIC/USDTAfter trading between the moving averages for the past few days, Polygon (MATIC) closed below the 50-day SMA ($0.89) on Nov. 17. Buyers tried to push the price back above the 50-day SMA on Nov. 18 but are facing stiff resistance from the bears.MATIC/USDT daily chart. Source: TradingViewIf buyers push the price back above the 50-day SMA, the MATIC/USDT pair could rise to the 20-day EMA ($0.95). The bears are likely to mount a strong defense at this level but if bulls overcome this barrier, the pair could rally to $1.05.Alternatively, if the price fails to rise above the moving averages, it will suggest that the sentiment remains negative and traders are selling on rallies. That could increase the likelihood of a drop to the uptrend line.Related: Binance sees record 138K BTC inflows as opinions differ on what Bitcoin price will do nextDOT/USDTThe price action of the past few days has formed a pennant, which generally acts as a continuation pattern. The downsloping moving averages and the RSI in the negative territory indicate that sellers have the edge in Polkadot (DOT). DOT/USDT daily chart. Source: TradingViewIf the price turns down and breaks below the pennant, the selling could pick up. The DOT/USDT pair could start the next leg of the downtrend on a break below $5.32. The next support on the downside is at $4.32.Conversely, if the price continues higher and breaks above the pennant, it will invalidate the bearish setup. The pair could then rise to the 50-day SMA ($6.22). A break and close above this level could suggest that the short-term downturn could be over.UNI/USDTUniswap (UNI) turned down from the 50-day SMA ($6.43) on Nov. 16 but the bulls are attempting to form a higher low at $5.66. UNI/USDT daily chart. Source: TradingViewThe bulls will have to push and sustain the price above the 50-day SMA to gain the upper hand. If they manage to do that, the UNI/USDT pair could attempt a rally to $7.36 and thereafter to $7.79.The long wick on the Nov. 18 candlestick shows that the bears are defending the moving averages. The downsloping 20-day EMA ($6.20) and the RSI just below the midpoint suggest that bears are at an advantage. A break and close below $5.66 may clear the path for a retest of $5.14.LTC/USDTLitecoin (LTC) broke and closed above the 20-day EMA ($59) on Nov. 17 and the RSI jumped into positive territory, indicating that bulls have a slight edge.LTC/USDT daily chart. Source: TradingViewThe up-move is likely to face stiff resistance at $65. If the price turns down from this level, the LTC/USDT pair could again drop toward the moving averages. Contrary to this assumption, if buyers drive and sustain the price above $65, the bullish momentum could pick up and the pair could attempt a rally to the overhead resistance at $75. The bears are expected to defend this level with all their might. If the price turns down from $75, it will suggest that the pair may extend its stay inside the $46 to $75 range for a few more days.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

The collapse of FTX cryptocurrency exchange has created a liquidity crisis in the crypto space, which could extend the crypto winter through the end of 2023, according to a research report by Coinbase. According to analysts, the FTX implosion could keep the institutional investors at bay because they are even more likely to tread cautiously for some time.The crisis has negatively impacted several crypto-focused companies who have assets stuck on FTX following the company’s bankruptcy filing on Nov. 11. Investors also fear the contagion could spread, causing further damage to the cryptocurrency ecosystem.Daily cryptocurrency market performance. Source: Coin360Although several investors were rattled by the collapse of FTX, billionaire venture capitalist and serial blockchain investor Tim Draper remains bullish on Bitcoin (BTC). In a Nov.15 interview with Cointelegraph, Draper doubled down on his $250,000 target for Bitcoin in 2023. However, investors should take the price projection with a pinch of salt because it is unlikely that Bitcoin will start a roaring bull market in the near future. What are the key support and resistance levels to watch out for on Bitcoin and altcoins? Let’s study the charts of the top-10 cryptocurrencies to find out.BTC/USDTBitcoin broke and closed below the June low of $17,622 on Nov. 9. This marked the resumption of the downtrend. Although bulls tried to stage a strong recovery on Nov. 10, their efforts met with heavy selling above $17,622. This suggests that the bears have flipped the level into resistance.BTC/USDT daily chart. Source: TradingViewThe 20-day exponential moving average ($18,271) has turned down and the relative strength index (RSI) is in the negative territory. This suggests that the bears have the upper hand.If the price sustains below $17,622, it will increase the prospect of a break below $15,588, If that happens, the BTC/USDT pair could extend its decline to $12,200.Contrary to this assumption, if the price turns up and breaks above the 20-day EMA, it will suggest strong demand at lower levels. The pair could then challenge the psychological level at $20,000.ETH/USDTEther (ETH) has been declining inside a descending channel pattern for the past several weeks. The failure to push the price above the channel on Nov. 4 may have led to profit-booking by the short-term traders.ETH/USDT daily chart. Source: TradingViewThe buyers aggressively bought the dip to the support line on Nov. 10 but the relief rally fizzled out near the 50-day simple moving average ($1,372). This suggests that bears are selling at higher levels.The bears will again strive to sink the price below the channel. If that happens, the selling could intensify and the ETH/USDT pair could drop to $1,000. To gain the upper hand, buyers will have to push the price above the moving averages. The pair could then rise to the downtrend line.BNB/USDTBNB (BNB) soared to $398 on Nov. 8 but the bulls could not sustain the higher levels as seen from the long wick on the day’s candlestick. The selling continued on Nov. 9 and pulled the price near the strong support at $258.BNB/USDT daily chart. Source: TradingViewThe bulls purchased the drop on Nov. 10 but they could not thrust the price above the 20-day EMA ($295). This suggests that the sentiment turned negative and bears were selling the relief rallies to the 20-day EMA.The bears will again try to break the support at $258 and if they manage to do that, the BNB/USDT pair could drop to $239 and later to $216. This negative view will be invalidated in the near term if bulls push and sustain the price above $313.XRP/USDTXRP (XRP) re-entered the $0.41 to $0.30 range on Nov. 8, indicating a lack of demand at higher levels. The selling continued on Nov. 9 and the price dropped to $0.32.XRP/USDT daily chart. Source: TradingViewBuyers purchased the dip and tried to push the price back above $0.41 but the bears did not relent. This suggests that the bears have flipped the $0.41 level into resistance. The bears will again try to pull the pair to the critical support at $0.30. This is an important level for the bulls to defend because a break and close below it could signal the resumption of the downtrend. On the upside, the first sign of strength will be a break and close above $0.41. The XRP/USDT pair could then rise to the 50-day SMA ($0.45).ADA/USDT Cardano (ADA) is in a strong downtrend. Although both moving averages are sloping down, the RSI is attempting to form a bullish divergence, indicating that the selling pressure may be reducing.ADA/USDT daily chart. Source: TradingViewThe first sign of strength will be a break and close above the downtrend line. Such a move will suggest a potential trend change. The ADA/USDT pair could then attempt a rally to $0.52.On the other hand, if the price continues lower and breaks below $0.31, the pair could drop to the support line. This line has arrested the decline on three previous occasions, hence the bulls may again buy the dip to this level. If buyers fail to defend the level, the pair could extend its downtrend to $0.25.DOGE/USDTDogecoin (DOGE) witnessed a sharp rally from $0.06 on Oct. 25 to $0.16 on Nov. 1. That pushed the RSI into extremely overbought levels, which may have tempted short-term traders to book profits.DOGE/USDT daily chart. Source: TradingViewThe selling picked up momentum after bulls failed to defend the 50% Fibonacci retracement level of $0.11. Buyers defended the 50-day SMA ($0.08) on Nov. 9 but the bears halted the recovery at the 20-day EMA ($0.09). The DOGE/USDT pair has been trading between the moving averages for the past few days. If bears sink the price below the 50-day SMA, the pair could complete a 100% retracement and drop to $0.06. Contrarily, a break above $0.10 will suggest that the bulls are back in the game. The pair could then rise to $0.12.MATIC/USDTPolygon (MATIC) soared above the overhead resistance of $1.05 on Nov. 4 but the rally met with stiff resistance at $1.30 on Nov. 5. Buyers tried to resume the up-move on Nov. 7 but could not clear the overhead hurdle.MATIC/USDT daily chart. Source: TradingViewThe bears sold aggressively on Nov. 8 and 9 and pulled the price below the moving averages but the buyers held the uptrend line. The MATIC/USDT pair rebounded sharply on Nov. 10 but the bears sold at higher levels and pulled the price back below the 20-day EMA ($0.96) on Nov. 12.If the price slides below the 50-day SMA ($0.89), the pair could drop to the uptrend line. A break below this support could open the doors for a retest of the crucial support at $0.69. On the contrary, if buyers push the price above the 20-day EMA, the pair could rise to $1.05.Related: Bitcoin price dips to $16.4K over Genesis woes as execs defend GBTCDOT/USDTPolkadot (DOT) plunged below the strong support zone of $6 to $5.68 on Nov. 9. This indicates the resumption of the downtrend. DOT/USDT daily chart. Source: TradingViewBuyers attempted to push the price back above $6 and trap the aggressive bears but the sellers held their ground. This indicates that the bears are trying to flip the $6 level into resistance.The downsloping 20-day EMA ($6.12) and the RSI in the negative territory indicate advantage to the bears. The sellers will make one more attempt to pull the DOT/USDT pair below $5.32. If they succeed, the pair could extend its decline to $4.32. To invalidate this negative view, the bulls will have to push and sustain the price above the moving averages.UNI/USDTUniswap (UNI) had been trading between $5.14 and $7.36 for the past several days. Buyers drove the price above the resistance on Nov. 4 but could not build upon this advantage. The bears pulled the price back into the range on Nov. 6.UNI/USDT daily chart. Source: TradingViewThis may have trapped the aggressive bulls who then rushed to the exit. Long liquidation and selling by the bears pulled the price below the support of $5.14 on Nov. 8 but this proved to be a bear trap. The bulls bought the dip and pushed the price back into the range on Nov. 10. The recovery is facing stiff resistance at the moving averages, indicating selling at higher levels. The bears may again attempt to sink and sustain the price below the range but the bulls are expected to defend the support aggressively. This suggests that the UNI/USDT pair may remain range-bound between $4.71 and $7.79 for a few more days.LTC/USDTLitecoin (LTC) has been range-bound between $46 and $75 for the past several weeks. The failure of the bulls to push the price above $75 on Nov. 7 may have attracted profit-booking by short-term traders. That pulled the price near the support of $46 on Nov. 9.LTC/USDT daily chart. Source: TradingViewWhen the price is stuck inside a range, traders generally buy the dips to the support level and that is what happened on Nov. 10. The LTC/USDT pair continued its rise on Nov. 11 but met with strong selling near $65. This suggests that bears are active at higher levels.The flattish moving averages and the RSI near the midpoint indicate a balance between supply and demand. This indicates that the pair could trade in a tight range between $53 and $65 for some time. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.