Price Predictions 11/12: BTC, ETH, XRP, BNB, SOL, DOGE, ADA

XRP ended the previous week with significant increases, reclaiming lost levels. It continued the uptrend on Monday, posting substantial increases.

The coin’s price at the time of writing indicates that it lost momentum and is grappling with notable selling pressure. 

However, XRP and the rest of the market opened the week with investors showing huge optimism about the next price action. They cited the US reopening as the reason for their positive stance, noting that the relevant authorities will resume data release on schedule, including the CPI, PPI, and other critical reports.

Nonetheless, the global cryptocurrency market cap is yet to register any notable increase in value since the week started. Recent reading indicates that it is down by over 3% amid bullish sentiment from traders. They remain optimistic that the reopening may change the trajectory. 

Apart from prices, institutions have resumed buying cryptocurrencies, with Bitmine and Strategy announcing new purchases a few days ago.

The United States Senate has passed the bill to reopen and awaits a vote from the House of Representatives and the President’s signature. Many predict the whole process will not exceed Nov 12. 

The cryptocurrency market may be gearing up for a slight upward movement following the resumption. Let’s see how some assets will react.

BTC/USD

Bitcoin showed signs of recovery in the early hours of Wednesday, peaking at $105,301, but lost momentum afterwards. It trades at $101,600 at the time of writing, following its recent dip below $101k.

BTC is on the verge of erasing the losses as the market exhibits excitement over the upcoming event. The apex coin reaction may not be extensive, with the uptick lasting hours and fading. If prices unfold in this manner, the asset will experience a slight recovery in the coming hours, followed by a larger retracement.

The 4-hour chart shows Bitcoin trading within the bollinger bands. It broke below the metric during the previous session but is now slightly above the upper band, following a slight recovery after its rebound at $100,800.

The apex coin may break above $103k in the coming hours. However, it will retrace, breaking below the bands again. It is worth noting that the moving average convergence divergence prints sell signals, which indicate a significant risk of retracement.

BTC may retest the $100k mark again, breaking below it on Thursday. The asset may be heading for a new low if the bulls fail to halt the downtrend.

ETH/USD

Ethereum saw a similar strong start to XRP, but is now grappling with notable selling pressure. Its recent attempt at recovery, a few hours ago, yielded almost no results, as the altcoin remains close to its Wednesday low.

Nonetheless, the bollinger bands indicate a rebound off the lower line. Additionally, previous price movements depict a small sell wall at $3,450 on the 4-hour scale. The altcoin may retest the mark, with little chance of breaking it.

However, it will retrace afterward, breaking below the lower band. Its next stop may be the short-term barrier at $3,350. 

XRP/USD

The bollinger bands on the 4-hour chart suggest that XRP may be gearing up for another significant push against resistance. It recently edged closer to testing the lower band but rebounded. Its current candle on this scale carries an almost 2% increase following 8 hours of notable decline.

The coin may edge closer to testing the SMA, but may experience rejections at $2.42. XRP will resume its downtrend afterwards, resulting in a retest of the lower band. 

However, previous price movements suggest that prices may drop below the band. The coin’s recent rebound was at a level with low demand concentration. It may drop to $2.24 after losing $2.30.

BNB/USD

The 4-hour chart reevaluates that BNB is trading close to bollinger’s lower band, as it sees a significant increase in buying pressure after the Sunday and Monday surge.

Nonetheless, it showed more bullish tendencies in the early hours of Wednesday, attempting the middle band. The candle that followed saw the upward momentum wane off, and the coin resumed its previous trend.

The asset is trading at $956. Its recent recovery may be short-lived. However, it may edge closer to the middle band. The ensuing selloff will result in the con resuming its downtrend.

Previous price movements point to notable demand concentration at $925. It may be BNB’s next target.

SOL/USD

The moving average convergence divergence had a bearish crossover during the previous intraday session. The metric has since been on a downtrend, hinting at further decline in the coming hours. 

The MACD suggests that Solana’s attempt at recovery may yield no notable results, as prices will likely retrace afterward. Its recent candle is devoid of any significant volatility, and it appears to be losing momentum.

The altcoin may slip below $150 if the downtrend resumes. Previous price movements suggest a possible decline to the more substantial barrier at $146.

DOGE/USD

Dogecoin is trading above a critical level. Previous price movements suggest that the altcoin rebounded around $0.168. The mark was a resistance for an extended period, with several attempts failing to break it.

DOGE must maintain trading above this level as a repeat of the previous trend is likely. Nonetheless, on the 4-hour scale, the candle representing the current session is green, as the bulls stage a buyback after the slip to $0.167. 

The coin must continue upward, or it may retrace to a low of $0.16. However, continuing the uptrend will see the asset edge closer to its previous high at $0.178. It is worth noting that there is notable selling congestion at $0.176.

ADA/USD

Cardano broke below the bollinger’s lower band a few hours ago but has since reclaimed it and is trading slightly above it. Prices show minute recovery following the slip, and indicators hint at further declines.

Based on the bollinger bands, since rebounding close to the lower line, the asset may be gearing up for further price increases. However, the candle representing the current price action is green but half-wick, indicating that the buying pressure is waning.

Losing momentum will result in a possible decline to $0.51. Nonetheless, sustaining it will send ADA above $0.56.As with XRP, the surge may precede the decline. 

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