Bitcoin (BTC) is experiencing an uphill battle near the $ 58,000 mark, but that hasn’t stopped a select number of altcoins from hitting all-time highs. This shows that traders follow fundamental developments of individual coins.

One of the youngest and best performing big altcoins is Avalanche (AVAX), which rose over 120% in November. The altcoin caught the attention of traders according to the accounting firm Deloitte announced plans to build its disaster relief platform on the Avalanche blockchain.

In another development showing growing crypto adoption, El Salvador’s President Nayib Bukele announced the creation of a geothermal Bitcoin city funded with $ 1 billion worth of Bitcoin bonds.

Strong purchases at lower levels could push Bitcoin above $ 60,000 and will altcoins join the recovery? Let’s take a look at the charts of the top 5 cryptocurrencies that may be attracting traders’ attention in the short term.

BTC technical analysis

Bitcoin reversed direction from $ 55,600 on November 19, but the rebound is facing resistance at the 50-day SMA ($ 60,187). The moving averages are on course for a bearish cross and the Relative Strength Index (RSI) is in negative territory, showing that the bears are making a strong comeback.

BTC / USDT daily chart | Source: TradingView

If the price drops down from current levels, the bears will attempt to extend the correction by pulling the BTC / USDT pair below USD 55,600. When that happens, the next stop could be the strong support at $ 52,500 to $ 50,000.

If the price rebounds from this zone, the bulls will seek to push the pair above the moving averages and the downtrend line. Such a move would mean that the correction phase may be over. The bulls will then attempt to push the price above the all-time high of $ 69,000.

Alternatively, a break in psychological support at $ 50,000 could intensify sales if traders rush out of the market. After that, the pair can drop to $ 45,000 and drop to $ 40,000.

BTC / USDT 4-hour chart | Source: TradingView

The 4-hour chart shows that the bears pulled price below strong support at $ 58,000, but they cannot extend that advantage. The bulls bought the dip and pushed the price back above the 20 EMA.

If the price holds above $ 58,000, the pair can rally to the downtrend line. A break and a close on this resistance could show that the bulls have the upper hand. After that, the pair can rebound to $ 62,000 and $ 67,000.

Conversely, if the price turns down from the current level and falls below $ 55,600, it signals the likely beginning of a deeper correction.

AAVX Technical Analysis

Avalanche is in a strong upward trend and has been continuously reaching new highs for a few days. The bulls pushed price above 200% Fib expansion at $ 146.18 today, but the long wick on the intraday candle is showing profit posting at higher levels.

AVAX / USDT daily chart | Source: TradingView

The bullish 20-day EMA (96) shows that the bulls have the upper hand, but the RSI near 80 suggests that the rally may overheat in the short term. This could lead to a slight correction or consolidation over the next few days.

If the price breaks down from current levels, the area between USD 110 and the 20-day EMA could act as strong support. A strong rally out of this zone will show that the bulls see the decline as a buying opportunity. The pair can then hit the 261.8% fib expansion at $ 175.58.

Contrary to this assumption, if the price drops below the 20-day EMA, it shows that traders are in a hurry to get out. That can pull the AVAX / USDT pair to $ 81.

AVAX / USDT 4-hour chart | Source: TradingView

The pair went down from the $ 147 level and showed aggressive profit booking at higher levels. Now the bears will try to push the price down to the 20 EMA, which is likely to act as strong support.

If the price recovers from the 20 EMA it will be showing strong buying on the downside. The bulls will then attempt to continue the uptrend by pushing the pair above $ 147.

Contrary to this assumption, if price falls below the EMA of 20, selling will intensify and the pair may drop to $ 110; such a move would show the bulls are losing their hold. After that, the pair can drop to the 50 SMA.

MATIC technical analysis

Polygon (MATIC) has been trading on an ascending channel for the past few days. The bulls pushed price above the channel resistance line on October 28-29, but were unable to sustain the breakout. This may have resulted in sales from short term dealers.

MATIC / USDT daily chart | Source: TradingView

The bears successfully defended the resistance line again on November 3rd and the altcoin started its downward journey towards the support line of the channel. The downward sloping 20-day EMA ($ 1.69) and the RSI just below the middle point to a slight upside for sellers.

If the price drops from current levels, the MATIC / USDT pair may fall to the support line. The bulls are expected to aggressively defend this level. If price bounces off the trendline and rises above the 20-day EMA, it suggests that selling pressures may ease. This could signal the beginning of the journey towards the resistance level.

If, contrary to this assumption, the bears push price below the trendline, it could result in a drop in psychological support at $ 1.

MATIC / USDT 4-hour chart | Source: TradingView

The 4 hour chart shows that the bulls are trying to rebound from the strong support area at $ 1.50-1.40. The 20th EMA has started to rise and the RSI is near the middle, suggesting that selling pressures may ease.

If the bulls push the price above $ 1.70, the pair can rise to $ 1.80. A break and close above this level indicates strength. After that, the pair can move higher towards $ 2.15. On the downside, if the bears push the price below $ 1.40, selling could accelerate.

EGLD technical analysis

The bears attempted to pull Elrond (EGLD) below the breakout at $ 303.03 from Nov. 16-18, but the bulls have been actively buying the slump, as evidenced by the long tail of the Candlestick showing. Strong buying on November 19th pushed the price above the USD 338.70 resistance.

Daily EGLD / USDT chart | Source: TradingView

The move helped the EGLD / USDT pair to resume its bullish trend and approach the target of the pattern at $ 427. The strong rebound pushed the RSI deep into the overbought territory, suggesting that some consolidation or small adjustments may be imminent.

The first support on the downside is the breakout at USD 338.70 and then the 20-day EMA (USD 325). If the price rebounds from either level, it indicates that traders are actively buying the dip. The bulls will then try to continue the uptrend with the next target at $ 500.

If the price goes down below the $ 303 breakout, this positive view will be invalidated.

EGLD / USDT 4-hour chart | Source: TradingView

The 4-hour chart shows that the bears managed to halt the bullish momentum at $ 400, but the bulls are in no mood to let up. Persistent buying at higher levels pushed the pair over the psychological barrier. The 20 EMA is rising and the RSI is in the overbought territory, showing that the bulls are in control.

The first major level to watch on the downside is $ 380. If the bears pull the price below this support, the pair may drop to the 20 EMA. A strong rebound from this support zone could help. The uptrend is there, but a break below it would suggest that the bullish momentum may be wearing off.

MANA. technical analysis

Decentraland (MANA) is down from the 78.6% fib retracement level on November 20 to $ 4.35. This suggests that traders might sell in the rallies.

Daily MANA / USDT chart | Source: TradingView

The MANA / USDT pair can now fall to the next support at $ 3.50 and if that releases the correction can extend to the 20-day EMA ($ 3.11). If price bounces off either support, it suggests sentiment remains positive and traders buy on a decline.

The bulls will then try to push the price down to $ 4.36. A break and a close above this resistance could open the door for a rally to $ 4.94. This positive view will be invalid if the price continues to fall below the 20-day EMA.

MANA / USDT 4-hour chart | Source: TradingView

The couple ascended in an ascending channel. The bulls’ failure to push the price above the resistance line may have resulted in traders selling, pulling the price below the 20 EMA.

Both moving averages are flat and the RSI has fallen near the middle, suggesting that upside momentum may be easing. The pair may now fall onto the channel’s trendline where buyers may appear.

If the price rebounds from the trendline, the pair may continue to move higher within the channel. The bulls will then try to push the price up to the resistance level. Bullish momentum can accelerate as price breaks and closes above the channel.

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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

SN_Nour

According to Cointelegraph

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