fails to hold, the pair could drop to the 61.8% retracement level of $12.83. Only a break below this support will suggest that the trend may be reversing in favor of the bears.
Ethereum classic price analysis
Ethereum Classic (ETC) has been consolidating in a tight range between $50 and $60 for the past few days. This has pulled the RSI down from the overbought territory, indicating a balance between buyers and sellers.
ETC/USDT daily chart. Source: TradingView
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If the price breaks above $60, the ETC/USDT pair could rally to $70. Conversely, if the bears sink the price below $50, it will suggest that the momentum has weakened. The pair may then slide to the 20-day EMA ($46) and eventually to the support line of the ascending channel.
Polkadot price analysis
Polkadot (DOT) has been trading in a tight range for the past few days, but the bulls have not let the price drop below the 20-day EMA ($43), indicating that the buyers are defending this support.
DOT/USDT daily chart. Source: TradingView
The upsloping 20-day EMA and the RSI in the positive territory suggest that the advantage is with the buyers. If the price rebounds off the current levels, the bulls will try to push the DOT/USDT pair above the $50 resistance. If they succeed, it could start a rally to $55 and then to $60.
Conversely, if the bears sink the price below the 20-day EMA, the pair may weaken to $40.
Bitcoin Cash price analysis
Bitcoin Cash (BCH) attempted to start a recovery on Nov. 12 but the bulls are finding it difficult to sustain higher levels, as seen from the long wick on the day’s candlestick.
BCH/USDT daily chart. Source: TradingView
The failure to sustain above the resistance at $675 has attracted selling by traders. If the price slides and sustains below the 20-day EMA ($625), it will indicate that the short-term trend may favor the bears. The BCH/USDT pair could then drop to $600.
On the contrary, if the price rebounds off the 20-day EMA, the bulls will make one more attempt to drive the price above $675. If they succeed, the pair may rise to $750.
In summary, the short-term outlook for the overall cryptocurrency market appears mixed, with some coins showing signs of consolidation or a potential pullback. However, the long-term sentiment remains bullish, with increased institutional interest and growing acceptance of cryptocurrencies driving the market higher. As always, investors should exercise caution and conduct thorough research before making any investment decisions in the cryptocurrency market.
