Traders Remain Positive as Binance Settles with US Department of Justice

Traders in the cryptocurrency space have been seeking clarity and certainty, making the recent settlement between Binance and the United States Department of Justice (DOJ) a positive development. While some caution remains due to the pending lawsuit against Binance by the Securities and Exchange Commission (SEC), analysts largely view the settlement as a step in the right direction.

Following the news of the settlement, Bitcoin (BTC) and several major altcoins experienced a sharp decline on November 21. However, traders quickly stepped in to buy at lower levels, suggesting a potential bounce back. The market is currently in a range-bound action as both bulls and bears battle for dominance.

Bitcoin (BTC) Price Analysis

The BTC/USDT pair has been consolidating between $34,800 and $38,000 for several days, indicating a balance between supply and demand. The 20-day exponential moving average (EMA) is sloping up, and the relative strength index (RSI) remains in the positive zone, which is a minor positive for the bulls. If the price breaks above $38,000, the next leg of the uptrend could take it to $40,000, with a potential resistance at $48,000. On the other hand, a break below $34,800 could lead to a further decline to $32,400.

Ether (ETH) Price Analysis

After slipping below the 20-day EMA ($1,957) on November 21, ETH/USDT saw a strong rebound as bulls aggressively purchased the dip. The resistance line remains a pivotal level to watch, as a break above it could initiate a rally to $2,137 and then $2,200. However, if the price fails to hold the support at $1,880, a deeper correction to the 50-day simple moving average ($1,791) may occur.

BNB (BNB) Price Analysis

BNB/USDT experienced a wild ride on November 21, with a high of $272 and a low of $224. Bulls managed to defend the major support level at $223, leading to a recovery on November 22. If the price sustains above the 20-day EMA ($240), the pair may consolidate between $223 and $265. However, a failure to sustain above the 20-day EMA could indicate bearish sentiment and a potential drop to $203.

XRP (XRP) Price Analysis

XRP/USDT turned down from the 20-day EMA ($0.61) on November 20 and fell to the 50-day SMA ($0.57) on November 21. Bulls are expected to defend the support at $0.56, as a failure to do so may result in a drop toward $0.46. If the price breaks above the 20-day EMA, a range-bound action between $0.56 and $0.74 is possible, with a bullish scenario if the pair rises above $0.74.

Solana (SOL) Price Analysis

The SOL/USDT pair climbed above the critical overhead resistance of $0.59 on November 19 but failed to gain momentum. The price was pulled back below $0.59 on November 20. However, the pair rebounded from the 20-day EMA ($51) on November 22, indicating strong support at this level. A break above $59 could lead to a challenge of the local high at $68, while a turn down from $59 could suggest bearish sentiment and a potential drop to $48.

Cardano (ADA) Price Analysis

Repeated failures to maintain ADA above the breakout level of $0.38 resulted in a correction on November 21. The price reached the 20-day EMA ($0.35), which acted as a strong support and led to a sharp rebound. If the price breaks above $0.39, the ADA/USDT pair could increase to $0.46. However, a quick drop below the 20-day EMA could signal bearish sentiment and a potential slide to the 50-day SMA ($0.30).

Dogecoin (DOGE) Price Analysis

DOGE/USDT plunged below the 20-day EMA ($0.07) on November 21 but is currently attempting to bounce back above it. If successful, it could suggest aggressive buying on dips and a potential rally to $0.10. However, if the price remains below the 20-day EMA, it may open the doors for a potential drop to the 50-day SMA ($0.07) and further to the support at $0.06.

Toncoin (TON) Price Analysis

The sentiment for TON/USDT remains positive as the price finds support at the 50-day SMA ($2.19). The range-bound action is indicated by the flattish moving averages and the RSI just above the midpoint. A break above $2.40 could lead to a rise to $2.59, while a turn down and a break below the 20-day EMA may result in a test of the support at the 50-day SMA.

Chainlink (LINK) Price Analysis

LINK/USDT turned down from the resistance at $15.39 on November 20 and fell below the 20-day EMA ($13.63) on November 21. However, the pair rebounded back above the 20-day EMA on November 22, indicating demand at lower levels. A break above $15.39 could retest the overhead resistance at $16.60, while a failure to defend $15.39 could lead to a potential drop to the 50-day SMA ($10.94).

Avalanche (AVAX) Price Analysis

AVAX/USDT closed above the $10.52 to $22 range on November 19 but failed to maintain the higher levels. The price was pulled back below the breakout level on November 20. The 20-day EMA ($17.71) is sloping up, and the RSI is in the positive territory, indicating bullish sentiment. If the price holds above $10.52, a rise to $22 is possible. However, a drop below the 20-day EMA could result in a test of the support at the 50-day SMA.