Key Highlights
- BTC and ETH continue counter-trend moves in technical analysis.
- XRP tests key support level of $2.00.
- SOL remains range-bound within a sideways channel.
- ICP shows strength, staying above the critical $3.40 support zone.
Market Analysis: Key Cryptocurrency Trends for Today
The cryptocurrency market is in motion today as various coins and tokens exhibit distinct behaviors within their respective technical frameworks. Analysts at CoinDesk are providing detailed insights into the likely trading scenarios for Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Solana (SOL), and Internet Computer Protocol (ICP).
Bitcoin: Navigating a Counter-Trend Channel
BTC $90,173.03 is currently trading within a counter-trend rising channel on the hourly chart that sits inside a larger descending trend. This technical setup suggests BTC’s price action remains finely poised and could exhibit either upward or downward movement depending on buyer confirmation.
A clean break above $96,500 would be technically bullish as this level marks the confluence of the channel top and the broader bearish trendline, suggesting a revival of the medium-term uptrend. Conversely, if the hourly counter-trend channel is broken from below, it would validate the downtrend line and open the way for another test of the $80,000 area.
Ethereum: Mirroring BTC’s Technical Structure
ETH $2,947.61 is trading within a counter-trend rising channel on the hourly chart amid a broader descending trend. A decisive break above $3,200 would confirm a bullish revival, exposing $3,620, the Nov. 10 lower high resistance.
However, if sellers invalidate the counter-trend channel, downside risks persist. A break below this level would reinforce the larger downtrend, opening recent lows near $2,630 as initial support ahead of deeper correction. The pivotal level to watch remains at $3,200.
Ripple: Testing Key Support Level
XRP $1.85 is testing the critical $2.00 support line once again. This has repeatedly signaled seller exhaustion this year through long-tailed weekly candles. The momentum looks bearish as evidenced by the sharply declining 5- and 10-week SMAs, confirming bearish momentum.
A breakdown below this level could trigger holder capitulation, exposing $1.63 (the 61.8% Fibonacci retracement of the 2024-2025 rally) as next major support.
Conversely, consecutive daily closes above $2.30 would invalidate the bearish lower highs pattern and signal a bullish revival. The key pivot remains at $2.00.
Solana: Range Bound Indecision
SOL $136.11 continues to exhibit range-bound indecision, trading within a sideways channel defined by $145 upper resistance and $120 lower support with current levels near $134. The lack of directional momentum persists, leaving the next significant move contingent on a clear breach of this consolidation range.
A bullish resolution of the range would create room for a move to $160 and higher via measured move analysis. A downside break would extend the broader downtrend. The pivotal levels to watch remain within the defined channel.
Internet Computer Protocol (ICP): Staying Above Key Support
ICP $3.44 rose 0.6% as early session volume surged 31% above average before fading, keeping the price above the $3.40 support zone. Resistance near $3.52–$3.55 rejected multiple breakout attempts, keeping ICP range-bound. Support between $3.36–$3.40 held firm, maintaining its short-term higher-low structure.
This technical scenario indicates that ICP is likely to continue oscillating within the defined support and resistance levels unless a decisive break occurs in either direction.
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