Technical Analysis on November 4: SPX, DXY, BTC, ETH, XRP, BNB, SOL, DOGE, ADA, HYPE

After a lackluster performance in October, Bitcoin (BTC) has yet to regain its former glory. The world's largest electronic money started the new month with a slide down to the key support zone of 107,000 USD – a sign that bears are trying to regain control of the market.

Data from Farside Investors shows that institutional cash flow is stagnating, as evidenced by Bitcoin ETF funds recording net withdrawals of up to 799 million USD in just one week.

Charles Edwards – the founder of Capriole Investments – stated on platform X that institutional buying has dropped below the daily supply of BTC mined for the first time in seven months. He believes this is a concerning signal for the bulls.

Nevertheless, the market still shows a glimmer of hope. According to data from CoinGlass, Bitcoin usually records an average increase of 42.34% in November. However, traders should be cautious, as since 2018, this coin has closed the month of November in the red four times – evidence that volatility can occur in any direction.

Will BTC continue to plunge, dragging down the weakening of altcoins? Let's analyze the charts of the top 10 Electronic Money to find the answer.

Technical Analysis SPX

The S&P 500 (SPX) index continues to maintain an upward trend; however, the negative divergence on the RSI indicator suggests that the upward momentum may be weakening.

Daily SPX chart | Source: TradingViewBears will need to pull the price below the (SMA) 50-day simple moving average at 6,647 to confirm strength. If successful, the index could enter a deeper correction to 6,550 then 6,400 points.

On the contrary, the bulls may defend the 20-day exponential moving average (6.764) and try to push the index above 6,920 points. If this level is surpassed, the S&P 500 could rise to the 7,000 point threshold.

Technical Analysis of DXY

The US Dollar Index (DXY) bounced off the 20-day EMA (98,92) on Wednesday, reflecting positive sentiment in the market.

DXY daily chart | Source: TradingViewThe index may continue to recover to 100.50, where it is forecasted that the bears will strengthen their defense. If the price remains above the 20-day EMA line, it is highly likely that DXY will continue to rise to the strong resistance zone of 102.

Conversely, the first weakening signal will appear if the price breaks and closes below the 20-day EMA, indicating that the bears are actively operating in the high price zone. At that point, the DXY may retreat to the 50-day SMA at 98.24.

Technical Analysis of BTC

Bitcoin has sharply declined from the 20-day EMA (110.837 USD) on Monday, then fell below the support level of 107,000 USD.

Daily BTC/USDT Chart | Source: TradingViewIf it closes below 107,000 USD, BTC will complete a double top pattern – a signal marking the beginning of a deeper correction phase. The BTC/USDT pair may slide towards the important psychological zone of 100,000 USD.

Bulls are expected to fiercely defend the 100,000 USD mark, as a breach of this level could lead to the formation of a new downward trend.

To regain the advantage, the bulls need to push the price back above the moving averages, thereby indicating that the selling momentum is weakening. The upward momentum could strengthen again if BTC surpasses the 118,000 USD threshold.

Technical Analysis of ETH

Ether (ETH) has reversed from the 20-day EMA (3.937 USD) and broke the support line of the descending channel pattern on Monday.

ETH/USDT daily chart | Source: TradingViewThe moving averages are sloping down and the RSI below 37 indicates that the bears are in control. If the price closes below the support line, the ETH/USDT pair could plunge to the zone of 3,435 – 3,350 USD.

This negative scenario will be invalidated if the price of ETH strongly rebounds from the current zone and exceeds the moving averages, thus indicating that the market has rejected the breakdown of the descending channel. At that point, the price could rise to the upper resistance line of the channel.

Technical Analysis of XRP

The bulls have tried to push XRP above the 20-day EMA at (2.52 USD), but the bears are still holding firm.

Daily XRP/USDT Chart | Source: TradingViewThey will target the 2.20 USD mark, a very important short-term support zone. If this level is broken, the price of XRP could drop to 2.00 USD, even 1.80 USD.

All recovery efforts are expected to encounter strong selling pressure at the 20-day EMA, followed by the 50-day SMA at (2.69 USD).

The bulls need to push the price above the downtrend line to signal a potential trend reversal.

Technical Analysis of BNB

BNB closed below the 50-day SMA (1.092 USD) on Sunday, and selling pressure increased significantly on Monday.

BNB/USDT daily chart | Source: TradingViewThe moving averages are about to cross bearish (, while the RSI is in the negative zone, indicating that the bears are in control of the market.

The support zone of 1.021 USD has been broken, paving the way for a decline to 932 USD, and even the daily low on 10/10 was 860 USD. This development suggests that BNB/USDT may have reached a short-term peak.

Time is running out for the bulls – they need to push the price of BNB back above the 20-day EMA soon to show signs of recovery.

Technical Analysis of SOL

Solana )SOL( has turned down and broken the upward trend line of the symmetrical triangle pattern on Monday, indicating that the period of indecision has ended with the advantage leaning towards the bears.

![])https://img-cdn.gateio.im/webp-social/moments-ecb4ec2f93a5b4e0ea9fb7002b2cda97.webp(Daily chart of SOL/USDT | Source: TradingViewThe SOL/USDT pair may fall to a strong support zone at 155 USD. Any recovery attempts from the 155 USD level are likely to face strong selling pressure at the 20-day EMA at 190 USD. If this scenario occurs, the price of Solana risks continuing to plunge to 137 USD.

On the contrary, if the price rises from the current zone or bounces up from the 155 USD level, it indicates that buying demand is emerging at lower price zones. At that point, the bulls will try to push the price above the 20-day EMA. If successful, the currency pair could continue to rise to the resistance line of the pattern.

Technical Analysis of DOGE

Dogecoin )DOGE( is still stuck in a wide fluctuation range, lying between 0.14 USD and 0.29 USD for the past few days.

![])https://img-cdn.gateio.im/webp-social/moments-14c576e75e533d36b4eca36a3d05da93.webp(Daily DOGE/USDT Chart | Source: TradingViewThe DOGE/USDT pair is likely to drop to the hard support zone at 0.14 USD, which is expected to attract buying interest. If the price bounces up from this support level and breaks above the moving averages, it indicates that Dogecoin may continue to trade sideways within the current range for some more time.

However, the bears may be preparing for another scenario: they will try to pull the price of Dogecoin down below the zone of 0.14 USD to resume the downtrend. If successful, the currency pair could plunge to 0.10 USD.

Technical Analysis of ADA

Buyers have tried to keep the price of Cardano )ADA( above the 0.59 USD threshold, but the bears have returned to increase selling pressure on Monday.

![])https://img-cdn.gateio.im/webp-social/moments-410a0df05525f9fd6800d204cde4936c.webp(ADA/USDT Daily Chart | Source: TradingViewThe bears are currently aiming to pull the ADA/USDT pair down to the important support zone at 0.50 USD. Buyers are expected to strongly defend this level, as a break below 0.50 USD could extend Cardano's decline to 0.40 USD.

To regain the advantage, the bulls need to push the price above the 20-day EMA currently around 0.64 USD. At that point, the currency pair could bounce back to the zone of 0.75 USD, where the bears are likely to return.

HYPE Technical Analysis

Hyperliquid )HYPE( has slipped below the 20-day EMA )42.73 USD( on Sunday, indicating that the bears are still in control.

![])https://img-cdn.gateio.im/webp-social/moments-3c5976b22c45e62a3b7faad5c1e43c60.webp(Daily chart HYPE/USDT | Source: TradingViewThe HYPE/USDT pair has now dropped close to the neckline ) and may continue to fall towards the strong support zone at 35.50 USD. Buyers are expected to actively defend this zone, as if the price breaks below 35.50 USD, selling pressure may increase significantly, pulling the price of Hyperliquid down to 30.50 USD, or even 28 USD.

On the contrary, if the price rises sharply from the zone of 35.50 USD and breaks above the 20-day EMA, it will indicate that demand is emerging at lower price levels. At that point, the HYPE/USDT pair may fluctuate within the range of 35.50–52 USD in the coming days.

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