Market

Cryptocurrency market November 1st, 2021: Bitcoin and Ethereum are trending down, while ADA, SOL and SHIB are rising

Cryptocurrency Market Nov 1, 2021 by cryptonew: Bitcoin price failed to gain momentum past the resistance levels of $ 62,500 and $ 62,650. As a result, BTC fell below the USD 61,200 support. At 04:33 UTC, BTC is trading above $ 61,300 and could continue to fall.

Plus, most of the big altcoins also fall. ETH couldn’t break above $ 4,400 and fell. XRP rose to resistance at $ 1.15 before falling again. ADA is currently trading below the $ 2.00 level.


Cryptocurrency Market November 1, 2021

 

Cryptocurrency Market November 1, 2021: Bitcoin Price

Recently, Bitcoin price attempted to break above the USD 62,500 resistance area. However, BTC failed to gain strength and began a new decline. It broke the critical support area of ​​$ 61,200. On the flip side, initial support is near the $ 60,250 mark. Key support is currently forming near the $ 60,000 mark, below which a steeper decline could begin.

If it rises again, immediate resistance will be near the $ 61,200 mark. The main weekly resistance is currently forming at $ 62,500, above which the price could gain momentum.

 

Cryptocurrency Market November 1, 2021: Ethereum Price

The Ethereum price could not exceed the $ 4,400 mark. It began another decline below the $ 4,350 level. There was a break below the USD 4,280 support. The next major support is at $ 4,200. A break below $ 4,200 can move the price towards $ 4,120.

 

Cryptocurrency market November 1, 2021: ADA, BNB, SOL, SHIB and XRP prices

Cardano (ADA) rose to over $ 2.00. However, the price failed to break above the $ 2.00 mark and began a new decline. The price is trading below $ 1.95 and a further drop to $ 1.88 is possible. The next big support is near the 1.85 level. Immediate resistance is close to $ 1.98, above which a short-term rally to $ 2.05 is possible.

Binance Coin (BNB) settled above the USD 500 resistance. It is currently facing resistance near the $ 550 mark. A closing price above $ 550 could push the price towards $ 580 and $ 600.

Solana (SOL) is up 6% and is trading above $ 200. The price consolidates gains and could climb to $ 220. Any further gains could push the price towards USD 240 in the short term.

SHIB is up more than 7% to break the $ 0.000070 mark. Initial resistance is near the $ 0.000075 level above which a rally to $ 0.000080 is possible.

XRP price broke the $ 1.12 resistance. However, it failed to break the $ 1.15 resistance and began another decline. If the bears remain active, a return to $ 1.02 is possible.

 

Cryptocurrency Market November 1, 2021: Another Altcoin Market

Many altcoins are up more than 5% including HOT, XDC, QTUM, ICX, AMP, RUNE, GRT, FTM, AR, OMG and XMR. Of these, HOT gained more than 24% and broke the $ 0.013 level.

Overall, Bitcoin price is showing some signs that it will drop below $ 62,000 in the near future. If BTC falls below $ 60,000, a bigger drop is possible.

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Important NOTE: All content on the website is for informational purposes only and does not constitute investment advice. Your money, the choice is yours.

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

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