Cryptocurrency Market Nov 17, 2021: Bitcoin price continued to drop below the USD 62,000 support and break the USD 60,000 support to enter a bearish zone.
Plus, most of the big altcoins are also showing signs of bearish and decline against BTC. BTC is down almost 3% in one day, while other coins in the top 10 correct between 4% and 6%. ETH fell below $ 4,350 and $ 4,250, respectively. XRP tested $ 1.05 again while ADA tested the key support area of $ 1.75.
Bitcoin price gained momentum in the last three sessions, falling below $ 63,500. BTC broke the $ 62,000 support and even fell below $ 60,000. It holds above $ 58,500 but the bulls are struggling to start the rebound. On the flip side, initial support is near the $ 59,200 mark. The next major support is near the $ 58,500 level below which the price can test $ 56,800.
On the downside, the price might struggle to level off above $ 60,000 and $ 60,500. The first major resistance is currently forming near the $ 62,500 mark.
Ethereum price also extended its decline below $ 4,350. ETH traded below $ 4,250 but there was no break below $ 4,100. The price is still above $ 4,000, but the bears could stay active near $ 4,320.
On the flip side, initial support is close to $ 4,100. The main support is at $ 4,000, below which a test of $ 3,850 is possible.
Cardano (ADA) extended losses below the $ 1.85 and $ 1.80 support levels. It even tested the USD 1.75 support and is currently fixing account losses. Conversely, the price could face sellers near $ 1.92 and $ 1.95.
Binance Coin (BNB) has fallen below the USD 600 support. BNB has even gone below $ 585 and $ 570. Any additional holes are likely to pave the way for work towards $ 550 in the near future.
Solana (SOL) extended losses to the $ 225 support. The bulls are currently supporting the $ 210 defense, but the main support is at $ 200. A faker that breaks a dip below $ 200 can push the price towards $ 185.
SHIB is down more than 5% and is currently trading near $ 0.000048. A break below $ 0.000475 could drag the price down. The next big support is near the $ 0.0000465 level below which a test of $ 0.000045 is possible.
The XRP price is down 5% and is below the $ 1.12 level. There was a test of $ 1.05 and the price is still higher than $ 1.00. On the other hand, the previous support at $ 1.12 could act as resistance in the short term.
Many altcoins are down more than 8%, including KDA, ZEC, KCS, ICX, NEAR, MINA, VET, DASH, CAKE, KSM, LUNA, and RUNE. Of these, KDA is down 15% and trades below $ 18. By contrast, CRV, AVAX, MANA, MIOTA and SAND rose by more than 5%. SAND broke $ 3.30 after gaining 27%.
Overall, Bitcoin price is showing signs of falling below $ 62,000 and $ 60,500. If BTC drops below $ 58,500, further losses are possible in the upcoming versions.
Join our Facebook group and Telegram group Coincu News to chat with more than 10,000 other people and share information about the crypto currency market.
Important NOTE: All content on the website is for informational purposes only and does not constitute investment advice in any way. Your money, the choice is yours.
Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page
Miami, Florida, 5th November 2024, Chainwire
Want to learn about Bitcoin and Chainlink's prices? See why BlockDAG with its X1 app…
New ATH for Bitcoin’s average hashrate, combined with Bitcoin mining difficulty surpassing 100 trillion hashes,…
Bitcoin's price rose 3% to $70,200, influenced by excitement surrounding the US presidential election.
NY, United States of America, 5th November 2024, Chainwire
This Coincu's article presents a curated list of the top DePIN crypto projects with airdrop…
This website uses cookies.