Technical analysis on November 17th: BTC, ETH, XRP, SAND, IOTA, CRO, MANA
Bitcoin Magazine examines the price movements of seven prominent cryptocurrencies, including The Sandbox (SAND). Although the token has hit a new all-time high, it is trading at an important support / resistance level.
BTC has been trading on an ascending parallel channel since October 20th. It was recently rejected by the channel’s resistance line on November 10th and initiated the current downward move.
On November 16, it hit the channel’s support line and the USD 59,700 support area. The price previously deviated below this zone on October 27th before reaching it again.
MACD and RSI are both bearish (red symbol), which supports the continuation of the downtrend.
However, there could be a short-term bounce before the price drops below the support level.
BTC / USDT 6-hour chart | Source: TradingView
ETH has risen above the ascending support line since September 27th. This resulted in a new all-time high of $ 4,864 on November 10th.
However, it has since declined, breaking below the rising support line on November 15.
It is currently trading just above the 0.382 fib retracement support at $ 4,030. If it breaks the next big support will be found at $ 3,500.
ETH / USDT 6-hour chart | Source: TradingView
On November 7th, XRP broke above the $ 1.25 region and hit a high of $ 1.35 three days later.
However, it fell shortly thereafter and this zone could not serve as a support. After the breakout, the price returned on November 15 to confirm this level as resistance.
XRP also broke below the short-term ascending support line (dashed) but bounced off the longer-term support (bold line). As long as the price trades above this important support, the bullish structure will remain intact.
XRP / USDT 6-hour chart | Source: TradingView
The sandpit (SAND)
The sandbox (SAND) has risen along with an ascending support line since November 10th. This resulted in a new all-time high of $ 3.61 on November 17th.
However, the price was unable to maintain the uptrend and created a long upper wick (red symbol). This was seen as a sign of selling pressure and caused the SAND to fall below the $ 3.30 horizontal support area that acted as resistance at the all-time high.
If it continues to decline, the next support will be found at USD 2.60, near the ascending support line mentioned above.
SAND .chart/ USDT 6 o’clock | Source: TradingView
IOTA has been trading in a range of $ 1.18 to $ 1.50 since October 4th. Recently, it bounced off this range support (green symbol) twice, on October 27th and November 16th, creating long wicks underneath, which is widely viewed as a sign of buying pressure.
IOTA is currently approaching the resistance of this range. If it breaks out, the next resistance will be found near the September high at around $ 2.00.
IOTA / USDT daily chart | Source: TradingView
Crypto.com coin (CRO)
Crypto.com Coin (CRO) has been moving up since September 29th. On November 15, it hit a new all-time high of $ 0.526. Although the price has fallen after that point, it is still holding above the external fib resistance of $ 1.61 at $ 0.39. This area previously acted as a resistance and is now intended to serve as a support.
The next resistance is at the external fib retracement level of 2.61 near $ 0.58.
Daily CRO / USDT Chart | Source: TradingView
Decentralized Land (MANA)
On Nov 16, Decentraland (MANA) bounced off the horizontal support area of $ 2.81 (green symbol). This is also the 0.618 Fib retracement support.
This creates a long wick at the bottom as buyers raise the price again.
MANA is again approaching the horizontal resistance area of $ 3.60. If the price moves beyond this zone, it can go up quickly.
MANA / USDT 6-hour chart | Source: TradingView
You can see the price of the coin Here.
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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
According to Beincrypto