Cryptocurrency Market November 22, 2021: Bitcoin price attempted another surge above $ 60,000. However, BTC failed to gain momentum and began another drop below $ 58,500, a 3% drop in one day. At 04:32 UTC, BTC is trading below USD 57,500 and there could be further downside moves in the short term.
Plus, most of the big altcoins also fall. ETH is down 4% to break below the USD 4,200 support. XRP could extend its losses if there is a significant break below $ 1.00. ADA lost 5% to hit $ 1.80.
After the price of Bitcoin struggled to cross the $ 60,000 mark, it began to decline again. BTC traded below the USD 58,500 and USD 58,000 support levels. On the flip side, initial support is at $ 57,200. The first major support is at $ 56,500, below which a return to the support area of $ 55,500 is possible.
If it rallies again, the price could encounter resistance near $ 58,500. The main weekly resistance is currently forming near $ 60,000, above which the bulls can gain strength.
Ethereum price broke $ 4,350 but failed to break the $ 4,400 resistance. As a result, there has been another drop and the price is currently trading below $ 4,200. Initial support is near the $ 4,150 mark. Key support is close to $ 4,050, below that there is more damage possible.
On the downside, the price is encountering resistance near the $ 4,250 level. The first major resistance is at $ 4,350, above which a rally to $ 4,500 is possible.
Cardano (ADA) was unable to continue past the $ 1.90 resistance area. There was another dip below the $ 1.80 mark before returning. Any further losses could result in a price of $ 1.55.
The Binance Coin (BNB) struggled to break the USD 600 resistance area. The NBB began another decline, breaking below the $ 580 support. The next big support is near $ 560, below which it might even be difficult to hold above $ 550.
Solana (SOL) is up 3% and pays well over $ 220. The next major resistance is near $ 232, above which the price could rise to the critical resistance area of $ 250 in the short term.
SHIB is down 5% and trading below $ 0.000045. Immediate support is near the USD 0.000425 level. The next big support is near the $ 0.000400 level below which the price could accelerate towards the $ 0.000370 level.
The XRP price couldn’t break above $ 1.10. It’s moving down and trading below $ 1.05. The next big support is at $ 1.00. Any further losses could move the price towards the USD 0.920 support area.
Several altcoins are up more than 8% including CRO, ZEC, ROSE, EGLD, ICX, STX, SCRT, CELO, IOTX and FLOW. Of these, the CRO rose 19% and broke $ 0.70 before correcting lower. Meanwhile, AVAX has overtaken DOGE and is now the tenth largest cryptocurrency by market capitalization. It is up nearly 3% in one day and is trading above $ 135.
Overall, Bitcoin price is falling and trading below $ 58,000. If BTC breaks the $ 56,500 support, it risks a bigger decline towards the $ 55,000 mark.
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