Cryptocurrency market November 29, 2021: Bitcoin and Ethereum explode

Cryptocurrency Market Nov 29, 2021: Bitcoin price begins a recovery wave above the USD 56,500 resistance. BTC is up 6%, breaking USD 57,000, and is currently consolidating (04:35 UTC). A closing price above $ 58,000 is required in the short term to gain more upside potential.

Also, most of the big altcoins move higher. ETH is up 7% and has seen a breakout above $ 4,300. XRP is still struggling to break the $ 1.00 resistance. ADA rose below $ 1.50 before correcting above $ 1.55.

Cryptocurrency Market November 29, 2021: Bitcoin Price

After sustained losses, Bitcoin price found support near the $ 53,500 mark. BTC started a new rally and overcame the $ 55,000 resistance. BTC even broke the USD 57,000 resistance to move into a short-term positive zone. The price is consolidating gains and could attempt to climb further above the USD 58,000 resistance level. The next major resistance is near the $ 59,500 mark.

On the flip side, initial support is near the 56,500 mark. The next big support is now forming near the $ 55,000 mark.

Cryptocurrency Market November 29, 2021: Ethereum Price

Ethereum price rebounded quickly as it broke above the $ 4,200 and $ 4,250 levels. ETH even broke the $ 4,300 mark and is trading in positive territory. The next major resistance is at $ 4,350, above which it could rise further.

If there is a downward correction, the price may find support at $ 4,250. The next big support is near $ 4,200, with further declines possible below that.

Cryptocurrency Market November 29, 2021: ADA, BNB, SOL, SHIB and XRP prices

Cardano (ADA) expanded its decline to below the $ 1.50 mark. It is currently adjusting losses and trading above $ 1.55. To go further up, the price has to cross the $ 1.65 mark in the short term.

Binance Coin (BNB) rose 5%, breaking $ 585. The bulls have pushed the price above $ 600 and it could continue to rise. The next big hurdle is near the $ 620 mark.

Solana (SOL) accelerated, surpassing the $ 190 mark. It rose 7% and even climbed above the $ 200 mark. An immediate hurdle is at $ 212, above which a rally to $ 225 is possible.

SHIB paid less than $ 0.000040. It even tested the $ 0.0000365 level before initiating an upward correction. It has to hit the $ 0.000040 level to go any higher. The next major resistance is near the $ 0.000042 level.

The XRP price tested $ 0.88 before recouping the losses. It is back above the $ 0.92 and $ 0.95 resistance levels. The next major resistance is at $ 1.00. A closing price above $ 1.00 could result in $ 1.05. Otherwise, it may drop below the $ 0.92 level.

Cryptocurrency Market November 29, 2021: Another Altcoin Market

Many altcoins are up more than 10%, including SAND, GALA, WAXP, MANA, LUNA, LRC, ENJ, KLAY, BORA, KSM and DOT. Of these, SAND gained more than 30%, surpassing $ 7.7.

Overall, the Bitcoin price is rising towards the $ 58,000 mark. If BTC accelerates above USD 58,000, this could accelerate the rally to USD 60,000 in the short term.

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