Crypto markets December 1, 2021: Bitcoin is stuck in a range, Ethereum is rising, LUNA and STX outperform
Cryptocurrency Market Dec 1, 2021: Bitcoin price made another attempt to gain strength above $ 58,500 but failed. BTC is currently trading in a range of over $ 57,000 (04:22 UTC). To start a new rally, the price needs to gain momentum above $ 58,500.
Also, most of the major altcoins are showing positive signs. ETH is up 7% and has seen a breakout above $ 4,700. XRP seeks a constant close price above the resistance area of $ 1.00. ADA needs to break the $ 1.60 and $ 1.62 levels to start a stronger rally.
Cryptocurrency Market December 1, 2021: Bitcoin Price
Bitcoin price corrected down after a rejection above USD 58,500. BTC has tested the support area of $ 56,250 and is currently consolidating at $ 57,300. On the downside, the price is facing resistance near the $ 58,000 mark. The next major resistance is near $ 58,500 above which the price could rise.
On the downside, initial support is close to the $ 56,250 level. The next big support is now forming near $ 55,500 below which further decline is likely.
Cryptocurrency Market December 1, 2021: Ethereum Price
Ethereum price accelerated as it broke the $ 4,500 and $ 4,650 resistance levels. ETH is up 7% to break the $ 4,700 mark. The price is targeting $ 4,800, above which a rally to $ 5,000 is possible.
If there is a downward correction, the price could find support near the $ 4,650 mark. The next big support is near the $ 4,550 mark.
Cryptocurrency Market December 1, 2021: ADA, BNB, SOL, SHIB and XRP prices
Cardano (ADA) remains stuck below the $ 1.60 resistance. The next major resistance is at $ 1.62, above which a steady rise is possible. Otherwise, it may fall to the USD 1.50 support.
Binance Coin (BNB) is rising, gaining speed over $ 625. It appears that the bulls are aiming to test the $ 650 level. The next big hurdle is near the $ 655 level above which the price could test $ 675.
Solana (SOL) surges above $ 200 and is up 6% in one day. Immediate resistance is near $ 215, above which a rally to $ 225 is possible. Any further gains could push the price towards $ 240.
SHIB tested $ 0.0000055 before falling 4% in one day. It is now back below $ 0.00050 and is nearing the $ 0.000450 support.
The XRP price is consolidating near the $ 1.00 level. A suitable closing price above USD 1.00 can push the price towards USD 1.05. Without a clear break, the price can correct below $ 0.95. The next big support is near the $ 0.92 level.
Cryptocurrency Market December 1, 2021: Another Altcoin Market
Many altcoins are up more than 5%, including STX, VGX, LUNA, RUNE, KCS, NEXO, UNI, CRV, QTUM, ALGO and MATIC. Of these, the STX rose 32% to break USD 3.10 before correcting lower.
Overall, the Bitcoin price is still facing hurdles above the $ 58,000 mark. A close above $ 58,500 could trigger a stronger rally to $ 60,000.
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