Categories: Market

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

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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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.