MATIC Price Prediction: Bulls Aim Fresh Rally To $1.12

MATIC price started a fresh increase from the $0.765 support zone. Polygon bulls are now aiming a fresh increase above the $1.00 resistance zone.

• MATIC price started a decent increase above the $0.90 resistance against the US dollar.
• The price is trading above $0.90 and the 100 simple moving average (4-hours).
• There was a break above a key contracting triangle with resistance at $0.850 on the 4-hours chart of the MATIC/USD pair (data source from Kraken).
• The pair could continue to rise towards the $1.00 and $1.12 resistance levels.

Polygon’s MATIC Price Eyes Steady Increase

This past month, polygon’s price declined below the $1.0 support zone. MATIC even broke the $0.85 support zone and the 100 simple moving average (4-hours).

However, the bulls were active near the $0.765 support zone. A low was formed near $0.7642 and the price started a decent recovery wave. The price was able to clear the $0.80 and $0.85 resistance levels. There was a break above the 23.6% Fib retracement level of the main drop from the $1.231 swing high to $0.764 low.

Besides, there was a break above a key contracting triangle with resistance at $0.850 on the 4-hours chart of the MATIC/USD pair. The pair is now trading above $0.90 and the 100 simple moving average (4-hours).

It gained over 5% today, outperforming bitcoin and ethereum. On the upside, an immediate resistance is near the $0.9580 level. The first major resistance is forming near the $1.00 zone. It is near the 50% Fib retracement level of the main drop from the $1.231 swing high to $0.764 low.

Source: MATICUSD on TradingView.com

If there is an upside break above the $0.98 and $1.00 resistance levels, the price could start another strong increase. In the stated case, the price could rise steadily towards the $1.12 level.

Dips Limited in MATIC?

If MATIC price rise above the $0.958 and $1.00 resistance levels, it could start a downside correction. An immediate support on the downside is near the $0.90 level.

The main support is near the $0.850 level and the 100 simple moving average (4-hours). A downside break below the $0.850 level could open the doors for a fresh decline towards $0.80. The next major support is near the $0.725 level.

Technical Indicators

4-hours MACD – The MACD for MATIC/USD is gaining momentum in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI for MATIC/USD is now in the overbought zone.

Major Support Levels – $0.90 and $0.85.

Major Resistance Levels – $0.95, $0.98 and $1.00.

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Ethereum Price Gearing For Lift-Off to $1,400, Key Support In Place

Ethereum gained pace above the $1,250 resistance zone against the US Dollar. ETH even spiked above $1,300 and is currently correcting gains.

• Ethereum remained well supported and even cleared the $1,280 resistance zone.
• The price is now trading above $1,250 and the 100 hourly simple moving average.
• There is a key bullish trend line forming with support near $1,280 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could continue to rise if it stays above the $1,250 and $1,230 support levels.

Ethereum Price Gains Bullish Momentum

Ethereum price formed a base above the $1,230 level and extended its recovery wave. ETH was able to climb above the $1,250 and $1,280 resistance levels, similar to bitcoin.

The bulls even pushed the price above the $1,300 resistance zone. A new multi-week high is formed near $1,309 and the price is now correcting gains. There was a minor decline below the $1,295 level. The price declined below the 23.6% Fib retracement level of the recent wave from the $1,255 swing low to $1,309 high.

Ether price is now trading above $1,250 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $1,275 on the hourly chart of ETH/USD.

An immediate resistance on the upside is near the $1,300 level. The first major resistance is near the $1,320 level. A clear move above the $1,320 resistance might send the price further higher. The next major resistance is near the $1,380 level, above which ether price might even clear $1,400.

Source: ETHUSD on TradingView.com

In the stated case, the price could rise towards the $1,450 resistance zone. Any more gains might send the price towards the $1,500 resistance zone.

Dips Limited in ETH?

If ethereum fails to continue higher above the $1,300 resistance, it could start a downside correction. An initial support on the downside is near the $1,280 level and the trend line.

The next major support is near the $1,275 level or the 61.8% Fib retracement level of the recent wave from the $1,255 swing low to $1,309 high. If there is a break below $1,275, the price could test the $1,250 support. Any more losses may perhaps start another decline towards the $1,225 support zone in the near term.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is now losing momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 level.

Major Support Level – $1,275

Major Resistance Level – $1,300

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Solana Price Attempts To Bounce Back But Will It Breach $15?

After a period of sluggish price action, the price of Solana has finally made a significant recovery on the chart. In the last week, the coin has surged over 9%. Although SOL might be moving up slowly, from a technical standpoint, the altcoin has recovered and might stage a rally in the upcoming trading sessions.

Buyers were gradually re-entering the market, indicating that SOL registered accumulation. However, capital inflows remained low. With consistent upward price action, capital inflow will also register a positive change.

Now that SOL has made small gains each day, the next resistance mark for the coin stands at $15. If Solana’s price breaks past $15, the coin can rally to $18. Although the Solana price has shown signs of recovery, it is still too early to say if the coin has gotten out of the woods. One push from the bears will bring SOL down to its closest support level.

Solana Price Analysis: One-Day Chart

Solana was priced at $13.73 on the one-day chart | Source: SOLUSD on TradingView

SOL was trading at $13.73 at the time of writing. At the moment, SOL was resting above the $13 support line. There needs to be support from buyers and the broader market for Solana to topple above the $14 price mark.

The aforementioned price ceiling should not be too difficult to surpass, given that the altcoin has been trading quite close to that level. On the other hand, the first support for Solana’s price was $13. Failing to remain above that will bring the coin down to $10.50. The amount of Solana traded in the past session was green, depicting a bullish preference.

Technical Analysis

Solana registered increased buying strength on the one-day chart | Source: SOLUSD on TradingView

SOL had witnessed quite the plunge in the month of November. The altcoin entered the oversold region twice this month. At press time, however, Solana had portrayed an increase in demand.

The Relative Strength Index noted an uptick and inched closer to the 40-mark. This reading denoted a rise in accumulation. Solana’s price was also above the 20-Simple Moving Average line, which indicated bullishness and that buyers would drive the price momentum in the market.

Solana displayed a fall in capital inflows on the one-day chart | Source: SOLUSD on TradingView

In terms of institutional interest, SOL has registered mundane performance for months. Despite the chart’s recovery, SOL’s capital inflows have remained low, mostly due to the broader market’s weakness. The Chaikin Money Flow (CMF) indicated capital inflows and outflows.

CMF was below the half-line, indicating that outflows were greater than inflows. The Awesome Oscillator (AO) displays the trend and price momentum. AO was positive with green signal bars, which were tied to the buy signal for the altcoin. This also suggested further gains for Solana investors.

Featured image from Mudrex, Chart: TradingView.com

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Bitcoin Price Clears $17K, Why Dips Turn Attractive In Short-Term

Bitcoin price was able to clear the $17,000 resistance. BTC is consolidating gains and might remain supported above the $16,750 level.

• Bitcoin gained pace and cleared the $16,800 and $17,000 resistance levels.
• The price is trading above $16,800 and the 100 hourly simple moving average.
• There is a key bullish trend line forming with support near $16,950 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could rise further if it stays above the $16,500 support zone.

Bitcoin Price Extends Gains

Bitcoin price remained well bid above the $16,500 support zone. BTC gained pace and was able to clear the $16,800 resistance zone plus the 100 hourly simple moving average.

The upward move was such that the price even surpassed the $17,000 resistance zone. It traded as high as $17,250 before the bulls faced sellers. It is now consolidating gains above the $17,000 level. The price is trading near the 23.6% Fib retracement level of the upward move from the $16,690 swing low to $17,250 high.

Bitcoin price is now trading above $16,800 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $16,950 on the hourly chart of the BTC/USD pair.

On the upside, an immediate resistance is near the $17,950 level. The first major resistance is near the $17,500 zone, above which the price may perhaps start another steady increase. In the stated case, the price could rise towards the $18,000 resistance.

Source: BTCUSD on TradingView.com

The next major resistance is near $18,800, above which the price could gain pace for a move towards the $19,500 zone in the near term.

Dips Limited in BTC?

If bitcoin fails to climb above the $17,250 resistance, there could be a downside correction. An immediate support on the downside is near the $17,000 level. The next major support is near the $16,950 zone and the trend line.

The trend line is close to the 50% Fib retracement level of the upward move from the $16,690 swing low to $17,250 high. A downside break below the trend line might call for a move towards $16,800. Any more losses might call for a test of the key $16,500 support zone in the near term.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $16,950, followed by $16,800.

Major Resistance Levels – $17,250, $17,500 and $18,000.

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Litecoin Whale Withdraws $65.5M In LTC From Binance, Bullish Sign?

Data shows a Litecoin whale has withdrawn $65.5 million in LTC from the crypto exchange Binance, a sign that may prove to be bullish for the price of the coin.

A Litecoin Whale Has Taken Out 835.8k LTC From Binance

As per data from the crypto transaction tracker service Whale Alert, two large LTC transfers have been spotted on the chain during the past day.

The first of these Litecoin transactions involved the movement of 73,794 LTC, worth just under $5.8 million at the time of the transfer.

Massive transfers like these usually belong to a single whale, or an entity made up of multiple investors. Depending on the intent behind them, such transactions may have noticeable impacts on the market.

Here are some additional details about the transfer that might shed some light on why it was made:

Looks like the sender had to pay a negligible fee of 0.00004518 LTC for the coins to go through | Source: Whale Alert

As you can see above, the sending address in this case was attached to a wallet associated with the crypto exchange Binance, while the receiver was an unknown address.

Unknown addresses like these are usually personal wallets, and are unaffiliated with any known centralized platform.

The second Litecoin transaction saw a whopping 762,073 LTC move on the chain, equivalent to $59.8 million according to the exchange rate at the time of the transfer.

Below are the details regarding this transaction.

This massive transfer seems to have taken only $0.02 in fees to be possible | Source: Whale Alert

It looks like this transaction also went from the crypto exchange Binance to an unknown wallet, much like the other transfer.

In fact, both these transactions involved the same sending and receiving addresses, implying the same whale might be behind both of these.

Transfers where coins exit the centralized custody of exchanges are called “exchange outflows.” Usually, investors withdraw their coins from these platforms for accumulation purposes.

Hence, large outflows like the ones observed during the past day can be a sign that whales are accumulating, and can therefore be bullish for the price of Litecoin.

LTC Price

At the time of writing, Litecoin’s price floats around $77.5, down 1% in the last week. Over the past month, the crypto has gained 37% in value.

The below chart displays the trend in the price of the coin over the last five days.

LTC has been climbing up during the last couple of days after the plunge to $70 | Source: LTCUSD on TradingView Featured image from James Lee on Unsplash.com, charts from TradingView.com, CryptoQuant.com

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Where Is The Ethereum Price Headed Next After Clearing This Resistance

The Ethereum price has finally been able to break above the $1,233 resistance mark. Over the last 24 hours, the coin has registered substantial gains. With the price moving above the $1,233 resistance level, Ethereum price has pictured a positive short-term bullish thesis on its one-day chart.

Technical outlook also agreed with the same and depicted a rise in demand for the king altcoin. Buyers will need to stick around for longer than the next couple of trading sessions for ETH to reach above the $1,300 price mark.

The price of ETH must remain above $1,200 and $1,230, or else the bears will return. This would mean Ethereum could drop to a psychological floor of $1,000. The altcoin has logged considerable gains over the past week’s duration, surging more than 11%. ETH’s chart depicts accumulation, which is good for short-term bullish momentum.

Ethereum Price Analysis: One-Day Chart

Ethereum was priced at $1,260 on the one-day chart | Source: ETHUSD on TradingView

ETH was exchanging hands at $1,260 at press time. The next area of resistance for the altcoin stood at $1,280. It is, however, too early to determine if the altcoin has stabilized over the $1,230 price mark. It needs to trade above the $1,260 zone for the next trading sessions for the bulls to strengthen further.

In case of this, the other price ceiling crucial for ETH’s upward movement was $1,350. On the other hand, a fall from the current price zone will take the price to $1,200 and then straight to $1,000. The amount of Ethereum traded in the last session increased, which showed bullishness.

Technical Analysis

Ethereum registered positive buying strength on the one-day chart | Source: ETHUSD on TradingView

ETH had nosedived into the selling zone at the beginning of this month; however, the altcoin has finally moved closer to the positive buying zone. The Relative Strength Index shot up to the neutral zone after remaining in the selling zone most of the month.

This indicated that demand for the altcoin had returned to the market. A continued push from buyers will drag the indicator past the 50-mark, depicting more buyers than sellers. In relation to that, the Ethereum price moved above the 20-Simple Moving Average line, which meant that buyers were driving the price momentum in the market.

Ethereum displayed a buy signal on the one-day chart | Source: ETHUSD on TradingView

In correspondence to other indicators, the altcoin depicted a buy signal on the one-day chart. The Moving Average Convergence Divergence (MACD) indicates price momentum and trend reversal.

MACD formed green signal bars above the half-line, indicating that if buyers acted on them, ETH would give returns. Bollinger bands depict price volatility and fluctuation; the bands were narrow, indicating price stability for Ethereum.

Featured image from Unsplash, Chart: TradingView.com

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Ethereum Price Offers Trade Opportunities After Recent Bullish Breakout

Ethereum managed to clear the $1,230 resistance zone against the US Dollar. ETH tested $1,280 and seems to be forming a strong support near $1,230.

• Ethereum gained bullish momentum and cleared the $1,230 resistance zone.
• The price is now trading above $1,230 and the 100 hourly simple moving average.
• There is a short-term bullish trend line forming with support near $1,230 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could continue to rise if it stays above the $1,230 and $1,200 support levels.

Ethereum Price Rallies Above Resistance

Ethereum price remained well bid above the $1,150 support zone. ETH formed a base and started a fresh increase above the $1,200 resistance, similar to bitcoin.

The price cleared the key resistance near the $1,230 and $1,250 levels. The upward move was such that the price traded as high as $1,280. It is now consolidating gains near the $1,265 level. Ether price is also trading above $1,230 and the 100 hourly simple moving average.

The bulls are currently active above the 23.6% Fib retracement level of the recent increase from the $1,150 swing low to $1,280 high. There is also a short-term bullish trend line forming with support near $1,230 on the hourly chart of ETH/USD.

Source: ETHUSD on TradingView.com

An immediate resistance on the upside is near the $1,280 level. The first major resistance is near the $1,300 level. The next major resistance is near the $1,330 level, above which ether price might start another bullish wave. In the stated case, the price could rise towards the $1,380 resistance zone. Any more gains might send the price towards the $1,420 resistance zone.

Dips Supported in ETH?

If ethereum fails to climb above the $1,280 resistance, it could start a downside correction. An initial support on the downside is near the $1,250 level.

The next major support is near the $1,230 level and the highlighted trend line. If there is a break below $1,230, the price could test the $1,200 support, where the bulls could emerge. Any more losses may perhaps start another decline towards the $1,150 support zone in the near term.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is now losing momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 level.

Major Support Level – $1,230

Major Resistance Level – $1,280

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Bitcoin Price Regains Traction, BTC Seems Primed for More Upsides

Bitcoin price gained bullish momentum above the $16,500 resistance. BTC could rise further if there is a close above the $17,000 resistance.

• Bitcoin started a decent increase above the $16,500 and $16,650 resistance levels.
• The price is trading above $16,500 and the 100 hourly simple moving average.
• There was a break above a major bearish trend line with resistance near $16,450 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could rise further if there is a close above the $17,000 resistance.

Bitcoin Price Gains Bullish Momentum

Bitcoin price formed a base above the $16,200 support zone. BTC started a steady increase and was able to clear the $16,500 resistance zone and the 100 hourly simple moving average.

During the increase, there was a break above a major bearish trend line with resistance near $16,450 on the hourly chart of the BTC/USD pair. The pair even surpassed the 76.4% Fib retracement level of the downward move from the $16,589 swing high to $16,000 low.

Bitcoin price is now trading above $16,500 and the 100 hourly simple moving average. It is testing the 1.618 Fib extension level of the downward move from the $16,589 swing high to $16,000 low.

Source: BTCUSD on TradingView.com

On the upside, an immediate resistance is near the $16,950 level. The first major resistance is near the $17,000 zone, above which the price may perhaps accelerate higher. In the stated case, the price could test the $17,500 resistance. The next major resistance is near $18,000, above which the price could gain pace for a move towards the $18,800 zone.

Dips Supported in BTC?

If bitcoin fails to climb above the $17,000 resistance, there could be a downside correction. An immediate support on the downside is near the $16,800 level.

The next major support is near the $16,500 zone or the 100 hourly SMA, below which the price decline further. In the stated case, the price might drop towards the $16,200 support zone. Any more losses might call for a test of the key $16,000 support zone in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $16,800, followed by $16,500.

Major Resistance Levels – $16,950, $17,000 and $17,500.

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Polkadot Reflects Accumulation, How Long Will It Trade Sideways?

Polkadot price seems to be returning on its feet, courtesy of recent developments. DOT’s network released its newest update, highlighting some core developments that could pave a path for its foundational roadmap for 2023.

Polkadot has plans to delve deeper into smart contract development through its project Substrate. This focuses on the network’s intention to bring more utility. DOT has also expressed interest in wanting to enter the NFT section. Looking at the technical outlook, the coin has picked up on some positive price action. Over the last 24 hours, DOT moved upward, albeit slowly.

This slow price movement could be attributed to broader market weakness. The buyers seemed to pick up the pace, indicating increased demand for the asset. To correspond with the same sentiment, DOT registered a significant increase in its market cap.

Polkadot Price Analysis: One-Day Chart

Polkadot was priced at $5.31 on the one-day chart | Source: DOTUSD on TradingView

DOT was trading at $5.31 at press time. The altcoin has been sandwiched between the $5 and the $5.6 zone for weeks. The increase in accumulation, however, makes it seem as though Polkadot might be able to breach the overhead resistance of $5.70.

In the event of breaching the immediate resistance, DOT might also reach $6.21, giving investors significant gains. On the flip side, if DOT remains stuck under the $5.60 mark for too long, demand will wane, resulting in depreciation. Polkadot’s next stop would be $4.50 in that case.

Technical Analysis

Polkadot depicted rise in buying strength on the one-day chart | Source: DOTUSD on TradingView

DOT has registered a slow uptick in buying strength in the last few weeks. At press time, the chart witnessed a surge in buyers. The Relative Strength Index showed a rise as the indicator moved past the 40-mark and closer to the neutral zone.

This was a sign of increased demand and incoming positive price action. On the same note, Polkadot was attempting to move above the 20-Simple Moving Average line due to an increase in buying strength. However, the reading reflected that sellers were still in control and driving the price momentum.

Polkadot displayed sell signal on the one-day chart | Source: DOTUSD on TradingView

In correspondence to the Simple Moving Average, DOT received sell signal on the 24-hour chart. The Awesome Oscillator indicates its price momentum and strength. The indicator formed red signal bars underneath the neutral line, which were sell signals, but those were declining.

This meant that there was a chance that the price action would change during the next trading session. Parabolic SAR, however, remained negative with dotted lines above the candlesticks. DOT must push past the $5.70 price ceiling with the support of the broader market.

Featured image from FinanceFeeds, Chart: TradingView.com

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BNB Leads Gains Among Top Cryptos: Will Binance Coin Continue To Roar?

BNB is currently trading at $300.082 with a 24-hour trading volume of $1,059,515,334. Despite the general market slump, the coin has been one of the top performers. It currently ranks at the number four position on CoinMarketCap. 

The coin has a 24-hour low of 289.76 and a 24-hour high of $304.82. The price change in 24 hours is increase of 2.36%. However, this price change does not truly convey the strength of the token in the market.

BNB’s trading volume increased by 3.51% in the last 24 hours. There is growing optimism among investors on the short; and long-term value of the coin. Its market dominance is currently at 5.755. 

Recent highs and lows; and open and close indicate that the token is likely going on the bullish run. Binance’s coin traded at $307.16 (low) and $316.22(high). This slight change is viewed by many as a false bearish breakout.

The market sentiment for BNB is optimistic, and fear levels have dropped.

What Is Pushing The BNB Rally?

BNB’s current rally; is supported by a combination of different economic factors. At a macroeconomic level, the Feds, in the meeting held on November 1-2, 2022 – decided on the rates. 

They concluded that the interest rates hike would eventually be relaxed in the recently released minutes of the event.

Also, in the wake of disastrous events like the collapse of Celsius and FTX, Binance’s commitment to transparency is paying off. According to a Reuters report: Changpeng Zhao, CEO of Binance, stated that rather than fighting crypto: it should be regulated.

After the losses suffered by FTX investors, Binance offered users assurances of their reliability. Some experts also attribute this to a growing belief that the crypto winter has reached its endpoint.

BNB’s price is currently trading at $291. | Source: BNBUSD price chart from TradingView.com

The Bulls Gain Control Of BNB

BNB price is presently showing bullish sentiments as crypto investors prepare for a potential revival. The price has been on a recovery path this week, with bullish pressure pushing for up to 14% gains. The 50-day SMA is now above the 200-day SMA.

The bulls will likely target the $320 resistance before the bear might act on the price significantly. Generally, the cryptocurrency market is slowly coming back to life. Market interest is also high for BNB, meaning demand is higher than supply, and prices will increase. 

The MACD is currently showing signs of attempting a bullish divergence. Both the MACD and its signal line are pointing upwards. BNB will have to stay above $300 for the next few days to avoid a possible price correction.

BNB is most likely to continue its bullish run since it has wide adoption by users. Also, there is a possibility that the whales or individual traders will likely stockpile the coin. Experts predict the price of BNB to keep increasing before the end of the year.

The key levels to watch are 304.78, 308.78,313.85 for resistance and 286.64, 290.64, and 295.71 as pivot support points. BNB will likely continue its bullish run in the short term and beyond – depending on its interaction with other market forces.

Featured image from Pixabay and chart from TradingView.com

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What’s Next As Algorand Price Remains Congested

Algorand price continues to pack negative price action throughout the month of November. The altcoin has depreciated by more than 40% since the beginning of this month. Over the last 24 hours, ALGO has just risen by 0.6% on its chart, emphasizing continued lateral price movement.

Currently, the coin has been stuck at a crucial resistance level. The technical outlook points in a direction where ALGO might not make a price comeback soon enough. The buying pressure has dropped considerably, which has reflected the fact that the coin has been undergoing a massive sell-off. If Algorand is to come under bullish influence, buyers have to immediately re-enter the market.

The asset’s price action is expected to become even more congested at the $0.20 level if the bears halt movement above the $0.23 mark again. It remains to be seen if Algorand reclaims the $0.24 price level.

Algorand Price Analysis: One-Day Chart

Algorand was priced at $0.23 on the one-day chart | Source: ALGOUSD on TradingView

ALGO was auctioned at $0.23 at the time of writing. The overhead price ceiling was $0.24, and the altcoin faced rejection every time it inched toward that zone. With the massive sell-off, Algorand can lose the $0.23 price level and pierce through the $0.22 mark to sit on $0.20 for some time.

The altcoin can be expected to trade at $0.22 for some time before it targets $0.20, and if buyers return, ALGO can trace upwards from the $0.22 price mark. The amount of Algorand traded in the past session decreased, highlighting the sell-off.

Technical Analysis

Algorand displayed a fall in buyers on the one-day chart | Source: ALGOUSD on TradingView

For most of this month, Algorand’s price has witnessed the pull of the sellers. Algorand was overvalued at the beginning of the month, although the bulls could not hold onto the price momentum. The Relative Strength Index was below the 40 mark, which signifies that the asset was even below the neutral zone, indicating that buying strength was weak.

Corresponding to the same reading, ALGO remained under the 20-Simple Moving Average (SMA). If the price of the coin moves above the 20-SMA, then the bearish thesis could be invalidated. According to the 20-SMA reading, sellers were driving the price momentum.

Algorand depicted a sell signal on the one-day chart | Source: ALGOUSD on TradingView

On the 24-hour chart, ALGO’s Moving Average Convergence Divergence (MACD) shows the price trend and the chance of a momentum reversal. MACD continued to form red signal bars, which were signs for investors to sell the asset.

The Directional Movement Index (DMI) indicates the strength of the price direction. DMI was negative as the -DI line (orange) was above the +DI line (blue). The Average Directional Index (red) was also above the 20-mark, meaning that the current price momentum was gathering strength.

Featured image from LeewayHertz, Chart: TradingView.com

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Celo Sees 20% Gains In Last Week As The Broader Crypto Market Retreats

CELO’s price is currently at $0.6101, with a trading volume of $44,775,558. It is currently ranked number 97 on CoinMarketCap. The trading volume has decreased by over 73% in the last 24 hours.

CELO shocked many market observers with a 33.51% price jump on Sunday and had a trading volume of $227,794,699.69. Although the token is still way off its all-time high of $10.68, it has shown signs of recovery.

2022 has been an eventful year in crypto circles, from XRP’s lawsuit with the SEC to the collapse of Celius and FTX. Pessimism has also driven the prices of crypto assets down as the fear factor increases.

CELO coin has defied the odds to go on a rally that has holders hopeful of potential gains. From its historical price movement, it remains to see how far this momentum can hold.

What Is Behind CELO’s Recent Price Upsurge?

CELO’s innovative cryptocurrency system gives the project an edge in the prevailing bearish cryptocurrency market. CELO targets increasing crypto use among smartphone users. 

With the number of smartphone users rising daily, it is easy to understand why it is gaining in the market.

The proof of stake mechanism adopted by the project developers also makes it more energy efficient and future-inclined. The current value of the CELO network is directly proportional to efforts from network builders, the fanbase, and investors.

Also, Bitcoin has recently seen a slow and steady increase in its valuation. Judging from history and Bitcoin’s dominance, it affects the prices of other coins.

Macroeconomic factors also have a role to play since investors are more careful with their portfolios. The current economic meltdown in some regions of the world has also lengthened the crypto bear market.

CELO supports rave-of-the-moment projects that include NFTs and Web3 services. Experts insist that these projects will eventually launch CELO to importance.

CELO’s price is currently trading at $0.6102. | CELOUSD price chart from TradingView.com

CELO Possibly Going On A Bullish Run

CELO’s price has rebounded remarkably in the past few days. The price will likely continue on its bullish run for the short term. 

CELO is trading slightly below the 200-day Simple Moving Average (SMA), showing a sell signal. It is also below the 50-day SMA and is still a sell signal from the indicator. The RSI value is currently 56.45. It indicates that the price is more likely to go bullish since it is above 40.

The MACD shows a tentative buy signal, with both the MACD and a signal line pointing upwards. The price has moved in a sideways trend, as observed in the candlestick pattern on the chart. It means that while a bullish run is possible, it will likely remain neutral for the time being.

The key levels on the chart are as follows: support: $0.4176, $0.4692, and $0.571559. The resistance levels are $0.7255, $0.7770, and $0.8793.

CELO will likely break through these resistance levels if buyer pressure holds. It also correlates with the price movement of the top ten cryptocurrencies as they experience gains.

Featured image from Pixabay and chart from TradingView.com

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Ethereum Loses Demand Zone Again As Bears Dominate – Is $700 Realistic For Investors?

• ETH price losses key demand zone of $1,200 again
• Price remains weak as bears battle bulls; so much uncertainty in the market 
• ETH price gets rejected from a low of $1,220 on the high timeframe

The price of Ethereum (ETH) trading below $1,200 continues as the price faced rejection, breaking and trending higher to a region of $1,300 after showing from price action bouncing off from its weekly low of $1,080.

In the high timeframe, the price of Ethereum (ETH) looks weak, with a probable result of a downtrend movement compared to an upside. Despite the relief bounce and uncertainty surrounding the crypto market, the FTX fiasco continues to act as a catalyst for the market to bottom out.

The Domino effect of the FTX saga and other large investors has stalled the market, as it has yet to make a significant move, raising concerns about the market’s direction. (Data from Binance)

Ethereum (ETH) Price Analysis On The Weekly Chart

Despite the relief bounce across the market, with the price of ETH rallying from a weekly low of $1,080 to a high of $1,220, the crypto market remains uncertain and turbulent, affecting the price of Ethereum (ETH). Many altcoins are struggling for survival, trying to stay afloat as the prices of altcoins continue a downward price movement.  

With so much news of a capitulation imminent for all crypto assets coupled with the FTX and other crypto projects suffering from bankruptcy, the bottom could be in soon.

ETH’s price had a weekly close below a crucial area of $1,200 after showing so much strength rallying from a weekly low of $1,080 to a high of $1,220 as the price was unable to break above $1,250. 

After ETH’s price declined from a high of $1,220 to a region of $1,170, the price has struggled to regain such strength it has rallied to this high with more growing speculation of price retesting the region of $700.

Weekly resistance for the price of ETH – $1,250.

Weekly support for the price of ETH – $1,000.

Price Analysis Of ETH On The Daily (1D) Chart

Daily ETH Price Chart | Source: ETHUSDT On Tradingview.com

The price of BTC remains considerably weak in the daily timeframe after closing below $1,250. With ETH’s price unable to break and close above $1,300, there are growing chances of price retesting the regions of $700.

ETH’s price currently trades at $1,174 below the 50 and 200 EMA, acting as resistance for the price of ETH from trading higher. The price of ETH needs to break above $1,400 and $1,700 for the price of ETH to kickstart the price recovery plan.

Daily resistance for the ETH price – $1,400 & $1,700.

Daily support for the ETH price – $1,000-$900.

Featured Image From Reuters, Charts From Tradingview

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Litecoin Price Registers Bearish Divergence, What’s Incoming?

After the FTX crash on November 9, Litecoin’s price began a significant upward price movement. Investors continue to remain in profit. However, a downswing could be on the way. This might not necessarily be the end of the bulls just yet.

Although LTC is moving south after registering a 7.1% fall on the daily chart, regarding weekly gains, the Litecoin price has held onto its 16% appreciation. The bears have now entered the market and halted the uptrend.

A jump above the immediate resistance mark over the next trading session will pause the bears again. On the daily chart, the Litecoin price has formed a bearish divergence. This often signals an incoming sell-off in the market. Since buyers continue to overpower sellers on the chart, a recovery from the sell-off should not be difficult. A move above the $75 mark can also fuel another rally.

Related Reading: Bitcoin Bottom Is Near, But A Drop To This Level Is Possible, Renowned Analyst Says

Litecoin Price Analysis: One-Day Chart

Litecoin was priced at $71 on the one-day chart | Source: LTCUSD on TradingView

LTC was auctioning for $71 at press time. Over the last 24 hours, LTC displayed that its week-old bullish momentum was waning. Immediate resistance for the coin stood at $73. If buyers remain present, the coin might revisit the aforementioned level.

It remains to be seen if LTC can stay above $73. On the other hand, a fall from the $73 price mark can drag the altcoin to $65. Since investors are still optimistic about LTC, recovery should be swift. In that event, Litecoin can fall to $61 and then to $58. A quick recovery could propel the altcoin’s price to $93, and then LTC could reach the psychological price ceiling of $100.

Technical Analysis

Litecoin formed bearish divergence on the one-day chart | Source: LTCUSD on TradingView

The technical outlook of LTC has remained optimistic and is yet to capture the recent bearish sentiments. LTC, however, has formed a bearish divergence on the chart. Bearish divergence is followed by a sell-off. The Relative Strength Index noted a downtick and was below the 60-mark, indicating that buyers are decreasing in number but are still outnumbering sellers.

The price of Litecoin was pictured above the 20-Simple Moving Average as the coin still remains profitable. Buyers were driving the price momentum. This also pointed out that Litecoin should be able to bounce back soon in case of a sell-off.

Litecoin registered increased capital inflows on the one-day chart | Source: LTCUSD on TradingView

Litecoin’s indicators depicted the same outlook in correspondence with more buyers than sellers. The Chaikin Money Flow, which indicates capital inflows, was above the half-line, which meant that investors were accumulating the altcoin.

The Average Directional Index also sided with the buyers; it depicts the strength of the price momentum. ADX was slightly above the 20-mark, which meant that the price momentum was gaining strength at the time of writing.

Related Reading: Dogecoin Climbs 25%, Leads Top 10 Coins, In Last 7 Days – Can It Hit $1 By 2023?

Featured image from Unsplash, Chart: TradingView.com

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Ethereum Tries To Keep Luster As ETH Moves To Narrower Trading Range

Ethereum, the world’s second biggest cryptocurrency, has continued its downward trajectory, passing through the $1,200 level.

To date, the exchange rate has reached $1,170.49. Data from CoinGecko shows that the coin has been trading at a loss on a weekly basis.

Here’s a quick glance at how ETH has been performing:

• The price of ether is currently below the $1.2k range
• Investors are preparing to sell, as shown by the high exchange netflows
• If the bears manage to push beyond the $1,152 support level, the next important support is located at the $906 level

After initially plunging as rumors of an impending FTX collapse hit the market, the price eventually settled into a sideways trend and has remained there since. However, the trading range for this sideways movement is beginning to contract.

The formation of a relief rally is being jeopardized by the current trading range. More losses are on the way for the Ethereum market, therefore would-be buyers and sellers of ETH should proceed with caution.

Ethereum Relief Rally In The Offing?

As the Bollinger band constricts around the $1,199 price range, the chance of a relief rally increases.

ETH has been trading between $1,306 and $1,092.85 as of this writing. As the Bollinger band shrank, so would this.

In addition, CryptoQuant observes a high exchange netflow, which indicates an increase in exchange reserves. This signifies that traders and dealers are preparing to sell their ETH.

The RSI statistics provide support for the bears. Currently, the data are crossing each other bearishly and going towards the oversold region.

However, when the RSI recovers over the next few days or weeks, investors and traders could use this to their advantage for a little price increase.

In contrast, the MFI indicator swings in opposition to the downward trend, indicating a possible turnaround.

Steering Clear Of The Ascending Triangle

Previous price fluctuations have produced an ascending triangle with a narrow base. This is followed by a bearish breakout, which in this case might occur around $1,152.

ETH bulls should then keep an eye on the $1,152 support, as a breach here might portend further losses.

A bearish breach below the indicated support level will likely bring the price below ETH’s important support at $906.

Despite the fact that such a decline would be catastrophic for ETH investors, short positions would profit substantially in an otherwise unfriendly crypto market.

ETH total market cap at $143 billion on the daily chart | Featured image from TradeMap, Chart: TradingView.com

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Dogecoin Price Prediction: Fresh Rally Likely If DOGE Holds This Support

Dogecoin rallied towards the $0.108 level against the US Dollar. DOGE is correcting gains and approaching a major support at $0.090.

• DOGE started a downside correction from the $0.1080 resistance against the US dollar.
• The price is trading well above the $0.0850 zone and the 100 simple moving average (4-hours).
• There is a key bullish trend line forming with support near $0.090 on the 4-hours chart of the DOGE/USD pair (data source from Kraken).
• The pair must stay above the $0.088 support zone to start a fresh rally.

Dogecoin Price Aims Fresh Increase

In the past few days, dogecoin saw a major increase above the $0.0850 resistance zone. DOGE climbed above the $0.0920 and $0.0950 resistance levels, outpacing bitcoin and ethereum.

The price even jumped above the $0.100 resistance and settled above the 100 simple moving average (4-hours). However, the bears took a stand near the $0.1080 resistance zone. A high was formed near $0.1077 and the price started a downside correction.

Doge price corrected lower below the $0.100 support. There was a move below the 23.6% Fib retracement level of the upward move from the $0.0713 swing low to $0.1077 high.

It is now trading well above the $0.0850 zone and the 100 simple moving average (4-hours). There is also a key bullish trend line forming with support near $0.090 on the 4-hours chart of the DOGE/USD pair. On the upside, the price is facing resistance near the $0.0980 level.

Source: DOGEUSD on TradingView.com

The first major resistance is near the $0.1000 level. Any more gains above the $0.1000 zone could encourage the bulls to aim a retest of $0.1080. If they push the price above $0.1080, there could be a rally towards the $0.120 level.

More Losses in DOGE?

If DOGE price fails to gain pace above the $0.10 level, it could continue to move down. An initial support on the downside is near the $0.0920 level.

The next major support is near the $0.090 level and the trend line. If there is a downside break below the $0.0960 support, the price could decline further. The main support is near the $0.0850 level. Any more losses could open the doors for a move towards the $0.0780 level.

Technical Indicators

4-Hours MACD – The MACD for DOGE/USD is now losing momentum in the bullish zone.

4-Hours RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.

Major Support Levels – $0.0900, $0.0880 and $0.0850.

Major Resistance Levels – $0.0980, $0.1000 and $0.1080.

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Dogecoin Climbs 25%, Leads Top 10 Coins, In Last 7 Days – Can It Hit $1 By 2023?

Dogecoin is currently driving the market’s current recovery, at least in part. The memecoin’s price reached the $0.0945 on Monday, in the midst of the shockwave brought about by FTX’s implosion.

Despite the strain, DOGE still proved its resilience at it soared 25 percent in the last week, data from Coingecko show, Monday.

Here’s a quick rundown as DOGE fights back against the bear market:

• There is a chance that by 2023, DOGE will be worth $1
• The technical indicators are quite optimistic, displaying many strong levels of support
• In order to break through to $0.1265, bulls should look to $0.1076 and $0.1186.

DOGE is trading at $0.0955 on a red candle. Bulls are optimistic that 2023 will be the year DOGE reaches the magical $1 level, thanks to the announcement by ETH co-founder Vitalik Buterin and Twitter and Tesla CEO Elon Musk that they are working on an update for the memecoin.

Can Dogecoin Sustain Its Positive Pace?

Since DOGE has been performing better than Bitcoin and Ethereum in the market rebound, the coin’s technicals are looking highly positive.

The bulls have the backing of the Bollinger band, and the expansion of the band’s middle band provides dynamic support at $0.0848.

Increased volatility from a wider Bollinger band increases the probability of a price rally.

Chart: TradingView

The EMA ribbon supports the rally throughout all significant time scales. Currently, the price action indicates the overbought side of the RSI, which bulls must monitor.

However, bulls might position themselves at $0.0890, which is the current price movement’s support.

The money flow indicator validates the recent price action, strengthening the positive feeling. Long-term bullish strength is demonstrated by the regression channel’s output of 0.14.

If this uptrend persists, bulls should aim for $0.1076, the major level of resistance that, if breached, would finally support the bull run. Secondary objective would be $0.1186, resulting in a final objective of $0.1265

This would inevitably recover lost ground from the DOGE catastrophe earlier this month.

DOGE & The Challenging Path To $1

Current market activity will inevitably increase investor confidence in cryptocurrencies. Not to mention reports of DOGE being utilized in Twitter payments, which, if this momentum continues, will eventually bring the price near or above $1.

However, investors and traders must exercise caution as the market begins a phase of recovery, which makes investor sentiment extremely volatile.

DOGE total market cap at $12.5 billion on the daily chart | Featured image from Coin Edition, Chart: TradingView.com

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Bitcoin Bottom Is Near, But A Drop To This Level Is Possible, Renowned Analyst Says

After Bitcoin failed to sustainably overcome the important resistance at $16,600 within the last five days, the price saw a renewed pullback a few hours ago.

A week ago, on November 21, the BTC price fell to a new bear market low of $15,480, after which the price saw a spike, which, however, came to an abrupt end, questioning the strength of the bulls.

At press time, BTC was trading at $16.195 and initially found support at $16.050. If the closest resistance at $16.310 does not turn back into support, a retest of the current bear market low could be on the cards.

Bitcoin price in the 1-hour-chart. Source: TradingView

Bitcoin Bottom Still Not In?

Meanwhile, well-known on-chain analyst Willy Woo has told his 1 million followers that a Bitcoin bottom could be near. The analyst is using three on-chain data models to come to this conclusion.

As Woo writes, the CVDD floor price is currently being tested. The model examines alternatives to the market price. Dashed lines mean the model is purely technical, meaning it uses only the market price as an input. Solid lines include metrics that come from the blockchain, meaning they include investor, network, and user behavior fundamentals.

Ultimately, the model created by Woo in April 2019 uses the age and value of Bitcoin moving to new investors to create a floor. Woo’s theory: “When significantly old coins (say bought at $100) pass to new investors (say at $16k), the market perceives a higher floor.”

Currently, the model with a proven track record is showing a second retest.

Bitcoin price models. Source: Twitter

The max pain model also signals that the Bitcoin bottom is coming closer. Historically, the Bitcoin price reaches its bottom of a macro cycle when 58%-61% of the coins are in the loss zone. Whenever the price has fallen into the green zone, it marked a floor.

“The upper limit of the shaded area is at 13k and rising rapidly,” Woo said. Thus, another price drop could be possible, although the analyst also stressed that not all lows were reached, with “those that weren’t were close.”

Max pain model for Bitcoin. Source: Twitter

Third, Woo looked at the MVRV ratio. This represents the ratio between the market cap and realized cap. Its purpose is to show when the exchange-traded price is below “fair value” and to identify the highs and lows of the market. Analyzing the MVRV ratio, Woo states:

MVRV ratio is deep inside the value zone. Under this signal we were in already bottoming (1) until the latest FTX white swan debacle brought us back into a buy zone (2).

 

Bitcoin MVRV ratio. Source: Twitter

Overall, Woo sees the possibility that the bottom could mean a little more pain for Bitcoin investors. He also points out that the market is in an “unprecedented deleveraging scenario,” putting all models to the test.

Bitcoin Miner Capitulation Causing Max Pain?

As Glassnode’s senior on-chain analyst Checkmate noted via Twitter, Bitcoin miners could be a reason for more pain as they have run into serious trouble in recent months.

The hash price has fallen to an all-time low. The mining industry is quickly becoming another problem area in the market and thus, the risk of “miner capitulation in round 2” is also rising.

Bitcoin miner hash price. Source: Twitter

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Ethereum Price Could Avoid a Major Drop if it Closes Above $1,250

Ethereum failed to clear the $1,250 resistance against the US Dollar. ETH is moving lower and might decline heavily if it breaks the $1,140 support.

• Ethereum struggled to gain pace for a move above the $1,250 resistance level.
• The price is now trading below $1,180 and the 100 hourly simple moving average.
• There was a break below a key bullish trend line with support near $1,210 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could gain bearish momentum if there is no clear move above $1,230 and $1,250.

Ethereum Price Dips Again

Ethereum price attempted an upside break above the $1,230 resistance. However, ETH failed to gain pace and stayed below the $1,250 resistance. There was a fresh bearish reaction from the $1,235 high, similar to bitcoin.

There was a move below the $1,210 and $1,200 support levels. Besides, there was a break below a key bullish trend line with support near $1,210 on the hourly chart of ETH/USD. The bears pushed the pair towards the 50% Fib retracement level of the upward move from the $1,073 swing low to $1,235 high.

Ether price is now trading below $1,180 and the 100 hourly simple moving average. It seems to be consolidating near the $1,170 level. An immediate resistance on the upside is near the $1,200 level and the 100 hourly simple moving average.

Source: ETHUSD on TradingView.com

The next major resistance is near the $1,230 level. The main hurdle sits near the $1,250 level. To start a decent increase and avoid more losses, the price must settle above $1,250. In the stated case, ether price may perhaps rise towards the $1,320 resistance zone. Any more gains might send the price towards the $1,400 resistance zone.

More Losses in ETH?

If ethereum fails to climb above the $1,200 resistance, it could continue to move down. An initial support on the downside is near the $1,155 level.

The next major support is near the $1,135 level or the 61.8% Fib retracement level of the upward move from the $1,073 swing low to $1,235 high, below which ether price may perhaps gain bearish momentum. In the stated scenario, the price could drop towards the $1,075 support zone.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now below the 40 level.

Major Support Level – $1,135

Major Resistance Level – $1,200

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Bitcoin Price Prediction: This Scenario Will Trigger A Fresh Drop

Bitcoin price struggled to clear the $16,800 resistance. BTC is moving lower and there is a risk of more losses below the $16,000 support zone.

• Bitcoin attempted an upside break above the $16,800 resistance, but failed.
• The price is trading below $16,500 and the 100 hourly simple moving average.
• There is a major bearish trend line forming with resistance near $16,550 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could continue to decline if it breaks the $16,000 support zone.

Bitcoin Price Faces Rejection

Bitcoin price attempted an upside break above the $16,800 resistance zone. BTC struggled to gain pace for a move above the $16,800 resistance and formed a double top pattern.

There was a slow and steady decline from the $16,791 high. There was a move below the $16,500 and $16,400 levels. The bears were able to push the price below the 23.6% Fib retracement level of the upward move from the $15,470 swing low to $16,790 high.

Bitcoin price is now trading below $16,500 and the 100 hourly simple moving average. There is also a major bearish trend line forming with resistance near $16,550 on the hourly chart of the BTC/USD pair.

The price is now consolidating near the 50% Fib retracement level of the upward move from the $15,470 swing low to $16,790 high. On the upside, an immediate resistance is near the $16,300 level.

Source: BTCUSD on TradingView.com

The first major resistance is near the $16,500 zone, the 100 hourly simple moving average, and the highlighted bearish trend line. A successful move above the $16,500 resistance might send the price further higher. The next major resistance is near $16,800, above which the price could gain pace for a move towards the $17,500 zone.

More Losses in BTC?

If bitcoin fails to climb above the $16,500 resistance, it could continue to move down. An immediate support on the downside is near the $16,100 level.

The next major support is near the $16,000 zone, below which the price might gain bearish momentum. In the stated case, the price might drop towards the $15,500 support zone.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $16,100, followed by $16,000.

Major Resistance Levels – $16,500, $16,800 and $17,000.

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