BTC experienced a price rollercoaster during the previous intraday session, losing almost all its gains and closing with no notable price changes. Nonetheless, it continues to see more volatility as the struggle for dominance rages.
The global cryptocurrency market cap has not seen much movement in the last 24 hours, as other major assets have yet to see significant price changes. Nonetheless, some altcoins are hitting previous highs. One such is MOG, which gained a whopping 13% in the last 24 hours.
Fundamentals are also showing a mix of positive and negative sentiments. The US movement of $2 billion worth of bitcoin has sparked many reactions from traders, who fear a similar selloff to Germany’s. However, there has been no indication of plans to dump this bag.
Following the brief overview of the market, let’s see how some coins in the top 10 performed.
BTC/USD
Bitcoin briefly touched $70k for the first time in almost two months. However, the climb was short-lived and experienced massive declines after the feat. The reason for the decrease appeared hazy, and many blamed traders taking a profit.
However, the US BTC transfer announcement also offers another reason for the decline. Nonetheless, the coin has not registered any significant improvement since that price action saw it retrace from $70k to $66,780, losing over 2%.
It recently lost the $66k support but is trading close. The consistent romance with this mark indicates a looming threat of further retracement. Indicators are gradually printing negative signals in response to the current price trend.
The moving average convergence divergence is the leading metric in this regard. The 12-day EMA halted its uptrend and is edging close to the 26-day EMA, indicating an ongoing bearish convergence. If trading conditions do not improve, a divergence will happen in the next 24 hours.
The accumulation and distribution chart also hints at further declines. It is on a downtrend in response to the selling pressure and is showing no signs of an impending trend reversal.
BTC is trading close to its 23% Fibonacci retracement level, which is a critical support. It remains to be seen how the Bulls will react in the coming hour.
ETH/USD
Ethereum was on the front pages the previous week as many traders looked forward to the ETF launch. The long-awaited launch occurred, and the aset registered significant losses as the instrument continued to see more outflow.
A notable instance of such a massive decline was Thursday when it started trading at $3,335, following an over 4% dip the previous day. It dropped to a low of $3,086 but recovered and closed at $3,174, indicating another 4% drop.
ETH has not seen any significant price changes since the new start. Nonetheless, indicators are not favorable at this time. The Moving average convergence divergence showed a bearish divergence last week due to the large selloffs. The 12-day and 6-day EMA are trending downhill, indicating further price declines.
The relative strength index attests to the ongoing bearish actions surrounding the altcoin. The metric is at 48 as selling pressure continues. However, it shows that the pressure is declining as it recovered from 41 the previous week.
The ETF outflow continues, with the instrument seeing over $170 million exit during the previous day. If such outflows continue, the price downtrend may continue.
Having lost the 23% Fib level, it is trading between the mark and the 38% Fib level. It broke 38% last week and is threatening to do the same again. It remains to be seen if it will crack.
SOL/USD
Solana edged close to $200 during the previous intraday session but failed due to a massive retracement at $193. Nonetheless, traders celebrated the hike, marking its first attempt above $190 in the last three months. The asset sank as low as $182 following the resistance at the mark.
The downtrend is ongoing, and there are no signs of a reversal. SOL lost the $180 support and is exchanging at $176, indicating a more than 3% loss. The altcoin may see a further decline, as indicators are negative at the time of writing.
MACD’s 12-day EMA halted its uptrend due to the drop in buying pressure and printing sell signals. The metric is heading downhill, suggesting an ongoing bearish convergence soon followed by a divergence. The histogram indicates that both the 12-day EMA and 26-day EMA may touch in the next 24 hours.
The relative strength index is also heading downhill as selling pressure bites harder. Following its brief surge above 70 last week, trading volume has significantly dropped and is below 60 in response.
The coin is trading above the 23% fib level at $166. The bulls must defend this critical level or risk a drop to $160.
BNB/USD
Binance coin recently got unseated on the top 100, slipping to fifth in the ranks. Nonetheless, its price has not shown much volatility amidst the de-ranking. It is also the reason for the drop, as SOL saw a notable change in market cap.
The asset trading action during the previous week also contributed to the latest event. It had little decline for four days, spanning Monday to Thursday. It lost over 5% during the decline and is yet to recover from the drop.
It showed a significant attempt at recovery during the previous intraday session. It attempted a return to $600 but met stiff resistance at $597 and soon retraced afterward. It dropped to a low of $573 and closed with losses of almost 2%.
Currently printing a doji, the asset is seeing equal pressure from the bulls and bears. The accumulation and distribution chart also attests to this claim, as it is parallel but indicates that the buyers are edging.
Nonetheless, MACD is printing a sell signal at the time of writing. The metric is undergoing a bearish convergence, with the 12-day EMA and the 26-day EMA touching. With the divergence imminent, the asset may see further price decline.
BNB may continue to hold the $560 support as a slip could send as low as $530.
Jonathan Agozie | November 22, 2024
Elendu Benedict | November 21, 2024
