Last week, the crypto market was busy consolidating. Some gains were shed, new lows were made, and unique value entry levels came to the fore. Did panic follow? Well, not exactly as the Crypto Index, despite making a new low at 344121, quickly moved up to almost 38000. So let’s dig right in and take a closer look at the crypto market update and the major coins in focus.
As of today, the market is trying to get back to normal levels, and we can expect an upward momentum to follow if the Crypto index can stay above the trendline, i.e., the line in black. Currently, trading at 359542.85, if the market starts moving upwards, 361755 and 365614 would be the crucial levels to look at, as per the Fib retracement levels of 1 and 0.786.
Source: Trading View
If the trendline breaks and the index starts bleeding, 350609 is a crucial support level.
Where is the Market Headed?
As per the latest price action and continuous key level breaches, we can expect the market to consolidate or remain range-bound for a while before resuming the upward journey.
Enough about the market! Let’s shift our attention to the major crypto players that are continuing to keep the investors and traders interested.
The largest cryptocurrency by market cap, i.e., BTC, moved quite a bit over the past week. After hitting a low of $55629, it moved beyond the $60000 mark within a span of two days. Since then, it has dropped quite a bit and is currently trading at an important support level of $57403.
As long as it stays above the trend line, marked in black, you can watch out for the key resistance level at $58573. If it breaches the strong resistance level that even coincides with the 50-EMA line, you can expect a resistance-free up move to $60686. And with RSI slowly moving towards the crucial 50-level, an up move might be all the more possible.Source: Trading View
*EMA- Exponential Moving Average
Where is BTC Headed?
Well, if the trendline and the $57403 support level holds, you can expect a mid-term uptrend. The key resistance level, in that case, would be at $62861 and $65351, where BTC might reach in a few weeks from now.
After falling consistently over the past few days, Ethereum bottomed out at close to $3958 on the 18th of November, 2021. After immediately making a double-bottom formation on the 19th, it started moving upwards but experienced resistance at $4440 levels.Source: Trading View
After experiencing a strong resistance at $4440, Ethereum dropped quite a bit before taking support at $4128. If it continues to trade above the mentioned support line, the short-term levels of $4275 can be reached. Check ETH to INR convert rate.
Where is ETH headed?
If you are in it for the long haul, you might want to keep a close eye on the current trading levels as if multiple resistance levels are breached, at $4275 and $4440.72, you can expect ETH to reach $4814 within a span of a few days. Buy Ethereum with CoinSwitch.
Currently trading at $219, SOL is one of the few coins on the list to still have the 20-EMA line moving above the 50-EMA level. While this shows that the crypto player is still bullish as per the 1-hour chart, it also bottomed out over the past week and went down as low as $186. Since then, it has made higher lows, thereby indicating strength at crucial levels.
Source: Trading View
As per the chart, SOL is trading above the 50-EMA support level for now. However, the range-bound RSI shows that it can move either way. In case it moves upward from here, $225 is a strong resistance zone for SOL. If it drops from here, the 50-EMA support line is good enough to hold the fall, followed by another support level at $211.
Where is SOL Headed?
If SOL can break through two strong resistance levels, i.e., $225 and $232, you can expect it to move up to $242 in the near term.
While this might seem like a new crypto player, Status is an ERC-20 inspired Blockchain with SNT being the native token. And while most of the coins bottomed out over the past week or so, Status or SNT continued to trade in a range.
Also, we decided to go with the daily chart at first to show that SNT has been trading in a channel-like range, with the Bollinger Bands squeeze enough to hint at an up move.Source: Trading View
The 1-hour chart complements the day-chart findings as 20-EMA crossing over the 50EMA to form a Golden Crossover indicating an up move. If there is an unprecedented drop, the 50-EMA line would act as strong support, followed by the $0.08013 as the next support line.
Source: Trading View
Where is SNT Headed?
In all probability, an up move is nigh. Also, as per the day and hourly charts, it needs to break the upper trendline, and once it does, it can quickie reach $0.10779 without encountering a lot of resistance.
Basic Attention Token (BAT)
Currently trading at $1.055, BAT has been moving quite a lot over the past few days, bottoming out at $0.95 on the 18th and getting back most of the lost steam by heading close to $1.160 on the 20th of November. Since then, the road has been topsy turvy, to say the least, with BAT going down consistently to find support at $1.0136.
Even though the 20-EMA line just crossed under the 50-EMA line to form a death crossover pattern, the 20-EMA line seems to be flattening out, thereby showing strength. In case BAT continues to trade above the 20-EMA mark, it might head towards $1.0755 in virtually no time. The next key resistance level to look at is $1.1156.