Crypto Investing
16 Nov 2021

Week 46 Crypto Market Update: Bitcoin, Ethereum, Litecoin, Solana, and Loopring

Ananda Banerjee

Despite the market feeling a bit jittery over the weekend, it was buoyed by the much-anticipated Bitcoin’s Taproot upgrade to resume its onward journey. Let’s dive right into the market update.

Firstly, the Crypto Index, in general, feels bullish in the short term, with the hourly chart hinting at possible up moves. While the index did move up quite a bit over the fast few hours with the 20-EMA line crossing over the 50-EMA, the key resistance level at 410769 was broken. 

Crypto Index
Source: Trading View

The market is currently trading in a range, but the EMA crossover zone seems to be widening, hinting at a possible upsurge. If the market moves up, 419072 will be a crucial level to look at, and if the index loses a bit of steam, there are now multiple support levels at 410769 and 407895, hinted clearly by the Fibonacci retracement levels.

But wait, what about the vital crypto players? Well, here are the ones that made quite an impression over the past week.

Bitcoin

After breaching the $69000 mark on 10th November, Bitcoin did retrace its way back to $62000 within a couple of days, hinting at sell-offs. But the panic subsided quickly, with BTC showing signs of recovery since then. 

As per the charts, BTC did take support at the ascending trendline (market in yellow) on 14th November, indicating some good value buying. At present, Bitcoin seems strong as it has clearly cut through the descending trendline and the resistance level of 65351, which also coincides with the Fib 1 level on the chart.

Bitcoin

Source: Trading View

Currently trading in a range, the 20-EMA and 50-EMA crossover seem to be widening further, hinting at a potential up move over the subsequent few trading sessions. And if it drops a bit, 65350 and then 64975 might offer some good value buying opportunities.

Ethereum

Much like Bitcoin, even Ethereum made a high of almost $4870 on 10th November, only to drop below $4500 in the next few trading sessions. But the prices have strengthened over the past week, despite the price action being primarily volatile over the weekend.

Ethereum

Source: Trading View

We are currently waiting for Ethereum to cross the descending trendline (the one in black), which would gear it up for the $4814 level in the near term. In case it drops, $4634 is a key support level offered by the 50-EMA line. And most importantly, the 20-EMA seems to be crossing over the 50-EMA as we discuss, which might be a sign for Etherum to resume its upward move. Find out the current ETH to INR convert rate.

Also, the RSI indicates strength after rebounding from the 64 levels and is still well under 70, hinting at decent buying demand. Buy Ethereum at the best rate with CoinSwitch!

Litecoin

After surging up to $294 in the past week, Litecoin did show decent retracement and made lows of $243, only to quickly get up and take support at the $245 level. While it lingered dangerously close to the support for a few trading sessions, with the lower Bollinger band lending further strength to the support level, it has moved up since then.

Litecoin
Source: Trading View

At present, Litecoin is trading at $277.780 and waiting to cross the resistance at $281.530. In case it breaks out , the $290 would be the next level of look at. However, the expanding Bollinger bands might be hinting towards a momentary consolidation and if the pullback holds, Litecoin has multiple support zones at the 20-EMA, Bollinger middle band, 50-EMA, and finally the lower Bollinger band that even coincides with the original, $245 support line. 

But we aren’t expecting it to drop this much and every time it hits support might come across as a good value buying opportunity. 

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Convert your LTC to INR directly here.

Solana

Trading at $242.9425, Solana is still trading significantly below the All-Time High of $260 that it reached on 7th November 2021. For now, the one hour chart hints at a consolidation in the short term. Also, despite Solana waiting to break out of the trend-line resistance level, marked in black, it is way off the Bollinger zone, hinting at an imminent, minor correction.

Solana

Source: Trading View

If it retraces, $241 seems like a value buying level with next strong support zones being at 20-EMA, 50-EMA, and lower Bollinger band that coincides with the $230 level support line. But if it moves due to a sudden spark in the market, it can quickly reach 253 levels, where it would face some strong resistance. 

Loopring

After making a high of almost $3.95 on 10th November, Loopring has retraced quite a bit, offering several value buying options. At present, it is trading at $3.00495, and the next important resistance level to consider is at $3.226.

Loopring
Source: Trading View

In case it breaks the first resistance level, you can expect Loopring to reach up to $3.48, provided the market sentiments are positive. However,  if it keeps below the 50-EMA, it might eventually start shedding some more gains, on its way to $2.66, where it can take support. 

For near-term buyers, Loopring’s RSI seems to be at the demand zone, i.e., well below 50, hinting at the strength in the counters. Regardless, you should keep an eye on the hourly charts to see if Loopring is moving closer to the next resistance or the previous support. 

Interested in any of the mentioned market movers! Download the app right away and get started on your crypto journey, right here, right now.

 

 

Disclaimer : Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The information provided in this post is not to be considered as investment/financial advice from CoinSwitch. Any action taken upon the information shall be at user's own risk.

writer

Ananda Banerjee

Content Writer

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