Crypto Price Analysis 11-4 BITCOIN: BTC, ETHEREUM: ETH, SOLANA: SOL, DOGECOIN: DOGE, RIPPLE: XRP, POLKADOT: DOT, INJECTIVE: INJ

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As someone who has been closely following the crypto market for quite some time now, I must say that the past few days have been a rollercoaster ride. Let’s start with XRP, which showed remarkable resilience at the $0.50 level. It’s like watching a phoenix rise from the ashes, only instead of flames, we have cryptocurrency prices.

For a moment on Sunday, Bitcoin (BTC) dipped below $68,000, reaching a low of $67,574. This drop came as investors found it challenging to maintain the price above $68,000 after conflicting signals emerged. This decline signifies a substantial retreat from the previous level of around $73,500. The recent trading candles suggest strong selling activity, hinting at a bearish trend. However, Bitcoin has since rebounded and is now trading above $69,000, approximately 1% higher, at around $69,100.

After a significant drop on Sunday, Ethereum (ETH) dipped below the vital $2,500 mark, reaching a low of $2,412 earlier today before rebounding. While ETH has since recovered, it hasn’t managed to surpass the $2,500 threshold yet, currently trading around $2,470. Similarly, other major cryptocurrencies like Solana (SOL), Dogecoin (DOGE), Toncoin (TON), Ripple (XRP), and others have seen minor rebounds following their decline on Sunday. The total crypto market capitalization has increased by 0.62% and is currently at $0.62 trillion.

Discussing the general mood in the financial markets as the US elections approach, Pauline Shangett, Chief Marketing Officer at ChangeNOW, commented…

The drop in prices for Bitcoin and Ethereum indicates ongoing market turbulence, as conflicting signals create confusion among investors. Despite Bitcoin recovering some losses to reach over $69,000 again, the consistent selling pressure at significant resistance points suggests that bearish opinions may prevail temporarily.

Further elaborating on BTC’s performance, Shangett stated, 

The recent drop in Bitcoin’s price below $68,000, followed by a partial recovery, demonstrates how the current market is influenced by both broad economic trends and crypto-related events. If BTC investors aim to push prices back towards the $73,000 level soon, this could be a pivotal moment for them to strengthen their position.

The Week Ahead

This week is shaping up to be a pivotal one for the crypto market as important events unfold, causing many to anticipate and speculate. These expectations have led to steep price drops across most major cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH). Over the weekend, BTC dipped below $68,000 after a significant decline from $73,500, while ETH dropped beneath $2,500 and reached a low of $2,412 before bouncing back. These price declines triggered substantial liquidations in the derivatives market, with CoinGlass data showing nearly $240 million being wiped out from the markets, affecting over 100,000 traders, with the largest liquidation occurring on OKX.

The sentiment on betting platforms such as Polymarket contributes to market turbulence. As the election is tomorrow, Polymarket indicates a 6% drop in support for Republican candidate Donald Trump. Meanwhile, the FOMC meeting is set for November 7th. In their last gathering, the committee reduced interest rates by 0.5%, sparking a robust rebound in risky assets like Bitcoin. Market analysts predict another 0.25% rate decrease after the upcoming meeting. If this reduction occurs as expected, the crypto market may experience further price growth due to heightened demand for riskier assets such as cryptocurrencies.

Even though there’s been some ups and downs recently with prices falling, the general mood in the cryptocurrency world still leans optimistically towards growth.

Bitcoin (BTC) Price Drop Leads To Liquidations

The decrease in Bitcoin’s (BTC) price caused approximately $250 million in positive wagers to be cancelled due to repeated selling before the weekend, causing a market downturn. This drop pushed BTC down from around $70,000 to slightly above $69,000, with prices continuing to fall over the weekend. The price decline resulted in losses of over $88 million for bets on BTC-linked futures. Similarly, ETH futures reported liquidations worth $44 million, while Solana (SOL) and Dogecoin (DOGE) futures reported liquidations worth $15 million each. Interestingly, almost 90% of the wagers were bullish, as traders anticipated higher prices over the weekend in anticipation of the US presidential elections.

Reddit Sells Crypto Stash

In a recent disclosure made through its regulatory filings, Reddit – a prominent social media platform known for its extensive crypto discussions – announced that it had sold a substantial portion of its digital currency holdings during the third quarter of 2024. This sale generated an earnings boost of $6.9 million, marking the company’s first profit since its launch.

Reddit has had a close relationship with cryptocurrency and was one of the pioneers in exploring blockchain technology. Back in 2020, the platform launched an Ethereum-based reward system for its community using two digital tokens – MOON and BRICK – to motivate contributions within specific subreddits. Additionally, Reddit created a digital wallet named Vault that enables users to handle their tokens and other digital collectibles via blockchain technology.

In a recent report, the company admitted recognizing the possible success of the industry, yet expressed concerns over the lingering questions regarding the long-term acceptance of these technologies. Furthermore, it emphasized its cautious viewpoint by modifying its investment strategy, mandating that all future cryptocurrency acquisitions be approved by the board prior to execution.

Crypto Projects To Unlock $2.6 Billion In November

Approximately $2.6 billion in digital assets tied to various blockchain initiatives are expected to hit the market in November, as vesting periods conclude for these projects. Tokenomist, a data tracking platform, estimates that around $900 million will be released all at once (on a ‘cliff’ basis), while the remaining $1.7 billion will be distributed linearly. Notable unlocks include Memecoin (MEMECOIN), Arbitrum (ARB), Aptos (APT), Avalanche (AVAX), and Optimism (OP).

Bitcoin (BTC) Price Analysis

Bitcoin (BTC) has dropped back under $69,000 due to buyers finding it challenging to gather speed, in the face of unclear market signals. Over the weekend, the leading cryptocurrency experienced a substantial drop, falling from its peak of $73,600 and dipping below $70,000 on November 1, shortly following MicroStrategy’s announcement of plans to raise $42 billion for Bitcoin acquisition. Although BTC has seen minimal growth since then, it is finding it difficult to regain the $69,000 mark. Historically, Bitcoin has tended to decrease prior to US elections, leaving analysts and investors perplexed. While some view this decline as a cause for concern, history indicates the opposite, suggesting that short-term declines do not negate the strong momentum typically observed following elections.

Political unrest frequently influences market trends, and this applies equally to cryptocurrencies. As election day nears, there’s a sense of anticipation for potential shifts in regulatory policy, which can result in substantial price drops, a trend observed during previous election periods. For instance, Bitcoin dropped by more than 6% in the days preceding both the 2016 and 2020 elections. However, before the election, there’s often a dip that is followed by significant gains post-election. The increasing interest from institutional investors has given Bitcoin a reputation as a safe-haven asset. Moreover, the continuous growth in popularity of spot Bitcoin ETFs serves to boost demand among these large investors.

Observing the BTC price graph, it’s clear that BTC experienced a significant drop following its peak at approximately $73,512 last week, falling below $70,000. Currently, buyers are finding it tough to maintain BTC above $69,000 and regain momentum to recover, as market uncertainties persist. Last Monday, BTC started the week on a positive trend, increasing nearly 3%, closing at $69,761. It then surpassed $70,000 after recording a 4.11% increase, reaching an intraday high of $73,512 before ending the day at $72,627.

Initially, Bitcoin nearly hit a new record high but then experienced a slight dip on Wednesday as the mood shifted negative. The pessimism deepened on Thursday, causing BTC to drop by nearly 3% to $70,307. Attempts to recover were made on Friday, with buyers aiming to keep Bitcoin above $70,000. As a result, it reached an intraday high of $71,632, only to slide back and drop by more than 1% to fall below $70,000 to $69,572. Over the weekend, Bitcoin saw minimal activity as it registered a slight increase on Saturday before dropping to a low of $67,625 on Sunday. However, it rebounded and climbed back above $68,000, ending at $68,907, marking a nearly 1% decline overall.

In this ongoing period, Bitcoin is slightly increasing as investors aim to drive its price above $69,000. Given that the U.S. election is approaching, there might be market fluctuations. Analysts foresee a pre-election drop, but they also predict recovery post-election, regardless of the outcome. If Bitcoin exhibits bearish tendencies, it may slide down to $68,000. Dropping below this point could result in significant losses. Conversely, a bullish reversal might propel Bitcoin beyond $70,000, possibly reaching a new record high. By the end of November, analysts anticipate a bullish reversal to push Bitcoin up to $80,000.

Ethereum (ETH) Price Analysis

As a crypto investor, I’ve noticed that Ethereum (ETH) has been having a tough time bouncing back following a significant dip that pushed the price beneath the critical level of $2,500 and both the 20 and 50-day Simple Moving Averages (SMAs). However, ETH started the previous week on a promising note, gaining 2.43% on Monday to surpass the 20-day SMA and close at $2,556. The bullish momentum grew stronger on Tuesday as ETH climbed by 2.76% to move above $2,600 and settle at $2,637. Investors also tried to push the price beyond $2,700 but failed to sustain the momentum after reaching an intraday high of $2,680. The volatility picked up on Wednesday as buyers and sellers battled for control. Consequently, ETH dipped to a low of $2,599 and climbed to a high of $2,722 before closing at $2,659 after a 0.77% increase.

On Thursday, the market mood shifted dramatically as ETH experienced a significant drop of 5.35%, falling below its 20 and 50-day moving averages and ending at $2,516. The following day brought more volatility with buyers trying to recover and sellers aiming to push ETH beneath $2,500. Despite this, ETH saw only a minimal decrease and finished the day at $2,512. As the weekend approached, bullish feelings grew stronger as ETH dipped below $2,500 following a 0.79% drop, ending at $2,492. Sellers then attempted to drive ETH down to an intraday low of $2,412 before aiming for levels below $2,400. However, the price rebounded from this point and closed at $2,456, resulting in a decline of 2.456%. In the current session, ETH has risen by 0.78% as buyers look to push the price back above $2,500.

If market conditions improve and buyers remain dominant, Ethereum (ETH) might regain its position above $2,500. A bullish trend could potentially cause ETH to surpass not only its 20-day and 50-day Simple Moving Averages, but also target $2,700. Conversely, if Ethereum keeps falling, it’s possible we’ll see the price slide down to around $2,400.

Solana (SOL) Price Analysis

The cryptocurrency Solana (SOL) has been experiencing a downward trend, with traders aiming to push the price below the $160 support threshold. Similar to Bitcoin (BTC) and Ethereum (ETH), SOL began last week on an optimistic note but saw increased volatility as sellers targeted prices below $170. However, SOL bounced back from a low of $172, recording a 0.96% increase to reach $178. On Tuesday, buyers made attempts to drive the price above $180, peaking at an intraday high of $183. Yet, due to substantial selling pressure at this level, momentum waned, causing the price to drop below $180 and close at $179 following a minor rise. With the resistance at $180 now active, SOL shifted back into negative territory on Wednesday, decreasing by 2.44% and settling at $174.

On Thursday, a stronger bearish outlook emerged with SOL dipping nearly 4% and falling beneath $170 to close at $168. Attempts by buyers to regain $170 on Friday saw SOL rise to an interim high of $174, but they failed to maintain momentum, allowing sellers to take over and push the price down 1.45% to $166. The weekend was marked by increased volatility as sellers tried to force SOL below $160, reaching a low of $162 before buyers stepped in. By Sunday, bearish sentiment resurfaced, with SOL dropping 2.20% and dipping below $160 again before recovering to end the day at $162. In the current trading session, sellers are looking to break through the $160 support level.

Should SOL persist in falling and dip beneath $160, it might lead to a potential slide towards $150. Conversely, if market forces shift in favor of buyers, they could attempt to drive SOL’s price back over $170 and reevaluate the resistance at $180.

Dogecoin (DOGE) Price Analysis

On Monday, Dogecoin (DOGE) experienced a notable surge of over 11%, climbing above $0.150 to reach $0.160. This upward trend continued on Tuesday with an additional 9.32% increase, pushing DOGE past $0.170 and settling at $0.175. However, efforts to push the price above $0.180 were unsuccessful, with DOGE reaching a high of $0.179 before slipping back. As strong resistance persisted at $0.180, Dogecoin dipped into negative territory on Wednesday, decreasing by 4.55% and falling below $0.170 to settle at $0.165. Thursday was marked by increased volatility as buyers aimed for recovery and sellers sought to lower the price. Ultimately, sellers prevailed, causing DOGE to drop by nearly 4%, settling at $0.161.

On Friday, volatility spiked with buyers aiming to regain $0.170 and hitting a peak of $0.169. However, their push faltered at this point, enabling sellers to seize control and drive DOGE down to a low of $0.154 before it settled at $0.159, marking a 0.63% rise for Saturday and reaching $0.160. Yet, the bearish trend persisted on Sunday as sellers forced the price to an intraday low of $0.142, dropping below the $0.150 support level. DOGE then climbed back above $0.150 to close at $0.151, recording a nearly 6% decline. In the current trading session, DOGE is experiencing a slight dip as sellers aim to push the price beneath the $0.150 mark.

Ripple (XRP) Price Analysis

On October 26, Ripple (XRP) experienced a significant dip, reaching a low of $0.487. However, by the weekend following, it rebounded and surpassed $0.50. This positive momentum set the tone for the beginning of the week, with XRP rising by 0.46% on Monday and 1.72% on Tuesday, peaking at $0.527. Yet, due to the moving averages acting as a barrier, XRP experienced a slight decline on Wednesday, dropping approximately 1% to $0.522. The bearish sentiment grew stronger on Thursday as XRP fell to $0.509 following a drop of 2.39%. But, support at lower levels helped it recover on Friday, pushing the price up to an intraday high of $0.524 before settling at $0.513 after a rise of 0.61%.

Over the weekend, a bearish outlook resurfaced for XRP, causing it to decrease by approximately 0.55% to land at $0.510. Selling pressure drove XRP below the $0.50 mark, reaching an intraday minimum of $0.491. However, strong support at this level helped XRP bounce back and reclaim a position above $0.50, settling at $0.503. As of now, the ongoing session shows XRP gaining 0.52%, trading around $0.505.

Polkadot (DOT) Price Analysis

It appears that Polkadot (DOT) has faced resistance at the $4 mark, finding it difficult to regain its lost ground as sellers are pulling it down towards its long-term support at $3.62. A similar decline occurred for DOT after it failed to surpass $4.50 on October 20. By October 25, DOT had hit a low of $3.84 before climbing up to $3.99. However, the price of DOT rebounded from this level, reaching $4.13 by the end of the previous weekend. The start of the previous week saw volatile trading as both buyers and sellers fought for control, resulting in an intraday low of $4 and a high of $4.22 before settling back at $4.13. On Tuesday, buyers took charge, pushing DOT up 1.45% to $4.19. Despite their efforts, they failed to push the price above the 20-day Simple Moving Average (SMA).

Over the course of several days, the 20-day Simple Moving Average served as a significant barrier for optimistic traders. On Wednesday, DOT saw only modest growth towards $4.20, but bullish feelings started to dwindle. The situation reversed on Thursday when DOT plunged nearly 7%, falling below its critical support level of $4 and reaching $3.96. Attempts at recovery were made by buyers on Friday, with experts anticipating DOT would rebound to $4. However, the sellers outnumbered the buyers, causing DOT to drop 1.26% to $3.91. The weekend brought heightened market volatility as sellers aimed to drive DOT down further while buyers tried to regain control. This struggle led to an intraday low for DOT of $3.82 before it recovered to $3.90, experiencing a minor decrease overall. By Sunday, bearish sentiment had intensified significantly as DOT plunged to another intraday low of $3.65, potentially targeting its long-term support of $3.62.

After buyers stepped in, DOT bounced back from its previous level, eventually settling at $3.78 following a 3% drop. In the present trading session, DOT is experiencing a slight decline as sellers persistently push prices down. If market sentiment improves post-US elections, DOT might regain strength and potentially surge past its long-term support to reclaim levels above $4, possibly aiming for $4.50.

Injective (INJ) Price Analysis

Since it couldn’t break above its 20 and 50-day Simple Moving Averages (SMAs) or the $20 mark on Tuesday, INJ has been in a downward trend. Despite touching an intraday high of $20.50 and closing at $20.26, the moving averages seem to be acting as a barrier for INJ. As a result, it dipped by nearly 2% to $19.87 on Wednesday. The bearish sentiment grew stronger on Thursday as INJ plummeted over 4% to $19.05. On Friday, buyers made an effort to reverse the trend, pushing INJ up to an intraday high of $19.79, but their momentum waned. Consequently, sellers regained control and pushed INJ below the $19 mark, taking it down to $18.71 following a 1.79% decline.

This past weekend witnessed a strengthening of negative feelings towards INJ, as it fell more than 4% on Saturday, dipping below $18 to reach $17.93. On Sunday, the decline was even steeper, with an intraday low of $16.09 before recovering slightly. However, the price failed to regain $17 and closed at $16.85, marking a drop of over 6%. Currently, sellers continue to control INJ’s market, causing it to drop by 1.31% to trade at $16.63.

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2024-11-04 16:14