Crypto Price Analysis 11-22 BITCOIN: BTC, ETHEREUM: ETH, SOLANA: SOL, DOGECOIN: DOGE, PENDLE: PENDLE, INJECTIVE: INJ, APECOIN: APE

As a seasoned analyst with years of experience under my belt, I must say that the cryptocurrency market is as unpredictable as ever. Each coin seems to have its own unique trajectory, and it can be quite the juggling act trying to keep track of them all.

Bitcoin (BTC) surged towards the $100,000 milestone, peaking at a new record high of $99,314 before dipping to its current value of $99,124. The digital currency has seen a 45% increase since Donald Trump was declared the winner of the US elections. Investors remain enthusiastic about Bitcoin, with its price increasing nearly 3% in the last day and 14% over the past week. The recent surge in Bitcoin’s value can be attributed to the anticipated departure of Gary Gensler from the Securities and Exchange Commission, which seems to have sparked renewed interest in the crypto market.

In a notable turnaround, Ethereum (ETH) has experienced a significant surge, gaining nearly 9% over the past day as it bounced back from previous lethargy. Similarly, Solana (SOL) defied strong selling forces to climb above $250 and settle at $261, also posting an increase of almost 9%. Ripple (XRP), on the other hand, saw a substantial jump of nearly 27% following the news of Gensler’s impending departure. The total crypto market capitalization currently stands at approximately $3.3 trillion, marking a rise of 4.87%. As for the current market mood, ChangeNOW CMO Pauline Shangett commented,

The surge in Bitcoin’s price towards $100,000 reflects growing investor belief in it as a long-term investment and a secure store of value. The post-election boom and anticipation about regulatory decisions have added to this upward trend. Now, reaching the $100,000 mark for Bitcoin is not a matter of ‘if’ but ‘when.’

Bitcoin (BTC) On The Cusp Of $100,000

Bitcoin (BTC) surpassed $99,000 and established a new record high at $99,314, pushing towards the milestone of $100,000. The digital currency has experienced significant growth following the US elections, boosted by speculation that the incoming Trump administration may streamline regulations and establish a clear policy. In contrast to his previous dismissive stance towards cryptocurrency, labeling it as a “scam,” Trump’s views on digital assets have undergone a transformation, particularly with regard to Bitcoin. During the campaign, Trump expressed openness to crypto and vowed to make the U.S. a global leader in this field. Additionally, he proposed creating a Bitcoin reserve.

SEC Chair Gary Gensler To Depart

It was recently announced that Gary Gensler, who currently holds the position of SEC Chair, intends to resign in January. Previously, former President Trump had stated his intention to dismiss Gensler once he took office; however, it’s important to note that the President does not possess the power to remove the SEC chair prior to the end of their term.

Bitcoin experienced a substantial increase this year, nearly tripling in value. Additionally, the overall cryptocurrency market has seen impressive growth, accumulating approximately $900 billion worth of gains since Donald Trump’s election victory. Edul Patel, co-founder and CEO of Mudrex, commented on these developments.

One year back, Bitcoin was exchanging hands at $30,000. Currently, it has soared above $97,000 – an astonishing increase of more than 300%. This surge can be attributed to a heightened optimism following the re-election of Donald Trump as the President of the United States. Bitcoin has been establishing new record highs due to not just renewed trust but also increased investments in Bitcoin ETFs and options. The growing involvement of institutions is also contributing significantly to this bullish trend.

Crypto Firms Fight For Space On Trump’s Crypto Advisory Council

A number of significant cryptocurrency companies are vying for positions on the proposed cryptocurrency advisory council under President-elect Donald Trump’s administration. These firms, such as Ripple, Kraken, and Circle, aspire to influence decisions regarding the potential revamp of cryptocurrency policies. During his campaign, Trump pledged to establish a crypto council as part of a pro-cryptocurrency administration. The transition team is currently deliberating on how to form and populate this council, as well as which companies should be included. Additionally, venture firms like Paradigm and the cryptocurrency arm of Andreessen Horowitz’s (a16z) are also actively competing for a spot. David Bailey, CEO of Bitcoin Magazine, commented on this development.

The details are still being worked on, but I expect key figures from U.S.-based Bitcoin and cryptocurrency companies will participate. Many are looking forward to offering their advice and insights.

More recently, Trump had a meeting with Brian Armstrong, CEO of Coinbase. Although the details of their conversation are unspecified, credible sources indicate that Coinbase has shown interest in becoming part of the council. The potential crypto council that Trump plans to establish may operate under the National Economic Council within the White House, which is responsible for executing the president’s economic strategies. This council would provide guidance on digital asset policies, collaborate with Congress on cryptocurrency legislation, and synchronize efforts between the Securities and Exchange Commission, Commodity Futures Trading Commission, and the Treasury. Furthermore, it aims to set up Trump’s proposed Bitcoin strategic reserve.

Bitcoin (BTC) Price Analysis

The digital currency Bitcoin is close to surpassing $100,000, setting a new record high of $99,502 and moving closer to a significant achievement. The latest spike in BTC has sparked increased attention from both retail and institutional investors, resulting in substantial inflows into Bitcoin spot ETFs. This influx of funds has been particularly notable over the past week as more money is invested. Data from Coinbase indicates a surge in institutional interest from hedge funds, institutions, and investment advisers. Furthermore, Bloomberg ETF analyst Eric Balchunas reported that the “Bitcoin Industrial Complex,” comprising publicly traded companies with direct or indirect exposure to Bitcoin, recorded $50 billion in trading on Wednesday. The rise in investor interest has also been observed in crypto-related stocks, with MicroStrategy’s stock experiencing a 500% increase during the current year.

As a researcher studying cryptocurrency markets, I’ve observed an accelerated surge in Bitcoin (BTC) towards the $100,000 mark over the past few days. Last week ended on a downturn for BTC, with a 0.73% drop that pushed its value below $90,000 to close at $89,464 on the weekend. However, optimism took hold on Monday, as buyers re-entered the market following positive news and Trump’s cabinet picks favoring cryptocurrency. This renewed interest led to BTC regaining its $90,000 mark, closing at $90,509 on Monday. The bullish momentum continued on Tuesday, with a 2.15% rise that took the price to $92,458. On Wednesday, BTC breached the significant $93,000 level, recording an increase of 1.89% and settling at $94,204.

Optimism surrounding Bitcoin (BTC) escalated on Thursday, as investors looked forward to a potential rise towards $100,000 with BTC breaching $95,000. The digital currency eventually experienced a 3.80% growth and closed at $97,784. In the course of the day, BTC reached an intraday peak of $99,502, due to persistent buying pressure. However, the price has slightly dipped since then and is currently trading at $98,770. Despite Bitcoin’s imminent approach to the $100,000 mark, analysts predict that it may struggle to maintain prices above this threshold.

Although there’s a growing enthusiasm among individual and institutional investors, some experts, such as Mike Novogratz, CEO of Galaxy Digital, have expressed concerns about an upcoming adjustment or downturn in the market.

“The crypto community is levered to the gills, and so there will be a correction.”

Analysts believe the correction could take BTC to $80,000, a 20% decline from current levels.

Ethereum (ETH) Price Analysis

Ethereum (ETH) experienced a substantial surge in its value, managing to shed off a considerable amount of negative sentiment as it approached the $3,400 mark. Last week, ETH was quite bearish, reaching a low of $3,034 on Thursday. Despite recovering from this point, ETH ended the weekend with a 1.84% decrease to $3,075. The new week commenced with ETH registering a 4.37% increase and settling at $3,209 due to buyers reentering the market. However, on Tuesday, there was a 3% drop resulting in $3,109. On Wednesday, bearish sentiment prevailed as sellers tried to push ETH below $3,000, but buyers intervened and prevented a fall beneath this level, with ETH closing at $3,070 after a 1.25% decrease.

Despite the prevailing bearish sentiment, ETH recovered on Thursday, surging by 9.44% to reach an intraday high of $3,388, before declining and settling at $3,360. The current session sees ETH marginally up as buyers and sellers struggle to establish control. If buyers push ETH above $3,400, we could see it climb to $3,500. On the other hand, if bearish sentiment returns, ETH could slip back to $3,000.

Solana (SOL) Price Analysis

On Thursday, I witnessed Solana (SOL) breaking the $250 mark, a significant milestone following a substantial surge. Previously, SOL had faced intense selling pressure that hindered its progress above this price point. The previous week concluded on a highly optimistic note for me as SOL surged over 10%, closing at $237. The price peaked at an intraday high of $248 on Monday, aiming to cross the $250 mark. However, the buying momentum waned after reaching this level, causing SOL to dip and settle at $239, representing a 1.04% increase. On Tuesday, I observed buyers trying again to push beyond $250 but losing steam, allowing sellers to regain control. Consequently, SOL declined by 0.89%, settling back at $237.

Bearish sentiment persisted on Wednesday as SOL fell to an intraday low of $230 before recovering and settling at $235, a decline of 0.97%. Bullish sentiment returned on Thursday as SOL surged by 8.98% to go above the $225 resistance level and settle at $256. The current session sees SOL up by 1.14% and trading at $259 as buyers look to drive the price higher. If buyers retain momentum, we could see SOL surge to $270-$280. A break above these levels could see the price surge to $300. On the other hand, if sellers retake control, SOL could drop below $225 and go as low as $200.

Dogecoin (DOGE) Price Analysis

Since the U.S. elections, Dogecoin (DOGE) has experienced an extraordinary surge, surpassing $0.40 and reaching a peak of $0.434. Known as the world’s favorite meme coin, DOGE has skyrocketed approximately 184% in the past month en route to $0.40. However, its upward momentum has slowed since Thursday, with DOGE failing to maintain levels above $0.40 and dipping 9% to $0.363. On Friday, DOGE rebounded but fell back on Saturday, decreasing by 4.56% to $0.364. The coin saw a further drop on Sunday, reaching a low of $0.339 before recovering slightly and ending the day at $0.366. Buyers maintained control on Monday, causing DOGE to rise by 1.23% and close at $0.371.

On Tuesday, optimism grew as DOGE experienced a 5.50% increase, peaking at an intraday high of $0.420 before dipping and finishing at $0.391. Despite its strong performance on Tuesday, DOGE slipped by 3.37% on Wednesday, ending the day at $0.378. However, buyers regrouped on Thursday, causing a 2.25% rise that brought DOGE to $0.386. Currently, in the ongoing session, DOGE is up by 1.71%, with buyers aiming to push past the resistance at $0.40. If they manage to surpass this level, we may see DOGE reach $0.45. Conversely, if sellers reclaim control, DOGE could slide down to the support level of $0.35.

Pendle (PENDLE) Price Analysis

The cryptocurrency Pendle (PENDLE) has been finding it tough to surpass $5.50, briefly dipping beneath its 20-day Simple Moving Average (SMA) due to a significant rise in selling pressure. Last week, PENDLE experienced a substantial decrease, reaching a low of $4.98. Yet, it managed to bounce back and climbed up to $5.42 by Saturday. However, it took a downturn on Sunday, dropping nearly 5% and settling at $5.16. On Monday, PENDLE saw an uptick, primarily due to its 20-day SMA serving as a dynamic support level, causing it to rise by 5.20% and reach $5.43. But bearish sentiments resurfaced on Tuesday when PENDLE plunged almost 7%, sinking below the 20-day SMA and settling at $5.07.

On Wednesday, there was continued pessimism toward PENDLE as its price dipped under $4, losing about 4% to end at $4.88. Yet, on Thursday, it saw a significant rise of approximately 7%, reclaiming the $5 mark and settling at $5.22. However, in today’s trading session, PENDLE has once again dipped, falling by 1.65% as sellers aim to push the price below $5 again. If this selling pressure continues, PENDLE might slip back under $5 and head towards the $4.70 mark, where its 50-day Simple Moving Average (SMA) could provide a potential support level.

Injective (INJ) Price Analysis

Last week, I observed a substantial rise in Injective (INJ), peaking at $25.84 on Saturday following a 5.07% growth. On Sunday, the cryptocurrency reached an intraday high of $27.20 before losing momentum. This led to sellers stepping in and pushing the price down by over 5%, settling it at $24.54. However, on Monday, INJ rebounded, increasing by 4.78% to $25.72. Yet, it plummeted again on Tuesday, dropping by 5.01% and reaching $24.43. The bearish sentiment continued on Wednesday as buyers struggled to regain control, resulting in a further decline of 4.87%, with INJ settling at $23.24.

As an analyst, I observed a notable recovery in INJ’s performance on Thursday, following a dip to a low of $22.48. This resurgence saw a nearly 8% rise, enabling INJ to reclaim the $25 mark and settle at $25.05. However, during the current session, INJ has experienced a slight decline as both buyers and sellers vie for control. The sellers aim to drive INJ downwards towards the 20-day Simple Moving Average (SMA). Meanwhile, the buyers are positioning themselves to reestablish control over the session and consolidate above the $25 threshold.

Apecoin (APE) Price Analysis

Apecoin (APE) is currently trading within a limited span, ranging from approximately $1.05 to $1.20, as it continues its consolidation phase. On Saturday, APE peaked at an intraday high of $1.31, but due to the presence of sellers at this price point, it slid down to end the day at $1.15, marking a 6.06% increase. The coin saw a further drop on Sunday, decreasing by 6.42% to reach $1.08. However, APE bounced back on Monday, rebounding from its 20-day Simple Moving Average (SMA) and climbing nearly 7%, settling at $1.15. But it faced a decline once again on Tuesday, losing 1.80% to end the day at $1.14.

On Wednesday, the selling force became stronger on APE when it dropped beneath the 20-day Simple Moving Average (SMA) to reach an intraday low of $1.14. However, it bounced back from this point and went above the 20-day SMA, ending the day at $1.14. Buyers maintained control on Thursday as APE increased by 1.51% and closed at $1.17. During the current session, APE tried to surpass $1.20 but fell back due to a loss of buyer momentum at this level. Currently, APE is down by 1.15%, trading at $1.15.

2024-11-22 16:02