Crypto Price Analysis 11-18 BITCOIN: BTC, ETHEREUM: ETH, SOLANA: SOL, POLKADOT: DOT, DOGECOIN: DOGE, RIPPLE: XRP, CELESTIA: TIA

As a seasoned cryptocurrency analyst with years of experience under my belt, I have witnessed numerous market fluctuations and trends. The recent performance of these digital assets has certainly caught my attention.

Currently, Bitcoin (BTC) is holding steady near the $90,000 level, as a sense of caution has arisen in global markets due to investors considering the potential effects of President-elect Donald Trump’s policy plans. On Sunday, the world’s leading cryptocurrency dipped below $89,000 and reached a low of $88,779, but it subsequently regained its position above $90,000. At present, Bitcoin is trading around $90,700, showing an increase of 0.50% over the past 24 hours.

As a crypto investor, I observed that while my portfolio experienced fluctuations, some digital currencies performed quite well yesterday. Ethereum (ETH) and Solana (SOL) surged by 1.01% and 5.76%, respectively. Notably, Dogecoin (DOGE), Cardano (ADA), Chainlink (LINK), Shiba Inu (SHIB), Polkadot (DOT), Litecoin (LTC), Uniswap (UNI), Stellar (XLM), and many others also saw significant gains. The cumulative market capitalization of cryptocurrencies swelled by 1.29% to reach an impressive $3.04 trillion. In terms of the current market sentiment, ChangeNOW CMO Pauline Shangett expressed,

The temporary fall of Bitcoin below $89,000 underscores the usual volatility in the crypto world, especially as global markets prepare for possible changes due to the new U.S. administration. However, the cryptocurrency sector remains strong, with significant altcoins such as Ethereum and Solana spearheading the rebound.

Market Euphoria Cools

Over the weekend, Bitcoin (BTC) dipped approximately 3%, subsequently surpassing $90,000 as investors pondered Trump’s campaign pledges concerning cryptocurrencies. Investors are uncertain about when Trump intends to act on his pro-crypto promises and whether they can realistically be implemented. The market is also influenced by concerns over inflation, potential trade tariffs, and deficit spending for tax cuts. Additionally, the market is adjusting its expectations regarding possible interest rate reductions, which might present a challenge to crypto liquidity.

After an unprecedented rise in value following the U.S. elections, BTC started showing signs of overheating, as analysts suggested that much of the optimistic sentiment had already been factored into its price. Trump, who has expressed support for cryptocurrencies and vowed to establish a favorable regulatory environment, has pledged to turn the U.S. into a global leader in crypto, even suggesting the creation of a strategic Bitcoin reserve. Under his administration, there’s potential for legislation that could be passed, moving the U.S. from an enforcement-based approach to regulation towards a more cooperative one. This shift might facilitate easier interaction between banks and digital assets.

$90,000 The First Target For Profit Taking

Long-term Bitcoin investors view $90,000 as an opportunity to cash in their profits rather than a barrier to reach a six-figure price, as suggested by Percival’s report for CryptoQuant published on November 16.

For some long-term investors, this initial goal might serve as an opportunity to cash in their profits, given their extended presence here. Moreover, the selling wave from long-term holders following the ETF’s surge has noticeably grown.

Nonetheless, ardent Bitcoin backers anticipate that Bitcoin might reach six figures by the year’s end. As per Ryan Lee, Chief analyst at BitGet Research, November has historically been a favorable period, and there is a possibility that Bitcoin could exceed $100,000 before the end of this month.

If historical patterns hold true and Bitcoin prices increase as anticipated, a rise of approximately 14.7% from its current value could potentially propel the digital currency beyond the $100,000 mark by the end of this month.

NFT Weekly Sales Surge

Last week’s NFT market experienced a substantial boost in sales, marking a 94% rise compared to the week prior. As per CryptoSlam’s data, the total sales volume for NFTs reached a whopping $181 million during this period. This significant jump followed a week where sales volumes were at $93 million. Ethereum and Bitcoin led the charge in this bullish trend, with Ethereum recording $67 million in NFT sales and Bitcoin following closely behind with $60 million. Other notable contributors to the weekly sales volume included Solana, Mythos Chain, Immutable, Polygon, and BNB Chain, accounting for a combined $45 million. Moreover, the average value of NFT transactions also skyrocketed, with an average sale priced at around $133, a 87% increase from the previous week.

The boost occurs as marketplaces experience a revival, pushing past their slump and climbing up the monthly sales rankings. Digital assets saw more than $350 million in sales, an 18% rise compared to September’s figures of $300 million. Moreover, Non-Fungible Token (NFT) transactions demonstrated a significant increase in October, with the total count reaching $7.2 million, marking a 42% escalation from the preceding month.

Bitcoin (BTC) Price Analysis

The crypto markets closed a remarkable week, with Bitcoin (BTC) surging to a new all-time high of $93,434 before declining to its current levels. The cryptocurrency is up almost 13% over the past seven days and trading just above the $91,000 level at the time of writing. Bitcoin is facing resistance as it attempts to push above $92,000, with bears looking to stall the move. However, buyers have not given up much ground and have kept BTC above $90,000, increasing the likelihood of a continuation of BTC’s current uptrend. However, if sellers can drive BTC below $90,000, it could indicate short-term traders are taking profits. BTC could drop to $85,000 or $80,000 in such a scenario.

Observing the Bitcoin (BTC) price trend, it’s having a tough time breaking through the $92,000-$93,000 barrier, as sellers seem active at these levels. Nevertheless, BTC has seen an extraordinary growth spike since November 6, breaching crucial resistance points and hitting a new record high just last week. To begin with, BTC experienced a substantial rise of 9.43% the previous week, surpassing $85,000 and ending at $87,706. However, it encountered heavy selling pressure on Tuesday, sliding to a low of $82,709 before rebounding and closing at $87,210, showing only a slight dip. BTC bounced back on Monday and reached another record high of $93,424. Unfortunately, the bullish momentum faded, causing the price to drop again and settle at $90,150.

On Thursday, Bitcoin (BTC) dropped approximately 3% to dip below $90,000, ending the day at $87,324. However, buyers reemerged in the market on Friday, causing BTC to rise by 3.90%, pushing it back above $90,000 and closing the day at $90,726. Bearish feelings resurfaced over the weekend as BTC slid 0.67% on Saturday and 0.73% on Sunday, dipping below $90,000 again to finish the weekend at $89,464. As of now, the current session shows Bitcoin up by more than 2%, with it trading at $91,432. Sellers are making an effort to keep BTC from breaching the $92,000-$93,000 range, but buyers have kept it above $90,000 and we might see a surge toward $95,000 and even $100,000 if the resistance is overcome.

Ethereum (ETH) Price Analysis

Over the weekend, Ethereum (ETH) experienced a slight rebound due to strong buying activity that kept the price above $3,000 despite intense selling pressure. After the US elections, ETH witnessed a significant surge, crossing important resistance levels and moving averages to surpass $3,000. On Saturday, ETH rose above $3,000 and its 200-day Simple Moving Average (SMA), following an almost 6% increase and closing at $3,128. Despite growing volatility on Sunday, ETH continued to climb by 1.83%, ending the day at $3,185. On Monday, bullish sentiment grew as ETH saw a 5.90% increase, ending at $3,373. However, ETH attempted to reach $3,500 on Tuesday, but buyers’ momentum weakened after hitting $3,443, allowing sellers to regain control. Consequently, ETH dropped nearly 4% and closed at $3,246.

On Wednesday, ETH experienced a surge in volatility as buyers made another attempt at recovery, but the price dipped 1.68%, ending the day at $3,191. The bearish trend deepened on Thursday, with ETH dropping over 4% to $3,059. Sellers tried to push ETH below $3,000 on Friday, taking it down to an intraday low of $3,013, but it recovered slightly to close at $3,090 with a gain of 0.99%. On Saturday, buyers held the upper hand, pushing ETH up by 1.38% to $3,133. However, sellers regained control on Sunday, causing the price to fall almost 2% to $3,075. Currently, ETH is trending upward by 1.82%, trading at $3,131 in the ongoing session.

At the current price of $3,000, Ethereum (ETH) shows robust resistance from buyers, suggesting they haven’t relinquished much ground to sellers. If buying pressure increases, ETH might challenge the resistance at $3,400. Overcoming this barrier could potentially drive the price up to $3,500. However, if sellers regain control and force ETH below $3,000, it may fall to $2,850. A significant drop below this level might cause ETH to slide down further to $2,600 or potentially even lower.

Solana (SOL) Price Analysis

The digital currency Solana (SOL) has surpassed the previous resistance point of $225, indicating a possible start of an upward trend. Investors are now looking towards $250 as the next potential target. Despite some resistance anticipated near $240, analysts believe SOL will manage to move beyond it. If this uptrend persists, SOL could reach $260 and even push up to $300 if that level is breached. However, if SOL fails to surpass $250, the current bullish forecast might not hold true. Last week, SOL struggled to exceed $225, but on Monday, it rose by nearly 6%, settling at $222. Unfortunately, it dipped again on Tuesday due to selling pressure, dropping 4.69% and ending at $211.

On Wednesday, SOL experienced substantial selling pressure, dipping to a low of $201 during the day. However, it bounced back from this point, rising by 1.69% to close at $215. On Thursday, buyers tried to push the price above $225, with SOL reaching an intraday high of $222 before losing steam. This gave way to selling pressure, causing SOL to drop by 2.71% to $209. Buying activity picked up on Friday as SOL increased by 4.25% to $218, but then fell back on Saturday, decreasing by 1.30% to $215. On Sunday, bullish sentiment returned and SOL rose significantly above $225, increasing by 10.13% to $237. As of the current session, SOL is up by 1.31% and trading at $240 as buyers aim to drive the price towards $250.

Polkadot (DOT) Price Analysis

In the last 24 hours, Polkadot (DOT) has seen an increase of approximately 3%, and over the past week, it’s up nearly 17%. This recovery follows a significant dip in value last week. At the beginning of the previous week, DOT began on an optimistic note, surpassing its 200-day Simple Moving Average (SMA) to reach $5.71. However, the buying strength waned after this level was reached, causing DOT to slide back on Tuesday, dropping below the 200-day SMA and finishing at $5.31. On Wednesday, bearish sentiment continued as DOT dropped by 4.33% to $5.08. On Thursday, sellers maintained control, pushing DOT below its previous level of $5, ending the day at $4.78 after a nearly 6% drop.

Initially dropping below $5 on Friday, DOT recovered significantly, climbing approximately 8% to exceed $5 and close at $5.16. On Saturday, optimism among bulls grew stronger as DOT soared over 12%, crossing above its 200-day moving average and ending the day at $5.78. Buyers aimed for a push above $6 on Sunday, with DOT peaking at an intraday high of $6.14. Yet, the buying momentum waned under selling pressure, enabling sellers to regain control. Consequently, DOT plummeted over 6% and settled at $5.42. Currently, in the ongoing session, DOT is up nearly 8%, aiming to challenge the $6 resistance level once more.

Dogecoin (DOGE) Price Analysis

Currently, Dogecoin (DOGE) is fluctuating between roughly $0.35 and $0.40. Buyers have been finding it tough to push the price past the resistance level. To start the previous week, DOGE experienced an extraordinary surge, climbing nearly 27% on Sunday and around 26.96% on Monday, reaching a closing price of $0.352. On Tuesday, there was significant selling pressure, causing DOGE to reach a peak of $0.439 before dropping to $0.380 and eventually settling at an increase of almost 8%. The volatility saw a significant rise on Wednesday as DOGE hit a high of $0.434 and plunged to a low of $0.351, only to end the day with a gain of about 4.94% and settling at $0.399.

On Thursday, due to buyers being unable to pay more than $0.40, Dogecoin (DOGE) dipped into the negative territory and dropped 9%, settling at $0.363. However, as support grew around $0.35, DOGE rebounded on Friday, gaining over 5% and reaching $0.381. The weekend was a mixed bag for DOGE, with it dropping by 4.56% on Saturday to hit $0.364. On Sunday, there was increased selling pressure, causing DOGE to plummet to an intraday low of $0.339. However, it recovered from this level and rose by 0.69%, settling at $0.366. Currently, in the ongoing session, DOGE is up by 2.56% and trading close to the $0.376 mark. If DOGE manages to break through the resistance at $0.40, a potential move towards $0.45 might follow. Conversely, if sellers take control and push the price below $0.35, we could witness a decline to $0.30.

Ripple (XRP) Price Analysis

Over the last week, Ripple (XRP) has surged significantly, breaking through barriers to reach a level of $1 for the first time in over three years. This impressive recovery started on Tuesday with an increase of more than 13%, but it stumbled slightly on Wednesday when it failed to break above $0.75, causing a drop of 1.96% to close at $0.690. However, XRP rebounded strongly on Thursday, gaining 12.20% and surpassing $0.75, ending the day at $0.774.

On Friday, with XRP surpassing a significant resistance point, its price increased more than 15%, reaching $0.892. The bullish trend grew stronger on Saturday as XRP experienced an extraordinary surge of around 25.57%, moving beyond $1 and peaking at $1.26 before retreating to $1.12. However, the buying momentum weakened on Sunday, causing a drop of almost 6% to $1.05. Currently, during this session, XRP is back in an upward trend, rising nearly 9% to $1.14. The graph shows a significant dip in XRP on Sunday, suggesting profit-taking may have occurred. Given the RSI is deep in the overbought zone, there might be a short-term correction upcoming. Breaking the $1 level again could be temporary unless buyers can turn it into a new support level.

Celestia (TIA) Price Analysis

Last week saw a significant decline in Celestia (TIA) following its peak of $5.90 on Monday. As investor sentiment turned bearish, TIA reached its lowest point of $5.01, dropping below both the 20-day and 50-day moving averages before rebounding to close at $5.46, slightly above the 50-day moving average. The bearish trend grew stronger on Wednesday when TIA fell by nearly 8%, dipping beneath the 50-day and 20-day moving averages to close at $5.03. Investors tried to regain control on Thursday, pushing TIA up to an intraday high of $5.39. However, this upward momentum fizzled out, causing TIA to slide back into negative territory, dropping by 5.99% and falling below $5 to close at $4.73.

On Friday, investors returned to the market, with TIA rising by 4.10% to close at $4.92. A more optimistic outlook emerged on Saturday as the stock surpassed its 20-day Simple Moving Average (SMA) and ended the day at $5.21 after a growth of $5.21. However, TIA failed to break through the 50-day SMA on Sunday, resulting in a decline of 3.69% to close at $5.02. Currently, in the ongoing session, TIA has risen by more than 3%, trading at $5.17 as buyers aim to push the price beyond the 50-day SMA, which is currently serving as a significant barrier to further growth.

2024-11-18 16:04