Crypto Price Analysis 11-21 BITCOIN: BTC, ETHEREUM: ETH, SOLANA: SOL, TONCOIN: TON, THETA NETWORK: THETA, JUPITER: JUP, HELIUM: HNT

As a seasoned investor with years of experience navigating the volatile crypto market, I have seen trends come and go. Today, I will analyze six popular cryptocurrencies: Theta Network (THETA), Jupiter (JUP), Helium (HNT), Theta Network (THETA), Jupiter (JUP), and Helium (HNT).

Today, Bitcoin (BTC) reached a brand-new record high initially, soaring to approximately $97,000. However, it later lost some momentum and experienced a minor decrease, bringing its current value down slightly. Over the past few hours, Bitcoin has climbed nearly 3%, continuing its upward trend even amidst recent selling activity. Analysts predict that BTC could break through the $95,000 mark soon, potentially happening within just a couple of trading sessions. At the moment, Bitcoin is being traded just below the $97,000 price point.

In contrast to Bitcoin’s upward trend, Ethereum (ETH) experienced a significant dip, currently decreasing by 1.30%. Buyers are finding it challenging to maintain the price above $3,000. Solana (SOL) also saw a decline of 1.05% in the last 24 hours. Notable drops were observed in Dogecoin (DOGE), Toncoin (TON), Avalanche (AVAX), Chainlink (LINK), and Polkadot (DOT) as well. Despite these declines, the total cryptocurrency market capitalization increased by 0.73%, reaching a current value of $3.09 trillion. ChangeNOW’s Chief Marketing Officer, Pauline Shangett, commented on this.

Reaching an unprecedented high above $97,000 underscores investors’ enduring faith in Bitcoin as a valuable asset. Despite occasional sell-offs, Bitcoin’s robust performance against market downturn suggests a powerful bullish outlook. A breakthrough beyond $97,000 might pave the way for an attempt to breach the significant $100,000 level.

Trump Administration Seeking To Create A Crypto Position In The White House

Donald Trump’s transition team is considering creating a new post within the White House focused on cryptocurrency matters. Potential candidates for this role are being consulted by Trump’s team. The details of the position are not yet clear, but it may resemble a senior staff position at the White House. This role would primarily focus on coordinating policies and regulations related to crypto across various federal agencies. Additionally, this post would manage a small team and serve as a liaison between Congress, the White House, and regulatory bodies responsible for monitoring the market and cryptocurrency oversight.

As an analyst, I propose that establishing a dedicated position for cryptocurrency within the administration could foster a favorable regulatory climate under President Trump’s tenure. Notably, President Trump has engaged in discourse with prominent crypto figures, such as Brian Armstrong, the CEO of Coinbase. Moreover, he has publicly expressed his ambition to transform the United States into the global epicenter for cryptocurrencies and has hinted at replacing current SEC Chair Gary Gensler on his inauguration day.

Trump’s Potential Commerce Secretary’s Ties With Tether

Cantor Fitzgerald CEO Howard Lutnick, who has been tapped to lead the US Commerce Department, has become a prominent supporter of Tether, the company behind one of the world’s largest crypto assets. Tether’s USDT is the world’s largest stablecoin, designed to hold its value despite increasing volatility in the crypto space. Lutnick, whose Wall Street firm manages Tether’s reserves of Treasury Bills, supports the stablecoin issuer. Lutnick is part of a growing number of individuals from the crypto space actively working with the incoming administration. Since the US elections, BTC has surged over 30%, buoyed by expectations of a friendlier regulatory environment.

Everyone working within our field is confident that technology will serve as the base for the future’s financial infrastructure. However, it’s the resistance from regulatory bodies that has hindered their progress.

SEC Delays Decision On Franklin Templeton Crypto Index ETF

The U.S. Securities and Exchange Commission (SEC) has postponed its decision to endorse the Franklin Templeton Crypto Index ETF until early 2025, as no comments were received following the publication of the proposed rule change for listing this crypto index ETF on the Federal Register on October 8th. The SEC made this announcement in a letter they sent out.

The Commission decides to give itself more time to evaluate a suggested rule adjustment. This will allow for thorough consideration of the proposal and the points raised with it. Following Section 19(b)(2) of the Act, the Commission sets January 6, 2025, as the deadline for making a decision on the proposed rule change. By this date, the Commission must either approve, reject, or initiate further proceedings to determine its stance on the proposal.

Franklin Templeton submitted an application for a cryptocurrency index ETF in August. Katalin Tischhauser, who heads research at Sygnum Crypto Bank, stated that crypto index ETFs represent the next natural progression for the digital asset market. She explained that index funds enable investors to benefit from market growth without having to choose specific winners or making expensive and potentially costly mistakes by selecting individual assets. This is similar to the appeal of traditional stock indexes like the S&P 500. Franklin Templeton isn’t the only company planning a crypto index ETF in the United States. In October, the New York Stock Exchange expressed interest in listing Grayscale’s crypto index ETF and requested regulatory approval to do so. Additionally, US regulators have recently indicated that they are considering approving the listing of the Grayscale ETF.

Bitcoin (BTC) Price Analysis

Bitcoin’s price has soared beyond $95,000 and is moving towards the $100,000 milestone as the cryptocurrency market continues to rally. At this moment, Bitcoin is seeing a 5% increase in value, trading at $96,820 – a new record high. The recent upward trend can be attributed to increased optimism surrounding potential crypto policies under President Trump, with a number of pro-crypto legislators joining Congress. Experts predict that Bitcoin could hit $100,000 or even sooner before the end of this month. Analysts also note that despite Bitcoin being in an overbought state, it is being drawn towards the $100,000 mark. Since the US elections, US-based spot Bitcoin ETFs have witnessed inflows exceeding $4 billion, and options have been introduced on BlackRock’s ETFs as well. Will Peck, Chief of Digital Assets at WisdomTree, commented on this.

There’s a lot of curiosity among people about whether this administration will provide the regulatory clarity the cryptocurrency community has long been seeking. At this point, it seems too early to predict. However, this anticipation indicates a positive outlook not just for Bitcoin or cryptocurrencies in general, but also for the expanding blockchain technology ecosystem as a whole.

As a researcher observing the Bitcoin market, it’s clear that we’ve witnessed a significant surge past $93,000. In the past few trading sessions, BTC had been battling to break through this resistance level and had entered a period of consolidation after hitting $90,000 last Wednesday. On Tuesday, BTC faced substantial selling pressure, causing it to dip to an intraday low of $82,709. However, the following day, we saw a recovery with BTC settling at $90,150. Unfortunately, the price took a downturn on Thursday, dropping by 3.13% to $87,324. But bullish sentiment returned on Friday as BTC made a comeback, increasing almost 4% and regaining the $90,000 mark, ending the day at $90,726.

Over the weekend, there was a resurgence of selling activity causing Bitcoin (BTC) to lose momentum and drop. Specifically, on Saturday and Sunday, BTC declined by 0.67% and 0.73%, respectively, falling below $90,000 to close at $89,464. However, on Monday, the prices rebounded as BTC climbed up to an intraday high of $92,549 before settling at $90,509 after a 1.17% rise. The upward trend continued on Tuesday with BTC increasing by 2.15%, ending the day at $92,458. On Wednesday, Bitcoin managed to surpass $93,000 after registering an increase of 1.89% and closing at $94,204. In the current trading session, BTC reached a new record high of $96,941 before experiencing a minor drop to its present value of $96,512.

This week’s optimistic outlook on Bitcoin (BTC) suggests it might reach $100,000 if its upward trend continues. But given that the Relative Strength Index (RSI) is currently in the overbought territory, there could be a correction, potentially pulling the price down to around $90,000.

Ethereum (ETH) Price Analysis

In my analysis, Ethereum (ETH) has experienced a remarkable uptick in today’s trading session, with bulls aiming to maintain its position above the $3,000 mark. Earlier last week, ETH spiked to a peak of $3,388, but a steep decline followed shortly after this high was reached. By Thursday, ETH dipped to $3,059, and buyers found it challenging to hold the price above $3,000. However, on Friday, despite facing considerable volatility, ETH managed to recover slightly, recording a 0.99% increase to close at $3,090. Buyers remained in control on Saturday, pushing ETH up to an intraday high of $3,218 before it fell back to its current level of $3,133. Sellers reentered the market on Sunday, causing ETH to end the week on a bearish note, dropping nearly 2% and settling at $3,075.

This week started off strongly for ETH, with an initial 4.37% increase that took its value up to $3,209. But it saw a decline on Tuesday, dropping by 3.13% to $3,109. On Wednesday, sellers continued the downward trend, decreasing ETH by 1.25% to $3,070. However, today has seen a notable recovery, with a 2.33% rise and ETH trading close to $3,142. To keep the momentum going towards $3,500, buyers need to ensure ETH stays above $3,000. If sellers force ETH below this level, it could signal market rejection of the uptrend and potentially lead to a drop down to $2,850. The Moving Average Convergence Divergence (MACD) has shifted towards bearish, suggesting that sellers are gaining strength. Nevertheless, buyers have an opportunity to change the momentum if they can keep ETH above $3,000.

Solana (SOL) Price Analysis

Currently, Solana (SOL) is encountering increasing opposition near the $250 mark and has been struggling to advance beyond it during recent trading sessions. Last week, SOL’s upward momentum halted, as the altcoin failed to surpass the resilient resistance level of $225. This setback resulted in significant price fluctuations and a 4.8% decrease on Tuesday, bringing the price down to $211. On Wednesday, SOL dipped to an intraday low of $201 but managed to rebound by 1.69%, closing at $215. However, the coin saw another decline of nearly 3% on Thursday, falling to $209. The price action continued to fluctuate on Friday, with SOL registering a 4.25% increase to close at $218. Yet, by Saturday, the price had dropped by 1.30%, settling back at $215.

optimism resurfaced on Sunday, with SOL soaring over 10% beyond $225, reaching $237 and eventually settling at $239 – a growth of more than 1%. SOL aimed higher and hit an intraday peak of $248 on Monday, but momentum waned, ending the day at $239. On Tuesday, another push towards $250 was made, with SOL climbing to $247 before experiencing a 0.89% decrease, finishing at $237. A further decline occurred on Wednesday, with SOL dropping by 0.98% and settling at $235. As we speak, SOL is up by 2.13%, hovering around the $250 mark. Buyers will try to challenge the resistance at $250 again. If successful, we might witness a leap towards $270-$280. Conversely, if SOL falls below $225, it could potentially dip to $200.

Toncoin (TON) Price Analysis

Toncoin (TON) has declined substantially during the current week as it failed to stay above $5.50 despite bullish momentum. TON moved past the 50-day SMA at the beginning of the previous week, rising to $5.49. However, it faced considerable volatility the following day, dropping to an intraday low of $5.09 as sellers attempted to drive the price below $5. TON recovered from this level to settle at $5.48, registering only a marginal decline. However, bearish sentiment intensified over the next couple of sessions, and by Thursday, TON dropped to $5.20 as it struggled to stay above the 50-day SMA.

Despite dipping below certain levels on Friday, TON bounced back with a 3.49% increase and closed at $5.38. The bullish momentum continued on Saturday as TON surpassed $5.50, peaking at an intraday high of $5.81 before settling at $5.64. However, the resistance level proved too strong, causing a 4.9% decline on Sunday, leaving TON at $5.36. The following week started with a 3.59% rise for TON, bringing it to $5.56. Yet, bearish sentiments resurfaced on Tuesday, leading to a 2.51% drop to $5.42. This was followed by another drop of 2.55% on Wednesday, taking the price down to $5.28. In the current session, TON is showing signs of recovery with a 1.59% increase and trading at $5.36.

Theta Network (THETA) Price Analysis

After a significant decrease last week that took THETA’s token down to $1.29 on Thursday, there’s been a notable surge in its value. This upswing occurred due to the 50-day Simple Moving Average (SMA) acting as a supportive level, causing THETA to climb nearly 6% and finish at $1.36 on Friday. On Saturday, THETA moved above its 200-day SMA following a 12.27% increase, reaching $1.53. However, sellers reemerged in the market on Sunday, causing the price to drop by 6.31%, leaving THETA at $1.43 for the day.

On Monday, THETA witnessed a strong rally, with buyers propelling its price by an impressive 19.43%, surpassing the 200-day Simple Moving Average and closing at $1.71. However, Tuesday saw considerable volatility as buyers tried to break through the $2 barrier, yet bullish enthusiasm dwindled when THETA reached $1.83, ending the day at $1.72. Sellers took charge on Wednesday, causing a 5% drop that concluded with THETA settling at $1.63. As of this session, THETA is experiencing an uptick of 3.31%, trading at $1.68.

Jupiter (JUP) Price Analysis

Jupiter (JUP) is finding it tough to bounce back following a steep drop this week, with traders aiming to push the price under $1. On Sunday, JUP experienced a significant upswing, reaching an intraday peak of $1.32 before dipping and closing at $1.19, marking a rise of around 6%. However, the momentum shifted on Monday due to intense volatility, causing it to plummet to an intraday low of $1.12 before rebounding slightly to end the day at $1.17. The downward trend continued on Tuesday, with JUP losing nearly 3% and settling at $1.14.

On Wednesday, optimism surrounding JUP significantly increased after it dipped beneath its 20-day Simple Moving Average (SMA), causing a 6.20% decrease that ended with JUP trading at $1.06. During the current session, JUP reached an intraday low of $1.01 due to sellers trying to push the price below the dollar mark. However, it has since rebounded from this level and is currently being traded at $1.07, a slight rise compared to its previous day’s value.

Helium (HNT) Price Analysis

Helium (HNT) has declined as it struggles to remain above the 200-day SMA, with selling pressure increasing substantially. HNT entered the weekend positively, rising by 2.22% on Friday and 1.29% on Saturday to settle at $5.96. Buyers attempted a move past the 20-day SMA on Sunday but were unsuccessful. As a result, sellers took over and drove the price down by 5.15% to $5.65. HNT recovered on Monday, rising by 2.63% and settling at $5.80. However, it fell back in the red on Tuesday after another failed attempt to move past the 20-day SMA, dropping by 2.46% and settling at $5.66.

On Wednesday, Helium Network Token (HNT) experienced a significant surge in volatility as both buyers and sellers tried to assert dominance. In the end, buyers managed to take charge, causing HNT to rise by 1.11% and close at $5.72. However, the current trading session has seen a considerable drop for HNT, falling more than 4%. This decline caused HNT to dip below its 200-day moving average and trade at $5.48 as of now.

2024-11-21 14:02