Crypto Market Updates

Total crypto market cap is up by $35 billion for the period since Monday and now stands at $830 billion. The top ten currencies are trading flat for the day with Polygon (MATIC) being the worst performer with 2.5 percent of loses for the last 24 hours. At the time of writing bitcoin (BTC) is trading at $16,546. Ethereum (ETH) is at $1,195.

BTC/USD

Bitcoin closed the trading day on Sunday, November 20 with a red candle to $16,315 and a 3 percent drop. It also broke the lower boundary of the Bear Pennant figure on the daily timeframe chart suggesting more downside can be in sight.

The coin ended the week of November 14-20 flat after trading in the $15,700 – $17,100 range throughout the period.

The $16,600 level remains a strong short-to-midterm resistance as the most actively traded zone and point of interest for traders.

On Monday, the BTC/USDT pair continued to fall hitting a daily low of $15,488 before closing the session at $15,750, 3 percent down.

It is worth noting that the biggest cryptocurrency found support at the long-term diagonal support line on the 1-Week chart. This line marked the 2018 bear market low and the 2020 COVID low.

The trading day on Tuesday was slightly different. Bitcoin rallied 2.8 percent to hit the $16,200 mark. The trading volumes were well below the average for the last 14 days but the Relative Strength Index (RSI) printed a Bullish divergence on both the daily and weekly timeframes.

This usually hints at a short to midterm change in the trend direction.

The mid-week session on Wednesday came with a second consecutive green candle and a push to the mentioned local resistance at $16,600.

What we are seeing midday on Thursday is a failed attempt to break the horizontal line and a slight retrace. The Bear Pennant figure has been invalidated.

ETH/USD

The Ethereum Project token ETH erased 6 percent of its value on Sunday, November 20, and fell all the way down to $1,144 after suffering a rejection at the formed diagonal resistance below the 21-day EMA. It also lost the horizontal support near $1,200. The coin closed the week of November 14-20 with a total of 6.2 percent loss.

On Monday, the ether fell by another 3 percent and touched a 10-day low by re-visiting the $1,100 – $1,000 long-term support line.

The RSI indicator was in a Bullish divergence with the falling asset price while the trading volumes were still low, probably pointing to an exhaustion of the downtrend.

Buyers pushed the price up to $1,140 on Tuesday in the first green day in a while.

Then on the third day of the workweek, the coin extended its gains and managed to reach $1,184 by adding 4 more percent to its valuation.

As of the time of writing this market update, the ETH/USDT pair is struggling to surpass the $1,200 mark, which, as we have discussed previously, has been acting as a price magnet on all timeframes.

The cryptocurrency market lost $41 billion from its market cap during the last seven days and now stands at $797 billion. The top 10 coins were all in red for the same period with Dogecoin (DOGE) and Polygon (MATIC) being the worst performers with 11.2 and 10.5 percent of losses respectively. Bitcoin (BTC) is currently trading at $16,030 while ether is at 1,118.

BTC/USD

Bitcoin closed the trading day on Sunday, November 13 at $16,347 after losing 3 percent during the session. The biggest cryptocurrency ended the week of November 7-13 with a stunning 22 percent loss in the aftermath of the FTX insolvency fiasco.

On Monday, the price was extremely volatile moving in the $15,800-$17,200 range but still managed to start the new trading period with a green candle that brought a 1.8 percent of increase. The $16,300 area has been established as short-term support on the lower timeframe charts.

The BTC/USDT pair moved further up on Tuesday and hit the $17,000 mark before closing at $16,900. The 24-hour trading volumes for the last week dropped below the average values for the last 14 days while the Relative Strength Indicator (RSI) remained oversold on the 1D chart.

The mid-week session on Wednesday came with a drop to $14,680 on the news that the popular institutional crypto lender Genesis Global was temporarily suspending withdrawals and new loan issuance due to the worsening market conditions.

BTC was starting to form a Bearish Pennant figure on the daily chart, which usually suggests a further downside can be expected. Still, many analysts were pointing to the fact the selling pressure was getting weaker and weaker and the bottom could already be in sight.

On Thursday, November 17, the BTC/USDT pair dropped to $16,384 in the morning, but recovered in the afternoon and closed almost flat for the day.

The overall trading activity and the market volatility were low on Friday and even though bulls made an attempt to push the price out of the mentioned figure, it was not successful and BTC closed flat.

The weekend of November 19-20 started with yet another calm session on Saturday as the leading cryptocurrency continued to trade near $16,700.

Then on Sunday, bears finally took over control and we saw a 2.4 percent decrease in the price thus breaking the lower boundary of the Bearish Pennant.

What we are seeing midday on Monday is a continuation of the downtrend.

ETH/USD

The Ethereum Project token ETH fell to $1,222 on Sunday, November 13, and ended the previous seven-day period 22 percent lower, clearly rejected at the 21-period EMA on the weekly timeframe chart.

On Monday, the ether briefly touched $1,293 but then went back below $1,270 which we considered the current local resistance with $1,200 being the support.  Still, it managed to form a green candle on the 1D chart.

The Tuesday session was no different and bulls once again tried to break above the horizontal resistance and once again failed.

The ETH/USDT pair was seeing very low 24-hour volumes with an RSI in the mid-zone.

On Wednesday, it tested the lower boundary of the improvised range and ended the day with a 3 percent loss, but still without any major change in the trading direction.

Bears pushed the price down to a new local weekly low and temporarily below the $1,200 support line on Thursday before it partially recovered in the evening.

The Friday session came with a small green candle and less than a percent of a jump from the horizontal line on the 1D chart. This price action was continued on the first day of the weekend when ETH reached $1,220, hitting a daily high of $1,235.

On Sunday, it fell 6 percent down to $1,143 looking to soon re-test the $1,100 – $1,000 major multi-timeframe support zone.

As of the time of writing this market update the ether is trading slightly lower.

Leading Majors

• Litecoin (LTC)

Litecoin is one of the oldest cryptocurrency protocols out there and is usually performing well during turbulent times thanks to its solid community and long history.

Last week it was one of the few digital assets to trade in green thanks to its good performance against BTC on the LTC/BTC pair.

The coin successfully added 11 percent making it a total of 42 percent increase since the beginning of the month. It broke out of an almost 5-year-long downtrend channel and managed to surpass the 21-period EMA on the 1-week chart.

On the LTC/USDT pair, we still see the zone around $65 and the former range high as the next major resistance while the psychological level of $50 should be able to provide the needed support.

On the daily timeframe chart the price is hovering between the 200- and 21-day EMAs and struggling to make a significant direction change by breaking above the horizontal resistance.

Below is the LTC/BTC chart.

Altcoin of the week

Our Altcoin of the week is The Open Network (TON). TON is a decentralized layer-1 blockchain that was initially developed by the social media platform Telegram before they were forced to abandon it by the US SEC. Now it is mainly being driven by the open community, still closely related to the Telegram app team though.

Last month, Telegram officially unveiled its new marketplace called Fragment.com enabling users to buy and sell platform usernames using the TON coin. Additionally, we saw new developments in the Tonhub wallet and integration with SafePal wallet while DWF Labs announced they will invest $10M in the TON ecosystem.

The TONUSDT pair added 2.7 percent to its valuation for the last seven days and is now trading at $1.75 – 134 percent above its all-time low and close to the September 2022 highs. It is now situated above the 21-period EMA on the weekly timeframe chart.

Bulls will be looking at $1.9 as the next big resistance above.

The Ton project is currently ranked at #26 on CoinGecko with a total market cap of approximately $2.5 billion.

The total crypto market cap is down by $10 billion for the period since Monday and now stands at $828 billion. The top ten currencies are trading mostly in red, with Polygon (MATIC) and Cardano (ADA) being the worst performers with 3 and 2.9 percent loses for the last 24 hours. At the time of writing bitcoin (BTC) is trading at $16,569. Ethereum (ETH) is at $1,198.

BTC/USD

Bitcoin closed the trading day on Sunday, November 13 at $16,347 after losing 3 percent during the session. The biggest cryptocurrency ended the week of November 7-13 with a stunning 22 percent loss as a result of the FTX insolvency fiasco.

On Monday, the price was extremely volatile moving in the $15,800-$17,200 range but still managed to start the new trading period with a green candle that brought a 1.8 percent of increase. The $16,300 area has been established as short-term support on the lower timeframe charts.

The BTC/USDT pair moved further up on Tuesday and hit the $17,000 mark before closing at $16,900. The 24-hour trading volumes for the last week dropped below the average values for the last 14 days while the Relative Strength Indicator (RSI) remained oversold on the 1D chart.

The mid-week session on Wednesday came with a drop to $14,680 on the news that the popular institutional crypto lender Genesis Global was temporarily suspending withdrawals and new loan issuance due to the worsening market conditions.

BTC was starting to form a Bearish Pennant figure, which usually indicates a further downside can be expected. Still, many analysts were pointing to the fact the selling pressure was getting weaker and weaker and the bottom could already be in sight.

What we are seeing midday on Thursday is a low trading activity before the US markets open. The coin is hovering around the $16,500 mark.

ETH/USD

The Ethereum Project token ETH fell to $1,222 on Sunday after a quick 17 percent pump at the end of the workweek that managed to erase some of the losses from the FTX-caused market dump.

The coin ended the seven-day period 22 percent lower, clearly rejected at the 21-period EMA on the weekly timeframe chart.

On Monday, the ether briefly touched $1,293 but then went back below $1,270 which we considered the current local resistance with $1,200 being the support.  Still, it managed to form a green candle on the 1D chart.

The Tuesday session was no different and bulls once again tried to break above the horizontal resistance and once again failed.

The ETH/USDT pair was seeing very low 24-hour volumes with an RSI in the mid-zone.

On Wednesday, it tested the lower boundary of the improvised range and ended the day with a 3 percent loss, but still without any major change in the trading direction.

As of the time of writing this market update, ETH is trading below $1,200, breaking below the support line. If the level is lost, then the coin will most probably re-test the $1,100 -$1,000 area.

The cryptocurrency market lost $187 billion from its market cap during the last seven days and now stands at $841 billion. The top 10 coins were all in red for the same period with Ripple (XRP) and Dogecoin (DOGE) being the worst performers with 25 and 23 percent of losses respectively. Bitcoin (BTC) is currently trading at $16,760 while ether is at 1,255.

BTC/USD

Bitcoin closed the trading day on Sunday, November 6 in red at $20,876 after failing to surpass the mid-term resistance at $21,500. The trading volumes decreased significantly and the coin ended the week of October 31- November 6 with a small 1.8 percent increase.

On Monday, November 7, the BTC/USDT pair erased another 1.7 percent and dropped further down to $20,580, next to the mid-October highs and the 21-day EMA. Buyers were starting to lose momentum.

The Tuesday session brought a lot of pain to all market participants triggered by the new developments in the ongoing Binance vs FTX social media debate. Sam Bankman-Fried, CEO of FTX announced the exchange turned to CZ, CEO of Binance for help to resolve its ongoing liquidity problems which resulted in an offer of acquisition by the latter.

The markets turned red and BTC alone lost 9.6 percent while altcoins bled violently.

Bitcoin closed the session at $18,534, at the long-standing horizontal support, but not before touching $17,200 intraday.

The mid-week trading on Wednesday came with a fresh new low as the biggest cryptocurrency hit $15,680 for the first time since November 2020 and ended the trading day at $15,908.

Binance supposedly pulled out of the acquisition deal due to significant issues discovered during the assets review.

On Thursday, November 10, BTC rallied 10 percent to close the day at $17,600 thanks to the lower-than-expected CPI data numbers. Some altcoins posted double-digit gains.

The Friday session was not that good for bulls and the coin corrected its price down to $17,000.

The weekend of November 12-13 started with a drop to $16,800 on Saturday, which was followed by a third consecutive day of losses on Sunday and a further decline to $16,350.

What we are seeing midday on Monday is a slight increase in the price of BTC as it moved up to $16,750.

ETH/USD

The Ethereum Project token ETH peaked at $1,686 on Friday, November 4 and during the weekend started moving in the opposite direction. It ended the week of October 31- November 6 with a 1.5 percent loss after hitting a strong resistance in the 21-period EMA on the 1W chart.

The coin hit $1,566 on Monday, November 7, and remained flat at the beginning of the new trading period, close to the range mid-point.

On Tuesday it followed the example of Bitcoin and printed a huge red candle on the daily chart breaking below the fast EMA and the important S/R line near $1,440. The ether erased 14 percent of its market cap and fell as low as $1,240 before ending the day at $1,337.

The FTX crisis hit altcoins particularly hard and its native token FTT lost 75 percent in just one day.

The mid-week session on Wednesday came with a renewed selling activity as the ETH/USDT pair touched $1,082 before stopping at $1,100 at the daily candle close, which resulted in a 17 percent correction.

On Thursday, November 10 the ether jumped by 17.8 percent up to $1,300 as the fresh CPI inflation data from the United States turned out to be better than expected. The coin successfully filled the gap between the two most actively traded areas in the region.

The last day of the workweek came with a relatively flat session after bears tried to push the price below $1,200 in the early hours of trading.

The first day of the weekend was marked by a drop to $1,250 while on Sunday, the ETH token corrected its price further down to $1,216.

As of the time of writing this market update, bulls have managed to avoid more losses and the price is hovering once again near the $1,250 mark.

Leading Majors

• Polkadot (DOT)

It is hard to choose the best-performing asset in the Top 20, so we had to select the least impacted by the recent market crash.

And this happens to be Polkadot’s DOT. It managed to limit the losses to “just” 14.5 percent during the last seven days and also kept its price floating near the high timeframe horizontal support zone between $5.5 and $6.

The $7 mark remains the next big resistance in front of buyers right with the long-term diagonal resistance line.

The nearly announced roadmap update combined with the strong trust in the ecosystem and the fact it avoided having a direct impact or any involvement in the FTX/Alameda drama are among the leading reasons for DOT to remain relatively stable although it fell out of the Top 10 list.

Below is the 1W chart.

Altcoin of the week

Our Altcoin of the week is Trust Wallet (TWT). This cryptocurrency project’s main product is a decentralized hot wallet that enables users to store their coins in a private and secure way by fully holding the wallet keys. The platform was acquired by Binance in 2018 and was promoted heavily in the last week in the aftermath of the FTX crash and the declining trust in central exchange custody.

TWT, the native token of Trust Wallet added 62 percent to its valuation during last week’s trading and continues to surge on Monday (already up by 26 percent as of the time of writing).

The TWT/USDT pair surpassed its all-time high and is now in a price discovery mode. We can expect support around the previous high in the $1.5-$1.6 area while the Fibonacci extension levels show it has already extended its rally from the May 2022 lows to the 161.80% level, which usually marks a local top.

TrustWallet is currently ranked at #44 on CoinGecko with a market cap of approximately $1.03 billion.

Below is the 1W chart.

The total crypto market cap is down by $190 billion for the period since Monday and now stands at $837 billion. The top ten currencies are trading mostly in green, with Polygon (MATIC) and Ethereum (ETH) being the best performers with 3.4 and 2.7 percent of gains for the last 24 hours. At the time of writing bitcoin (BTC) is trading at $17,400. Ethereum (ETH) is at $1,285.

BTC/USD

Bitcoin closed the trading day on Sunday, November 6 in red at $20,876 after failing to surpass the mid-term resistance at $21,500. The trading volumes decreased significantly and the Relative Strength Index (RSI) continued to be in the overbought area.

On Monday, the BTC/USDT pair erased another 1.7 percent and dropped further down to $20,580, next to the mid-October highs and the 21-day EMA. Buyers were starting to lose momentum.

The Tuesday session brought a lot of pain to all market participants triggered by the new developments in the ongoing Binance vs FTX social media debate. Sam Bankman-Fried, CEO of FTX announced the exchange turned to CZ, CEO of Binance for help to resolve its ongoing liquidity problems which resulted in an offer of acquisition by the latter.

The markets turned red and BTC alone lost 9.6 percent while altcoins bled significantly.

Bitcoin closed the session at $18,534, at the long-standing horizontal support, but not before touching $17,200 intra-day.

The mid-week trading on Wednesday came with a fresh new low as the biggest cryptocurrency hit $15,680 for the first time since November 2020 and ended the trading day at $15,908.

Binance supposedly pulled out of the acquisition deal due to significant issues discovered during the assets review.

What we are seeing midday on Thursday is an 8 percent push to $17,300 on the lower-than-expected CPI data numbers.

ETH/USD

The Ethereum Project token ETH was trading close to the important 21-period EMA on the Weekly chart at the end of the last week and the beginning of the new one. It peaked at $1,686 on Saturday, November 5, and on Monday started moving South.

The coin hit $1,566 on Monday and remained flat at the beginning of the new trading period, close to the range mid-point.

On Tuesday it followed the example of Bitcoin and printed a huge red candle on the daily chart breaking below the fast EMA and the important S/R line near $1,440. The ether erased 14 percent of its market cap and fell as low as $1,240 before ending the day at $1,337.

The FTX crisis hit altcoins particularly hard and its native token FTT lost 75 percent in just one day.

The mid-week session on Wednesday came with a renewed selling activity as the ETH/USDT pair touched $1,082 before stopping at $1,100 at the daily candle close, which resulted in a 17 percent correction.

As of the time of writing this market update ETH is 15 percent up for today to $1,277 as the fresh CPI inflation data from the United States turned better than expected.

The cryptocurrency market lost $2 billion from its market cap during the last seven days and now stands at $1,028 billion. The top 10 coins moved in different directions for the same time period with Binance Coin (BNB) adding 6.1 percent while Solana (SOL) lost 3.1 percent from its market cap. Bitcoin (BTC) is currently trading at $20,754 while ether is at 1,578.

BTC/USD

Bitcoin closed the trading day on Sunday, October 30 at $20,600 after reaching a local top of $20,800, which it was unable to surpass for four days in a row. It ended the previous seven-day period with a 5.3 percent increase.

On Monday, October 31 the BTC/USDT pair was trading in the $20,200-$20,800 range before closing the session at $20,480 right below the important support/resistance horizontal line at $20,500.

The coin added 5.5 percent to its valuation for the month of October, fully engulfing the previous 30-day period candle.

The Tuesday session was no different and the price of BTC continue to feel the selling pressure. It formed a negligible red candle on the daily timeframe chart.

The biggest cryptocurrency was, as expected, quite volatile on Wednesday, November 2 in expectation of the United States Federal Reserve’s (FED) interest rate hike decision. The coin rallied to $20,800 in the first part of the trading day, but then dropped all the way down to $20,150, which resulted in a 1.5 percent loss.

The Federal Open Market Committee (FOMC) raised the interest rates by 0.75 basis points, in line with expectations, but the even more hawkish comments from the chairman Jay Powell colored both traditional and crypto markets in red.

On Thursday, November 3, the BTC/USDT pair found support at the 21-day EMA and formed its first green candle since October 29.

The last day of the workweek came with a solid bullish session for the number 1 cryptocurrency coin. It rallied 4.6 percent to $21,130 beating the $20,750 local resistance.

The weekend of November 5-6 started with a push to $21,500 on Saturday. As previously discussed, this is the next major line of resistance for buyers on their way up.

Then on Sunday the price reversed its direction and ended the week at $20,883.

What we are seeing midday on Monday is another red session as BTC is trading at $20,754.

ETH/USD

The Ethereum Project token ETH closed the week of October 24-30 with a solid 16 percent increase. It hit the 21-period EMA on the weekly timeframe chart near $1,620, but not before peaking at $1,665 on Saturday, October 29.

The ether started losing steam during the weekend and on Monday, October 31 hit $1,570 on its way down. As we previously discussed, this level acts like a magnet on the 1D chart and is where the biggest trading activity is located.

The ether ended the month of October with an 18.5 percent of increase and just like bitcoin managed to engulf the previous candle.

On Tuesday, the biggest altcoin climbed to $1,610 intraday, but bulls could not keep up with the momentum and the coin eventually closed the day flat.

The third day of the workweek came with a solid 3.7 percent drop to $1,517 from the high-Volume Profile zone and on the interest rate decision news.

On Thursday, November 3, the ETH/USDT pair moved up to $1,532 after hitting a daily high of $1,556. The last price correction was seen rather as a consolidation above the 21-day EMA in preparation for the next leg up.

The Friday session was quite strong for buyers. The leading altcoin climbed up to 7 percent to $1,642 and surpassed the last local high.

The first day of the weekend came with a short pullback to $1,626 as the 24-hour volumes fell below the average for the last 14 days while the Relative Strength Index (RSI) re-entered the overbought area.

On Sunday, November 6, the ether remained flat in the morning, but then started moving downwards in the evening, eventually closing the week at $1,568

As of the time of writing, it is trading slightly higher – at $1,577.

Leading Majors

• Polygon (MATIC)

MATIC re-entered the Top 10 list on CoinGecko after a strong week during which it grew by more than 24 percent, breaking above its last high and the 21-period EMA on the Weekly timeframe chart.

The strong technical data, which allowed it to find support near the $0.75 mark once again during the last consolidation phase, however, was not the main catalyst here.

The recently announced partnerships with the social media giant Meta and the financial heavyweight JP Morgan proved the fundamentals are also strong.

First, Meta chose Polygon for its upcoming NFT support on Instagram then JP Morgan used its blockchain for its first decentralized trade.

Next for MATIC will be to test the $1.35 former support line. 1.8 will act as the next major level of resistance.

Down, bulls can probably rely on the psychological level of $1 for support.

Altcoin of the week

Our Altcoin of the week is Chiliz (CHZ). Branded as the world’s first tokenized sports exchange, Chiliz is one of the leading cryptocurrency projects for sports and entertainment. It provides its blockchain infrastructure support to the Socios.com fan engagement platform, which is popular for its football token offerings.

The CHZ/USDT pair was one of the best-performing altcoins since min-June this year. It rallied 252 percent up from its $0.08 bottom to hit $0.28, which was followed by a 42 percent correction.

The Chiliz token is now once again on its up. It gained 20 percent during the last seven-day after completing its consolidation phase. We could clearly see a Cup and Handle Pattern on the Weekly timeframe chart with a neckline of around $0.255. This is usually a bullish reversal figure.

Additionally, the approaching World Cup in Qatar, which starts on November 20 could lead to rising interest in the coin in the next few weeks.

CHZ is currently ranked at #41 on CoinGecko with a total market cap of approximately $1.49 billion.