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Major coins were seen trading higher on Tuesday evening as the global cryptocurrency market cap rose 2% to $804.9 billion at 8:33 p.m. EST.
| Coin | 24-hour | 7-day | Price |
|---|---|---|---|
| Bitcoin BTC/USD | 2.3% | -3.8% | $16,193.39 |
| Ethereum ETH/USD | 2.4% | -10% | $1,131.27 |
| Dogecoin DOGE/USD | 4.1% | -9.75% | $0.08 |
| Cryptocurrency | 24-Hour % Change (+/-) | Price |
|---|---|---|
| Curve Dao Token (CRV) | +27.8% | $0.65 |
| Litecoin (LTC) | +14.1% | $69.98 |
| Convex Finance (CVX) | +12% | $3.99 |
See Also: Webull vs. eToro: Which Is Better For Crypto?
Why It Matters: Bitcoin and Ethereum traded in the green on Tuesday evening on a day stocks ended on a positive note. The S&P 500 and Nasdaq both closed 1.4% higher intraday. Stock futures were largely unchanged at the time of writing.
Investors are expecting the release of the Federal Open Market Committee on Wednesday. Earlier, Cleveland Fed President Loretta Mester said milder inflation data was “good news” but not enough to stop the cycle of rate hikes.
“The latest round of Fed speak did not teach us anything new,” said Edward Moya, a senior market analyst with OANDA.
“The labor market is a key concern for the Fed, Mester also pointed out that labor demand is still outpacing supply. Recent trends however are showing the labor market is showing signs of cooling.”
On Bitcoin, Moya said it is “back above the $16,000 level but still remains in the danger zone as everyone waits for the next crypto domino to fall.”
“Bitcoin could continue to stabilize here if Wall Street rebounds, but that seems unlikely as this bear market for stocks has yet to bottom out. Bitcoin has support ahead of the $15,500 level but if that does not hold, technical selling could send prices toward the $13,500 region.”
Cryptocurrency trader Michaël van de Poppe said that the apex coin is “showing some more continuation” but “needs to reclaim some more levels to show serious strength.”
#Bitcoin showing some more continuation, but needs to reclaim some more levels to show serious strength. pic.twitter.com/xYKF1Ea63x
— Michaël van de Poppe (@CryptoMichNL) November 22, 2022
Justin Bennett said that “markets are still range-bound, but short liquidations are building above $17k.” The trader said, “Decent chance we see [Bitcoin] run the highs here.”
GM fam.
Markets are still range-bound, but short liquidations are building above $17k $BTC.
Decent chance we see #Bitcoin run the highs here. pic.twitter.com/BORrXldKOa
— Justin Bennett (@JustinBennettFX) November 22, 2022
Market intelligence platform Santiment noted that the word “dead” has been circulating in cryptocurrency discussions since November.
“As one of the more [bearish] sentiment words, this is a sign of traders giving up on markets rebounding. Ironically, this capitulation is historically when markets rebound.”
The word #dead has been rapidly circulating around #crypto platforms in November. As one of the more #bearish sentiment words, this is a sign of traders giving up on markets rebounding. Ironically, this capitulation is historically when markets rebound. https://t.co/lZucDQEYli pic.twitter.com/j4cmfGiVz5
— Santiment (@santimentfeed) November 22, 2022
Read Next: What’s Going On With Grayscale Bitcoin Trust (GBTC) Today?
© Reuters. Bitcoin, Ethereum, Dogecoin Spike — Analyst Says ‘Decent Chance We See BTC Run The Highs Here’Benzinga – Major coins were seen trading higher on Tuesday evening as the global cryptocurrency market cap rose 2% to $804.9 billion at 8:33 p.m. EST.
| (CRYPTO: BTC) | 2.3% | -3.8% | $16,193.39 |
| (CRYPTO: ETH) | 2.4% | -10% | $1,131.27 |
| (CRYPTO: DOGE) | 4.1% | -9.75% | $0.08 |
| Curve Dao Token (CRV) | +27.8% | $0.65 |
| (LTC) | +14.1% | $69.98 |
| Convex Finance (CVX) | +12% | $3.99 |
Why It Matters: Bitcoin and Ethereum traded in the green on Tuesday evening on a day stocks ended on a positive note. The S&P 500 and Nasdaq both closed 1.4% higher intraday. Stock futures were largely unchanged at the time of writing.
Investors are expecting the release of the Federal Open Market Committee on Wednesday. Earlier, Cleveland Fed President Loretta Mester said milder inflation data was “good news” but not enough to stop the cycle of rate hikes.
“The latest round of Fed speak did not teach us anything new,” said Edward Moya, a senior market analyst with OANDA.
“The labor market is a key concern for the Fed, Mester also pointed out that labor demand is still outpacing supply. Recent trends however are showing the labor market is showing signs of cooling.”
On Bitcoin, Moya said it is “back above the $16,000 level but still remains in the danger zone as everyone waits for the next crypto domino to fall.”
“Bitcoin could continue to stabilize here if Wall Street rebounds, but that seems unlikely as this bear market for stocks has yet to bottom out. Bitcoin has support ahead of the $15,500 level but if that does not hold, technical selling could send prices toward the $13,500 region.”
Cryptocurrency trader Michaël van de Poppe said that the apex coin is “showing some more continuation” but “needs to reclaim some more levels to show serious strength.”
#Bitcoin showing some more continuation, but needs to reclaim some more levels to show serious strength. pic.twitter.com/xYKF1Ea63x
— Michaël van de Poppe (@CryptoMichNL) November 22, 2022
Justin Bennett said that “markets are still range-bound, but short liquidations are building above $17k.” The trader said, “Decent chance we see [Bitcoin] run the highs here.”
GM fam.
Markets are still range-bound, but short liquidations are building above $17k $BTC.
Decent chance we see #Bitcoin run the highs here. pic.twitter.com/BORrXldKOa
— Justin Bennett (@JustinBennettFX) November 22, 2022
Market intelligence platform Santiment noted that the word “dead” has been circulating in cryptocurrency discussions since November.
“As one of the more [bearish] sentiment words, this is a sign of traders giving up on markets rebounding. Ironically, this capitulation is historically when markets rebound.”
The word #dead has been rapidly circulating around #crypto platforms in November. As one of the more #bearish sentiment words, this is a sign of traders giving up on markets rebounding. Ironically, this capitulation is historically when markets rebound. https://t.co/lZucDQEYli pic.twitter.com/j4cmfGiVz5
— Santiment (@santimentfeed) November 22, 2022
Read Next: What’s Going On With Grayscale Bitcoin Trust (GBTC) Today?
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Bitcoin price is attempting a recovery wave from the $16,000 support zone. BTC could start a decent increase if it clears the $17,000 and $17,200 resistance levels in the short term.
- Bitcoin is slowly moving higher and consolidating above the $16,500 level.
- The price is trading above $16,500 and the 100 hourly simple moving average.
- There is a connecting bearish trend line forming with resistance near $16,900 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a recovery wave if it clears the $17,000 resistance zone.
Bitcoin Price Consolidates
Bitcoin price remained stable above the $16,000 support zone. BTC formed a base and slowly moved higher above the $16,350 resistance zone.
There was a move above the 23.6% Fib retracement level of the downward move from the $18,155 swing high to $15,833 low. The bulls were able to contain losses and the price started to move in a range above the $16,400 level.
Bitcoin price is now trading above $16,500 and the 100 hourly simple moving average, similar to ethereum. On the upside, an immediate resistance is near the $16,900 level. There is also a connecting bearish trend line forming with resistance near $16,900 on the hourly chart of the BTC/USD pair.
The trend line is near the 50% Fib retracement level of the downward move from the $18,155 swing high to $15,833 low. The first major resistance is near the $17,000 zone. A clear move above the $17,000 resistance might start a decent increase.
Source: BTCUSD on TradingView.com
The next major resistance is near $17,265, above which the price could test the $18,000 zone. Any more gains might send the price towards the $18,500 resistance zone.
Fresh Decline in BTC?
If bitcoin fails to start a recovery wave above the $17,000 resistance zone, it could start a fresh decline. An immediate support on the downside is near the $16,650 level and the 100 hourly SMA.
The next major support is near the $16,350 zone. A clear move below the $16,350 support might push the price further lower. In this case, the price may perhaps decline towards the $16,000 support zone.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $16,350, followed by $16,000.
Major Resistance Levels – $16,900, $17,000 and $17,500.
Bitcoin price remained stable above the $16,000 support zone. BTC could start a decent recovery wave if there is a clear move above the 100 hourly SMA.
- Bitcoin remained well bid above the $16,000 and $15,800 support levels.
- The price is trading below $17,000 and the 100 hourly simple moving average.
- There is a major bearish trend line forming with resistance near $16,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a recovery wave if it clears the $17,000 resistance zone.
Bitcoin Price Faces Hurdles
Bitcoin price reacted to the downside once again after it failed to clear the $17,200 zone. BTC declined below the $17,000 and $16,500 levels. It even spiked below the $16,200 level.
However, the bulls were active above the $16,000 support zone. A low was formed near $16,164 and the price started a slow increase. There was a move above the $16,400 and $16,500 levels. The price cleared the 50% Fib retracement level of the recent decline from the $17,149 swing high to $16,154 low.
Bitcoin price is now trading below $17,000 and the 100 hourly simple moving average. It is testing the 61.8% Fib retracement level of the recent decline from the $17,149 swing high to $16,154 low.
On the upside, an immediate resistance is near the $16,800 level. There is also a major bearish trend line forming with resistance near $16,800 on the hourly chart of the BTC/USD pair, and the 100 hourly simple moving average. A clear move above the $17,000 resistance might push the price further higher.
Source: BTCUSD on TradingView.com
The next major resistance is near $17,200, above which the price could test the $17,750 zone. Any more gains might send the price towards the $18,000 resistance zone.
Fresh Decline in BTC?
If bitcoin fails to start a recovery wave above the $17,000 resistance zone, it could continue to move down. An immediate support on the downside is near the $16,400 level.
The next major support is near the $16,150 zone. A clear move below the $16,150 support might push the price further lower. In this case, the price may perhaps decline towards the $15,550 support zone.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $16,150, followed by $15,550.
Major Resistance Levels – $16,800, $17,000 and $17,500.
Bitcoin is showing positive signs above $39,500 against the US Dollar. BTC must clear $40,250 to continue higher in the near term.
- Bitcoin started another recovery wave and climbed above the $39,800 level.
- The price is now trading above $39,500 and the 100 hourly simple moving average.
- There is a major bullish trend line forming with support near $39,580 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair must clear the $40,250 resistance to continue higher in the near term.
Bitcoin Price Eyes Upside Break
Bitcoin price started a fresh recovery wave above the $38,500 resistance level. BTC cleared the $39,250 and $39,500 resistance levels to move into a positive zone.
There was a move above the 50% Fib retracement level of the main decline from the $40,774 swing high to $37,670 swing low. There is also a major bullish trend line forming with support near $39,580 on the hourly chart of the BTC/USD pair.
Bitcoin price is now trading above $39,500 and the 100 hourly simple moving average. It even spiked above the $40,000 resistance.
However, there was no close above the 76.4% Fib retracement level of the main decline from the $40,774 swing high to $37,670 swing low. On the upside, an immediate resistance is near the $40,000 level. The next key resistance could be near the $40,250 zone.
Source: BTCUSD on TradingView.com
A close above the $40,250 level could open the doors for a decent increase. In the stated case, the price could even surpass the $40,800 resistance. The next major resistance may perhaps be near the $41,250 zone.
Fresh Decline in BTC?
If bitcoin fails to clear the $40,250 resistance zone, it could start a fresh decline. An immediate support on the downside is near the $39,750 level.
The next major support is seen near the trend line and $39,580. A clear break below the trend line support and $39,500 could open the doors for a fresh decline. In this case, the price may perhaps decline towards the $39,000 level. Any more losses might call for a test of the $38,400 support.
Technical indicators:
Hourly MACD – The MACD is slowly losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $39,580, followed by $38,400.
Major Resistance Levels – $40,250, $40,800 and $41,250.
The Santa rally that we have seen in crypto over the last few days has lifted most coins. Kadena (KDA) has not been left behind. The chain, which hopes to compete with Ethereum, has soared. But can the coin maintain this momentum, and where will it go next? Well, here are some highlights first.
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Kadena (KDA) is on bullish momentum at the moment and has posted 7-day gains of nearly 55%.
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At the time of writing, the coin was trading at $16.07, up 16% in intraday trading and with a market cap of around $2.6 billion.
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Kadena (KDA) is also seeing surging 24-hour trading volume. At press time, trade volumes over 24 hours were up 83%.
Data Source: Tradingview.com
Kadena (KDA) – Price action and analysis
The lift that we have seen this week as far as Kadena (KDA) goes is not surprising. First, the broader crypto market has posted gains during the Santa rally. Secondly, alternative chains to Ethereum have seen a major uptick in recent days not just in the price action but also in trading volume.
Just like Kadena (KDA), coins like Solana (SOL), Polkadot (DOT), and Avalanche (AVAX) are all seeing massive 7-day gains. It’s not evidently clear if Kadena (KDA) can surge beyond $25 and reclaim its November highs. But in the short term, we could realistically see this uptrend pushing KDA above $20.
Should you buy Kadena (KDA)
Well, if you are thinking of long-term value, then Kadena (KDA) is a good buy. In fact, the coin is trading way below its all-time highs for the year, and as such, it still offers a decent dip to get in.
Also, the protocol has added several new features on its platforms, including the ability to yield farm on Ethereum based decentralised exchanges. With the increased utility, the value of Kadena (KDA) is going to increase over time.
Bitcoin price extended its decline below the $30,000 support against the US Dollar. BTC is finding bids near $29,250 and it might attempt an upside correction.
- Bitcoin is following a bearish path and it broke the key $30,000 support zone.
- The price is now trading well below $31,000 and the 100 hourly simple moving average.
- There is a key bearish trend line forming with resistance near $31,300 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a decent upside correction if it remains stable above the $29,250 level.
Bitcoin Price Settles Below $30K
Bitcoin price extended its decline below the $30,200 and $30,000 support levels. BTC even settled well below the $30,000 level and the 100 hourly simple moving average to move further into a bearish zone.
The price even spiked below $29,500 and traded as low as $29,313. It seems like bitcoin is forming a support base above the $29,250 level. An initial resistance on the upside is near the $30,000 level. It is close to the 23.6% Fib retracement level of the recent downward move from the $31,900 swing high to $29,313 low.
The first major resistance is near the $30,600 level. It is near the 50% Fib retracement level of the recent downward move from the $31,900 swing high to $29,313 low.
Source: BTCUSD on TradingView.com
There is also a key bearish trend line forming with resistance near $31,300 on the hourly chart of the BTC/USD pair. In the short-term, bitcoin price might start a decent recovery above $30,000, but it might face barriers near the $31,000 level in the near term.
More Losses in BTC?
If bitcoin fails to recover above the $30,000 and $30,600 resistance levels, there is a risk of more losses. An initial support on the downside is near the $29,350 level.
The first major support is now near the $29,250 zone. A clear downside break below the recent low and $29,250 might call for a move below the $29,000 level. The next key support is seen near the $28,000 level.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is rising and it might soon clear the 50 level.
Major Support Levels – $29,250, followed by $29,000.
Major Resistance Levels – $30,000, $30,600 and $31,000.