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The Lull After the Storm: $ 17k Bitcoin As DeFi Recovers
Bitcoin seems to have regained its $ 17,000 level as DeFi coins recover.
After several weeks of gradual gains that saw BTC plummet less than 3% from its all-time high in 2017, the main cryptocurrency fell sharply yesterday.
Bitcoin fell from a high of $ 19,500 to $ 16,250 in a matter of hours. In other words, BTC lost over $ 3,000 in less than a day.
Although the cryptocurrency bounced off an intraday low and reclaimed $ 17,000, it is still $ 2,000 below its 2020 high.
Most of the alternative coins have also posted impressive gains over the past few weeks. However, yesterday’s crash affected them even more than BTC, with multiple double-digit price drops.
While most of them are still in the red on the 24-hour timeline, they also bounced off daily lows. Ethereum dropped to $ 485 but returned to $ 525. Ripple fell to $ 0.45 and is now at $ 0.55.
PrimeXBT Launches Covesting Copy Platform To The General Public
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Experienced traders can earn up to 20% return on equity by creating a successful trading strategy. The Covesting module on PrimeXBT tracks all strategy metrics in the public rating system, such as ROI, daily profit, equity and total followers. Followers earn up to 70% of the profits generated by these traders, making this platform very attractive for those looking to benefit from the expertise of other leading market participants.
PrimeXBT launches Covesting
Ethereum is consistently above $ 500: why 100 SMA can prevent growth
Ethereum fell below $ 500 before bulls emerged around $ 480 against the US dollar.
On November 26, we saw a sharp decline in the price of Bitcoin, Ethereum, Ripple and other altcoins. ETH even broke the $ 550 support level and sank well below its 100-hour simple moving average.
This opened the door to new flaws and the price even dropped below $ 500. Finally, Ether found support around the $ 480 level. The bears made two attempts to break the $ 480 support, but to no avail. Price started a decent wave of recovery above the $ 500 level.
There was a break above the $ 510 resistance level. Ether even rallied above the 23.6% Fibonacci retracement level of the recent decline from a swing high of $ 623 to a low of $ 478.
Ethereum price collides with obstacles
Polkadot is unrelenting in the fight to maintain an upward trend after a 33% drop
Polkadot bulls work around the clock to reclaim the soil in the upward parallel channel.
Polkadot did not pass by the bearish wave that swept the market. Altcoin lost up to 33% of its value in a few hours and traded to a weekly low of $ 4.28. The DOT is currently hovering at $ 4.78 amid a struggle to resume the uptrend.
The DOT dollar is struggling to regain its position within the upward parallel channel on the daily chart. The longer the price stays below this key level, the stronger the bearish grip becomes.
The Relative Strength Index began to level out at the center line, hinting at sideways price movement. In other words, the path with the least resistance is neither up nor down, mainly due to low trading volume.
Polkadot lost up to 33% of its value
XRP correction time – Ripple is losing over 30% daily.
XRP has dropped 33% in the last 24 hours as it fell to $ 0.50 support.
XRP rose this week, reaching the $ 0.75 resistance level. Unfortunately, he was unable to break this resistance, which caused the coin to flip over. The sharp drop in bitcoin prices caused XRP to fall as it slammed into support at $ 0.5, which was provided by a 0.5 Fibonacci retracement.
XRP jumped below that level to hit $ 0.46 for a total of about 33% losses in the past 24 hours, but it has rebounded slightly since then.
XRP drops 33% in the past 24 hours