Bitcoin Price And Ethereum Find Support At 38.2% Fibonacci Level; Litecoin Jumps 23%

On November 25, Bitcoin, the leading cryptocurrency, failed to break above $16,800 and started falling towards the 38.2% Fibonacci retracement level. Similarly, Ethereum, the second most valuable cryptocurrency, has followed Bitcoin’s lead and is currently trading bearish towards $1,160.

The reason behind the market’s risk-off sentiment could be related to the recent Hodlnaut updates.

According to Bloomberg news, the Singapore Police Department’s Commercial Affairs Department is investigating Hodlnaut, a Singapore-based crypto lender currently under interim judicial administration.

Crypto market cap update

Major cryptocurrencies were trading mixed early on November 25, as the global crypto market cap fell 1% to $828.27 billion the previous day. In contrast, the total crypto market volume fell by 47% to $48.87 billion in the last 24 hours.

The total volume in DeFi was $3.21 billion, which is 6% of the total 24-hour volume in the crypto market. The total volume of all stablecoins was $44.98 billion, which accounts for over 93% of the crypto market’s total 24-hour volume.

Let’s take a look at the top 24-hour altcoin gainers and losers.

The top altcoin winners and losers

BinaryX (BNX), Huobi Token (HT) and Stacks (STX) are three of the top 100 coins that have appreciated in value in the last 24 hours. BNX price is up more than 7% to $169, HT price is up more than 5% to $5.65, and STX price is up almost 1.5%.

Top Altcoin Gainers and Losers – Source: Coin360

UNUS SED LEO (LEO), Klaytn (KLAY) and Arweave (AR) are three of the top 100 coins to fall in value over the last 24 hours, with LEO and KLAY down over 7% to trade at 3, $88 and $0.17 to be traded. respectively. At the same time, AR’s price has fallen over 6% and is trading at $8.95.

bitcoin price

The current bitcoin price is $16,418 and the 24-hour trading volume is $24 billion. In the past 24 hours, the BTC/USD pair is down nearly 1.5%, while CoinMarketCap currently ranks first with a live market cap of $346 billion, compared to $350 billion yesterday. It has a total inventory of 21,000,000 BTC coins and a circulating inventory of 19,216,412 BTC coins.

Bitcoin Price & Tokenomics – Source: coinmarketcap

Looking at the technicals, Bitcoin has yet to break $16,785 despite dovish FOMC meeting minutes. Investors appear to be experiencing FUD as a result of FTX and now Hodlnaut news.

The BTC/USD pair is currently descending to a 38.2% Fibonacci retracement level from $16,300. On the 4-hour time frame, it has already crossed the 50-day moving average line, which indicates a selling bias.

Bitcoin price chart – Source: Tradingview

Similarly, the leading technical indicators like RSI and MACD are on the verge of entering a sell zone and if that happens, BTC could drop below $16,300 and reach $16,000 support level. The next level of support is at $15,600.

On the other hand, a bullish breakout above the $16,785 level could expose BTC to the $17,000 or $17,550 level.

Ethereum price

Ethereum’s current price is $1,177, with a 24-hour trading volume of $9 billion. In the last 24 hours, Ethereum has gained over 2%. CoinMarketCap is currently #2 with a live market cap of $144 billion. It has 122,373,866 ETH coins in circulation.

Ethereum Price & Tokenomics – Source: Coinmarketcap

On the 4-hour chart, Ethereum is trading bearish at $1,176 and has formed a bearish engulfing candle, indicating the possibility of a bearish bias in the market.

ETH is currently testing the 50-day moving average line at $1,175 and a bearish crossover below this level could lead to a 38.2% Fib level of $1,160.

Another break below this level could take ETH to levels of $1,145 or $1,130, which are 50% and 61.8% Fibo levels, respectively.

Ethereum price chart – Source: Tradingview

On the upside, ETH’s main resistance remains at $1,216 and a break above it could take it to $1,250. Later in the day, investors should keep an eye on the $1,160 level as a break below this level might not result in a bullish bounce or vice versa.

Litecoin Jumps 23%

Litecoin current price is $77, with a 24-hour trading volume of $1.1 billion. Litecoin is up more than 1% in the last 24 hours, but its weekly gain is more than 23%. CoinMarketCap is currently ranked 13th with a live market cap of $5.5 billion.

It has a maximum supply of 84,000,000 LTC coins and a circulating supply of 71,687,456 LTC coins.

Commenting on Litecoin’s recent price surge, some of the most prominent experts in the cryptocurrency market have predicted that the cryptocurrency will see a massive breakout after the “great accumulation” that preceded its upcoming halving event.

Pseudonymous crypto analyst Kaleo recently told his 500,000+ Twitter followers that LTC’s recent surge appears to be the “real deal” because the cryptocurrency is “long overdue for a solid pump.”

According to Kaleo, Litecoin’s price has long valleys where it moves slowly down followed by quick spikes.

After “a very significant accumulation,” Smart Contracter, another well-known cryptocurrency expert, observed that LTC appears to be breaking out of its reach.

According to the analyst, BTC tends to bottom about 500 days before its next halving, and LTC’s breakout comes less than 230 days before its own halving.

Litecoin price prediction

Litecoin was rejected on the technical front below the $83.65 resistance level and candle closing below this level triggered a bearish correction.

Litecoin price chart – Source: Tradingview

Litecoin has already completed a 23.6% Fibonacci retracement and is now declining towards $74, which is extended by a 38.2% Fibonacci retracement. The LTC/USD pair is expected to turn bullish above the support levels of $74 or $68.75 (61.8% Fibo levels).

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Cryptocurrency Price Tracker – Source: crypto news

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