Price Analysis

Bitcoin, Ethereum Price Prediction- Market Leaders’ Recovery Pushed Altcois Higher

Bitcoin, Ethereum price prediction: the BTC and ETH prices show sustainability above their respective local support

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Published 22 Nov, 2022 | 02:30:52 PM UTC

Bitcoin, Ethereum Price Prediction- Market Leaders’ Recovery Pushed Altcois Higher

Bitcoin, Ethereum price prediction: The market leaders Bitcoin and Ethereum rejecting lower prices has created a sense of sustainability in the crypto market. As a result, a handful of altcoins jumped higher today, trying to regain lost ground.

Furthermore, at 8:21 am EST Tuesday, the global crypto market plunged to $790.37B to billion, losing 1.31% since yesterday. However, the total crypto market volume surged 2.08% to $62.79 Billion. The total volume in DeFi stands at $4.4 Billion, which makes up 7.01% of the total crypto market 24-hour volume.

Top Gainers and Losers

Source- Coin360

By the press time, the highest gainers from the top 100 listed coins are Curve DAO Token at $0.5822, registering a growth of 14.73%, while Litecoin(LTC) at $67.85, showcasing an 11.75% jump. On the flip side, Chiliz and NEM are the top losers, where the CHZ at $0.179 shows a 9.49% drop, and the XEM price at $0.03154 shows a 7.72% fall.

Bitcoin Price

Source- Coinmarketcap

With an intraday jump of 2.2%, the Bitcoin price rebounded from the $15755-$15655 neckline support of descending triangle pattern. This bull cycle within the pattern may drive the price higher to retest the overhead resistance trendline.

However, In theory, this bearish continuation pattern encourages a prolonged downtrend once the price breaks the neckline support.

Source- Tradingview

Thus, a bearish breakdown from $15755-$15655 support will encourage a potential 7.72% downfall to $14800.

On a contrary note, a daily candle closing above the resistance trendline may trigger a new recovery cycle in bitcoin.

Ethereum price

Source- Coinmarketcap

The Ethereum coin price shows followed a similar course of action and rebounded from the local support of $1100. Moreover, the long-tail rejection attached to the daily candle accentuated the buyers are aggressively defending this support.

Therefore, if the coin shows sustainability above the $1100 mark, the holders can expect a bullish reversal to the overhead trendline.

Source-Tradingview

The interested buyer looking for an entry opportunity should wait for the price to break the overhead resistance.

Brian Bollinger

From the past 5 years I am working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. Reach out to me at brian (at) coingape.com

Published by

Brian Bollinger

Published 22 Nov, 2022 | 02:30:52 PM

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