Bitcoin
BTC$65 540.15

-1.49%

Ethereum
ETH$3 522.97

-1.03%

Tether
USDT$0.999119

-0.02%

Binance Coin
BNB$599.02

-1.18%

Solana
SOL$143.22

-1.18%

USD Coin
USDC$0.999928

0%

What are the next levels to watch for crypto


16 Nov 2021

#Bitcoin

Cryptocurrencies have experienced a sell-off, taking major cryptos below recent short-term support lines. A stronger dollar against major currencies and a desire to lock in profits triggered a strong but relatively even sell-off overnight. The cryptocurrency market capitalisation collapsed 7.5% over the past 24 hours to $2.66 trillion, breaking a long consolidation.

The cryptocurrency fear and greed index has so far failed to react to yesterday’s spill in the sector, ending up at 71, still in greed territory, which bears little resemblance to the sentiment in the markets as of this morning. Bitcoin lost 7.8% to $60.7K and is 11% below levels a week ago.

Bitcoin has rolled back to the previous local support line, and one should watch the price closely to see if we see a break or a short-term shakeout. The $57.50-60K area focuses on the 50-day moving average and the 61.8% retracement level from the rise since late September. If Bitcoin does not get solid buying support in this area, it could open the road down to $52K.

Ether is down 8.4% to $4300, bringing its 7-day loss to 10.5%. At this stage, we can see the current pullback as a rally correction from the September lows with the first support area at current levels. A deeper target for the correction is seen at $4000. Besides being a psychologically important round number, it is also the area of the September highs, 61.8% of the rally and the 50-day average passes through here.

A day-end lock below $57K for BTC and $4K for ETH would mean a more profound and longer correction, where it makes sense for short-term buyers to wait for a better buying point: lower in price or when passions subside. Investors will have to figure out whether the latest round of crypto sell-off was triggered by a wave of dollar strength in the coming days. If these events are related, cryptocurrencies risk being struck as markets increasingly price in tighter monetary policy, raising the dollar’s appeal.

Written by FxPro’s Senior Market Analyst Alex Kuptsikevich

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Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 85.6% 15 $65 540.15 -1.49% -5.53% $1 292 025 136 713 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 82.4% 22 $3 522.97 -1.03% -4.20% $423 299 844 540 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 96% 1 $0.999119 -0.02% -0.04% $112 461 741 822 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 85.6% 27 $599.02 -1.18% -7.01% $88 405 924 535 BNB 7 days price change
5 Solana (SOL) SOL Solana predictions 76.8% 37 $143.22 -1.18% -9.82% $66 140 487 489 SOL 7 days price change
6 USD Coin (USDC) USDC USD Coin predictions 90% 3 $0.999928 0% 0.01% $32 459 684 152 USDC 7 days price change
7 XRP (XRP) XRP XRP predictions 79.2% 31 $0.503719 2.35% 1.39% $27 991 900 086 XRP 7 days price change
8 Dogecoin (DOGE) DOGE Dogecoin predictions 68.4% 58 $0.134264 -1.01% -7.13% $19 434 171 047 DOGE 7 days price change
9 Toncoin (TON) TON Toncoin predictions 68.8% 62 $7.79 -2.68% 10.00% $18 958 199 045 TON 7 days price change
10 Cardano (ADA) ADA Cardano predictions 80% 35 $0.403817 -2.79% -9.24% $14 428 712 734 ADA 7 days price change
11 SHIBA INU (SHIB) SHIB SHIBA INU predictions 57.2% 94 $0.000020 -4.20% -14.18% $11 692 036 361 SHIB 7 days price change
12 Avalanche (AVAX) AVAX Avalanche predictions 70.8% 57 $28.62 -4.62% -12.09% $11 257 594 727 AVAX 7 days price change
13 Lido stETH (STETH) STETH Lido stETH predictions 91.6% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
14 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 87.6% 12 $0.116643 0.93% 0.05% $10 197 254 270 WTRX 7 days price change
15 TRON (TRX) TRX TRON predictions 90% 12 $0.116829 1.30% 0.24% $10 196 410 787 TRX 7 days price change

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