Bitcoin price and Ethereum have crucial support, Arweave gains over 35% in one week
Bitcoin price plunged sharply and broke below a major support level of $21,000. Similarly, Ethereum also lost over 2% to complete a 61.8% Fibonacci correction at $1,566.
After Beijing said it had no plans to change its zero COVID-19 policy, US stock futures, cryptocurrencies and commodities fell in Asia on Monday. However, resilient Asian markets helped dampen sales.
However, health officials over the weekend reaffirmed their commitment to the “dynamic clearing” approach to COVID cases as soon as they occur, sending risk assets tumbling.
Major cryptocurrencies traded in a mixed bag early on November 7, as the global crypto market capitalization fell over 1% to $1.04 trillion the previous day. Over the past 24 hours, total crypto market volume has fallen less than 0.50% to $69.99 billion.
The total volume in DeFi was $3.91 billion, accounting for over 5% of the total 24-hour volume in the crypto market. The entire volume of stablecoins was $63.75 billion, accounting for 91% of the total 24-hour volume of the crypto market.
Top Altcoin Winners and Losers
Over the past 24 hours, Litecoin (LTC), Polygon (MATIC) and Chiliz (CHZ) were the top performers. Overall, the bullish bias is slightly weaker as sellers have dominated the market.
Litecoin and Polygon are up more than 3% to $71.4 and $1.20 respectively. At the same time, CHZ has increased by approximately 0.5% to 0.27 dollars.
Over the past 24 hours, Solana (SOL) has reversed and given up most of its gains, losing more than 10% to trade at $32.25. ImmutableX (IMX) has fallen more than 9% to around $0.6025, while Loopring (LRC) is down around 9% to $0.3370.
Bitcoin price
The current Bitcoin price is $20,892 and the 24-hour trading volume is $38 billion. Bitcoin lost over 1.5% during the Asian session. CoinMarketCap currently ranks first, with a live market cap of $438 billion, up from $406 billion yesterday.
Bitcoin, the leading cryptocurrency, has breached a strong support level at $20,900. On the downside, BTC may find immediate support near $20,600, a level supported by a 50-day moving average.
A bearish crossover below the 50-day moving average is likely to extend the downtrend to the $20,400 or $20,000 level.
The ascending channel on the 4-hour time frame supports the chances of a bullish trend continuation while providing support near $20,400. On the upside, Bitcoin’s immediate resistance is at $21,000, and a break above this level has the potential to take BTC to $21,500 or $22,200.
Let’s use today’s price of $21,000 as a pivot.
Ethereum price
On Monday, the second leading cryptocurrency, Ethereum, lost around 2% in the last 24 hours to trade at $1,588. Now ranked second on CoinMarketCap, with a market cap of $193 billion, down from $197 billion yesterday.
On the 4-hour chart, Ethereum has fallen below the 50-day moving average, which had extended support at $1,590. The same level now acts as a barrier.
On the downside, Ethereum is finding immediate support near the $1,566 level, which is a 61.8% Fibonacci retracement level. A breach of this level could send ETH to the 78.6% Fibo level of $1540.
A surge in ETH demand could cut through a 50-day SMA at $1,590 to retest a resistance area at $1,620. A cross above this level has the potential to send ETH towards the $1660 level.
Arweave gains over 35% in one week
The current price of Arweave is $14.13, with a 24-hour trading volume of $126 million. Arweave has fallen over 6% in the last 24 hours, but it is up over 35% in the last seven days. With a live market cap of $471 million, CoinMarketCap now ranks #84.
It has a total supply of 66,000,000 AR Coins and a circulating supply of 33,394,701 AR Coins.
On the technical front, the AR/USDT pair has fallen to $14 as early buyers look to cash in. AR has already completed a 50% Fibonacci retracement at $14 and a break below this level could lead to a 61.8% Fib level at $13.
Overall, the trade bias is bullish, with the 50-day moving average providing support at $13. AR’s immediate resistance remains at $15 and $16.50 on the upside. A break above this level could take AR to the $17.95 level.
New crypto pre-sale
The D2T pre-sale second step already sold out, servant 5.16 million dollars in just over two weeks. Dash 2 Trade is a concept developed by Learn 2 Trade, a hugely popular provider of trading signals, which will be implemented in the second half of 2022.
The platform’s purpose is to provide investors with market-driven insights to help them make informed decisions. D2T offers trading signals, social analytics and even market sentiment monitoring to enhance your trading experience.
According to the development team, Dash 2 Trade intends to be Bloomberg’s cryptocurrency trading terminal. The software also has automation and backtesting features to automate trading processes and optimize all trading strategies.
Dash 2 Trade offers an alert service that notifies investors of all new coin listings on centralized exchanges, giving them access to information previously only available to elite investors.
With so much promise, it’s no wonder that D2T pre-sales numbers have been unprecedented. Already, the digital currency has raised more than $5.4 million ($5,443,909) in its pre-sale phase 3.
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