Bitcoin Price and Ethereum to Find Support at 38.2% Fibonacci Level; Litecoin jumps 23%
On November 25, Bitcoin, the leading cryptocurrency, failed to break above the $16,800 level 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 bearishly towards $1,160.
The reason for the market’s risk-off sentiment may be related to recent Hodlnaut updates.
According to Bloomberg news, the Commerce Department, the Singapore Police’s white-collar crime unit, is investigating Hodlnaut, a Singapore-based crypto lender that is currently under judicial interim management.
Crypto market cap update
Major cryptocurrencies traded mixed early on November 25, as the global crypto market capitalization fell 1% to $828.27 billion the day before. In contrast, the total crypto market volume fell 47% in the last 24 hours to $48.87 billion.
The total volume in DeFi was $3.21 billion, accounting for 6% of the total 24-hour volume in the crypto market. The total volume of all stablecoins was $44.98 billion, accounting for over 93% of the entire 24-hour volume of the crypto market.
Let’s take a look at the top 24-hour altcoin winners and losers.
Top Altcoin Winners and Losers
BinaryX (BNX), Huobi Token (HT) and Stacks (STX) are three of the top 100 coins that gained value in the last 24 hours. The BNX price has risen by more than 7% to $169, the HT price has grown by more than 5% to $5.65, and the STX price has increased by almost 1.5%.
UNUS SED LEO (LEO), Klaytn (KLAY) and Arweave (AR) are three of the top 100 coins that have lost value in the last 24 hours, with LEO and KLAY losing over 7% to trade at $3, 88 and $0.17, respectively. Meanwhile, AR’s price is down over 6% to trade at $8.95.
Bitcoin price
The current Bitcoin price is $16,418 and the 24-hour trading volume is $24 billion. Over the past 24 hours, the BTC/USD pair has fallen nearly 1.5%, while CoinMarketCap currently ranks first with a market cap of $346 billion, down from $350 billion yesterday. It has a total supply of 21,000,000 BTC coins and a circulating supply of 19,216,412 BTC coins.
Looking at the technicals, Bitcoin has yet to break through the $16,785 barrier, despite dovish FOMC meeting minutes. Investors seem to be experiencing FUD as a result of FTX and now Hodlnaut news.
The BTC/USD pair is currently declining towards a 38.2% Fibonacci retracement level at $16,300. On the 4-hour time frame, it has already crossed below the 50-day moving average line, indicating a selling bias.
Similarly, the leading technical indicators, such as RSI and MACD, are very close to entering a sell zone, and if this happens, BTC may break below the $16,300 mark and reach a support level of $16,000. The next support level is set at $15,600.
A bullish breakout of the $16,785 level, on the other hand, could expose BTC to the $17,000 or $17,550 level.
Ethereum price
The current price of Ethereum is $1.177, with a 24-hour trading volume of $9 billion. Over the past 24 hours, Ethereum has risen over 2%. CoinMarketCap currently ranks #2, with a live market cap of $144 billion. It has a circulating supply of 122,373,866 ETH coins.
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 at $1,160.
A further break below this level could take ETH to $1,145 or $1,130 levels, corresponding to 50% and 61.8% Fibo levels respectively.
On the upside, ETH’s major resistance remains at $1,216, and a break above this could take it to the $1,250 level. Later today, investors should keep an eye on the $1,160 level as failure to break below this level could result in a bullish bounce or vice versa.
Litecoin jumps 23%
The current price of Litecoin 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 number 13, with a market cap of $5.5 billion.
It has a max supply of 84,000,000 LTC coins and a circulating supply of 71,687,456 LTC coins.
Some of the most well-known experts in the cryptocurrency market have commented on Litecoin’s recent price increase, predicting that the cryptocurrency will undergo a massive breakout after the “big accumulation period” that preceded its upcoming halving event.
Pseudonymous cryptoanalyst Kaleo recently told his over 500,000 Twitter followers that LTC’s recent surge appears to be the “real deal” because the cryptocurrency has been “long overdue for a solid pump.”
According to Kaleo, Litecoin’s price has long bottoms where it moves slowly downwards, followed by rapid peaks.
After “a very significant accumulation,” Smart Contractor, another well-known cryptocurrency expert, observed that LTC appears to be breaking out of its range.
According to the analyst, BTC tends to bottom about 500 days before the next halving event, and LTC’s breakout occurs less than 230 days before its own halving.
Litecoin Price Prediction
Litecoin was rejected below the $83.65 resistance level on the technical front and candle close below this level triggered a bearish correction.
Litecoin has already completed a 23.6% Fibonacci retracement and is now descending towards $74, which is extended by a 38.2% Fibonacci retracement. The LTC/USD pair is expected to reverse bullishly above the support levels of $74 or $68.75 (61.8% Fibo level).
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