PEOPLE, DYDX, CHSB, ANT, BNX Wait, Crypto Market is bearish
BeInCrypto takes a look at five projects that beat the crypto market last week, specifically from November 4th to November 11th.
These digital assets have taken the spotlight on the crypto news and crypto market:
- ConstitutionDAO (PEOPLE) price increased by 27.30%
- dYdX (DYDX) price increased by 12.51%
- SwissBorg (CHSB) price increased by 6.36%
- Aragon (ANT) price increased by 6.30%
- BinaryX (BNX) price increased by 1.66%
PEOPLE lead the Crypto Market Rally
PEOPLE have descended into a symmetrical triangle since May 6. The symmetrical triangle is considered a neutral pattern, meaning breakouts and breakdowns are possible.
In addition, the daily RSI freely moves above and below 50. This is a sign of an indeterminate trend, which is further aligned with the presence of the triangle.
Therefore, whether the ConstitutionDAO price breaks out or descends from the triangle is likely to determine the direction of the future trend.
DYDX bounces off yearly lows
On October 27th, DYDX broke out of a descending resistance line that had been in place since August 1st. However, it could not sustain the upward movement and returned to the support area again on November 8.
The subsequent bounce (green icon) validated both the resistance line and the horizontal support area at $1.25. The upward movement is in contrast to the rest of the crypto market, which is mired in a significant decline.
Currently, DYDX price is breaking out from the 0.5 Fib retracement resistance area at $1.96. If successful, the next resistance will be $2.50.
Conversely, a decline below the November lows of $1.18 (red line) would invalidate the bullish price prediction.
CHSB takes back the $0.22 area
CHSB has been moving upwards since 15 June. IT made a higher low in mid-September and accelerated the rate of increase thereafter. The breakout led to a high of $0.34 on November 7.
Afterwards, during the decline in the crypto market from November 7 to 10, the CHSB price returned to the $0.22 area, validating it as support (green icon). As long as it trades above it, the trend can be considered bullish.
However, a break below the range is likely to take SwissBorg to the ascending support line at $0.18.
ANT consolidates in corrective pattern
The ANT price has increased in a rising parallel channel since the beginning of May. Although the price has not fallen below the May low, the rising parallel channel is considered a bearish pattern. So a breakdown from that would be the most likely scenario. If that happens, the price is likely to fall to the yearly low of $1.22.
Currently, the Aragon price is trying to move above the center of the channel (red circle). If it succeeds and breaks out of the channel (red line), it will invalidate this bearish price prediction.
BNX May Collapse Alongside Bearish Crypto Market
Like ANT, BNX is also trading in an ascending parallel channel. On 13 October and 11 November it was rejected at the center of the channel (red circle). This is a bearish sign that suggests a breakdown is the most likely scenario.
If one occurs, the closest support area is at $95.10, created by the 0.5 Fib retracement support level and a horizontal support area.
On the other hand, a breakout from the channel would invalidate the bearish price prediction.
For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.
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