Weekly Crypto Market Brief

Bitcoin has been in price descent over the past two days, falling from $16.7k and reaching a local bottom of $15.9k on November 21, 2022. It has been operating in a new price zone, consolidating between $15.6k and $17.5k, which includes a strong resistance level at $17k, below which bitcoin displayed a distribution pattern on the 4h time frame. The market has been in extreme fear mode as a result, and traders and investors will be concerned in case further price drops take place in the cryptocurrency market.

Similarly, Dogecoin (DOGE) also suffered a dip over the past few days, falling from $0.0857 to $0.0737 per coin, while not being able to hold support over the 200 MA on the 1h chart. After its strong run from $0.0591 to $0.159 in late October and early November, it has dipped considerably, falling to the 200 MA on the daily chart. It remains to be seen whether the premier meme coin will remain in the $0.075-0.095 price zone and accumulate, or whether it will fall to its previous levels from September and October.

Ripple (XRP), previously holding the 200 MA on the daily chart as support, has fallen below the level on November 8, 2022, and has since held it as resistance. It formed a new local bottom the following day, and has since remained below the resistance zone in the $0.388-0.40 range. Should the token resume in a bullish direction, it will be aiming to break and hold over the 200 MA on the 1h chart and hold it as support. In the meantime, bulls will try to maintain its market structure with the price level staying above the critical $0.32 level.

Decentraland (MANA) has been among the weakest coins in terms of market performance, registering new lows in the recent period. It fell below the May 2022 low on November 8, 2022, and has since continued its unabated descent to the current price level at $0.37, a figure not seen since late June 2021. It is unclear where the price floor will be for the token moving forward, and investors will be examining any possible accumulation for Decentraland in the upcoming period.

Related Posts