22 Nov 2021 · 2 min read

Bitcoin and Ethereum Resume Decline, AVAX Flips DOGE

  • Bitcoin price failed to clear USD 60,000 and started a fresh decline.
  • Ethereum is back below USD 4,200, XRP is struggling to stay above USD 1.00.
  • SOL gained 3%, while AVAX flipped DOGE and entered the Top 10 club.

Bitcoin price attempted a fresh increase above the USD 60,000 level. However, BTC failed to gain pace and started a fresh decline below USD 58,500, dropping 3% in a day. It is currently (04:32 UTC) trading below USD 57,500 and there could be more downsides in the short-term.

Besides, most major altcoins are also moving lower. ETH is down 4% and there was a break below the USD 4,200 support. XRP could extend losses if there is a clear break below USD 1.00. ADA lost 5% and reached USD 1.80.

Total market capitalization

Source: tradingview.com

Bitcoin price

After struggling to clear the USD 60,000 level, bitcoin price started a fresh decline. BTC traded below the USD 58,500 and USD 58,000 support levels. On the downside, an initial support is near USD 57,200. The first major support is near USD 56,500, below which the price could revisit the USD 55,500 support zone.

If there is a fresh increase, the price might face resistance near USD 58,500. The main weekly resistance is now forming near USD 60,000, above which the bulls may possibly gain strength.

Ethereum price

Ethereum price was able to surpass USD 4,350, but it failed to clear the USD 4,400 resistance. As a result, there was a fresh decline, and the price is now trading below USD 4,200. An initial support is near the USD 4,150 level. The main support is near USD 4,050, below which there could be bigger losses.

On the upside, the price is facing resistance near the USD 4,250 level. The first key resistance is near USD 4,350, above which the price might rise towards USD 4,500.

ADA, BNB, SOL, SHIB, and XRP price

Cardano (ADA) failed to continue higher above the USD 1.90 resistance zone. There was a fresh decline below the USD 1.80 level, before moving back. Any more losses may possibly lead the price towards USD 1.55.

Binance coin (BNB) struggled to clear the USD 600 resistance zone. BNB started another decline and there was a break below the USD 580 support. The next major support is near USD 560, below which it could even struggle to stay above USD 550.

Solana (SOL) gained 3% and settled well above the USD 220 level. The next key resistance is near USD 232, above which the price could rise towards the key USD 250 resistance zone in the near term.

SHIB is down 5% and is trading below the USD 0.000045 level. An immediate support is near the USD 0.0000425 level. The next major support is near the USD 0.0000400 level, below which the price could accelerate lower towards the USD 0.0000370 level.

XRP price failed to surpass the USD 1.10 level. It is moving lower and trading below USD 1.05. The next major support is near USD 1.00. Any more losses may perhaps lead the price towards the USD 0.920 support zone.

Other altcoins market today

A few altcoins are up over 8%, including CRO, ZEC, ROSE, EGLD, ICX, STX, SCRT, CELO, IOTX, and FLOW. Out of these, CRO gained 19% and surpassed the USD 0.70 level, before correcting lower. Meanwhile, AVAX flipped DOGE and is now the 10th largest cryptoasset by market capitalization. It’s up by almost 3% in a day, trading above USD 135.

Overall, bitcoin price is moving lower and trading below USD 58,000. If BTC breaks the USD 56,500 support, there is a risk of a sharper decline towards USD 55,000.