Bitcoin Price and Ethereum Might Recover, CHZ and APE Rallies
The Bitcoin price consolidated near the $21,158 level on November 6, but a closing of candles above the $21,000 level has increased the odds of a bullish trend continuation. Whereas Ethereum is also struggling below the $1,665 resistance level, it is now attempting to complete a retracement at the 1,600 level before a potential uptrend.
Major cryptocurrencies were trading in a mixed bag early on November 6, with the global crypto market worth falling 0.61% to $1.06 trillion on the previous day. Over the last 24 hours, the total crypto market volume fell 39% to $70 billion.
The overall volume in DeFi was $4.78 billion, accounting for over 6% of the entire 24-hour volume in the crypto market. The overall volume of stablecoins was $63.71 billion, accounting for 90% of the total 24-hour crypto market volume.
Top Altcoin Gainers and Losers
In the last 24 hours, the top performers were Chiliz (CHZ), ApeCoin (APE), and OKB (OKB). Chiliz and ApeCoin have risen by more than 5% to $0.1349 and $5, respectively. At the same time, OKB has increased by about 5.5% to $21.
In the last 24 hours, FTX Token (FTT) has plunged around 10% to $23.2. Nexo (NEXO) has dropped more than 6% to around $0.9879, while Dogecoin (DOGE) is down about 5% to $0.1230.
The current Bitcoin price is $21,175, and the 24-hour trading volume is $34 billion. Bitcoin lost over 1% during the Asian session. CoinMarketCap currently ranks it first, with a live market cap of $406 billion, up from $385 billion yesterday.
After breaking through the major resistance level of $21,000 to reach $21,480, the BTC/USD pair entered the overbought zone. Since BTC has begun a bearish correction, its price may fall to $21,000 before rebounding.
Meanwhile, the RSI and MACD are exiting the overbought zone and will soon be in the buying zone, allowing investors to go long again.
A breakout of the $21,475 level could expose BTC to resistance levels of $22,000 and $22,750.
A break below $21,000 may expose BTC to the $20,650 level, which is extended by the 50-day moving average. Over $21,000, the bullish bias remains strong, so keep an eye on it.
Ethereum behaves similarly to Bitcoin, with less volatility and a bearish correction. The current price of Ethereum is $1,617, with a 24-hour trading volume of $10 billion.
Ethereum has lost more than 2% in the last 24 hours, and it is now ranked second on CoinMarketCap, with a live market capitalization of $197 billion, down from $202 billion yesterday.
On the technical front, Ethereum is exhibiting a bearish correction, with the price heading lower to complete a 38.2% Fibonacci retracement at $1,600.
A break below this level may expose ETH to levels of $1,585 or $1,568, which are extended by 50% and 61.8% Fibonacci retracement points, respectively.
On the plus side, Ethereum’s major resistance level remains at a double top of $1,664. A bullish breakout of this level may allow for additional buying up to $1,700 or $1,720.
Chiliz (CHZ) Spikes 6%
The current price of Chiliz is $0.2707, with a 24-hour trading volume of $681 million. Chiliz has increased by 6.17% in the previous 24 hours.
CoinMarketCap now ranks #37, with a live market cap of $1.6 billion
There are 6,006,972,847 CHZ coins in circulation, with a maximum supply of 8,888,888,888 CHZ coins.
Peter Brandt, a seasoned trader, has noted that the weekly chart for Chiliz has formed a head and shoulders bottom.
Jleader, a Twitter user, reported seeing a “huge 11-month head and shoulders bottom emerging on the CHZ weekly chart.”
Ppl say that classical charting principles do not apply to cryptos. Yet, classical charting can be magic in certain cases. This may be one https://t.co/SJvJkNrbqV— Peter Brandt (@PeterLBrandt) November 5, 2022
After reaching a low of $0.163 on October 21st, the price of Chiliz (CHZ) began an upward trend.
Correspondingly, the daily RSI went from being 30 points oversold to being over 70 points overbought. CHZ is now facing solid resistance at $0.2840. A break above this could lead CHZ toward $0.3318.
ApeCoin (APE) Pumps 5%
ApeCoin’s current price is $5.10, with a 24-hour trading volume of $381 billion. ApeCoin has increased by over 4% in the previous 24 hours. With a live market cap of $1.5 billion, CoinMarketCap now ranks #38.
There are 306,875,000 APE coins in circulation, with a maximum supply of 1,000,000,000.
ApeCoin is also encountering strong resistance near the $5.15 level, which is extended by a triple top level. A bullish break above a triple-top pattern could take APE to $5.41 or $5.75.
On the downside, APE’s main support is at $4.85. Before placing any further bets, investors are likely to keep an eye on the $5.15 breakout.
New Crypto Presales
The second stage of the D2T presale has already sold out, raising $5.16 million in just over two weeks. Dash 2 Trade is a concept created by the hugely popular trading signal company Learn 2 Trade that will be launched in the second half of 2022. The platform’s goal is to provide market-driven insights to investors to help them make informed decisions.
To improve the trading experience, D2T provides trading signals, social analytics, and even market sentiment analysis. Dash 2 Trade aspires to be the Bloomberg trading terminal for cryptocurrencies, according to the development team. For automating trading processes and optimizing all trading methods, the platform also includes automation and backtesting capabilities.
Dash 2 Trade includes a notification service that alerts investors to all new coin listings on centralized exchanges, providing them with information that was previously only available to elite investors. It’s no surprise that D2T presale numbers have been phenomenal with so much potential.
The digital currency has already raised more than $5.2 million ($5,291,005).
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