CDS Crypto News Exploring the Surge in Crypto Prices on November 17: A Deep Dive
Crypto News

Exploring the Surge in Crypto Prices on November 17: A Deep Dive

Yesterday, TOTALCAP plummeted due to bearish RSI divergence, BTC experienced a notable decline but held above $36,000 support, and MNT successfully breached a descending trend line, aiming to surpass the $0.50 resistance.

294
Exploring The Surge In Crypto Prices On November 17 A Deep Dive

Crypto News- Exploring the Surge in Crypto Prices on November 17: In the ever-dynamic world of cryptocurrencies, yesterday’s market was nothing short of a rollercoaster. Bitcoin (BTC), the poster child of the crypto realm, faced a sharp dip, while the Crypto Market Cap (TOTALCAP) took a hit after reaching a yearly high of $1.43 trillion on November 16.

Exploring the Surge in Crypto Prices on November 17: A Deep Dive

The ominous descent of TOTALCAP came after brushing against the resistance zone at $1.43 trillion, a level marked by the 1.61 external Fib retracement of its previous downturn. The subsequent plunge painted a bearish picture on the charts, validated by a bearish divergence in the daily Relative Strength Index (RSI).

Exploring The Surge In Crypto Prices On November 17 A Deep Dive

For those unfamiliar, RSI is the oracle for market momentum, and a bearish divergence, where a momentum decline coincides with a price hike, often heralds impending trend reversals. If the downward dance continues, brace yourselves for a potential 10% stumble to the support haven at $1.23 trillion. However, defying the bearish odds and vaulting above the $1.43 trillion peak could propel TOTALCAP to a triumphant 27% surge towards the next resistance at $1.72 trillion.

Meanwhile, Bitcoin went through its own drama. After a sharp bounce on November 15, rescuing itself from the precipice of the $36,000 support, BTC flirted with a bullish scenario. A bullish, engulfing candlestick on the next day propelled the price to a zenith of $37,960. Alas, joy was short-lived as BTC took a nosedive, waving goodbye to the previous highs.

Exploring The Surge In Crypto Prices On November 17 A Deep Dive

The RSI’s bearish whisper preluded the fall. Now, the $36,000 crossroads dictate Bitcoin’s destiny. A bounce could translate into an 18% ascent towards the next resistance at $42,800, sculpted by the 2.61 external Fib retracement level. Conversely, a breach could lead to a 15% abyss, with $31,000 as the nearest support.

Amidst the market mayhem, one coin chose a different narrative. Mantle (MNT) boldly broke free from its descending resistance trend line on October 24, a move that propelled its value to a lofty $0.53 on November 16. Currently, MNT navigates the $0.50 resistance waters, with the daily RSI painting a rosy picture above 50, indicative of a positive trend.

Exploring The Surge In Crypto Prices On November 17 A Deep Dive

A successful breach above $0.50 could set the stage for a 25% surge towards the next resistance at $0.65. However, should MNT face rejection at $0.50, brace for a 20% descent to find solace in the $0.40 horizontal support realm. The crypto saga continues, each coin with its own tale of triumph and tribulation.

Exploring The Surge In Crypto Prices On November 17: A Deep Dive
Sources:beincrypto

Leave a comment

Leave a Reply

Related Articles

Pepe Price Soars 30% After Robinhood Crypto Lists Memecoin for Spot Trading

Pepe Price Soars 30% After Robinhood Crypto Lists Memecoin for Spot Trading

Bitcoin Surges to New Highs After Trump’s Win: Analysts Predict 2024 BTC Price Outlook

Bitcoin Surges to New Highs After Trump’s Win: Analysts Predict 2024 BTC...

Bonk Price Soars: Key Support Level Holds as Cryptocurrency Bull Run Gains Momentum

Bonk Price Soars: Key Support Level Holds as Cryptocurrency Bull Run Gains...

Musk and Ramaswamy Tasked by Trump to Improve Government Efficiency Under Historic D.O.G.E. Initiative

Musk and Ramaswamy Tasked by Trump to Improve Government Efficiency Under Historic...