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).
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.
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.
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.