November 16 Crypto Boom: Unraveling the Factors Driving the Rise

Crypto News- November 16 Crypto Boom: In a surprising turn of events, Bitcoin (BTC) and the overall Crypto Market Cap (TOTALCAP) showcased bullish engulfing candlesticks, signaling a shift in momentum. Adding to the excitement, Render (RNDR) managed to break free from a critical resistance zone.

November 16 Crypto Boom: Unraveling the Factors Driving the Rise

Binance Secures Approval from Thailand’s SEC:

Binance, the leading cryptocurrency exchange, has received the green light from Thailand’s SEC to launch a new cryptocurrency exchange, marking a significant move in the global crypto landscape.

Hashdex’s Bitcoin ETF decision, eagerly awaited by the crypto community, faces a delay from the US SEC, now scheduled for a verdict on January 1, 2024.

TOTALCAP Surges to New Heights:

TOTALCAP experienced a brief setback on November 9, hitting $1.30 trillion after reaching $1.41 trillion. However, the market made a surprising recovery, forming a bullish engulfing candlestick (depicted by a green icon) on the following day. As of today, TOTALCAP has reached a new yearly high at $1.42 trillion.

The crucial resistance at $1.44 trillion, marked by the 1.61 external Fib retracement, stands as a significant hurdle. A successful breakout could propel TOTALCAP by 23% towards the next resistance at $1.72 trillion. Conversely, failure to breach $1.44 trillion might lead to a 14% decline, targeting the nearest horizontal support at $1.22 trillion.

Bitcoin’s Resilience at $36,000:

Mirroring TOTALCAP, Bitcoin exhibited a robust rebound on November 15, preventing a breakdown from the critical $36,000 support level. The horizontal support, coupled with the 1.61 external Fib retracement, makes $36,000 a key zone. A bullish engulfing candlestick on November 15 nearly propelled BTC to a new yearly high of $37,975.

A sustained uptrend could push BTC by 14% to the next resistance at $42,800 (2.61 external Fib retracement). Conversely, a drop below $36,000 may trigger an 18% decline, targeting the closest support at $30,500.

RNDR’s Remarkable Rally:

Render (RNDR) has been on a steady rise since breaking free from a descending resistance trend line in September. Breaking above the $2.30 resistance, RNDR accelerated its ascent on November 15, reaching a new yearly peak of $3.19 today.

If the upward trajectory continues, RNDR might witness a 25% surge towards the next resistance at $4. However, a failure to sustain this momentum could result in a 13% retracement, validating the $2.75 horizontal area once again.

In summary, the crypto market is buzzing with positive indicators, but vigilance remains crucial as key resistance levels determine the next moves for TOTALCAP, Bitcoin, and RNDR.