Price Analysis 11/24: BTC, ETH, XRP, BNB, SOL

BTC and the rest of the market saw significant increases over the weekend. The main uptick started on Sunday when the asset broke a key level.

Following Friday’s decline, the sentiment across the market shifted. As a result, BTC was relatively stable on Saturday, and the buyback started the next day.

Aside from the apex coin, the Fear and Greed Index is at 12, indicating extreme fear. While the reading is not what many may expect amid ongoing price increases, it’s an improvement from Saturday’s reading.

The global crypto market cap currently aligns with the highlighted index. It plummeted to a low of $2.73 trillion on Friday but returned to $3 trillion a few minutes ago. Over the last 48 hours, it has gained over 4%.

Nonetheless, one of the biggest headlines last week was massive ETF outflows from the top two assets. Exchange-traded funds tied to BTC saw a net inflow of $903 million on Thursday, the second-largest single-day. Similarly, ETH ETFs experienced several days of consistent outflows. 

Regarding fundamentals, there were no strong bearish ones. However, the crypto market saw significant selling pressure during this period. Let’s see how some in the top 10 performed. 

BTC/USD

Bitcoin ended the previous week with significant losses, marking yet another bearish one. It started the session at $94,186, but retraced after a slight uptick. The asset retraced as its momentum waned, dropping to a low of $80,537. It is closed at $87,100 and edging toward the end of the session with losses exceeding 7%. 

One of the most remarkable events occurred on Friday, when it plummeted to its lowest level in more than 6 months. The coin continued its decline from the previous day, losing more than 5%. As earlier stated, one of the reasons for this decline is a large outflow from ETFs.

Several calls for a rebound went unanswered. However, prices are looking more stable at the time of writing.  BTC is printing its largest green candle of the week, and it’s gained almost 3% on Sunday.

Nonetheless, indicators are gradually flipping bullish. For example, the relative strength index dropped below 30 on Tuesday, reaching a low of 22. Due to trading action on Sunday, the metric recovered and is at 29. Further price increases could see it reclaim 30 in the coming hours.

Aside from RSI,  the bollinger bands are another positive indicator at the time of writing.  BTC bounced off the lower band on Saturday and has surged higher since then.

ETH/USD

Ethereum is having the same movement as BTC.  It was mostly in a downtrend for most of the week, retracing from a high of $3,221 to $ 2,620. The current price shows notable improvement from its low.  However, the asset ended its fourth consecutive week of losses, registering losses exceeding 8%.

One of its most significant declines happened on Thursday. It opens the section at 3,023, but broke below the $3k support. It retraced to a low of 2,786 and ended the session down more than 6%.

As with BTC, indicators are also flipping bullish on ETH. For example, the relative strength index showed the asset was oversold on Friday, but is back above 30 at the time of writing. Similarly,  the bollinger bands depict further upward movement since bouncing off the lower bands on Saturday.

XRP/USD

The 1-week chart shows that XRP has pulled back more than half the losses it incurred the previous week. Evident by the long wick sticking out the bottom, it retraced to $1.81 after its slight uptick to $2.30 early in the previous week.

However, it continued the same bullish trend on Monday. It is up by over 4% as the asset edges closer to its third consecutive day of gains. On the weekly scale, it surged higher and may erase 7% losses it recorded the previous week.

Away from prices, indicators are flipping positive.  RSI is surging and has reached one of its highest levels in the last two weeks. The improvement in traders’ sentiment is becoming more apparent, and other metrics aside from the relative strength reflect this.

At the time of writing, XRP is edging closer to bollinger’s SMA. Breaking above it in the coming hours will mark its first attempt at the mark in two weeks.

Nonetheless, prior price action suggests a significant sell wall at $2.23.

BNB/USD

Like BTC, BNB ended the previous week significantly higher than its low. It retraced to a low of $791 but ended the session at $843. However, the buyback was not enough to cover the entire losses as it ended the session down by 9%.

The 1-day chart shows that the largest retracement occurred on Friday, when it reached its low. It ended the session losing 4% amid a rebound.

The new week is looking stronger as BNB is experiencing its most profitable increase in almost three weeks. It is up by nearly 3% and the bollinger bands are reacting to the latest price change. 

The asset bounced off the lower band on Sunday, and the recent uptick shows more distance from the low. However, the asset is edging closer to a level with notable selling pressure. Previous price action suggests significant selling congestion at $880.

Nonetheless, the relative strength index is at 36, a massive improvement after the metric slipped below 30 last week. 

SOL/USD

SOL is experiencing a similar increase to BTC. It opened Monday at $130 and peaked at $137, up over 5% since the start of the day. It continues the bullish sentiment it ended the previous week with.

However, it registered notable losses during that period. The 1-week chart showed that it retraced from $144 to $121 but ended the sessions with losses of almost 5%. The candle representing the previous session had long wicks at both ends, indicating lower selling pressure than two weeks ago.

Nonetheless, the previous seven-day session marked its fourth consecutive one with significant losses. 

Away from prices, indicators suggest that the asset remains under bearish dominance. For example, it is trading below bollinger’s SMA following its rebound a few days ago. The metric also shows significant improvement over the last three days.

It is worth noting that the asset was almost oversold last week. RSI is currently at 39, approaching its three-week high. 

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