Bitcoin is steady on the morning of November 16, strengthening to $16,892 its position below its 23.6% Fibonacci retracement at $17,200, which acts as future resistance. Ethereum is also almost unchanged at $1,258 with buy/sell trades fluctuating from $1,200 to $1,285 in the past 24 hours.
Overall, the crypto market is in the green, appreciating by more than 0.5% in one day to now total $847 billion. In the last 24 hours, the total trading volume of the crypto market has increased by 25% to $62.5 billion in traded currencies.
Total DeFi volume still remains stable at around $3.9 billion, or 6% of total volume and stablecoins total around $58 billion in one-day trading, or 93% of the cryptocurrency market.
The most notable gains and losses in the market
Among the cryptos that do best over 24 hours, we can distinguish the following 3:
- Chiliz (CHZ): Up more than 16% to $0.2325.
- Stacks (STX): Up more than 12% to $0.2480.
- Algorand (ALGO): which appreciates by nearly 12% to $0.293.
On the side of crypto-currencies that are losing value, we can note:
The price of bitcoin
With a price of $16,892 and a 24-hour trading volume of nearly $35 billion, Bitcoin appreciates almost 1% in one day. It still ranks first among crypto market capitalizations with a total value of $324 billion and 19,208,587 coins in circulation.
The same chart analysis as yesterday can be established today. The 38.2% Fibonacci retracement at the $18,100 level on the 4-hour time frame is now stable and its cross may open opportunities up to $19,350 (next Fibonacci threshold at 61.8%).
Currently, its maintenance support is at $15,965: a course that should not be crossed downwards to avoid a more marked fall.
The MACD indicator is still in the buy zone, while the 50-day moving average and the relative strength index (RSI) are in the sell zone. The market therefore remains quite undecided : which translates into a stable price compared to the previous day.
The price of Ethereum
The current price of Ethereum stands at $1,258, and the daily trading volume has reached $11 billion. Steady, Ethereum only gained almost 0.50% in the last day and its total capitalization then represents 153 billion dollars.
A bullish retracement to the $1,262 level occurred on the last trading day. The next resistance comes from the 50-day moving average at $1,370: if it crosses up, ETH could be banking on levels between $1,506 and $1,670.
Analysts, however, believe that the downward crossing of the support at $1,170 is hypothetical. It would drag ETH towards levels of $1,000 or even lower. But, this scenario is therefore ruled out for the moment.
Price prediction for Chiliz up 16%
Chiliz (CHZ) just hit the price of $0.2334 with a strong daily trading volume of $740 million. This advances this crypto by more than 16% in the last 24 hours and it is now ranked 34th in market capitalization, representing $1.4 billion in assets.
The crypto CHZ is in a bullish streak, and it broke through an important resistance level which stood at $0.2300. The closing candles then show that this level can trigger a uptrend that could take the crypto up to $0.2600 or $0.2840.
For resistance levels, the next level is at $0.3315 and it should be noted that CHZ broke above its 50-day moving average at $0.2300. This indicates that the uptrend should continue with as much magnitude as possible.
A support line for CHZ/USD is now at $0.2320, with a level of $0.1810 that may dampen a possible downside. Nevertheless, the current trend for Chiliz is clearly in favor of a rise if the market does not turn around.
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