The leading cryptocurrency bitcoin failed to break a descending triangle pattern, falling more than 3% to $16,160 amid high levels of FUD in the market.
The second most valuable cryptocurrency, Ethereum, also followed Bitcoin’s lead, falling sharply by nearly 5% to $1,171.
Crypto Market Cap Update
Global crypto market capitalization fell more than 2% the previous day to $815.32 billion, sending major cryptocurrencies into the red at the start of November 28. In the past 24 hours, the total volume of the crypto market increased by 22.10% to $41.69 billion.
The total volume of DeFi is currently $2.60 billion, which is 6% of the total 24-hour volume of the crypto market. The total volume of all stablecoins is now $38.85 billion, which represents 93% of the total 24-hour volume of the crypto market.
Let’s take a look at the top 24-hour altcoin gainers and losers.
Top altcoin winners and losers
Celo (CELO), Apecoin (APE) and UNUS SED LEO (LEO) are three of the top 100 coins that have appreciated in value over the past 24 hours. CELO price was up over 34% to $0.6970, APE price was up over 13.5% to $3.70, and LEO price was up almost 7%.
Aptos (APT), Trust Wallet Token (TWT) and Lido DAO (LDO) are three of the top 100 coins that have fallen in value over the past 24 hours, with APT down more than 5.5% and now with a trading at $4.65, TWT is down 4% to trade at $2, while LDO price is down over 3% to trade at $1.09.
China lockdown triggers sell-off in global markets
Cryptocurrencies plunged on Monday amid a fit of investor jitters in global markets sparked by protests in China over Covid restrictions. Protesters, outraged by the strict COVID-19 regulations, called on the powerful Chinese leader to step down.
It was a rare rebuke as officials in at least eight cities tried on Sunday to quell protests that posed a direct threat to the ruling Communist Party.
Dissatisfaction with President Xi Jinping’s famous zero COVID policy after nearly three years of the pandemic has sparked a wave of public disobedience on the mainland not seen since President Hu Jintao took office a decade ago. .
The world’s second-largest economy is also feeling the effects of COVID-19 regulations. The protests, which began on Friday and have spread to cities including the capital Beijing and dozens of college campuses, are the broadest expression of dissent against the ruling party in decades.
Protesters in Shanghai, demanding Xi’s resignation and an end to one-party rule, were dispersed by police with pepper spray but returned hours later.
A reporter saw the detained protesters being taken to a bus as police again dispersed the protest.
What’s China got to do with the crypto crash?
As the world’s second largest economy, China has a significant impact on global financial markets; therefore, investors are looking for a safe haven to park their investments.
Stocks and cryptocurrencies are not seen as safe havens, which is why we are seeing price declines today.
However, as the situation in China improves and the protests end, there could be a strong bullish move in Bitcoin and other currencies.
Let’s take a look at the bitcoin price prediction.
The current bitcoin price is $16,174 and the 24-hour trading volume is $25 billion. In the past 24 hours, the BTC/USD pair is down nearly 2.5%, while CoinMarketCap currently ranks first with a live market cap of $310 billion, down from $318 billion yesterday. There is a total supply of 21,000,000 BTC coins and a circulating supply of 19,218,643 BTC coins.
BTC/USD is trading lower on Monday after rejecting below the $16,600 resistance level which was extended by a downtrend line. Bitcoin has formed a descending triangle on the 4-hour chart which usually initiates a selling trend.
Bitcoin is currently trading at $16,150 and heading towards an immediate support level of $16,000. According to this, Bitcoin’s next support level is $15,650, which is extended by a double bottom support level.
Major technical indicators such as the RSI and MACD are in selling territory, suggesting significant selling pressure. The 50-day moving average extends resistance at $16,450, suggesting the downtrend may continue.
If buyers enter the market, a break of $16,450 could propel Bitcoin to $17,000 within days.
The current price of Ethereum is $1,170, with a 24-hour trading volume of $5 billion. In the past 24 hours, Ethereum has lost almost 4%. Ethereum is currently ranked #2 on CoinMarketCap with a live market cap of $143 billion. There is a circulating supply of 122,373,866 ETH coins.
Over the 4-hour time frame, Ethereum formed “three black crows” indicating a strong selling trend. ETH/USD broke an uptrend channel that had supported the pair at $1,210 and is now acting as resistance.
At $1,175, Ethereum has crossed the 50-day moving average, which is a strong sell signal. In contrast, immediate support for Ethereum lies at $1,150, which has been extended from a low previously set on November 23rd.
The RSI and MACD indicators are also in sell territory, suggesting that ETH may be targeting the $1,115 support level.
On the upside, ETH’s main resistance remains at $1,185 and a break above it could take it to $1,235.
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