Bitcoin and Ethereum price will get support at the 38.2% Fibonacci level; Litecoin rises by 23%

On Nov 25, the major cryptocurrency Bitcoin failed to clear the $16,800 level and started to decline towards the 38.2% Fibonacci retracement level. Similarly, Ethereum, the second most valuable cryptocurrency, has followed Bitcoin’s lead and is currently trading bearish towards $1,160.

The reason for the market’s risk aversion may be related to recent Hodlnaut updates.

According to Bloomberg news, the Commercial Affairs Department, the white-collar crime unit of the Singapore Police, is investigating Hodlnaut, a Singapore-based cryptocurrency lender who is currently under interim prosecution.

Cryptocurrency market capitalization update

Major cryptocurrencies traded erratically early Nov. 25 as the global cryptocurrency market capitalization fell 1% to $828.27 billion the previous day. Conversely, the total volume of the cryptocurrency market fell 47% in the past 24 hours to $48.87 billion.

The overall volume in DeFi was $3.21 billion, which is 6% of the total 24-hour volume in the cryptocurrency market. The combined volume of all stablecoins was $44.98 billion, which is more than 93% of the entire 24-hour volume of the cryptocurrency market.

Let’s take a look at the top 24-hour altcoin gainers and losers.

Top Altcoin Winners and Losers

BinaryX (BNX), Huobi Token (HT) and Stacks (STX) are three of the top 100 coins that have gained in value over the past 24 hours. BNX price is up more than 7% to $169, HT price is up more than 5% to $5.65 and STX price is up almost 1.5%.

Top Altcoin Winners & Losers – Source: Coin360

UNUS SED LEO (LEO), Klaytn (KLAY) and Arweave (AR) are three of the top 100 coins to lose value in the past 24 hours, where LEO and KLAY lost more than 7% to trade at $3.88 and $0.17, respectively. At the same time, AR price dropped more than 6% to trade at $8.95.

Bitcoin price

The current price of Bitcoin is $16,418 and the 24-hour trading volume is $24 billion. Over the past 24 hours, the BTC/USD pair is down nearly 1.5%, while CoinMarketCap currently ranks first with a live market cap of $346 billion, down from $350 billion yesterday. It has a total supply of 21,000,000 BTC coins and a circulating supply of 19,216,412 BTC coins.

Bitcoin Price & Tokenomics – Source: coinmarketcap

Looking at the technicals, Bitcoin has yet to break through the $16,785 barrier despite the dovish FOMC meeting minutes. It seems investors are experiencing FUD as a result of FTX and now the Hodlnaut news.

The BTC/USD pair is currently falling towards a 38.2% Fibonacci retracement level at $16,300. On a 4-hour time frame, it has already broken above the 50-day moving average line, indicating a selling bias.

Bitcoin price chart – Source: Tradingview

Similarly, major technical indicators, such as the RSI and MACD, are very close to entering a sell-off zone, and if so, BTC could drop below the $16,300 handle and reach a support level of $16,000. The next support level is set at $15,600.

A bullish breakout of the $16,785 level, on the other hand, could expose BTC to the $17,000 or $17,550 level.

Ethereum price

The current price of Ethereum is $1,177, with a 24-hour trading volume of $9 billion. Ethereum has gained more than 2% in the last 24 hours. CoinMarketCap currently ranks second, with a live market cap of $144 billion. It has a circulating supply of 122,373,866 ETH coins.

Ethereum Price & Tokenomics – Source: coinmarketcap

On the 4-hour chart, Ethereum is trading lower at $1.176 and has formed a bearish engulfing candle, indicating the possibility of a bearish market bias.

ETH is currently testing the 50-day moving average line at $1,175 and a bearish crossover below this level could lead to a 38.2% Fib level of $1,160.

A further break below this level could lead ETH to $1,145 or $1,130, which correspond to the 50% and 61.8% Fibo levels, respectively.

Ethereum Price Chart – Source: Tradingview

To the upside, ETH’s main resistance remains at $1,216, and a break above there could lift it to the $1,250 level. Later today, investors should keep an eye on the $1,160 level, as a failure to break below this level could translate into a bullish bounce or vice versa.

Litecoin rises by 23%

The current price of Litecoin is $77, with a 24-hour trading volume of $1.1 billion. Litecoin has gained more than 1% in the past 24 hours, but its weekly gain is over 23%. CoinMarketCap currently ranks 13, with a live market cap of $5.5 billion.

It has a maximum supply of 84,000,000 LTC coins and a circulating supply of 71,687,456 LTC coins.

Some of the best-known experts in the cryptocurrency market have commented on Litecoin’s recent price surge, predicting that the cryptocurrency will experience a massive breakout after the “big buildup” period that preceded its next halving event.

Pseudonymous cryptocurrency analyst Kaleo recently told his 500,000+ Twitter followers that the recent LTC surge appears to be the “real deal” because the cryptocurrency was “long overdue for a solid pump.”

According to Kaleo, the price of Litecoin has long periods of lows during which it slowly moves down, followed by rapid peaks.

After “a very substantial buildup,” Smart Contracter, another well-known cryptocurrency expert, noted that LTC seems to be getting out of range.

According to the analyst, BTC tends to bottom around 500 days before its next halving event, and LTC’s breakthrough is happening less than 230 days before its own halving.

Litecoin price prediction

Litecoin was rejected below the $83.65 resistance level on the technical front and candle closes below this level triggered a bearish correction.

Litecoin price chart – Source: Tradingview

Litecoin has already completed a 23.6% Fibonacci retracement and is now falling towards $74, which is being extended by a 38.2% Fibonacci retracement. The LTC/USD pair is expected to reverse bullishly above the $74 or $68.75 (61.8% Fibo level) support levels.

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Cryptocurrency Price Tracker – Source: Cryptonews

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