{"id":30233,"date":"2024-11-22T15:00:25","date_gmt":"2024-11-22T15:00:25","guid":{"rendered":"https:\/\/zebpay.com\/in\/?p=30233"},"modified":"2024-11-22T15:00:26","modified_gmt":"2024-11-22T15:00:26","slug":"crypto-technical-analysis-report-22nd-november-2024","status":"publish","type":"post","link":"https:\/\/zebpay.com\/in\/blog\/crypto-technical-analysis-report-22nd-november-2024","title":{"rendered":"Crypto Technical Analysis Report | 22nd November 2024"},"content":{"rendered":"\n

The crypto market is having another strong day, with the total market capitalization reaching a new all-time high. Leading this surge are top tokens Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE). Given that these three crypto assets together account for nearly 75% of the entire market’s value, their performance is crucial in driving overall market momentum. Unsurprisingly, today’s positive movement in Bitcoin, Ethereum, and Dogecoin has had a significant impact, reflecting their dominant role in shaping broader market trends.<\/p>\n\n\n\n

Bitcoin crossed the $98,000 mark for the first time ever, amid reports that President-elect Donald Trump’s team is considering creating a dedicated White House role to oversee crypto policy. On November 21, BTC surged over 4.5%, reaching a record high of $98,367. This rally boosted the total crypto market capitalization by 3.65%, hitting $3.17 trillion. Another factor fueling Bitcoin\u2019s growth prospects is the potential establishment of a national Bitcoin reserve. Notably, Senator Cynthia Lummis proposed a draft bill suggesting the U.S. government acquire up to 5% of Bitcoin\u2019s total supply within five years\u2014a move that could involve investments exceeding $100 billion. Historically, Bitcoin has experienced significant rallies following each Halving event: an 8,000% surge after the 2012 halving, a 2,900% increase after 2016, and a 560% gain post-2020. If a similar trend unfolds, a 300\u2013400% rise, after the April 2024 halving, would align well with the $150,000 upper target predicted by regression models. With a potentially pro-crypto administration poised to bring regulatory clarity and growing institutional adoption, Bitcoin seems positioned to follow its historical pattern and continue its upward trajectory into 2025.<\/p>\n\n\n\n

Ethereum\u2019s native token, Ether (ETH), has been consolidating between $3,000 and $3,250 over the past week, setting its sights on a potential move toward the $4,000 mark. In the last 24 hours, Ethereum has surged 9.65%, reclaiming a bullish stance above the 50-day EMA on the 4-hour chart. ETH is now approaching a retest of its key resistance level at the previous local high of $3,449. This period of consolidation near $3,000 has allowed traders to establish a robust demand zone in this price range. Recent reports highlight increasing whale activity, with one notable address purchasing over 18,000 ETH last week. This same address has expanded its holdings by an additional 9,000 ETH, bringing its total to 27,000 ETH, valued at approximately $88.9 million.<\/p>\n\n\n\n

A Bitcoin-focused bill is gaining traction in the United States, hinting at a potential boost for the crypto\u2019s value, with some speculating it could eventually reach $1 million. Optimism has surged following former President Donald Trump’s victory in the 2024 presidential election on November 5, as expectations grow for more crypto-friendly policies. A key legislative proposal is the Bitcoin Act, led by Wyoming Republican Senator Cynthia Lummis. This groundbreaking bill advocates for the establishment of a strategic Bitcoin reserve, positioning the U.S. as the first nation to officially adopt Bitcoin as a “savings technology.”<\/p>\n\n\n\n

Technical Outlook:
BITCOIN:<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

BTC, after making the all time high of $73,777, was trading in the \u2018Descending Channel\u2019 forming a \u2018Bullish Flag\u2019 pattern. The asset gave a breakout above the channel and made the new all time high of $98,988. On a weekly time frame, BTC is forming a \u2018Higher High Higher Low\u2019 pattern. $100,000 may act as a resistance (psychological level) whereas $85,000 will act as a strong support for the asset.\u00a0
<\/p>\n\n\n\n

ETH:<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

ETH was facing multiple resistance levels at $2,850. Finally, the bulls managed to give a breakout above the resistance and surged up to $3,442. Post this move, the asset saw some profit booking the prices corrected to $3,014. ETH took multiple support at $3,000 and has rallied up to $3,386. The asset has seen strong resistance at $3,400 and $3,750. Once it breaks and sustains above these levels, then we may expect it to further rally up to $4,000 whereas $3,000 and $2,850 will act as a strong support for ETH.
<\/p>\n\n\n\n

SOL:<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

SOL was facing multiple resistance at $163. The bulls managed to give a breakout above the resistance and the prices rallied up to $225.21. Post this move, the asset saw some profit bookings at higher levels and the prices corrected to $200. Post this move, SOL took support at $200 and surged up to $259.8. SOL’s previous all-time high is $259.9. Once it breaks and sustains above the previous all-time high then we can expect it to further rally up to $300.

<\/strong>Weekly Snapshot:<\/strong><\/p>\n\n\n\n

USD ($)<\/strong><\/td>24 Oct 24<\/strong><\/td>31 Oct 24<\/strong><\/td><\/td>Previous Week<\/strong><\/td>Current Week<\/strong><\/td><\/tr>
<\/td>Close<\/strong><\/td>Close<\/strong><\/td>% Change<\/strong><\/td>High<\/strong><\/td>Low<\/strong><\/td>High<\/strong><\/td>Low<\/strong><\/td><\/tr>
BTC<\/td>$68,161<\/td>$70,215<\/td>3.01%<\/td>$69,463<\/td>$65,188<\/td>$73,577<\/td>$65,522<\/td><\/tr>
ETH<\/td>$2,535<\/td>$2,516<\/td>-0.75%<\/td>$2,766<\/td>$2,457<\/td>$2,720<\/td>$2,381<\/td><\/tr>
SOL<\/td>$177.16<\/td>$168.43<\/td>-4.93%<\/td>$179.00<\/td>$149.40<\/td>$183.04<\/td>$160.04<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n
Crypto<\/strong><\/th>1w – % Vol. Change (Global)<\/strong><\/th><\/tr>
Bitcoin (BTC)<\/th>26.14%<\/th><\/tr>
Ethereum (ETH)<\/th>20.76%<\/th><\/tr><\/thead>
Solana (SOL)<\/td>11.97%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n
Resistance 2<\/th><\/th>$3,750<\/th>$300<\/th>$695<\/th><\/tr><\/thead>
Resistance 1<\/td>$100,000<\/td>$3,400<\/td>$260<\/td>$670<\/td><\/tr>
USD<\/strong><\/td>BTC<\/strong><\/td>ETH<\/strong><\/td>SOL<\/strong><\/td>BNB<\/strong><\/td><\/tr>
Support 1<\/td>$85,000<\/td>$3,000<\/td>$225<\/td>$595<\/td><\/tr>
Support 2<\/td>$77,000<\/td>$2,850<\/td>$200<\/td>$545<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

Market Updates:<\/h2>\n\n\n\n