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Bitcoin, Ethereum, Doge & Solana Daily Crypto Price Analysis
The global crypto market has continued to shed value as it receded 1.49% in 24 hours. Bitcoin has shed 1.05% over the last day. Ethereum has continued to show losses as it receded by 2.59%. Dogecoin and Solana are both recessive as they shed 3.90% and 0.87% each respectively.
Ankita K.
11:56 17th Nov, 2022

Bitcoin fails to break $17,000

BTC/USD traded in a range of $16,430.11 to $16,960.30, indicating slight volatility over the last 24 hours. Trading volume has declined by 4.68 percent, totaling $35.57 billion, while the total market cap traded around $319 billion, resulting in market dominance of 38.34 percent.

Bitcoin price analysis is bearish today as we have seen a failure to recover and another pivot below the $17,000 resistance. Therefore, we expect BTC/USD to drop even lower and look to drop back to the $16,000 support.

Bitcoin price analysis: BTC retests $17,000, slowly continues lower
BTC/USD Source: TradingView

However, the retest of $17,000 resistance seen overnight indicates that another drop lower will follow over the next 24 hours. If the $16,000 support can not be broken, we expect further attempts to reverse the several-week trend. Else, BTC/USD should spike below $16,000 support and continue to test new several-month lows later in October.

ETH peaks below $1,275

The market has traded in the red over the last 24 hours. Ethereum lost 4.26 percent. Meanwhile, the rest of the market followed close by. ETH/USD traded in a range of $1,205.55 to $1,273.52, indicating substantial volatility over the last 24 hours. Trading volume has remained almost unchanged at $12 billion, while the total market cap traded at $147.91 billion, resulting in a dominance of 17.88 percent.

After consolidation area was established around $1,200 support and resistance at $1,275, ETH lacked clear direction. Resistance at $1,275 was retested yesterday, slowly leading back lower today.

ETH/USD Source: TradingView

Since then, we see Ethereum price action preparing to move lower, with the $1,200 support likely to soon be broken. Once that is done, we expect a swift drop to the $1,100 previous swing low. In case it is broken, we should see a lot more downside over the rest of the month.

Ethereum price analysis is bearish today as we have seen a decline since midnight leading back to $1,200. Likely ETH/USD will look to break even lower and look to breach the $1,200 support next.

DOGE declines to $0.0852

A recent modest loss was experienced by DOGE/USD, according to the Dogecoin price analysis. Following yesterday’s bearish price function, today, bearish pressure has persisted, although bulls are also attempting to seize the initiative. In order to maintain its dominance up until this point, the selling pressure has driven the price down to $0.0852; nevertheless, as bulls work to break the trend, the currency is currently moving sideways.

The moving average is still trading above the current price level at $0.0861 in the four-hour chart, with the SMA 50 curve trading above the SMA 20 curve at the $0.0862 marks, which is also a bearish signal.

DOGE/USD Source: TradingView

As the volatility is comparatively low on the 4-hour chart, the upper Bollinger band value is at the $0.0896 marker, whereas the lower Bollinger band value is at the $0.0828 level. The RSI graph is also showing almost straight horizontal movement, as the score has not changed today and shows a reading of 45 in the lower half of the neutral zone.

The Dogecoin price analysis is reporting that bearish dominance has been seen today as well. The price levels have dropped to $0.0852, but DOGE has only recently found support, which will be tested in the coming hours. However, we don’t expect a major shift in the price levels for today.

Solana is facing resistance at $14.56

Recent Solana price analysis has been bearish as the cryptocurrency has fallen below a key resistance level. The digital asset is currently trading at $14.24 and is down by 0.87 percent in the last 24 hours. Support for SOL/USD is present at $13.71 while resistance lies at $14.56. The 24-hour trading volume for the coin is $487,657,074 ,and the market capitalization is at $5,158,220,055.

The digital asset has been on a downtrend since the beginning of today as it failed to break out above the $14.56 level. But later the bullish momentum was seen for a short period as the cryptocurrency managed to cross above the $14.45 level.

SOL/USD Source: TradingView

A downturn in Solana price analysis has been observed in the last 24 hours, as the bears have been regaining strength resulting in a heavy sell-off. The price has been pulled down to the $14.24 level after the sudden trend reversal. The crypto pair also went under devaluation during the last four hours as well, which means that a further downfall may be ahead. If the downtrend continues, SOL may retest the next support present at the $13.71 level.


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