BTC Fear & Greed Index Inches Higher Despite the NASDAQ Effect

Key Insights:

  • On Friday, bitcoin (BTC) fell by 0.52% to end a range-bound session at $16,519.
  • The NASDAQ Composite Index left BTC in the red for the session while BTC avoided a return to sub-$16,000.
  • However, the Fear & Greed Index rose from 20/100 to 22/100, reflecting a modest improvement in investor sentiment over the holidays.

On Friday, bitcoin (BTC) fell by 0.52%. Following a 0.04% decline on Thursday, BTC ended the day at $16,519. Notably, BTC avoided sub-$16,000 for the third consecutive session.

A bearish start to the day saw BTC fall from an early high of $16,617 to a mid-morning low of $16,354. BTC fell through the First Major Support Level (S1) at $16,445. However, finding mid-morning support, BTC revisited $16,600 before falling back into the red.

It was another quiet session, with the US Thanksgiving Holidays sending trading volumes lower. A lack of news updates from the ongoing FTX saga left the NASDAQ Composite Index to influence, which fell by 0.52% in a shortened holiday session.

Volumes fall.
CMC BTC Trading Volume 261122

Despite the quiet session, the range-bound session suggested a further fall in FTX contagion risk, cushioning a BTC return to sub-$16,000. News of sizeable asset discoveries and the Binance recovery fund softened the blow from the FTX collapse.

On Thursday, Binance CEO CZ pledged $1 billion for FTX-impacted crypto firms. In an interview with Bloomberg TV, CZ also said that Binance would make another bid for Voyager Digital.

Today, investors will need to monitor the crypto news wires for updates on FTX and other crypto events that could influence investor sentiment.

NASDAQ correlation.
NASDAQ – BTCUSD 261122 5 Minute Chart

The Fear & Greed Index Inches Higher as BTC Moves Sideways

Today, the BTC Fear & Greed Index increased from 20/100 to 22/100. Another range-bound BTC session supported a pickup in investor sentiment. BTC avoided sub-$16,000 for a third consecutive session, raising hopes of a bottoming out.

Market angst over the collapse of FTX has eased, leaving the crypto market in a tight range. However, contagion risk and regulatory uncertainty continue to peg BTC back from a return to $17,000 and an Index move into the Fear zone.

Until there is clarity on the total impact of the FTX collapse on the crypto market, we expect the Index to hover within the Extreme Fear zone.

While sitting at 20/100, avoiding sub-20/100 remains the key for the bulls. A fall to sub-20/100 would see BTC face the risk of sub-$10,000.

Fear & Greed Index avoids sub-20.
Fear & Greed 261122

Bitcoin (BTC) Price Action

At the time of writing, BTC was flat at $16,519. A range-bound start to the day saw BTC rise to an early high of $16,527 before easing back.

BTC flat.
BTCUSD 261122 Daily Chart

Technical Indicators

BTC needs to avoid the $16,497 pivot to target the Friday high of $16,617 and the First Major Resistance Level (R1) at $16,639. A return to $16,600 would signal a bullish session. However, BTC would need friendly FTX-linked news updates to support a breakout session.

In the event of an extended rally, BTC would likely test the Second Major Resistance Level (R2) at $16,760 and resistance at $17,000. The Third Major Resistance Level (R3) sits at $17,023.

A fall through the pivot would bring the First Major Support Level (S1) at $16,376 into play. Barring an extended sell-off, BTC should avoid sub-$16,000. The Second Major Support Level (S2) at $16,234 should limit the downside. However, negative FTX-related news could send BTC to sub-$15,000.

The Third Major Support Level (S3) sits at $15,971.

BTC resistance levels in play.
BTCUSD 261122 Hourly Chart

Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bearish signal. This morning, bitcoin sat at the 50-day EMA, currently at $16,544. The 50-day EMA slipped back from the 200-day EMA, with the 100-day EMA falling back from the 200-day EMA, delivering bearish signals.

A breakout from the 50-day EMA ($16,544) would support a move through R1 ($16,639) to target R2 ($16,760) and $17,000. However, a failure to break out from the 50-day EMA ($16,544) would leave S1 ($16,376) in play.

EMAs remain bearish.
BTCUSD 261122 4 Hourly Chart

Sales Below the Surface Still Prevail in Crypto

Market Picture

Bitcoin failed to build on the gains, rolling back to the levels of two days ago, losing 1.2% in the past 24 hours to $16.5K. Global markets have been quiet due to US holidays and few meaningful economic publications, allowing the cryptocurrency to continue balancing in a tight range for almost two weeks.

Bitcoin 15 minute chart

The cryptocurrency market’s capitalisation fell by 1% to $827bn overnight. Without a solid positive stock index performance, crypto has nowhere to draw strength for future purchases.

Bitcoin has failed to exploit the inverted head-and-shoulders pattern fully. Perhaps the reason for that is the lack of big players due to the holidays. However, the chances are high that it is still because of the ongoing cautious selling in the sector: the big players continue to reduce their positions, probably forgetting about it again for a couple of years.

News Background

The New York Times reported that the troubled cryptocurrency lender Genesis Global Capital is not ruling out bankruptcy. Genesis has hired investment bank Moelis & Company to explore options, including filing for insolvency.

Ripple chief technology officer David Schwartz said the community was unlikely to learn a lesson from the FTX collapse and would be cautious going forward. Changpeng Zhao, head of Binance, allowed for the possibility of buying FTX assets. In an interview with Bloomberg, he said that some of them could still be saved.

The 10,000 BTC stolen from the Mt.Gox exchange, which has been dormant for seven years, is on the move. Ki Young Ju, a crypto analyst and head of CryptoQuant, made the announcement. In doing so, he commented that it was criminal money. The transaction was the largest since August 2017.

by FxPro’s Senior Market Analyst Alex Kuptsikevich

BTC Fear & Greed Index Holds Steady Despite BTC Avoiding Sub-$16,000

Key Insights:

  • On Thursday, bitcoin (BTC) slipped by 0.04%, ending a two-day mini-winning streak.
  • While FTX contagion fear subsided this week, contagion risk and regulatory risk remained crypto headwinds, limiting any upside.
  • The Fear & Greed Index held steady at 20/100, reflecting investor angst over the FTX collapse and likely shift in the regulatory landscape.

On Thursday, bitcoin (BTC) slipped by 0.04%. Partially reversing a 2.44% gain from Wednesday, BTC ended the day at $16,606. Notably, BTC avoided sub-$16,000 for the second consecutive session.

A mixed start to the day saw BTC rise to an early morning high of $16,804. Coming up against the First Major Resistance Level (R1) at $16,807, BTC fell to an early afternoon low of $16,463. Steering clear of the First Major Support Level (S1) at $16,293, BTC revisited $16,669 before falling back into the red.

It was a quiet Thursday session, with the US Thanksgiving Holiday leaving trading volumes on the lower side.

Trading volumes ease in afternoon session.
BTC Trading Volume 251122

Despite the quiet session, FTX contagion risk eased further on Thursday, preventing a BTC return to sub-$16,000. Following the news of FTX holding $1.24 billion in cash reserves, hopes remain that debtors will locate more FTX assets to reduce the burden on creditors.

On Thursday, news of Binance CEO CZ pledging $1 billion for FTX-impacted crypto firms was market positive. In an interview with Bloomberg TV, CZ also said that Binance would make another bid for Voyager Digital.

Following the FOMC meeting minutes from Wednesday, there were no US economic indicators for investors to consider on Thursday. With the US Thanksgiving Holidays, the US markets will close early today.

While the NASDAQ could provide direction, a lack of US Economic Indicators will likely leave the crypto market in the hands of FTX-linked news updates.

NASDAQ correlation.
NASDAQ – BTCUSD 251122 Daily Chart

The Fear & Greed Index Holds Steady at 20/100

Today, the BTC Fear & Greed Index held steady at 20/100. A range-bound BTC session left the Index flat for the day. BTC failed to revisit $17,000, reflecting the effects of FTX contagion risk and increased regulatory risk on investor sentiment.

Until there is clarity on the total impact of the FTX collapse on the crypto market, we expect the Index to hover within the Extreme Fear zone.

While sitting at 20/100, avoiding sub-20/100 remains the key for the BTC bulls. A fall to sub-20/100 would see BTC face the risk of sub-$10,000.

Fear & Greed Index holds steady.
Fear & Greed 251122

Bitcoin (BTC) Price Action

At the time of writing, BTC was down 0.52% to $16,520. A mixed start to the day saw BTC rise to an early high of $16,617 before falling to a low of $16,520.

BTC sees red.
BTCUSD 251122 Daily Chart

Technical Indicators

BTC needs to move through the $16,624 pivot to target the First Major Resistance Level (R1) at $16,786 and the Thursday high of $16,804. A return to $16,800 would signal a bullish session. However, FTX-linked updates have to be market-friendly to support a breakout session.

In the event of an extended rally, BTC would likely test the Second Major Resistance Level (R2) at $16,965 and resistance at $17,000. The Third Major Resistance Level (R3) sits at $17,306.

Failure to move through the pivot would leave the First Major Support Level (S1) at $16,445 in play. Barring another extended sell-off, BTC should avoid sub-$16,000. The Second Major Support Level (S2) at $16,283 should limit the downside. However, negative FTX-related news could send BTC to sub-$15,000.

The Third Major Support Level (S3) sits at $15,942.

BTC support levels in play below the pivot.
BTCUSD 251122 Hourly Chart

Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bearish signal. This morning, bitcoin sat below the 50-day EMA, currently at $16,554. The 50-day EMA flattened on the 200-day EMA, while the 100-day EMA fell back from the 200-day EMA, delivering mixed signals.

A breakout from the 50-day EMA ($16,554) would support a move through R1 ($16,786) to target R2 ($16,965) and $17,000. However, a failure to move through the 50-day EMA ($16,554) would leave S1 ($16,445) in play.

EMAs bearish.
BTCUSD 251122 4 Hourly Chart

BTC Fear & Greed Index Falls Despite BTC Avoiding Sub-$16,000

Key Insights:

  • On Wednesday, bitcoin (BTC) rose by 2.44% to end the day at $16,613.
  • Investor fears toward FTX contagion eased further on Wednesday, supporting a breakout session.
  • However, the Fear & Greed Index fell from 22/100 to 20/100, reflecting investor angst over the FTX collapse and likely shift in the regulatory landscape.

On Wednesday, bitcoin (BTC) rose by 2.44%. Following a 2.87% gain from Tuesday, BTC ended the day at $16,613. Notably, BTC avoided sub-$16,000 for the first time in three sessions.

A mixed start to the day saw BTC fall to an early morning low of $16,168. Steering clear of the First Major Support Level (S1) at $15,791, BTC rallied to a late high of $16,682. BTC broke through the First Major Resistance Level (R1) at $16,469 to end the day at $16,613.

FTX contagion risk eased further on Wednesday, providing much-needed crypto market support. Following the news of FTX holding $1.24 billion in cash reserves, former FTX CEO Sam Bankman-Fried raised hopes of investors saving the company.

In a letter to employees, Bankman-Fried said,

“Maybe there still is a chance to save the company. I believe that there are billions of dollars of genuine interest from new investors that could go to making customers whole. But I can’t promise you that anything will happen because it’s not my choice.”

The letter followed reports of Tron’s Justin Sun and Ripple’s Brad Garlinghouse showing interest in acquiring FTX assets. Coupled with the reported cash holding of $1.24 billion, investors are hoping that the collapse of FTX will have a limited impact on creditors.

Overnight, the FOMC meeting minutes delivered further crypto market support. Talk of taking the foot off the gas supported riskier assets ahead of the holidays, with the NASDAQ Composite Index rising by 0.99%. However, US economic indicators disappointed, limiting the upside for the NASDAQ.

There are no US stats to consider today, with the US markets closed for Thanksgiving.

NASDAQ correlation.
NASDAQ – BTCUSD 241122 Daily Chart

The Fear & Greed Index Falls but Avoids Sub-20/100

Today, the BTC Fear & Greed Index fell from 22/100 to 20/100. The Index failed to respond to bullish BTC sessions for the second consecutive session. The fall to 20/100 also came despite BTC avoiding sub-$16,000 for the first time in three days.

While sentiment toward FTX contagion has improved, the Index reflects investor uncertainty toward the likely fallout from the FTX collapse.

On Tuesday, the Judge presiding over the FTX bankruptcy case agreed to redact the identities of FTX clients. The redactions leave investors facing uncertainty over whether another big name will fall.

While falling to 20/100, avoiding sub-20/100 remains the key for the BTC bulls. A fall to sub-20/100 would see BTC face the risk of sub-$10,000.

Fear & Greed Index falls despite BTC gain.
Fear & Greed 241122

Bitcoin (BTC) Price Action

At the time of writing, BTC was down 0.34% to $16,556. A mixed start to the day saw BTC rise to an early high of $16,619 before falling to a low of $16,556.

BTC sees early red.
BTCUSD 241122 Daily Chart

Technical Indicators

BTC needs to avoid the $16,488 pivot to target the First Major Resistance Level (R1) at $16,807. A move through the Wednesday high of $16,682 would signal a bullish session. However, FTX updates have to be market-friendly to support a breakout session.

In the event of an extended rally, BTC would likely test the Second Major Resistance Level (R2) at $17,002. The Third Major Resistance Level (R3) sits at $17,516.

A fall through the pivot would bring the First Major Support Level (S1) at $16,293 into play. Barring another extended sell-off, BTC should avoid sub-$16,000 and the Second Major Support Level (S2) at $15,974. However, negative FTX-related news could send BTC to sub-$15,000.

The Third Major Support Level (S3) sits at $15,460.

BTC resistance levels in play above the pivot.
BTCUSD 241122 Hourly Chart

Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bearish signal. This morning, bitcoin sat at the 50-day EMA, currently at $16,542. The 50-day EMA flattened on the 200-day EMA, while the 100-day EMA eased back from the 200-day EMA, delivering mixed signals.

A breakout from the 50-day EMA ($16,542) would support a run at R1 ($16,807) and $17,000. However, a fall through the 50-day EMA ($16,542) would bring S1 ($16,293) and sub-$16,000 into play.

EMAs remain bearish.
BTCUSD 241122 4 Hourly Chart

Crypto Market Daily Highlights – FTX Contagion Weighed on Sentiment

Key Insights:

  • It was a mixed Monday session for the crypto top ten, with XRP bucking a bearish top ten trend.
  • Contagion fears continued to weigh, with news of Genesis warning of bankruptcy adding to the bearish mood.
  • The crypto market cap slid by $18.66 billion to end the day at $745.3 billion.

It was a mixed Monday session for the crypto top ten. XRP bucked the top ten trend, while BNB and BTC led the way down. Notably, BTC fell to sub-$16,000 for the first time in seven sessions and only the third time since 2020.

Contagion risk stemming from the collapse of FTX continued to weigh on the broader crypto market.

After the news of FTX’s creditors and Grayscale announcing it would not share its proof-of-reserves, Genesis was back in the spotlight. On Monday, Bloomberg reported Genesis warning of bankruptcy.

According to the report,

“Genesis is struggling to raise fresh cash for its lending unit, and it’s warning potential investors that it may need to file for bankruptcy if its efforts fail.”

Last week, the Wall Street Journal reported news of Genesis seeking a $1 billion emergency loan before suspending withdrawals.

While the NASDAQ Composite Index also saw red on Monday, falling by 1.09%, the reasons for the losses differed. Market jitters over a new wave of COVID-19 cases in China contributed to the NASDAQ loss.

NASDAQ correlation.
Total Market Cap – NASDAQ – 221122 Daily Chart

Crypto Market Tumbles on Genesis Bankruptcy Warning

It was a bearish Monday session. The crypto market fell from an early high of $768.9 billion to a late low of $727.6 billion.

Investor reaction to the Genesis bankruptcy warning weighed on investor confidence, with more fallout from the collapse of FTX likely.

However, finding late support, the crypto market ended the day at $745.3 billion, down $18.66 billion.

Crypto market cap sees red.
Total Market Cap 221122 Daily Chart

The Crypto Market Movers and Shakers from the Top Ten and Beyond

It was a mixed Monday session for the crypto top ten.

BNB and BTC led the way down, with losses of 3.87% and 3.15%, respectively.

ADA (-2.56%), DOGE (-2.99%), ETH (-3.00%), and MATIC (-1.38%) also saw red, while XRP rose by 0.85% to buck the trend.

From the CoinMarketCap top 100, it was a mixed session.

Huobi token (HT) rallied by 13.30% to lead the way, with NEM (XEM) and ethereum PoW (ETHW) seeing gains of 6.21% and 4.62%, respectively.

However, chain (XCN) and UNUS SED LEO (LEO) led the way down, with losses of 9.44% and 10.26%, respectively. Klaytn (KLAY) also struggled, falling by 4.46%.

24-Hour Liquidations Rise Further on Genesis-Fueled Crypto Pullback

Over 24 hours, total liquidations increased as investors reacted to the Genesis bankruptcy warning. At the time of writing, 24-hour liquidations stood at $160.27 million versus $128.15 million on Monday morning.

Liquidated traders over the last 24 hours also increased. At the time of writing, liquidated traders stood at 54,017 versus 51,985 on Monday morning. Liquidations were up over twelve hours while down over four hours and one hour.

Crypto liquidations rise.
Total Crypto Liquidations 221122

According to Coinglass, 12-hour liquidations rose from $74.75 million to $80.49 million. However, four-hour liquidations fell from $53.38 million to $25.14 million, with one-hour liquidations down from $2.63 million to $1.96 million.

The chart below shows market conditions throughout the session.

Crypto market steadies late in the session.
Total Market Cap 221122 Hourly Chart

Bitcoin Tests the Strength of Support

Market Picture

Bitcoin has lost 4% in the past 24 hours, once again testing the strength of the $16K area. Ethereum is down 7.8% overnight to $1120. Other leading altcoins in the top 10 were down 5.5% (BNB) to 10.6% (Dogecoin).

Bitcoin 4 hour chart

Total cryptocurrency market capitalisation, according to CoinMarketCap, sank to $795bn, losing 4.9% overnight and 5.6% for the week. The cryptocurrency fear and greed index is down to 21 points by Monday versus 24 just over a week ago.

Bitcoin failed to develop a rebound last week, facing an intensified sell-off near $17K and about 23.6% of the move down from 5 to 10 November. Such a weak rebound indicates solid bearish pressure, forcing us to expect another move towards the lower boundary at $15.8K.

A consolidation below that level could start a new downside wave with a potential target of $12K. However, this is a very distant target, while round levels of $15K and $14K could be the intermediate ones.

News Background

Bitcoin’s mining difficulty continues to increase, rewriting an all-time high. The falling price has resulted in the first cryptocurrency being mined at a loss on average. The falling price and high interest rates make us expect miner activity to drop and a subsequent decrease in difficulty. However, there could likely be a brief struggle for market share amongst miners: with bankruptcies and takeovers. This will be interesting.

According to the Nansen report, the collapse of FTX was directly linked to Terra’s failure in May. The unrealised loss of the “average” long-term bitcoin investor reached 33%, according to Glassnode’s calculations.

The impact of the FTX collapse will still be evident for the foreseeable future, according to a statement to investors from venture capital firm Multicoin Capital. Many players will cease to exist, putting pressure on the liquidity of the crypto market.

Some major crypto exchanges have suspended accepting deposits and withdrawals in Stablecoins, which are hosted on the Solana blockchain. The decision was made due to Solana‘s association with the collapsed FTX exchange, which used the blockchain’s power.

The Australian unit of consultancy firm KPMG has said that meta-universes have the real potential to change many areas of life. In doing so, large companies will contribute to the technology’s adoption.

by FxPro’s Senior Market Analyst Alex Kuptsikevich

Crypto Market Daily Highlights – BNB Bucked the Top Ten Trend

Key Insights:

  • It was a mixed Saturday session for the crypto top ten, with binance coin (BNB) bucking the top ten trend.
  • It was another eventless session, with the market in a holding pattern amidst lingering contagion risk and likely shift in the regulatory landscape.
  • The crypto market cap rose by $1.11 billion to end the day at $791.3 billion.

It was a mixed session for the crypto top ten. Binance coin (BNB) saw red to buck the top trend, while dogecoin (DOGE) ended the day flat. Notably, BTC fell short of $17,000 for the third consecutive day.

Contagion risk stemming from the collapse of FTX continued to leave the crypto market in a tight range on Saturday.

Expectations are for other crypto names to join the list of platforms to freeze withdrawals and face the risk of bankruptcy. Despite the negative sentiment, the hope of the recently launched Binance recovery fund cushioning the blow has provided support.

Regulatory activity will likely pick up at the turn of the year. Uncertainty over the likely regulatory environment will remain a bugbear over the near term. While market leaders acknowledge the need for greater regulatory oversight, draconian-style measures could adversely impact investor sentiment and growth.

With investors having little to go by, the NASDAQ mini could provide direction in the final hour of today’s session (UTC). After briefly decoupling because of the FTX collapse, there were signs of normalization late last week.

NASDAQ correlation
Total Market Cap – NASDAQ – 201122 Daily Chart

Crypto Market Rises for a Second Consecutive Session albeit Modestly

It was a bullish Saturday session. The crypto market fell to an early morning low of $780.9 billion before rising to a late high of $799.2 billion.

However, a late pullback left the crypto market relatively flat for the session.

The crypto market cap rose by a modest $1.11 billion to end the day at $791.3 billion.

Crypto market in holding pattern.
Total Market Cap 201122 Daily Chart

The Crypto Market Movers and Shakers from the Top Ten and Beyond

It was a mixed Saturday session for the crypto top ten.

MATIC and ADA led the way, rising by 0.64% and 0.61%, respectively.

BTC (+0.06%), ETH (+0.43%), and XRP (+0.38%) also saw modest gains.

However, BNB bucked the top ten trend, falling by 0.55%, with DOGE ending the day flat.

From the CoinMarketCap top 100, it was a mixed session.

Apecoin (APE) and GMX (GMX) were among the front runners, rising by 5.36% and 5.93%, respectively. Tron (TRX) rose by 2.63%.

However, Chiliz (CHZ) led the way down, sliding by 9.25%, with trust wallet token (TWT) and chain (XCN) seeing losses of 6.00% and 8.11%, respectively.

24-Hour Liquidations Inch Lower on Further Decline in Trading Volumes

Over 24 hours, total liquidations fell further below-usual levels as trading volumes continued to trend lower.

Crypto trading volumes decline.
CoinMarketCap – Trading Volumes 201122

At the time of writing, 24-hour liquidations stood at $28.75 million, down from $33.67 million on Saturday morning.

However, liquidated traders over the last 24 hours inched higher. At the time of writing, liquidated traders stood at 16,225 versus 14,614 on Saturday morning. Liquidations were up over four and twelve hours and over one hour.

Crypto liquidations fall on lower trading volumes.
Total Crypto Liquidations 201122

According to Coinglass, 12-hour liquidations rose from $16.84 million to $19.00 million, with four-hour liquidations up $2.69 million to $7.98 million. One-hour liquidations rose from $0.370 million to $1.11 million.

The chart below shows market conditions throughout the session.

Crypto market holds steady.
Total Market Cap 201122 Hourly Chart

Crypto Market Daily Highlights – BNB Leads a Mixed Top Ten Session

Key Insights:

  • It was a mixed Friday session for the crypto top ten, with Binance coin (BNB) leading the way.
  • An eventless day in the crypto market left the broader crypto market in a range-bound pattern throughout the session.
  • The crypto market cap rose by $3.5 billion to end the day at $790.2 billion.

It was a mixed Friday session for the crypto top ten. Binance coin (BNB) led the way, while dogecoin (DOGE) fell for the third day in a row. Notably, BTC fell short of $17,000 for the second consecutive day.

Australia and the UK are among the nations revisiting crypto regulations. After increased regulatory activity in late 2021, which contributed to the beginning of the crypto winter, there had been little activity before the collapse of FTX.

According to the Financial Review, Australian regulators plan to roll out regulations for exchanges in 2023 in response to the FTX collapse. The government will reportedly ‘introduce custodial and exchange legislation.’

In the UK, the Financial Conduct Authority aims to take a harder line by proposing to ban crypto platforms.

The FCA has reportedly rejected or withdrawn 85% of license applications from crypto trading firms. Before its collapse, FTX could not operate in the UK for not having FCA approval.

In the US, CFTC Commissioner Mersinger has called for action and for lawmakers to initiate collaboration between the respective regulatory authorities.

Away from the crypto market, there were no US economic indicators to distract investors. On Friday, the NASDAQ Composite Index ended the day flat.

 

NASDAQ correlation.
Total Market Cap – NASDAQ – 191122 Daily Chart

Crypto Market Ends a Two-Day Losing Streak on a Quiet Friday Session

It was a bullish Friday session. The crypto market rose to an early high of $803.9 billion before sliding to a late afternoon low of $780.6 billion. However, finding late support, the crypto market moved back into positive territory.

The late recovery gave the crypto market cap a modest $3.5 billion gain to end the day at $790.2 billion.

Crypto market cap holds steady.
Total Market Cap 191122 Daily Chart

The Crypto Market Movers and Shakers from the Top Ten and Beyond

It was a mixed Friday session for the crypto top ten.

BNB led the way, rising by 2.24%. ADA (+0.31%), BTC (+0.01%), ETH (+0.96%), MATIC (+0.64%), and XRP (+0.10%) saw modest gains.

However, DOGE bucked the trend, falling by 0.12%

From the CoinMarketCap top 100, it was a mixed session.

Chiliz (CHZ) led the way, rallying by 15.73%, with chain (XCN) and algorand (ALGO) seeing gains of 8.84% and 11.31%, respectively.

However, apecoin (APE) led the way down, sliding by 7.69%, with kava (KAVA) and solana (SOL) seeing losses of 5.18% and 2.71%, respectively.

24-Hour Liquidations Continued to Slide as Trading Volumes Tumble

Over 24 hours, total liquidations fell further below-usual levels as trading volumes continued to trend lower.

Crypto trading volumes
Trading Volumes 191122

At the time of writing, 24-hour liquidations stood at $33.67 million versus $43.31 million on Friday morning.

Liquidated traders over the last 24 hours also declined. At the time of writing, liquidated traders stood at 14,614 versus 19,228 on Friday morning. Liquidations were down over one and twelve hours while up over four hours.

Crypto liquidations fall further.
Total Crypto Liquidations 191122

According to Coinglass, 12-hour liquidations fell from $24.16 million to $16.84 million, with one-hour liquidations down $0.580 million to $0.370 million. However, four-hour liquidations rose from $2.54 million to $2.69 million.

The chart below shows market conditions throughout the session.

Crypto market finds late support.
Total Market Cap 191122 Hourly Chart

Could Tesla Stock Collapse Over FTX Fallout?

Bearish Proxy

With Twitter shares no longer trading on the open market, haters may turn to TSLA as a bearish Proxy to punish Elon.

Tesla Price Chart

Below is the daily chart of TSLA. Prices have held support for 2-years. If it breaks now, it could trigger cascading stop losses lower. The next 2-weeks are crucial.

  • Tesla is testing critical support near $180.
  • Twitter bears can no longer short the stock after

Elon took TWTR private.

  • Worst-case scenario: The bears use TLSA as a proxy for Twitter crashing prices below the 2021 lows.

Chart, histogram Description automatically generated

The FTX Fallout Could Hurt Tesla

I admit this is a stretch but hear me out: The same money that likes to invest in crypto also loves Tesla. If you’re invested in one, there’s a high probability you own the other.

FTX was one of the primary brokers for big institutional money. The money stuck in FTX is off the table, and big money may have to liquidate other investments (Tesla???) to balance their books.

FTX Bankruptcy Update

The CEO who oversaw the Enron Bankruptcy is now in charge of FTX. In a filing with the U.S. Bankruptcy Court for the District of Delaware, he stated that “in his 40 years of legal and restructuring experience,” he had never seen “such a complete failure of corporate controls.”

The dominoes continue to fall as lending and brokerage firm Genesis recently suspended withdrawals. The devastation in crypto could have further to go. Keep a close eye on Bitcoin, Tether, and Binance heading into December.

If FTX was one of the primary brokers for big institutional money, and they’ve blown up, then institutional clients are probably looking for the door out.

A rush to the exits could trigger a cascading liquidity event rivaling the 1929 stock market crash. Anyone that suspends withdraws is saying they are bankrupt, or at a minimum – insolvent.

Quick Take: Tesla shares could be on the verge of an epic breakdown. It could get nasty if prices fall below $170

AG Thorson is a registered CMT and an expert in technical analysis. He believes we are in the final stages of a global debt super-cycle. For more charts and regular updates, please visit here.

ETH and BTC Find Support, with a BTC Return To $17,000 a Bullish Signal

Key Insights:

  • Bitcoin (BTC) and ethereum (ETH) saw diverging trends on Thursday, with ETH seeing red for the fifth time in seven sessions.
  • Bearish market sentiment left ETH on the back foot as investors responded to more FTX contagion news.
  • This morning, sentiment improved despite lingering contagion risk as investors look to move on from the demise of FTX.

Ethereum (ETH) fell by 1.32% on Thursday. Following a 2.96% slide on Wednesday, ETH ended the day at $1,199. Notably, ETH wrapped up the day at sub-$1,200 for the first time since November 9.

A bullish start to the day saw ETH rise to an early high of $1,227. Coming up short of the First Major Resistance Level (R1) at $1,260, ETH slid to a late morning low of $1,181. However, steering clear of the First Major Support Level (S1) at $1,178, ETH revisited $1,217 before falling back into the red.

On Thursday, bitcoin (BTC) rose by 0.17%. Partially reversing a 1.37% loss from Wednesday, BTC ended the day at $16,683. Notably, BTC logged the fourth gain from twelve sessions while falling short of $17,000 for the second time since 2020.

A bullish start to the day saw BTC rise to an early high of $16,735. BTC broke through the First Major Resistance Level (R1) at $16,988 before falling to an early afternoon low of $16,410. Steering clear of the First Major Support Level (S1) at $16,33, BTC found late support to wrap up the day in positive territory.

On Thursday, FTX fallout continued to weigh on investor sentiment. BlockFi, Liquid, Genesis, and Gemini Earn news tested buyer appetite, with more likely to follow.

News of BinanceByBit, and OKX suspending support for SOL-based stablecoins USD Coin (USDC) and USD Tether (USDT) was also market bearish.

Adding to the market angst was hawkish Fed chatter that raised questions over the market’s Fed pivot bet.

However, disappointing US economic indicators provided support later in the day, with news of Binance resuming regular services for Solana-based USDT deposits offering relief.

BTC and ETH tracked a similar path to Thursday this morning, striking early highs. However, contagion risk lingers, and there is the threat of hawkish Fed chatter to reverse the early gains.

Investors will need to monitor the crypto news wires and track the NASDAQ Composite Index later in the day for direction.

NASDAQ correlation.
NASDAQ BTC ETH Correlation – 181122 Daily Chart

Ethereum (ETH) Price Action

At the time of writing, ETH was down 1.54% to $1,218. A bullish morning saw ETH rise from an early low of $1,198 to a high of $1,232.

ETH broke through the First Major Resistance Level (R1) at $1,224 before easing back.

ETH on the move.
ETHUSD 181122 Daily Chart

Technical Indicators

ETH needs to avoid the $1,202 pivot to retarget the First Major Resistance Level (R1) at $1,224 and the morning high of $1,232. An ETH return to $1,230 would signal a bullish afternoon session. However, the crypto news wires and the NASDAQ Composite Index will need to provide support.

In the event of an extended rally, ETH would likely test the Second Major Resistance Level (R2) at $1,248 and resistance at $1,250. The Third Major Resistance Level (R3) sits at $1,294.

A fall through the pivot would bring the First Major Support Level (S1) at $1,178 into play. However, barring another extended afternoon sell-off, ETH should avoid sub-$1,150. The Second Major Support Level (S2) at $1,156 should limit the downside.

The Third Major Support Level sits at $1,110.

ETH resistance levels in play.
ETHUSD 181122 Hourly Chart

Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bearish signal. Ethereum sat below the 50-day EMA, currently at $1,264. The 50-day EMA fell back from the 200-day EMA, with the 100-day EMA easing back from the 200-day EMA, delivering bearish signals.

A move through R1 ($1,227) would bring R2 ($1,248) and the 50-day EMA ($1,264) into play. However, failure to move through the 50-day EMA would leave ETH under pressure.

EMAs remain bearish.
ETHUSD 181122 4 Hourly Chart

Bitcoin (BTC) Price Action

At the time of writing, BTC was up 0.74% to $16,806. A mixed morning saw BTC fall to an early low of $16,673 before rising to a high of $16,977.

BTC broke through the First Major Resistance Level (R1) at $16,809 before easing back.

BTC finds support.
BTCUSD 181122 Daily Chart

Technical Indicators

BTC needs to avoid the $16,609 pivot to break out from the First Major Resistance Level (R1) at $16,809 to retarget the Second Major Resistance Level (R2) at $16,934. A move back through R1 and a return to $16,900 would bring the Third Major Resistance Level (R3) at $17,259 into view.

We will expect FMOC member chatter and the NASDAQ Composite Index to influence alongside the crypto news wires.

A fall through the pivot would bring the First Major Support Level (S1) at $16,484 into play. Barring another extended sell-off, BTC should avoid sub-$16,000. The Second Major Support Level (S2) at $16,284 should limit the downside. However, negative FTX-related news could send BTC to sub-$16,000.

The Third Major Support Level (S3) sits at $15,959.

BTC resistance levels in play.
BTCUSD 181122 Houly Chart

Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bearish signal. This morning, bitcoin sat below the 50-day EMA, currently at $17,143. The 50-day EMA eased back from the 200-day EMA, with the 100-day EMA falling back from the 200-day EMA, delivering bearish signals.

A BTC move through R1 ($16,809) and R2 ($16,934) would give the bulls a run at the 50-day EMA ($17,157) and R3 ($17,259). However, failure to move through the 50-day EMA would leave BTC under pressure and S1 ($16,484) in view.

EMAs remain bearish.
BTCUSD 181122 4 Hourly Chart

ADA Price Prediction: Failure to Revisit $0.340 Leaves Sub-$0.300 in Play

Key Insights:

  • On Thursday, cardano (ADA) fell by 2.11%, marking the Seventh loss from ten sessions.
  • Withdrawal freezes and Solana-based stablecoin suspensions soured the mood.
  • The technical indicators remained bearish, with ADA sitting below the 50-day EMA, leaving $0.300 in view.

On Thursday, ADA fell by 2.11%. Following a 1.48% loss on Wednesday, ADA ended the day at $0.325. Notably, ADA fell short of $0.340 for the first time since the collapse of FTX.

Tracking the broader crypto market, ADA rose to an early morning high of $0.334. Coming up short of the First Major Resistance Level (R1) at $0.343, ADA slid to a late morning low of $0.299. ADA briefly fell through the First Major Support Level (S1) at $0.323 and the Second Major Support Level (S2) at $0.313 before ending the day at $0.325.

FTX Contagion News Leaves ADA on the Back Foot

On Thursday, reports of exchanges suspending support of Solana-based USD Tether (USDT) and USD Coin (USDC) weighed on investor sentiment. Investor confidence has failed to recover since the collapse of FTX, with updates on the events that led to the collapse raising concerns over other centralized crypto platforms.

BinanceByBit, and OKX were among the exchanges to suspend the deposit and withdrawal of the Solana-based stablecoins. However, Binance removed the Solana-based USDT suspension later in the day, providing some relief.

Adding to the bearish mood was hawkish Fed chatter that eased bets of a December Fed pivot. On Thursday, FOMC member Bullard pointed out that Fed rate hikes have only had a limited impact on inflation. The comments gave investors one more factor to consider.

However, recovering from a 2022 low of $0.299, ADA and the broader crypto market found investor support this morning. While contagion risk remains a threat, market conditions have temporarily normalized.

Later today, Input Output HK’s (IOHK) weekly development update will influence. Investors would react favorably to a jump in Cardano network projects.

ADA Price Action

This morning, ADA was up 0.92% to $0.328. A mixed morning saw ADA fall to an early low of $0.324 before rising to a high of $0.332.

ADA finds support.
ADAUSD 181122 Daily Chart

Technical Indicators

ADA needs to avoid the $0.319 pivot to target the First Major Resistance Level (R1) at $0.340. A move through the Thursday high of $0.334 would signal a possible breakout. However, ADA would also need the support of the broader market and an upbeat weekly development report for a sustained rally.

In case of an extended rally, the Second Major Resistance Level (R2) at $0.354 would come into play. The Third Major Resistance Level (R3) sits at $0.389.

A fall through the pivot would bring the First Major Support Level (S1) at $0.305 into play. However, barring a contagion-fueled sell-off, ADA should avoid sub-$0.300 and Second Major Support Level (S2) at $0.284.

The Third Major Support Level (S3) sits at $0.249.

ADA resistance levels in play.
ADAUSD 181122 Hourly Chart

This morning, the EMAs and the 4-hourly candlestick chart (below) sent a bearish signal.

ADA sat below the 50-day, currently at $0.342. The 50-day EMA eased back from the 100-day EMA, with the 100-day EMA falling back from the 200-day EMA, delivering bearish signals.

A move through R1 ($0.340) and the 50-day EMA ($0.342) would bring R2 ($0.354) into play. However, failure to move through the 50-day EMA would leave ADA under pressure and sub-$0.300 in view.

EMAs bearish.
ADAUSD 181122 4-Hourly Chart

Crypto Market Daily Highlights – XRP and BTC Buck the Top Ten Trend

Key Insights:

  • It was a mixed Thursday session for the crypto top ten, with XRP finding support to buck the broader trend.
  • News coverage of the FTX fallout, the increased regulatory scrutiny, and contagion risk weighed.
  • The crypto market cap fell by $3.4 billion to end the day at $786.6 billion.

It was a mixed Thursday session for the crypto top ten. Polygon (MATIC) led the way down, while XRP and BTC bucked the top ten trend. BTC rose for the third time in seven sessions. Notably, BTC fell short of $17,000 for the first time in four sessions.

The fallout from the collapse of FTX continued to leave the broader crypto market under pressure. Following the news of BlockFi, Liquid, Genesis, and Gemini Earn freezing withdrawals, stablecoins became the area of focus on Thursday.

The news hit the wires on Thursday of exchanges suspending support for Solana-based USD Coin (USDC) and USD Tether (USDT). BinanceByBit, and OKX suspended the SOL-based stablecoins.

While Binance removed the suspension on Solana USDT deposits, the latest news further impacted investor confidence. On Thursday, Binance issued a notice, suspending deposits of USDC (SOL) and USDT (SOL). However, Binance provided no reason for the suspension.

Solana’s close link with Alameda Research, FTX, and Sam Bankman-Fried saw SOL tumble by 59.7% last week.

Hawkish Fed chatter added to the bearish mood, which led the NASDAQ Composite Index down 0.35% on the day. FOMC member Bullard spoke on Thursday, saying that Fed rate hikes have only had a limited impact on inflation.

Later today, a lack of US economic indicators or FOMC member speeches will leave the crypto market in the hands of FTX-linked news and the NASDAQ Index. This morning, the NASDAQ mini was up 19.50 points.

NASDAQ correlation.
Total Market Cap – NASDAQ – 181122 Daily Chart

Crypto Market Falls for a Second Session on FTX Contagion Risk

It was a bearish Thursday session. The crypto market rose to an early high of $797.6 billion before sliding to a low of $773.0 billion.

FTX-linked news updates and sentiment towards the suspension of SOL-based USDC and USDT weighed on investor sentiment.

While recovering from sub-$780 billion, the market cap fell by $3.4 billion to end the day at $786.7 billion. The Thursday decline left the market cap down $184 billion in November.

Crypto market stuck at sub-$800 bn.
Total Market Cap 181122 Daily Chart

The Crypto Market Movers and Shakers from the Top Ten and Beyond

It was a mixed Thursday session for the crypto top ten.

XRP and BTC bucked the trend, with gains of 1.78% and 0.17%, respectively.

However, MATIC led the way down, sliding by 2.97%, with ADA (-2.11%) struggling.

BNB (-1.44%), DOGE (-1.05%), and ETH (-1.30%) also saw red.

From the CoinMarketCap top 100, it was a mixed session.

Litecoin (LTC) led the way, rallying by 8.89%. Kava (KAVA) and Arweave (AR) were also among the front runners, rising by 5.31% and 5.29%, respectively.

However, curve DAO token (CRV) and near protocol (NEAR) led the way down, with losses of 5.66% and 4.79%, respectively. Solana (SOL) also struggled, falling by 4.42%.

24-Hour Liquidations Continued to Slide Amid Rising Contagion Risk

Over 24 hours, total liquidations fell further below-usual levels as contagion risk intensified. At the time of writing, 24-hour liquidations stood at $43.31 million, down from $62.13 million on Thursday morning.

Liquidated traders over the last 24 hours also declined. At the time of writing, liquidated traders stood at 19,228 versus 28,735 on Thursday morning. Liquidations were down over 12 and four hours and over one hour.

Crypto liquidations slide.
Total Crypto Liquidations 181122

According to Coinglass, 12-hour liquidations fell from $38.35 million to $24.16 million, with four-hour liquidations down from $5.59 million to $2.54 million. One-hour liquidations fell from $3.02 million to $0.580 million.

The chart below shows market conditions throughout the session.

Crypto market sees choppy end to the session.
Total Market Cap 181122 Hourly Chart

ADA Price Prediction: FTX Contagion Risk Leaves Sub-$0.300 in Play

Key Insights:

  • On Wednesday, cardano (ADA) fell by 1.48%, marking the sixth loss from nine sessions.
  • FTX contagion risk returned mid-week, with more platforms freezing withdrawals.
  • The technical indicators remained bearish, with ADA sitting below the 50-day EMA, leaving $0.300 in view.

On Wednesday, ADA fell by 1.48%. Reversing a 1.51% gain from Tuesday, ADA ended the day at $0.332. Notably, ADA wrapped up the day at sub-$0.400 for the eighth consecutive session while avoiding the November 9 low of $0.309.

Tracking the broader crypto market, ADA rose to a mid-morning high of $0.344. Coming up against the First Major Resistance Level (R1) at $0.344, ADA slid to a late afternoon low of $0.324. ADA briefly fell through the First Major Support Level (S1) at $0.329 before a partial recovery to wrap up the day at $0.332.

FTX Contagion Risks Sends ADA to a New 2022 Low

Input Output HK (IOHK) network updates continued to take a backseat mid-week. Investors have shown little interest in network developments, with the markets eying the fallout from the collapse of FTX.

However, ADA has performed poorly this week relative to the rest of the top ten cryptos. For the current week, only BNB has seen heavier losses, falling by 3.30% versus a 1.82% loss for ADA.

Pre-FTX collapse network updates had failed to impress, with the talk of an influx of projects at the turn of the year providing price support. The current mood of the market may be more interested in in progress.

Last weekend, Input Output HK (IOHK) released the Cardano Weekly Development statistics.

According to the latest report,

  • 104 projects launched on Cardano, unchanged from the previous week.
  • Projects building on Cardano totaled 1,139, up by nine from the previous week.

Before the Vasil hard fork, the number of projects launched on Cardano had stood at 98, with 1,100 projects building on the Cardano network. Crypto investors will likely continue to eye the weekly stats and jump in once there’s a material increase from current levels.

While ADA is struggling alongside the broader crypto market, an influx in project numbers would materially change the price outlook.

However, FTX fallout will likely remain the focal point today. Updates on the Binance recovery fund would ease the pain, though Binance CEO CZ stated that more details would only be available in a couple of weeks.

ADA Price Action

This morning, ADA was down 3.01% to $0.322. A choppy morning saw ADA rise to an early high of $0.334 before sliding to a new 2022 low of $0.299.

ADA fell through the First Major Support Level (S1) at $0.323 and briefly through the Second Major Support Level (S2) at $0.313.

ADA under pressure.
ADAUSD 171122 Daily Chart

Technical Indicators

ADA needs to move through S1 and the $0.333 pivot to target the First Major Resistance Level (R1) at $0.343 and the Wednesday high of $0.344. A move through R1 would signal a possible breakout. However, ADA would also need the support of the broader market for a sustained rally.

In case of an extended rally, the Second Major Resistance Level (R2) at $0.353 would come into play. The Third Major Resistance Level (R3) sits at $0.373.

Failure to move through S1 and the pivot would leave the Second Major Support Level (S2) at $0.313 in play. However, barring another extended sell-off, ADA should avoid sub-$0.300 and the morning low of $0.299.

The Third Major Support Level (S3) sits at $0.293.

ADA support levels in play below the pivot.
ADAUSD 171122 Hourly Chart

This morning, the EMAs and the 4-hourly candlestick chart (below) sent a bearish signal.

ADA sat below the 50-day, currently at $0.345. The 50-day EMA slid back from the 100-day EMA, with the 100-day EMA falling back from the 200-day EMA, delivering bearish signals.

A move through R1 ($0.343) and the 50-day EMA ($0.345) would bring R2 ($0.353) into play. However, failure to move through the 50-day EMA would leave ADA under pressure and sub-$0.300 in view.

EMAs bearish.
ADAUSD 171122 4-Hourly Chart

XRP Price Target of $0.40 Hinged on FTX and Contagion Risk Sentiment

Key Insights:

  • On Wednesday, XRP slid by 3.35% to end the day at $0.37546.
  • There were no SEC v Ripple case updates, leaving XRP to react to news of Genesis suspending redemptions.
  • The technical indicators are bearish, with XRP sitting below the 50-day EMA, signaling a return to sub-$0.35.

On Wednesday, XRP slid by 3.35%. Reversing a 3.07% gain from Tuesday, XRP ended the day at $0.37546. Notably, XRP ended the day at sub-$0.40 for the eighth consecutive session.

A mixed start to the day saw XRP rise to a mid-morning high of $0.39066. Coming up short of the First Major Resistance Level (R1) at $0.4018, XRP fell to a late afternoon low of $0.36152. XRP briefly fell through the First Major Support Level (S1) at $0.3709 before wrapping up the day at $0.37546.

Going into the Wednesday session, coverage of the FTX collapse continued to test market confidence. More details emerged throughout the day, raising the likelihood of draconian-style regulatory measures.

There were no SEC v Ripple case updates to distract XRP holders mid-week. Despite the Wednesday loss, investor optimism toward a favorable outcome remains positive.

Contagion News Overshadows Optimism Toward the SEC v Ripple Case

After a string of Amicus Brief filings on Tuesday, it was a quiet Wednesday session. A lack of SEC v Ripple case news left XRP in the hands of the crypto wires.

News of Genesis Trading suspending redemptions reignited contagion fears, sending XRP and the broader market into the red.

For XRP holders, the next Court date is November 30. Parties must file summary judgment reply briefs under temporary seal. The public will have access to redacted versions on December 5.

We expect the content to influence sentiment toward the SEC v Ripple case. However, the collapse of FTX and contagion should have no bearing.

XRP Price Action

At the time of writing, XRP was up 0.76% to $0.37833. A mixed start to the day saw XRP fall to an early low of $0.37244 before rising to a high of $0.37948.

XRP finds early support.
XRPUSD 171122 Daily Chart

Technical Indicators

XRP needs to avoid the $0.3759 pivot to target the First Major Resistance Level (R1) at $0.3902 and the Wednesday high of $0.39066. A return to $0.39 would signal a bullish session. However, contagion, the SEC v Ripple case, and US stats need consideration.

In the case of an extended rally, the bulls would take a run at the Second Major Resistance Level (R2) at $0.4050. The Third Major Resistance Level (R3) sits at $0.4342.

A fall through the pivot would bring the First Major Support Level (S2) at $0.3611 into play. However, barring another extended sell-off, XRP should avoid sub-$0.35 and the Second Major Support Level (S2) at $0.3467. The Third Major Support Level (S3) sits at $0.3176.

XRP resistance levels in play above the pivot.
XRPUSD 171122 Hourly Chart

The EMAs and the 4-hourly candlestick chart (below) sent a bearish signal.

At the time of writing, XRP sat below the 50-day EMA, currently at $0.38300. The 50-day EMA slipped back from the 100-day EMA, with the 100-day EMA easing back from the 200-day EMA. The signals were bearish.

A move through the 50-day EMA ($0.38300) would support a breakout from R1 ($0.3902) to bring $0.40 and R2 ($0.4050) into play. However, failure to move through the 50-day EMA ($0.38300) would leave S1 ($0.3611) in view. The 200-day EMA sits at $0.42624.

EMAs bearish.
XRPUSD 171122 4 Hourly Chart

DOGE Bulls to Target $0.0950 as SHIB Eyes a Return to $0.000010

Key Insights:

  • Dogecoin (DOGE) and shiba inu coin (SHIB) saw a two-day winning streak end on Wednesday.
  • While updates on the Binance recovery fund cushioned the fall, news of Genesis freezing redemptions weighed.
  • The technical indicators remain bearish, with the EMAs signaling further downside.

On Wednesday, dogecoin (DOGE) fell by 1.72%. Reversing a 1.52% gain from Tuesday, DOGE ended the day at $0.0856. Notably, DOGE ended the day at sub-$0.10 for the ninth consecutive session.

A bullish start to the day saw DOGE rise to a mid-morning high of $0.0911. DOGE broke through the First Major Resistance Level (R1) at $0.0894 before sliding to a low of $0.0832. DOGE briefly fell through the First Major Support Level (S1) at $0.0847 before wrapping up the day at $0.0856.

Shiba inu coin (SHIB) fell by 1.19% on Wednesday. Partially reversing a 1.76% gain from Tuesday, SHIB ended the day at $0.00000913.

Tracking the broader market, SHIB rose to a mid-morning high of $0.00000965. SHIB broke through the First Major Resistance Level (R1) at $0.00000954 before sliding to a low of $0.00000897. Testing support at the First Major Support Level (S1) at $0.00000896, SHIB found late support to wrap up the day at $0.00000913.

SHIB news failed to provide price support. On Wednesday, Travala.com announced that it would accept SHIB for The Palm bookings, saying,

“Hey SHIB Army, check out the W Hotels Dubai – The Palm. Book this 5-star luxury hotel on Travala with SHIB and enjoy the private beach with views of the city skyline and the Arabian Gulf.”

News of Genesis Trading suspending redemptions and new loan originations reignited contagion fear, sending DOGE and SHIB into the red.

There were no Dogecoin network updates to distract investors, with Elon Musk and Twitter news providing little support.

For the day ahead, updates on Twitter, the Binance recovery fund, and contagion news will likely remain areas of interest.

Dogecoin (DOGE) Price Action

At the time of writing, DOGE was up 1.17% to $0.0866. A mixed start to the day saw DOGE fall to an early low of $0.0853 before rising to a high of $0.0871.

DOGE finds early support.
DOGEUSD 171122 Daily Chart

Technical Indicators

DOGE needs to avoid a fall through the $0.0866 pivot to target the First Major Resistance Level (R1) at $0.0901 and the Wednesday high of $0.0911. A return to $0.0900 would signal a bullish afternoon session.

However, US economic indicators and the crypto news wires need to be crypto-friendly to support a breakout session.

In the event of an extended afternoon breakout session, the bulls could take a run at the Second Major Resistance Level (R2) at $0.0945 and $0.0950. The Third Major Resistance Level (R3) sits at $0.1024.

A fall through the pivot ($0.0866) would bring the First Major Support Level (S1) at $0.0822 into play. However, barring another extended sell-off, DOGE should avoid sub-$0.0800 and the Second Major Support Level (S2) at $0.0787.

The Third Major Support Level (S3) sits at $0.0708.

DOGE resistance levels in play above the pivot.
DOGEUSD 171122 Hourly Chart

The EMAs sent a bearish signal, with DOGE sitting below the 200-day EMA, currently at $0.0893. The 50-day EMA converged on the 200-day EMA, with the 100-day EMA narrowing to the 200-day EMA. The price signals were bearish.

A move through the 200-day EMA ($0.0893) would bring R1 ($0.0901) and the 50-day EMA ($0.0902) into play. However, failure to move through the 200-day EMA ($0.0893) would bring S1 ($0.0822) into view. A bearish cross of the 50-day EMA through the 200-day would increase selling pressure and give the bears a look at sub-$0.0800.

EMAs bearish.
DOGEUSD 171122 4 Hourly Chart

Shiba Inu Coin (SHIB) Price Action

At the time of writing, SHIB was up 0.44% to $0.00000917. A mixed start to the day saw SHIB fall to an early low of $0.00000911 before rising to a high of $0.00000920.

SHIB finds early support.
SHIBUSD 171122 Daily Chart

Technical Indicators

SHIB needs to move through the $0.00000925 pivot to target the First Major Resistance Level (R1) at $0.00000953 and the Wednesday high of $0.00000965. A return to $0.00000950 would signal a bullish afternoon session. However, any further contagion news would test buyer appetite.

In case of an extended rally, SHIB would likely test the Second Major Resistance Level (R2) at $0.00000993 and resistance at $0.0000100. The Third Major Resistance Level (R3) sits at $0.00001061.

Failure to move through the pivot would leave the First Major Support Level (S1) at $0.00000885 in play. Barring another extended sell-off, SHIB should avoid sub-$0.00000880 and the Second Major Support Level (S2) at $0.00000857.

The Third Major Support Level (S3) sits at $0.00000789.

SHIB support levels in play below the pivot.
SHIBUSD 171122 Hourly Chart

The EMAs send a bearish signal, with SHIB sitting below the 50-day EMA, currently at $0.00000969. This morning, the 50-day EMA slid back from the 100-day EMA, with the 100-day EMA falling back from the 200-day EMA. The signals were bearish.

A move through R1 ($0.00000953) would give the bulls a run at the 50-day EMA ($0.00000969) and R2 ($0.00000993). However, failure to move through the 50-day EMA would leave SHIB under pressure.

EMAs remain bearish.
SHIBUSD 171122 4 Hourly Chart

BTC Fear & Greed Index Falls on Genesis News and a NASDAQ Index Slide

Key Insights:

  • On Wednesday, bitcoin (BTC) fell by 1.37%. Marking the eighth loss from eleven sessions, BTC ended the day at $16,654.
  • News of Genesis Trading freezing redemptions and the NASDAQ Composite Index sent BTC and the broader crypto market into the red.
  • The Bitcoin Fear & Greed Index fell from 23/100 to 20/100 as contagion fear resurfaced.

On Wednesday, bitcoin (BTC) fell by 1.37%. Partially reversing a 1.56% gain from Tuesday, BTC ended the day at $16,654. Notably, ended the day at sub-$17,000 for the sixth time since 2020.

A mixed start to the day saw BTC rise to an early high of $17,002. However, coming up short of the First Major Resistance Level (R1) at $17,164, BTC fell to a mid-afternoon low of $16,347. BTC fell through the First Major Support Level (S1) at $16,575 before wrapping up the day at $16,654.

US economic indicators failed to provide support, despite a 1.3% jump in retail sales. News of Genesis suspending redemptions hit the wires ahead of the retail sales numbers, sending the BTC deeper into the red.

Adding to the market angst were updates from Target Corp (TGT) and Micron Tech (MU), which left the US equity markets in negative territory. NASDAQ-listed Micron Tech (MU) announced plans to reduce memory chip supplies and make more cuts to its capital spending plans.

Later today, US jobless claims and Philly Fed Manufacturing numbers could influence. However, further signs of contagion would overshadow positive stats and a NASDAQ Index recovery of Wednesday’s losses. This morning, the NASDAQ mini was up 39.5 points.

NASDAQ correlation.
NASDAQ – BTCUSD 171122 5 Minute Chart

The Fear & Greed Index Falls Deeper into the Extreme Fear Zone

Today, the Fear & Greed Index fell from 23/100 to 20/100. The news of Genesis Trading freezing redemptions weighed on investor sentiment mid-week. Contagion risk remains a significant risk to the crypto market near term, leaving investors sensitive to news of freezes.

However, the Index avoided sub-20 despite the Genesis news, suggesting investor resilience. The Binance recovery fund and interest in backing the fund likely limited the damage.

Attending a conference in Abu Dhabi, Binance CEO CZ reportedly said,

“There are players that have strong financials and we should band together; we’ve got significant interest so far.”

CZ did not provide names of institutions or exchanges or details of the recovery fund in terms of the mechanism, such as current size and qualification criteria.

However, CZ did say that more details about the fund will be available over the next two weeks.

The Index would need to avoid sub-20/100 to support a return to 40 and a move into the neutral zone. However, a fall to sub-20/100 would see BTC face the risk of sub-$10,000.

Fear & Greed Index avoids sub-20
Fear & Greed 171122

Bitcoin (BTC) Price Action

At the time of writing, BTC was up 0.10% to $16,671. A range-bound start to the day saw BTC fall to an early low of $16,650 before rising to a high of $16,700.

BTC finds early support.
BTCUSD 171122 Daily Chart

Technical Indicators

BTC needs to avoid the $16,668 pivot to target the First Major Resistance Level (R1) at $16,988 and the Wednesday high of $17,002. A return to $17,000 would signal a bullish session. However, the direction will hinge on FTX updates, contagion news, and US stats.

In the case of an extended rally, BTC would likely test the Second Major Resistance Level (R2) at $17,323 and resistance at $17,500.

The Third Major Resistance Level (R3) sits at $17,978.

A fall through the pivot would bring the First Major Support Level (S1) at $16,333 into play. Barring another extended sell-off, BTC should avoid sub-$16,000. The Second Major Support Level (S2) at $16,013 should limit the downside. However, negative FTX-related news could send BTC to sub-$15,000.

The Third Major Support Level (S3) sits at $15,358.

BTC resistance levels in play above the pivot.
BTCUSD 171122 Hourly Chart

Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bearish signal. This morning, bitcoin sat below the 50-day EMA, currently at $17,301. The 50-day EMA eased back from the 200-day EMA, with the 100-day EMA falling back from the 200-day EMA, delivering bearish signals.

A BTC move through R1 ($16,988) would give the bulls a run at the 50-day EMA ($17,301) and R2 ($17,323). However, failure to move through the 50-day EMA would leave BTC under pressure and S1 ($16,333) in view.

BTC EMAs bearish
BTCUSD 171122 4 Hourly Chart

Crypto Market Daily Highlights – MATIC and XRP Fall on Genesis News

Key Insights:

  • It was a bearish Wednesday session for the crypto top ten, with polygon (MATIC) leading the way.
  • News of Genesis Trading freezing redemptions reignited contagion fear, with a bearish NASDAQ Index session adding to the negative mood.
  • The crypto market cap fell by $12.5 billion to end the day at $790.3 billion.

It was a bearish Wednesday session for the crypto top ten. Polygon (MATIC) led the way down. BTC fell for the eighth session in eleven. Notably, BTC ended the day at sub-$17,000 for the sixth time since 2020.

News of Genesis Trading suspending redemptions and new loan originations reignited contagion fear. Genesis follows BlockFi and Liquid, who froze withdrawals due to the collapse of FTX.

However, the market reaction to the news was relatively muted when considering the increased risk of more platforms to follow. On Wednesday, Binance CEO CZ looked to calm market jitters by providing an update on the recovery fund. The Binance CEO said,

“There are players that have strong financials and we should band together; we’ve got significant interest so far.”

However, details remained scarce, with the Binance CEO holding back details of interested parties.

Looking beyond the crypto market, the NASDAQ Composite Index fell by 1.54%, adding further pressure on the crypto market. US retail sales figures failed to provide support, despite an unexpected 1.3% jump in spending.

Micron Tech (MU) weighed on the NASDAQ on chip supply and capital spending updates. Target Corp (TGT) added to the bearish sentiment, forecasting weak sales for the holiday quarter.

NASDAQ correlation.
Total Market Cap – NASDAQ – 171122 5 Minute Chart

Crypto Market Slides on Genesis News and NASDAQ Pullback

It was a bearish Wednesday session. The crypto market rose to an early high of $813.2 billion before sliding to a low of $775.1 billion.

Contagion fear resurfaced to reverse gains from the previous two sessions.

While recovering from sub-$780 billion, the market cap fell by $12.5 billion to end the day at $790.3 billion. The Wednesday slide left the market cap down $179 billion in November.

Crypto market falls back to sub-$800 billion.
Total Market Cap 171122 Daily Chart

The Crypto Market Movers and Shakers from the Top Ten and Beyond

It was a bearish Wednesday session for the crypto top ten.

MATIC led the way down, sliding by 4.20%, with ETH (-2.92%) and XRP (-3.35%) struggling.

ADA (-1.48%), BNB (-1.81%), BTC (-1.37%), and DOGE (-1.72%) also saw red.

From the CoinMarketCap top 100, it was a mixed session.

Trust wallet token (TWT) led the way, rallying by 11.90%. Aptos (APT) and chiliz (CHZ) were also among the front runners, rising by 3.69% and 6.06%, respectively.

However, maker (MKR) led the way down, falling by 6.46%, with kava (KAVA) and cronos (CRO) seeing losses of 4.51% and 4.34%, respectively.

24-Hour Liquidations Hold Steady Despite Bearish Session

Over 24 hours, total liquidations held at below-usual levels despite contagion fear resurfacing. At the time of writing, 24-hour liquidations stood at $62.13 million versus $69.38 million on Wednesday morning.

Liquidated traders over the last 24 hours also held steady. At the time of writing, liquidated traders stood at 28,735 versus 27,924 on Wednesday morning. Liquidations were down over 12 hours while up over four hours and one hour.

Crypto liquidations hold steady.
Total Crypto Liquidations 171122

According to Coinglass, 12-hour liquidations fell from $41.79 million to $38.35 million. However, four-hour liquidations rose from $2.78 million to $5.59 million, with one-hour liquidations up from $0.444 million to $3.02 million.

The chart below shows market conditions throughout the session.

Crypto market finds late support.
Total Market Cap 171122 Hourly Chart

5 Things to Know in Crypto Today – Genesis and the NASDAQ Index Weigh

Key Insights:

  • Genesis announced the suspension of redemptions and new loans.
  • Binance CEO CZ talks of significant interest in the recovery fund.
  • US retail sales beat expectations, while Target (TGT) delivers a grim holiday season forecast.

Genesis Announces Suspension of Crypto Lending and Redemptions

The collapse of FTX took another bite out of the crypto market today. This afternoon, Genesis Trading announced the temporary suspension of redemptions and new loan originations in the lending business.

Genesis blamed the collapse of FTX for the unprecedented market turmoil, leading to irregular withdrawal requests that exceeded the platform’s available liquidity.

Despite the cushion of the Binance recovery fund, investors responded adversely to the news that preceded US retail sales figures for October.

Following the news of BlockFi and FTX-Linked Liquid freezing withdrawals, the latest announcement raises the possibility of more platforms suspending withdrawals.

After enjoying a two-day winning streak, the crypto market was down $17.1 billion to $785.7 billion in response to the news and market reaction to the latest US retail sales figures.

Crypto market slides on Genesis news and NASDAQ fall.
Crypto Market Cap 171122 Daily Chart

US Retail Sales Overshadowed by Target Q4 Sales Forecast

US Retail Sales jumped by 1.3% in October after stalling in September. Economists forecast a 1.0% increase.

However, Target Corp (TGT) weighed on investor sentiment, forecasting slowing demand over the holiday quarter. The unexpected forecast followed a Q3 earnings miss, leaving TGT down 13.06% for the session.

Adding to the bearish mood was news of Micron Tech (MU) reducing memory chip supplies and plans to make more cuts to its capital spending plans. The NASDAQ Composite Index ended the day with a 1.54% loss, which added to the crypto market’s bearish mood.

NASDAQ correlation.
Crypto Market NASDAQ 171122 5 Minute Chart

Binance CEO CZ Tells of Significant Interest in the Recovery Fund

On Wednesday, Binance CEO CZ updated the markets on the recently launched Recovery Fund. Attending a conference in Abu Dhabi, CZ reportedly said,

“There are players that have strong financials and we should band together; we’ve got significant interest so far.”

CZ did not provide names of institutions or exchanges or details of the recovery fund. Details such as the size of the fund and the qualification criteria remain vague.

However, CZ did say that more details about the fund will be available over the next two weeks.

Amidst the current market turmoil, the FIFA 2022 World Cup show must go on.

Today, Binance also announced the November 18 first-ever Christiano Ronaldo NFT drop on Binance.

FTX Fallout Hits Celebrity Endorsers

This week, Plaintiff Edwin Garrison filed a class action lawsuit against former FTX CEO Sam Bankman-Fried and a group of individuals accused of endorsing FTX. The class-action suit lists Tom Brady, Gisele Bundchen, Stephen Curry, Shaquille O’Neal, Naomi Osaka, and Kevin O’Leary as co-defendants.

In October, Kim Kardashian settled with the SEC on charges of touting a crypto asset security by paying $1.26 million in penalties.

Senate Banking Committee Targets Former FTX CEO

According to news reports, the Senate Banking Committee is following in the footsteps of the House Financial Service Committee with plans to hold a hearing on FTX, which will involve Alameda and Bankman-Fried.

According to Reuters, the Financial Services Committee Chair Maxine Waters said,

“The fallout of FTX has posed tremendous harm to over one million users, many of whole were everyday people who invested their hard-earned savings into the FTX cryptocurrency exchange, only to watch it disappear within a matter of seconds.”

 

ETH Awaits US Retail Sales to Target $1,300 on NASDAQ Index Support

Key Insights:

  • Bitcoin (BTC) and ethereum (ETH) saw green for the second consecutive session on Tuesday.
  • Sentiment towards the launch of the Binance recovery fund and US economic indicators provided support, while contagion risk left the pair with modest gains.
  • This morning, investor appetite was mixed. FTX remained a focal point, with new stories hitting investor confidence ahead of US economic indicators later today

Ethereum (ETH) rose by 0.81% on Tuesday. Following a 1.89% gain on Monday, ETH ended the day at $1,252. Notably, ETH fell short of $1,300 for the fourth consecutive session.

A mixed start to the day saw ETH fall to an early morning low of $1,233. Steering clear of the First Major Support Level (S1) at $1,178, ETH rose to an early afternoon high of $1,290. However, coming up short of the First Major Resistance Level (R1) at $1,298, ETH slid back to sub-$1,250 before ending the day at $1,252.

On Monday, bitcoin (BTC) rose by 1.72%. Partially reversing a 2.80% fall from Sunday, BTC ended the day at $16,626. Notably, BTC logged the second gain from nine sessions while ending the day at sub-$17,000 for the fourth time since 2020.

A bearish start to the day saw BTC slide to an early low of $15,822. BTC fell through the First Major Support Level (S1) at $16,081. However, steering clear of the Second Major Support Level (S2) at $15,818, BTC rallied to an early afternoon high of $17,200. BTC broke through the First Major Resistance Level (R1) at $16,782 before ending the day at $16,626.

Contagion risk weighed on investor sentiment going into the Tuesday session. News coverage of the FTX collapse and linked companies tested investor appetite. However, the Binance launch of the crypto recovery fund limited the downside.

Going into the afternoon session, US economic indicators and market bets of a December Fed delivered the NASDAQ and crypto market support.

Softer wholesale inflation numbers fueled the bets of a December Fed pivot, with the probability of a 75-basis point rate hike sliding to 14.6%, according to the FedWatch Tool. One week ago, the chances of a 75-basis point rate hike stood at 43.2%

However, news of FTX-linked Liquid freezing withdrawals citing the FTX collapse tested investor sentiment late Tuesday and early Wednesday. While the Binance recovery fund has provided support, the size of the fund remains unknown as more market players commit to the fund. The details could provide another market boost.

Away from the crypto market, today’s US retail sales numbers and the NASDAQ Composite Index may provide further direction. On Tuesday, BTC and ETH showed sensitivity to US stats and the NASDAQ, suggesting a normalization of market conditions.

A jump in US consumption could raise doubts over a Fed pivot, which would place greater focus on FOMC member chatter. FOMC members Barr, Williams, and Waller speak today.

NASDAQ correlation.
NASDAQ BTC ETH Correlation – 161122 5 Minute Chart

Ethereum (ETH) Price Action

At the time of writing, ETH was down 1.23% to $1,236. A mixed morning saw ETH rise to an early high of $1,267 before falling to a low of $1,226.

The First Major Support Level (S1) at $1,227 cushioned the downside.

ETH under pressure.
ETHUSD 161122 Daily Chart

Technical Indicators

ETH needs to move through the $1,258 pivot to target the First Major Resistance Level (R1) at $1,284 and $1,300. An ETH move through the Tuesday high of $1,290 would signal a bullish afternoon session.

In the event of an extended rally, ETH would likely test the Second Major Resistance Level (R2) at $1,315. The Third Major Resistance Level (R3) sits at $1,372.

Failure to move through the pivot would leave the First Major Support Level (S1) at $1,227 in play. However, barring another extended afternoon sell-off, ETH should avoid sub-$1,200. The Second Major Support Level (S2) at $1,201 should limit the downside.

The Third Major Support Level sits at $1,144.

ETH support levels in play below the pivot.
ETHUSD 161122 Hourly Chart

Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bearish signal. Ethereum sat below the 50-day EMA, currently at $1,296. The 50-day EMA slid back from the 200-day EMA, with the 100-day EMA easing back from the 200-day EMA, delivering bearish signals.

A move through R1 ($1,284) would bring the 50-day EMA ($1,296) and R2 ($1,315) into play. However, failure to move through the 50-day EMA would leave ETH under pressure.

EMAs bearish.
ETHUSD 161122 4 Hourly Chart

Bitcoin (BTC) Price Action

BTC was down 0.66% to $16,774. A mixed morning saw BTC rise to an early high of $17,002 before falling to a low of $16,704.

BTC under pressure.
BTCUSD 161122 Daily Chart

Technical Indicators

BTC needs to move through the $16,854 pivot to target the First Major Resistance Level (R1) at $17,164 and the Tuesday high of $17,132. A return to $17,000 would signal a bullish session. However, the direction will hinge on several factors, including FTX updates, contagion news, Binance recovery fund details, and US stats.

In the case of an extended rally, BTC would likely test the Second Major Resistance Level (R2) at $17,443 and resistance at $17,500.

The Third Major Resistance Level (R3) sits at $18,032.

Failure to move through the pivot would leave the First Major Support Level (S1) at $16,575 in play. Barring another extended sell-off, BTC should avoid sub-$16,000. The Second Major Support Level (S2) at $16,265 should limit the downside. However, negative FTX-related news could send BTC to sub-$15,000.

The Third Major Support Level (S3) sits at $15,676.

BTC support levels in play below the pivot.
BTCUSD 161122 Hourly Chart

Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bearish signal. This morning, bitcoin sat below the 50-day EMA, currently at $17,430. The 50-day EMA fell back from the 200-day EMA, with the 100-day EMA sliding back from the 200-day EMA, delivering bearish signals.

A BTC move through R1 ($17,164) would give the bulls a run at the 50-day EMA ($17,430) and R2 ($17,443). However, failure to move through the 50-day EMA would leave BTC under pressure and S1 ($16,575) in view.

EMAs bearish.
BTCUSD 161122 4 Hourly Chart

DOGE to Target a Return to $0.090 on US Stats and NASDAQ Index Moves

Key Insights:

  • Dogecoin (DOGE) and shiba inu coin (SHIB) rose for a second consecutive session on Tuesday, the longest min- break since November 1.
  • Investor sentiment continued to improve following the launch of the Binance recovery fund, with US economic indicators also providing a boost.
  • However, the technical indicators remain bearish, with the EMAs signaling further downside.

On Tuesday, dogecoin (DOGE) rose by 1.52%. Following a 1.18% gain from Monday, DOGE ended the day at $0.0871. Notably, DOGE ended the day at sub-$0.10 for the eighth consecutive session.

A mixed start to the day saw DOGE fall to an early morning low of $0.0847. Steering clear of the First Major Support Level (S1) at $0.0796, DOGE rose to a mid-afternoon high of $0.0894. However, falling short of the First Major Resistance Level (R1) at $0.0917, DOGE eased back to end the day at $0.0871.

Shiba inu coin (SHIB) rose by 1.76% on Tuesday. Following a 0.78% gain on Monday, SHIB ended the day at $0.00000924.

Tracking the broader market, SHIB fell to an early morning low of $0.00000989. Steering clear of the First Major Support Level (S1) at $0.00000861, SHIB rose to a mid-afternoon high of $0.00000956. SHIB broke through the First Major Resistance Level (R1) at $0.00000947 before a pullback to end the day at $0.00000924.

Following the Binance recovery fund launch, contagion fear continued to ease through the morning. US economic indicators provided further support in the early afternoon. Softer US wholesale inflation figures fueled bets of a December Fed pivot, supporting the NASDAQ Composite Index and the crypto market.

However, increased concerns over Twitter’s future limited the upside for the meme coins. Last week, Elon Musk warned that he could not rule out bankruptcy. Key staff have left, and Musk postponed Tuesday’s Twitter relaunch to November 29.

Concerns over content have led to numerous advertisers suspending business with Twitter. Ads reportedly contribute circa 90% of Twitter’s revenue. The sharp decline in revenue reduces the likelihood of a sharp increase in DOGE adoption.

News of FTX-linked Liquid freezing withdrawals added to the bearish mood later in the day. However, with the Binance recovery fund in place, DOGE and SHIB avoided negative territory.

Dogecoin (DOGE) Price Action

At the time of writing, DOGE was up 0.57% to $0.0876. A mixed start to the day saw DOGE fall to an early low of $0.0860 before rising to a high of $0.0881.

DOGE finds support.
DOGEUSD 161122 Daily Chart

Technical Indicators

DOGE needs to avoid the $0.0871 pivot to target the First Major Resistance Level (R1) at $0.0894 and the Tuesday high of $0.0894. A return to $0.0900 would signal a bullish afternoon session. However, US economic indicators and the crypto news wires need to be crypto-friendly to support a breakout session.

In the event of an extended afternoon breakout session, the bulls could take a run at the Second Major Resistance Level (R2) at $0.0918 and $0.0950. The Third Major Resistance Level (R3) sits at $0.0965.

A fall through the pivot ($0.0871) would bring the First Major Support Level (S1) at $0.0847 into play. However, barring an extended sell-off, DOGE should avoid the Second Major Support Level (S2) at $0.0824.

The Third Major Support Level (S3) sits at $0.0777.

DOGE resistance levels in play above the pivot.
DOGEUSD 161122 Hourly Chart

The EMAs sent a bearish signal, with DOGE sitting below the 200-day EMA, currently at $0.0894. The 50-day EMA pulled back from the 100-day EMA, with the 100-day EMA narrowing to the 200-day EMA. The price signals were bearish.

A move through the 200-day EMA ($0.0894) and R1 ($0.0894) would bring the 50-day EMA ($0.0913) and R2 ($0.0918) into play. However, failure to move through the 200-day EMA ($0.0894) and R1 would bring S1 ($0.0847) into view.

EMAs bearish.
DOGEUSD 161122 4 Hourly Chart

Shiba Inu Coin (SHIB) Price Action

At the time of writing, SHIB was up 1.08% to $0.00000934. A mixed start to the day saw SHIB fall to an early low of $0.00000916 before rising to a high of $0.00000938.

SHIB on the move.
SHIBUSD 161122 Daily Chart

Technical Indicators

SHIB needs to avoid the $0.00000926 pivot to target the First Major Resistance Level (R1) at $0.00000954 and the Tuesday high of $0.00000956. A return to $0.00000950 would signal a bullish afternoon session. However, any contagion news would test buyer appetite.

In case of an extended rally, SHIB would likely test the Second Major Resistance Level (R2) at $0.00000984 and resistance at $0.0000100. The Third Major Resistance Level (R3) sits at $0.00001042.

A fall through the pivot would bring the First Major Support Level (S1) at $0.00000896 into play. Barring another extended sell-off, SHIB should avoid sub-$0.00000890 and the Second Major Support Level (S2) at $0.00000868.

The Third Major Support Level (S3) sits at $0.00000810.

SHIB resistance levels in play above the pivot.
SHIBUSD 161122 Hourly Chart

The EMAs send a bearish signal, with SHIB sitting below the 50-day EMA, currently at $0.00000980. This morning, the 50-day EMA fell back from the 100-day EMA, with the 100-day EMA easing back from the 200-day EMA. The signals were bearish.

A move through R1 ($0.00000954) would give the bulls a run at the 50-day EMA ($0.00000980) and R2 ($0.00000984). However, failure to move through the 50-day EMA would leave SHIB under pressure.

EMAs bearish.
SHIBUSD 161122 4 Hourly Chart