Market Trends Influence Cryptocurrency Performance This November
Release: 2024/11/02 07:39 Reading: 815
Market Trends Drive Cryptocurrency Performance in November
Bitcoin (BTC) failed to start the month as anticipated, raising concerns about the final quarter's prospects. Amidst election discussions and Federal Reserve interest rate decisions, market participants chose caution. The recent attempt to break above $73,000 was thwarted by rumors of retaliation from Iran, leaving traders apprehensive.
Shiba Coin (SHIB)
SHIB attempted to settle above $0.00001908 during the recent Bitcoin surge but fell short. Maintaining the $0.00001709 level is currently positive. If BTC experiences a sharp decline due to election outcomes or other factors, support levels at $0.00001610 and $0.0000142 could be tested.
As BTC approaches its all-time high, market dominance is expected to increase. This indicates potential for significant gains in altcoins. SHIB could see a substantial rise if it regains support at $0.00002090 and overcomes resistance at $0.0000295.
PEPE and SOL Coin Insights
Despite trading above $0.0000084, PEPE Coin underperformed in the recent rally. In a bullish sentiment environment, it could show strong performance if it first reclaims $0.0000109 as support. It could then target all-time highs at $0.00001406 and $0.0000172.
The recent SOL Coin ETF application was positive, but the price could not withstand BTC sell-offs. As a result, Solana (SOL) has retreated from its highs while targeting new peaks above $188. Testing the range between $162 and $148 remains a possibility, with opportunities for traders buying near the bottom.
Chiliz (CHZ)
At the time of writing, CHZ Coin was at the support point of the parallel channel identified earlier. BTC price fluctuations have not significantly affected it. Losing this support could lead to a new low around $0.051. Conversely, a Bitcoin rally and increased risk appetite for altcoins could push CHZ towards the channel's midpoint at $0.07.
Targeting above $0.07 would then be $0.084 and $0.094.
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