Cryptocurrency Market Analysis as of 24.11.2023


Earlier this week, the resignation of Changpeng Zhao as Binance's CEO caused a brief disturbance in the cryptocurrency market. The overall market capitalization saw a slight decline from $1.44 trillion to $1.41 trillion over the course of seven days. Bitcoin and Ethereum experienced approximately 1% gains each throughout this period, while Ripple faced a loss of around 3.0%, and Litecoin saw a decrease of over 4%.

Technical Analysis


From a technical standpoint, Bitcoin has bounced back from early-week losses and has now returned below resistance within the sideways range between 34,264 and 37,993.
The $38,000 mark holds significance as a psychological level. If there's a breakout and consolidation above this point, it could pave the way for Bitcoin to extend its growth towards $40,000 per coin. On the flip side, failure to break out might lead to another decline within the corridor between 34,264 and 37,993.



Ripple is experiencing a gradual decline within the range between 0.5513 and 0.6600, with the potential for its price to shift towards either boundary from the middle of the sideways trend. At the same time, XRP/USD quotes have enough room to move toward support at 0.5513.



Moving on to Ethereum, it remains within the sideways range between 1896.78 and 2139.04. The ETH/USD pair has regained losses from this week, consolidating above the intermediate level at 2017.41. This sets the stage for a potential recovery towards the resistance at 2139.04.



As for Litecoin, amidst the market decline, it reached the support of the sideways range between 64.70 and 73.43 and rebounded. The quotes currently show technical potential for a recovery towards the resistance at 73.43.


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