Daily Crypto Review, Nov 15 – Cryptocurrency market bleeding out, major support levels broken

The cryptocurrency market suffered some losses in the past 24 hours. Every cryptocurrency in the top10 lost a percentage of its value. If we take a look at the past 24 hours, Bitcoin went down 1.21%, and it is now trading at $8,564. Ethereum lost 1.89%, while XRP went down 2.22%.

Of the top100 cryptocurrencies by market cap, the biggest gainer is Verge, with 26.34% daily gain. The biggest loser of the day was Icon, which lost 7.83% of its value.

Bitcoin’s dominance remained at the same place from the last time we checked the markets. Its dominance now sits at 65.79%.

The cryptocurrency market as a whole now has a market capitalization of $236.4 billion, which represents a decrease of $3.3 billion from yesterday’s value.

What happened in the past 24 hours

There was no big fundamental news that could spark up any moves to the upside or downside in the past 24 hours. However, due to the lack of volume and inability to reach past some resistances, the cryptocurrency market started to bleed out in the past 24 hours.

This more bearish outlook on the cryptocurrency market resulted in most cryptocurrencies being in the red.On the other hand, many analysts are stating that the soon-to-come US recession might reflect extremely positively on the cyptocurrency market.

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Technical analysis

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Bitcoin

Bitcoin’s price went under a key support level in the past 24 hours. It passed $8,640 to the downside and is now trading at around $8,550 levels. This is a really bad price to be at as threr are no clear-set support lines that the price can anchor to.

Bitcoin’s volume is still extremely low, with RSI touching the oversold territory for a brief moment.

Key levels to the upside Key levels to the downside

1: $8,640 1: $8,425

2: $8,820

3: $9,120

Ethereum

Ethereum also broke the range it was trading at. Its price was contained within a range between the resistance line of $193.5 and a support line of $185, but the most recent move to the downside broke the $185 support line. The next possible support key level is $178.6.

The key levels remain the same, but the support key level of $185 now became key resistance.

Key levels to the upside Key levels to the downside

1: $185 1: $178.6

2: $193.5 2: $167.8

3: $198

XRP

XRP did not have a good day either. Its price also broke a key support level. The major support level of $0.266 was broken to the downside, and XRP is now trading just under it. XRP’s price is currently hovering at around $0.264. XRP is currently creating a doji candle at the $0.264 level which might signal that bulls are coming in for the rescue.

XRP’s volume has dropped when compared to yesterday’s volume, while its RSI touched the oversold territory.