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Tezos, Synthetix, FTX Token Price Analysis: 21 November

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Bitcoin’s Dominance had fallen to 66.36% at press time, having reached a high of 67.6% a few days ago. Thanks to BTC’s recent performances, it could be a Bitcoin-dictated show for many more days, before attention and capital can be diverted to the altcoin market. Further down the crypto-ladder, Tezos registered a bearish divergence and it could record some losses over the next few trading sessions. On the contrary, Synthetix remained bullish while FTX Token climbed past a level of resistance and could flip it to support.

Tezos [XTZ]

Tezos, Synthetix, FTX Token Price Analysis: 21 November

Source: XTZ/USD on TradingView

XTZ registered a bearish divergence between the price and the OBV. Despite a higher high in value, the OBV showed that XTZ did not have much buying volume to support its most recent gains.

This suggested that selling would follow and drive the price back down towards the support at $2. The Chaikin Money Flow had also dropped to indicate that capital flows into the market had decreased, and buyers and sellers were much more evenly matched.

In related news, the French bank CA CIB and a French public sector financial sector Caisse des Dépôts announced the launch of a project exploring digital interbank currency (DIBC). Ethereum and Tezos blockchain technologies were chosen to explore how financial transactions of digital assets can be settled on platforms.

Synthetix [SNX]

Tezos, Synthetix, FTX Token Price Analysis: 21 November

Source: SNX/USDT on TradingView

SNX was trading at $5.197, at the time of writing, and it could see a minor dip to $5, before another move upwards.

The RSI has been in bullish territory over the past week and indicated that an uptrend was in play. SNX had also recently flipped the resistance at $5 to support.

Hence, unless the price was forced to close below $5, and headed under $4.8 as well, a move towards the resistance at $5.65 can be expected.

FTX Token [FTT]

Tezos, Synthetix, FTX Token Price Analysis: 21 November

Source: FTT/USD on TradingView

The 20 SMA (white) was moving above the 50 SMA (yellow) and the price was above both the short-term moving averages to highlight strong bullishness behind the exchange token’s recent price movement.

The MACD was above zero but could form a bearish crossover if the price continued to dip. FTT can expect to find support from its moving averages.

A close below the 50 SMA would signal that bearish momentum was likely exhausted. A defence of the $3.9-level of support could give bulls the impetus to push the price towards the resistance at $4.15.

Source: https://eng.ambcrypto.com/tezos-synthetix-ftx-token-price-analysis-21-november

Blockchain

Litecoin price prediction: LTC to fall towards $57 ahead?

TL:DR Breakdown Litecoin price prediction expects a possible fall in price. Strong resistance found at the $76 level. Strong support found at the $68 level. The Litecoin price prediction by Vince Prince shows that the LTC price will eventually fall to the $57 level. The cryptocurrency observed a descending trend on the 27th of November. […]

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TL:DR Breakdown

  • Litecoin price prediction expects a possible fall in price.
  • Strong resistance found at the $76 level.
  • Strong support found at the $68 level.

The Litecoin price prediction by Vince Prince shows that the LTC price will eventually fall to the $57 level. The cryptocurrency observed a descending trend on the 27th of November. Bitcoin price is still shaky amidst the new market movement marking uncertainity in altcoin market as well.

1-Day Litecoin price analysis

The LTC price was marked at $68.86 at the time of writing. The cryptocurrency rose to a day’s high of $73.67, while it fell below the $66 mark in the evening and approached a day’s low of $65.38. The overall trend by LTC on the 27th of November was bearish.

Litecoin price prediction: Fall to $57 ahead?

We can see that the cryptocurrency in ascending inside an up-channel and the analyst suggested that the cryptocurrency will see a pullback from the upper boundary and fall towards the lower boundary of the ascending channel.

The cryptocurrency had crossed an important descending trend line on the 14th of November, after which it saw major ascending movement on the charts and rose to the upper boundary of the channel. The LTC price was suggested to fall below the midline after seeing a rejection at the upper boundary. On the 26th and the 27th of November, the price has been able to move towards the midline of the channel. The next target price lies near the $56 to $58 range.

Per the analyst, there will be some sideways movement ahead which will follow another fall towards the lower boundary. The price is expected to meet support near the bottom of the channel where the black descending trend line intersects it. This back-up cluster should provide enough support to the cryptocurrency for it to bounce upwards and rise towards the upper boundary again.

What to expect from Litecoin?

The analyst believes that the LTC price will follow the BTC price movements and move towards the $60 mark next, which is where the nearest support level is located.

The technical indicators shows a bearish move ahead, and the cryptocurrency was rejected by the $94 resistance recently. Looking at the chart, we can observe multiple red candles that have caused the price to fall towards the $60 range. The nearest support lies between the $58 to $62 range from here, which was confirmed during the price run from the 15th of November.

What’s next for LTC?

An inverse head and shoulders formation was observed inside a triangle pattern and the price is now expected to ascend towards greater heights. The price is expected to rise above the $250 level as a part of a long-term trade setup.

The inverse H&S is a bullish indicator and the cryptocurrency has recently broken above the 3-year long triangle shown on the chart above. The price is expected to retest the recently broken trend line. A retest of the support will cause the price to fall next before it can see an uptrend. The eventual ascension that the cryptocurrency is supposed to see to complete the inverse H&S pattern will allow the price to rise across the $250 mark.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Blockchain

Breaking Down the Effect of Bitcoin’s $3,000 Drop on the Futures Market

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  • Bitcoin has undergone a strong drop since peaking at $19,500 just days ago
  • The coin currently trades at $17,000 as of this article’s writing
  • Analysis compiled by Coinalyze found that over the course of the past few days, $1 billion worth of open interest has been wiped from leading Bitcoin futures exchanges
  • This was accompanied

How the Strong Bitcoin Drop Affected the Futures Market For BTC

Bitcoin has undergone a strong drop since peaking at $19,500 just days ago. The leading cryptocurrency currently trades for $17,000, far below the highs.

The drop came in a short period of time, with liquidations pushing Bitcoin dramatically lower in a wave. The issue was that many market participants were overleveraged, meaning that a small correction triggered liquidations and stop losses, resulting in a rapid cascade lower.

Analysis compiled by Coinalyze found that over the course of the past few days, $1 billion worth of open interest has been wiped from leading Bitcoin futures exchanges.

This was also marked by a spike in trading volume, of $66 billion on futures exchanges and $7 billion on spot exchanges.

These two data points in tandem suggest that the recent correction marked a needed correction in the Bitcoin market to ensure that derivatives players were not getting too far overleveraged.

After the strong correction, the funding rates of top Bitcoin futures markets have reset. The funding rate is the rate that long positions pay short positions on a recurring basis to make sure the price of the future stays in line with the spot market.

According to ByBt, a crypto derivatives tracker, the funding rates of most leading exchanges have reset to the baseline of 0.01% per eight hours. Further, on OKEx in particular, the funding rates of many pairs have actually trended into a negative region, suggesting an increasing number of short takers.

Bitcoin may revert higher if there continues to be low and even negative interest rates and if consolidation takes place.

Par for the Course

Many say that this correction is par for the course in that it should be expected.

Bob Loukas, a long-time Bitcoin investor and macro analyst, recently pointed out that the previous bull run was punctuated with drawdowns similar to the one taking place now:

“Most have a short memory. Remember in Jan 2017 just shy of #Bitcoin ATH’s, boom 34% decline. The 2 months later a sharp rally, new ATH’s, and double boom 34% decline. Never a one way street.”

Countless others in the space have corroborated this, arguing that it is actually healthy for bullish markets to pull back.

Featured Image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
Macro Analysis Predicts Bitcoin Has Begun Rally Toward $100k

Source: https://bitcoinist.com/breaking-down-the-effect-of-bitcoins-3000-drop-on-the-futures-market/?utm_source=rss&utm_medium=rss&utm_campaign=breaking-down-the-effect-of-bitcoins-3000-drop-on-the-futures-market

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Blockchain

Facebook’s Libra Could Reportedly Arrive in January 2021 in a Scaled-Down Version

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  • Although Facebook failed to launch Libra in mid-2020 as initially planned, the social media giant could do so in early 2021.
  • Finance Times cited three people working on the project claiming that Libra’s long-awaited launch could come in January 2021 but in a scaled-down version.
  • CryptoPotato reported before that Libra already changed its original idea from being a “single global digital currency” to creating a series of various digital coins. 
  • The FT coverage asserted that Libra could see the light of day after receiving approval to operate as a payments service from the Swiss Financial Market Supervisory Authority (FINMA). However, the Libra Association would initially release just a single coin backed one-for-one by the dollar. The other set of currencies would be rolled out later, should the FINMA application is successful.
  • Facebook rattled the financial world last year after announcing plans to launch its own cryptocurrency called Libra. After receiving scrutiny from world watchdogs, the Libra project underwent numerous changes, including executive replacements.
  • Libra suffered more blows when several notable partners left. Those included PayPal, Mastercard, eBay, Vodafone, and more.
  • In an attempt to salvage the project, the Association decided to make further changes by renaming Libra’s wallet provider from Calibra to Novi.

Featured Image Courtesy of AlJazeera

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Source: https://cryptopotato.com/facebooks-libra-could-reportedly-arrive-in-january-2021-in-a-scaled-down-version/

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