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For most of November, the cryptocurrency market was filled with strong bullish momentum as Bitcoin slowly approached its ATH, last seen in 2017. However, with BTC unable to hold its position above the price level of $ 19K and with its current decline. in the charts, many of the market’s altcoins are now undergoing their own price corrections.
Ethereum [ETH]
Source: ETH / USD, TradingView
The price of Ethereum has experienced a 12.5% drop in price over the past 24 hours and is currently trading at $ 503.2. According to CoinMarketCap, ETH has a market cap of $ 57 billion with a 24-hour trading volume of $ 24 billion. As of press time, ETH is testing the support at $ 504 and if the coin takes a further dip, it can count on the next support at $ 480. However, if an uptrend were to start, there would be considerable resistance at the price level of $ 532.
The Bollinger Bands have contracted significantly and indicate low volatility for the price of ETH. The RSI indicator on the other hand is now slowly moving from the oversold zone towards the neutral zone.
Cosmos [ATOM]
Source: ATOM / USD, TradingView
Since the early hours of November 26, the price of Cosmos has dropped by almost 12%. As of press time, Cosmos is trading at $ 5.19 with a market cap of over $ 1 billion. The currency’s current trading price is now testing support at $ 5.14 with strong resistance around $ 5.4.
The EMA tapes have now stabilized above the currency’s current trading price and will likely offer resistance when an uptrend occurs. The RSI indicator continues to stay near the oversold zone, but is now moving towards the neutral zone.
Basic Attention Token [BAT]
Source: BAT / USD, TradingView
Similar to the price action of most altcoins over the past few days, BAT has experienced a nearly 15% drop in price since dawn on November 26. . BAT has two strong support points near $ 0.212 and $ 0.206. However, there is also resistance at $ 0.230 if the price correction leads to an uptrend for BAT.
After a period of high volatility, the Bollinger Bands have now contracted. The MACD indicator however appears to be on the verge of a bearish crossover with the signal line getting very close to breaking out of the MACD line.
