DAILY CRYPTOCURRENCY NEWS

On-Chain Analysis: Long-Term Holders Start Selling

BeInCrypto's on-chain analysis today looks at indicators of the behavior of long- and short-term Bitcoin holders, the amount of supply they have, and the amount of BTC in circulation. The on-chain data shows that the market is at the end of the accumulation phase and ready to surge in the price of Bitcoin historically.

Bank Of Canada Says Cryptocurrencies Pose No Risk To Economy

The apex bank of Canada does not consider cryptocurrencies to be a major threat to the balance of the financial ecosystem. The bank's vice president shared this idea at a symposium and underlined the potential power of the stablecoin.

Bad News for Cryptocurrency Exchanges in the UK

Cryptocurrency exchanges operating in the UK will have to pay the 2% digital services tax after a new update to HMRC regulations. According to The Telegraph, Britain’s tax authority, HMRC, does not recognize digital assets as financial instruments, and therefore exchanges are not eligible for financial exemptions.

Ethereum Developer's New Solution to Lower Fees: EIP-4488

Ethereum has been criticized because of high fees since the end of June (today, the average Ethereum transaction fee is between $5 and $34 per transfer). While there’s been a lot of complaints about ether gas costs this year, Ethereum founder Vitalik Buterin has recommended an Ethereum Improvement Proposal (EIP) that aims to decrease transaction costs by five times.

Decentralized Exchanges Near $100 Billion In Monthly Volume for November

Monthly data for decentralized exchanges (DEXs) indicates that the ecosystem has seen nearly $100 billion in volume for November. According to The Block's Data Dashboard, the total for November is approximately $99.5 billion as of November 28. Monthly volumes have climbed since hitting a low for the year of $56.35 billion in July, with the November figure surpassing October's $89.15 billion.

El Salvador Buys 100 More Bitcoins

On Friday, Covid-19 new variant came up and tumbled the crypto market, El Salvador bought the dip. The country has added another 100 Bitcoins to its treasury despite a recent warning by the International Monetary Fund (IMF), raising the total number of Bitcoins to 1,220.

DAILY CRYPTOCURRENCY ANALYSIS

BITCOIN [BTC] 353192.18 TRY

Bitcoin gained a 0,07% value during morning hours; the current price is $57.337. BeInCrypto's on-chain analysis today looks at indicators of the behavior of long- and short-term Bitcoin holders, the amount of supply they have, and the amount of BTC in circulation. The on-chain data shows that the market is at the end of the accumulation phase and ready to surge in the price of Bitcoin historically.

When we consider the BTC/USDT pair technically, Bitcoin broke the ascending channel as of July 20 and closed the day below the lower line. Unlike on Friday, BTC/USDT pair started to move in the ascending channel positively. A retracement may occur again towards $55.200 (lower line). We do not think that Bitcoin will resolve sales pressure without the breakout of the trend as of November 18 and the 60.000 resistance level. If those levels are ripped out, it can create a zone for surging.

RESISTANCES 59.147 / 61.077 / 63.984
SUPPORTS 54.310 / 51.403 / 49.473

BITCOIN [BTC] 353192.18 TRY +7.00 +0.03 VOL 21 BTC

ETHEREUM [ETH] 24602.86 TRY

Ethereum gained a 0,20% value during morning hours, and the current price is $4298. Ethereum has been criticized because of high fees since the end of June (today, the average Ethereum transaction fee is between $5 and $34 per transfer). While there’s been a lot of complaints about ether gas costs this year, Ethereum founder Vitalik Buterin has recommended an Ethereum Improvement Proposal (EIP) that aims to decrease transaction costs by five times.

When we consider the ETH/USDT pair technically, ETH, which had a sharp decline last week, now has a positive outlook in the weekly chart when surging at the weekend. ETH retested the cup-handle pattern support and therefore closed the weekly candle positively. The formation target for ETH, which is considered technically healthy to retest the $ 3950-4000 band again, is at the level of $6300.

RESISTANCES 4476 / 4625 / 4877
SUPPORTS 3672 / 3821 / 4074

ETHEREUM [ETH] 24602.86 TRY +7.00 +0.03 VOL 21 ETH

AVALANCHE [AVAX] 317.93 TRY

AVAX gained a 3,75% value during morning hours, and the current price is $114,05. When we consider the AVAX/USDT pair technically, AVAX, which has been continuing its price movement within the ascending channel as of August, has completed the retracement for now. AVAX, which retreats to the Fibo'61.80 zone of the last uptrend, continues price actions near the mid-range band after finding support. If it holds above it, a rise targets the upper line. But if it doesn't, a slight/horizontal retracement can be occured.

RESISTANCES 118,60 / 123,73 / 132,74
SUPPORTS 90,32 / 95,45 / 104,46

AVALANCHE [AVAX] 317.93 TRY +7.00 +0.03 VOL 21 AVAX

RIPPLE [XRP] 8.19 TRY

Ripple gained a 0,60% value during morning hours, and the current price is $0,9742. When we consider the XRP/USDT pair technically, XRP, which left its ascending channel on September 21, had a sharp decline on Friday. It also broke the level of $0,9779 (200MA) and closed the day below. Although there was a positive price movement over the weekend, there is no turn signal on the metrics yet. If it holds above the 200-MA level, it is expected that there will be rises towards the lower line.

RESISTANCES 1,0152 / 1,0528 / 1,1179
SUPPORTS 0,8098 / 0,8474 / 0,9125

RIPPLE [XRP] 8.19 TRY +7.00 +0.03 VOL 21 XRP

LITECOIN [LTC] 974.86 TRY

LTC lost a 0,35% value during morning hours; the current price is $198,8. When we consider the LTC/USDT pair technically, LTC, which continues to move within the ascending channel that exists as of July 21, was pinned to the $182 level (lower line) on Friday and started to rise again with the support. In the daily chart, MACD continues to give a sell signal. LTC continues its price action inside the downtrend on November 15 and 50MA level. If it breaks those resistance levels upward, the rise towards $255 can follow.

RESISTANCES 209,80 / 220,84 / 238,74
SUPPORTS 151,92 / 162,96 / 180,86

LITECOIN [LTC] 974.86 TRY +7.00 +0.03 VOL 21 LTC

LINK gained a 0,40% value during morning hours, and the current price is $24,87. When we consider the LINK/USDT pair technically, the negative outlook resumes in the daily chart. LINK, which broke the 200MA level in a downward direction yesterday, is priced below those levels. Therefore, the first price target is 200MA for LINK, which had almost lost its ascending channel line on September 22. A daily close above this level would carry the price movement up.

RESISTANCES 25,77 / 26,66 / 28,22
SUPPORTS 20,86 / 21,75 / 23,32

BASIC ATTENTION TOKEN [BAT] 5.54 TRY

BAT lost 0,78% value during morning hours, and the current price is $1,6397. When we consider the BAT/USDT pair technically, BAT had sharply surged after breaking the stagnated price movement and hit the new peak level of $1,929. As we mentioned in the previous daily bulletins, we expect a correction of the hard price movement, but if the rises do not slow down, they can continue to the level of $2.30.

RESISTANCES 1,7599 / 1,8947 / 2,0294
SUPPORTS 1,2209 / 1,3557 / 1,4904

BASIC ATTENTION TOKEN [BAT] 5.54 TRY +7.00 +0.03 VOL 21 BAT

We always love and support sports!

We support the Turkish sports and our sportspeople via our sponsorships agreements with 1907 Fenerbahçe Wheelchair Basketball Team, Cem Bölükbaşı, Erden Eruç, and Turkish Automobile Sports Federation! In this very rewarding and helpful journey of ours, we will continue to enrich and strengthen the Turkish sports thanks to the new steps we take in reaching brand new sponsorship agreements.