Market insiders stated that when bulls witness recurrent rejections at $90,000, Bitcoin needs to assess recent advances.
On November 13, Bitcoin was vying for the top of its range following a short surge past $90,000, which set a new record high.
Bitcoin price needs to “slow down the pace”
Market and TradingView data verified that the price of Bitcoin (BTC) hit a new high of $90,240 on Bitstamp as of the most recent daily close. Bulls finally cracked the $90,000 barrier after several efforts, but only momentarily.
Because of the psychological implications of a round number, strong sell-side liquidity, and a market that some claimed was already overstretched, volatility remained high.
BTC needs to slow down the pace and build some structural support in the new range. $80M in BTC ask liquidity stacked at $90k, and a $177M sell wall at $100k “should” pump the brakes. pic.twitter.com/zHl7mJtKuh
— Keith Alan (@KAProductions) November 12, 2024
As the price hovered approximately 2% lower, data from the monitoring portal CoinGlass revealed that liquidity at $90,000 was getting thicker.
According to Material Indicators, which flagged a signal from one of its proprietary trading techniques, the status quo could hold for the foreseeable future.
Trend Precognition is flashing a new ⬇️ signal on the $BTC Daily chart. It’s signaling that price isn’t likely to make a new ATH over the next 24 hrs, however, proceed with caution as periods of euphoria could push price back up and invalidate this signal before it prints at the… pic.twitter.com/ILyChLmy2e
— Material Indicators (@MI_Algos) November 13, 2024
Before any possible upward resumption, cautious market investors observe rangebound behavior taking control.
One of them was trader Credible Crypto, who had earlier predicted a BTC price collapse to $50,000 or less on social media, evoking heated reactions.
“While I still don’t believe this is the impulsive move that most believe it is- $BTC has gone quite a bit higher than expected which changes things a bit on my end from a trading perspective,” he said in his latest dedicated X post on Bitcoin.
“Really only two ways about this atm: 1. This is a massive bull trap 2. We keep going up In either scenario I would expect to see a few weeks of chop between 70-90k.”
Although a six-figure attack is possible, even the more optimistic views on the price of bitcoin presently suggest a cooling-off period.
Willy Woo, a statistician and the founder of the Bitcoin analytics portal Woobull, linked performance to Fibonacci extension levels and liquidity patterns in an illustrative X post.
“In these situations we have 2 guides to find new resistances. Fibonacci bands, using magic numbers seen in nature, and real liquidation levels of market positions,” he wrote.
“88-91k was the first target. We hit it. Consolidation should happen here. This is both from local fib levels and liquidation levels where most of the shorts have been taken out, it’s the end of compulsory buying from short sellers getting culled.”
Woo highlights $102,000 Fibonacci line
Woo added that the area just above $100,000 would be the next make-or-break BTC price zone.
“102k is the next macro fib, using last cycle high and this cycle low,” he concluded.
“Let’s see where new liquidations cluster around, but for now, that’s our next target based on fibs.”
XRP price can surge to $8 amid 2017-like chart patterns
The cryptocurrency exchange Binance’s XRP price long vs. short ratio hit its highest level since March, paving the way for a surge above $8.
The price of XRP has increased by 14% in the past day, while the rest of the cryptocurrency market entered a consolidation period late Tuesday. While some market analysts anticipate that XRP will rise to $8 and higher, they also think that the cryptocurrency is producing a chart pattern resembling the 2017 bull run.
With its market capitalization surpassing $41 billion and its daily trading volume rising 166% to $11.53 billion, the Ripple cryptocurrency is once again moving toward its critical resistance level of $0.75.
New all-time high to $8 ahead for XRP price?
The open interest in XRP has increased by 14% to $1.120 billion, according to Coinglass statistics. In the last 24 hours, it has resulted in liquidations totaling $24.5 million. Strong bullish feeling toward the cryptocurrency and the expectation of a future rally are shown by the increase in open interest.
Crypto expert Armando Pantoja has established an aggressive forecast range for the price of XRP between $8 and $30, indicating a major potential in the cryptocurrency. According to Pantoja, the Ripple cryptocurrency’s technical indicators show trends that are comparable to those observed during the last significant surge.
The previous time the price of XRP showed a similar pattern, with a symmetrical triangle, a positive MACD (Moving Average Convergence Divergence), and rising volume, the cryptocurrency went from being worth cents to more than $3, according to Pantoja. Additionally, he cautioned that this could be the final opportunity to get XRP below $1 levels.
In $XRP last time we saw a pattern like this, it went from pennies to over $3.
Now we’re seeing it again:
Symmetrical Triangle Pattern + MACD + Increasing Volume = target of $8-$30.
This is your last change for #XRP under $1. pic.twitter.com/n8aErJ342b
— Armando Pantoja (@_TallGuyTycoon) November 12, 2024
According to market experts, XRP’s market capitalization of $100 billion may soon be reached, as the Ripple cryptocurrency may rise to $1.28.
Is FOMO building up for a mega rally ahead?
Since March of this year, the price of XRP has had the greatest long vs. short holdings on cryptocurrency exchange Binance, according to blockchain analytics platform Santiment. This indicates that after the breakout from the $0.75 barrier, bulls are once again leading the charge with the goal of a further advance to $1. This is conceivable given discussions about dropping the ongoing SEC v. Ripple case.
Additionally, social sentiment is rapidly increasing, as seen by the fact that XRP talks account for 4% of all cryptocurrency market conversation. This surge in interest coincides with the Ripple cryptocurrency’s incredible 45% gain in the week after Donald Trump’s victory.
Breaking over its March high of $0.74 will be XRP’s next crucial test, and FOMO and market mood will be important determinants. Additionally, analysts point out that sustaining balanced financing rates on significant exchanges like Binance is essential to the possibility of future growth. This is to prevent an accumulation of long, leveraged positions.
However, the Ripple ecosystem is aiming to grow even further by forming possible alliances with other industry participants. Charles Hoskinson, the founder of Cardano, made a suggestion about a possible collaboration with Ripple in the most recent development, although he hasn’t disclosed many specifics.
Litecoin launches Wrapped LTC tokens through Ethereum network
Wrapped Litecoin (WLTC) tokens on Ethereum will be made available by Litecoin in collaboration with Coinut, a cryptocurrency exchange based in Singapore. By providing access to new functionalities, these tokens will improve the two systems’ compatibility.
However, after this statement, the price of Litecoin (LTC) has decreased, therefore token wrapping may not be widely accepted.
Litecoin’s WLTC offering
In order to provide Wrapped Litecoin (WLTC), Litecoin just announced a new partnership with Coinut, a cryptocurrency exchange located in Singapore. The Ethereum network will be used to encapsulate these currencies, allowing for new interoperability between these two systems. To provide a seamless experience, WLTC will be pegged 1:1 with Litecoin.
“Litecoin is trusted by millions. Now, with Wrapped Litecoin, these users can access Ethereum’s ecosystem seamlessly and confidently,” said Xinxi Wang, Founder and CEO at Coinut.
The method became less popular in 2024 after the major wave of wrapped ETH coins occurred in early 2023. But since Litecoin is still a major player in the market and one of the oldest cryptocurrencies still in existence, this revelation may revive interest in wrapped tokens. Despite a minor decline in price following the announcement, Litecoin had a strong month.
The press release states that connecting the Ethereum and Litecoin blockchains is the primary objective of WLTC functionality. In addition to having access to a number of ETH apps, WLTC users will keep an equivalent amount of their LTC coins. Decentralized exchanges based on Ethereum will undoubtedly increase liquidity, but there are other intriguing software features as well.
Some of the more specialized features of Ethereum’s blockchain, such as ERC20 smart contracts, will be available to WLTC users. A vast array of specialized dApp functions, including lending/borrowing, yield farming, staking, and more, may be made possible via these smart contracts. These interactions are not supported by the Litecoin blockchain.
For its part, Coinut has developed a safe token wrapping system. For instance, it collaborated with two businesses to provide storage solutions: Fireblocks for hot wallets and Coinbase for cold storage.
Although the WLTC program will present users with several new prospects, market interest is not assured by this alone. After 2023’s increased activity, the long-term sustainability of wrapped LTC coins may indicate if token wrapping is still important.
