Originally published on: November 06, 2024
Bitcoin smashed through its previous all-time high on Nov. 6, hitting $75,407 and signaling bullish momentum in the crypto market. This rally was fueled by speculation surrounding the U.S. presidential election, with a potential Donald Trump victory boosting optimism among crypto investors.
While Bitcoin stole the spotlight, memecoins also saw significant gains, with the total meme market capitalization nearing all-time highs. This surge in meme coin popularity reflects a growing risk-on sentiment in the market.
But as the bulls continue to dominate, bears may attempt to halt the rally, leading to potential whipsaws in the coming days. Traders are advised to keep an eye on key support and resistance levels for Bitcoin and other major altcoins to navigate this volatile market.
Let’s take a closer look at the price action of the top 10 cryptocurrencies:
– Bitcoin (BTC) soared to new heights, breaching $75,000 and setting its sights on $100,000.
– Ethereum (ETH) struggled to break out of a symmetrical triangle pattern but showed signs of a potential rally.
– Solana (SOL) bounced off key support levels, aiming for a breakout above $210.
– Binance Coin (BNB) surged from an uptrend line, eyeing a move towards $635.
– XRP recovered from a support breach, targeting a resistance level at $0.64.
– Dogecoin (DOGE) gained momentum after breaking through key resistance at $0.18.
– Toncoin (TON) found support in a tight range, preparing for a potential relief rally.
– Cardano (ADA) consolidated within a range, with resistance at $0.40 acting as a key level to watch.
– Shiba Inu (SHIB) flirted with a breakout above the 50-day SMA, hinting at a reversal pattern.
– Avalanche (AVAX) witnessed strong buying at lower levels, aiming for a breakout towards $33.
As the crypto market continues to evolve, traders should remain vigilant and adapt to changing conditions. With potential for continued volatility, it’s essential to stay informed and make data-driven decisions in this fast-paced environment. Stay tuned for more updates on the exciting world of cryptocurrencies.
