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Crypto market mixed on Black Friday as whales deposit BTC to exchanges

2020.11.27 Adam James

Today's edition of OKEx Insights' Crypto Market Daily covers Bitcoin, Ethereum, altcoins and DeFi.

The price of Bitcoin (BTC) is trading at 16,852 USDT on OKEx, as of the time of this writing — a negligible loss of 0.27% following yesterday's harsh 11.26% decline. Major altcoins, meanwhile, are seeing mixed results. XRP is up 5.1% while Litecoin (LTC) is down 7.6%.

The total cryptocurrency market capitalization has decreased by 3.5% and now sits around $506 billion, according to CoinGecko. BTC dominance is now 61.7%.

Top cryptocurrency prices - 11/27
The cryptocurrency market is currently displaying mixed results over the past 24 hours. Source: Coin360

Dow Jones, S&P 500 and Nasdaq futures all fell yesterday following news that AstraZeneca will likely require another study for its COVID-19 vaccine. 

Top altcoin gainers and losers 

  • CVP/USDT +44.27%
  • RIO/USDT +40.32%
  • SUSHI/USDT +28.94%
  • ARDR/USDT -14.63%
  • PMA/USDT -16.83%
  • SFG/USDT -28.51%

Today's top performer on OKEx may also be the altcoin with the longest name on the platform — PowerPool Concentrated Voting Power (CVP) — which is up more than 44%. Realio Network (RIO) is also up over 40%, while Uniswap competitor SushiSwap's token, SUSHI, is up nearly 30%.

BTC technical analysis

The price of BTC is currently trading underneath the ribbon of exponential moving averages on the four-hour time frame — a generally bearish development. Adding more food to the bear feeder are reports that large sums of BTC are being deposited to exchanges, which may continue to put sell pressure on the price of the market-leading cryptocurrency.

Looking ahead to the weekend, key support levels to watch in the event of more dramatic declines are:

  • 15,775 USDT
  • 14,000 USDT–13,500 USDT
  • 12,000 USDT–11,400 USDT
Bitcoin price chart - 11/27
OKEx's BTC/USDT 4h chart — 11/27. Source: OKEx, TradingView

ETH technical analysis

The price of Ether (ETH) is currently trading in a well-defined range below key resistance at 540 USDT, and key support in the zone is around 495 USDT. Sell pressure is coming from above in the form of exponential moving averages, but the impending Phase 0 launch of Ethereum 2.0 is likely adding buy pressure from underneath.

Ethereum price chart - 11/27
OKEx's ETH/USDT 1h chart — 11/27. Source: OKEx, TradingView

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OKEx Insights presents market analyses, in-depth features, original research & curated news from crypto professionals. 

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Disclaimer: This material should not be taken as the basis for making investment decisions, nor be construed as a recommendation to engage in investment transactions. Trading digital assets involve significant risk and can result in the loss of your invested capital. You should ensure that you fully understand the risk involved and take into consideration your level of experience, investment objectives and seek independent financial advice if necessary.