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Bitcoin Ethereum DeFi Bitcoin ETF NFT

Crypto market struggles continue as BTC sets sights on 52,000 USDT

2021.11.22 Adam James

Select altcoins — such as ATOM, CRV and MIOTA — are bucking the trend. 

The cryptocurrency market continues to struggle as it starts a new workweek. The total capitalization is down nearly 3% to $2.69 trillion. The prices of market leaders BTC and ETH are down by more than 3.5% and 4.8%, respectively, over the past 24 hours.

Bucking the overall downtrend is ATOM, the native coin of the Cosmos blockchain, which is up by 9%. EGLD is also up by nearly 19%.

The cryptocurrency market is a sea of red today, with only select altcoins bucking the trend. Source: COIN360

NFT Snapshot: Macy’s launching Thanksgiving Day parade tokens

Famous United States department store Macy’s plans on launching its own nonfungible token series to benefit the Make-a-Wish Foundation. The collection’s theme will be tied to its Thanksgiving Day parade’s balloons.

The NFTs are ERC-721 tokens and are, according to Macy’s, carbon-neutral.

Top altcoin gainers and losers: CRV and MIOTA outperform

  • DORA/USDT +24.35%
  • CRV/USDT +15.56%
  • IOTA/USDT +13.77%
  • YOYO/USDT -13.54%
  • GM/USDT -14.60%
  • APIX/USDT -22.91%

CRV is the top-performing major altcoin on OKEx today, per the exchange’s default time settings. Curve’s token is up 15.74% and is followed closely by altcoin-market staple MIOTA.

CRV is the top-performing major altcoin on OKEx today. Source: OKEx

BTC technical analysis: 52,000 USDT in play

The price of BTC is in a precarious position against USDT. It is currently trying to maintain support around a key Fibonacci retracement level but is struggling inside of the four-hour ribbon of exponential moving averages. Many traders will be watching to see if BTC falls as low as 52,000 USDT — which is expected to be a price level where the market-leading cryptocurrency finds buyers.

OKEx’s BTC/USDT 4h chart — 11/22. Source: OKEx, TradingView

ETH technical analysis: Hoping for a breakout

The price of ETH against BTC is currently trading above the four-hour EMA ribbon inside of a substantial consolidation pattern. A breakout to the upside of the large pattern could lead to significant upside for the foremost altcoin — but Ethereum’s scalability woes continue to price out many from the decentralized finance and NFT markets.

OKEx’s ETH/BTC 4h chart — 11/22. Source: OKEx, TradingView

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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.

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