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Bitcoin and Ethereum Down 5% in the midst of China Lockdown – Time to Purchase?


Despite an increased level of FUD in the market, the leading Cryptocurrencies, like Bitcoin, failed to break a descending triangle pattern and fell over 3% to $16,160.
Similarly, the second-most valuable coin, Ethereum, fell by nearly 5% to $1,171.

Crypto Market Cap Update

The worldwide crypto market cap fell more than 2% to $815.32 billion the earlier day, sending significant cryptocurrencies into the red early November 28. Throughout the course of recent hours, in general crypto market volume became by 22.10% to $41.69 billion.

DeFi’s total volume is right now $2.60 billion, accounting for 6% of the generally speaking crypto market 24-hour volume. The general volume of all stablecoins is presently $38.85 billion, accounting for 93% of the total 24-hour volume of the crypto market.

We should investigate the top 24-hour altcoin gainers and failures.

Top Altcoin Gainers and Washouts

Celo (CELO), Apecoin (APE) and UNUS SED LEO (LEO) are three of the top 100 coins that have gained value as of now. The CELO price has taken off by over 34% to $0.6970, the APE price has become by over 13.5% to $3.70, and the LEO price has expanded by almost 7%.

Source” Coin360

Aptos (APT), Trust Wallet Token (TWT), and Lido DAO (LDO) are three of the top 100 coins that have lost value as of now, where APT has lost more than 5.5% to trade at $4.65, TWT is down 4% to trade at $2. Simultaneously, LDO’s price is down more than 3% to trade at $1.09.

The sell-off in global markets is caused by the China Lockdown

Protests in China against Covid restrictions led to a round of investor nervousness in global markets.
Protesters want China’s strong leader to quit. This was a rare rebuke as officials in at least eight cities attempted to suppress demonstrations that were a direct threat to the Communist Party.

Discontent with President Xi Jinping’s famous zero-COVID policy nearly three years into the pandemic has sparked a surge of public disobedience on the mainland that hasn’t been seen since President Hu Jintao took office a decade ago.
The world’s second-largest economy is also feeling the effects of the COVID-19 regulations.
The protests began Friday and extended to cities including Beijing and dozens of universities are the broadest expression of dissent against the ruling party in decades.

Police used pepper spray on the protesters who were calling for an end to one-party rule, but they returned hours later.
A reporter witnessed the dispersal of the demonstration as police took away the people who had been arrested.

What does China have to do with the drop?

As a result of China’s impact on global financial markets, investors are looking for a safe haven to park their money.
We are seeing bearish price action today because stocks and cryptocurrencies are not considered safe havens.
As China’s situation improves and the protest ends, we may see a sharp reversal in the value of the currencies.

Bitcoin Price

The ongoing Bitcoin price is $16,121 and the 24-hour trading volume is $25 billion. During the most recent 24 hours, the BTC/USD pair has dropped almost 2.5%, while CoinMarketCap presently positions first with a live market cap of $310 billion, down from $318 billion yesterday. It has a total supply of 21,000,000 BTC coins and a flowing supply of 19,218,643 BTC coins.

Source: Coinmarketcap

The BTC/USD is bearish on Monday after being rejected below the $16,600 resistance level. A selling trend is usually driven by a descending triangle pattern in the 4-hour timeframe.
A support level of $16,000 has been set as the immediate support level for Bitcoin. According to this, the next support level is at $15,000, which is extended by a double bottom level.

Source: Tradingview

The RSI and MACD are indicators that are in a sell zone.
The 50-day moving average is extending resistance, indicating that the downtrend is likely to continue.
A bullish break of the $16,450 level could lead to a price of $17,000 in a few days.

Ethereum Price

The ongoing price of Ethereum is $1,170, with a 24-hour trading volume of $5 billion. As of now, Ethereum has lost almost 4%. CoinMarketCap as of now ranks #2, with a live market cap of $143 billion. The supply of coins is 122,373,866.

Source: Coinmarketcap

Three black crows have formed in the 4-hour period, indicating a strong selling trend.
The pair is acting as resistance after breaking through an upward channel that had been supporting them.
The 50-day moving average line indicates a strong sell signal.
The immediate support for Ethereum is at $1,150, which was extended by a previously placed low on November 23.
The RSI and MACD indicators are in a sell zone, suggesting that the $1,115 support level may be reached.

Source: Tradingview

On the upside, a break above the major resistance level of $1,185 could take it to the $1,235 level.

Presale Cryptocurrency With Tremendous Expected Gains

Dash 2 Trade (D2T)

Dash 2 Trade is a trading intelligence platform that provides traders of all skill levels with real-time analytics and social data, allowing them to make better-informed decisions.
In the first quarter of 2023, the platform will go live, providing information to investors to assist them in making proactive trading decisions.
Dash 2 Trade, which raised $7 million in just over a month, has caught the attention of investors.
The D2T team decided to abandon the project at stage 4 and reduce the hard cap target to $13.
The D2T token will be listed on two exchanges once the presale is over.
The price of 1 D2T will rise to 0.0513 USDT. D2T has raised more than $7 million so far.

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