DOT was trading just below the $5.5 level, but another push to the upside could be expected. The quick recovery after the drop to $5 was an encouraging factor for buyers. Polygon has reached a new high in daily transaction count, due to the activity around the Ordinals-inspired token standard on the network.

Polkadot [DOT] has posted huge gains in recent weeks as the altcoin market began to heat up. However, the social metrics for the tab were disappointing. Development activity remained high and gave confidence to investors.

DOT technical analysis showed that despite the volatility seen over the past two days, the bulls were still in control. A critical resistance level remained strong, but sellers were weakening.

In other news, Daily transactions feature leading Ethereum [ETH] sidechain Polygon [MATIC] hit an all-time high of 16.4 million on November 16, according to Polygon Scan data presented.

Retracement Reached Just $5 Before Another Bounce

The daily market structure remained firmly bullish. The RSI was at 67 to reinforce the idea that the bulls were in control. Balanced volume spiked above February highs to underline intense buying pressure in recent weeks.

The Chaikin Money Flow (CMF) also signaled a huge capital inflow into the DOT markets. The $5.3 to $5.56 region was a bearish order block on the one-day chart since late May. DOT managed to close a daily trading session above it on November 12, breaking it as a resistance zone. The subsequent pullback reached $5 but saw a strong rebound very quickly.

Fibonacci retracement levels of $4.73 or less were not tested. This was another sign that buyers were dominant and that market conditions favored shallow pullbacks at this time. To the north, the $6.2 and $7.05 levels would likely be tested next.

Analysis of Hyblock data by a digital outlet revealed that another drop to the $4.9-$5 region would not be surprising. It remains to be seen whether it will come before a move to the $6 region or after.

Liquidation data from the last seven days showed that $5 and $6 remain the areas of imminent interest. A move to $6.2 would be a signal that the next one would be $7. Traders will need to be wary of volatility as a large portion of liquidations could reach just above the $6 mark.

Polygon: Massive Increase in Daily Transactions Explained

According to available data, the daily transaction count on the network grew by 166% between November 15 and 16, rising from 6.17 million to more than 16 million in a 24-hour period. This unprecedented surge was attributed to the influx of users who flocked to the network to mint the new POLS non-fungible token (NFT) collection based on Polygon, an Ordinals-inspired token standard on the network.

Since POLS minting began, a total of 102.79 million MATIC tokens, worth around $88 million, have been spent on gas fees. The increase in user activity on the Polygon network raised average gas rates to new highs. On November 16, the average fee paid to execute transactions on the sidechain rose to a high of 700 GWEI from just 100 GWEI the previous day.

With a decrease in POLS minting in the last 24 hours, the average transaction fee on Polygon was less than 200 GWEI. Meanwhile, Polygon’s daily active address count saw growth. Between November 15 and 16, this figure increased almost 10%, according to Sentiment data.

By Leonardo Perez

Recent price action indicates a possible bearish breakout of a triangle pattern, lower volatility, and increased selling pressure.

Two substantial XRP transactions were recently observed, indicating a notable shift in the distribution of XRP tokens on trading platforms. These transactions, totaling 44,500,000 XRP, caught the attention of market watchers and sparked debates about their potential impact on the market.

Whale Movements in the XRP Ecosystem

Whale Alert reported on these two major movements. The first transaction involved the movement of 20,000,000 XRP, valued at around $13,044,810 at the time of transfer. This significant sum originated from the Bitvavo Exchange and was sent to a wallet that, despite not being registered, has been active since June 16.

The second, even larger transaction consisted of 24,500,000 XRP, equivalent to approximately $15,312,871. This transfer was initiated from a wallet activated by Ripple Labs in January. The wallet history reveals a pattern of transferring funds primarily to exchanges like Bitstamp and Bitso, indicating a strategic approach to these moves.

XRP Market Performance and Future Prospects

XRP price was $0.6477, showing signs of fluctuation. Recent price action indicates a possible bearish breakout of a triangle pattern, lower volatility, and increased selling pressure. If this trend continues, XRP value could fall below its 25-day EMA of $0.6070 and possibly even further to $0.5800, dampening hopes for an increase.

On the contrary, an increase in buying momentum could rejuvenate the price, potentially pushing it up. above the $0.6500 mark, lining up with the lower trend line of the triangle. Such a change could pave the way for XRP to reach heights of around $0.7500. The fight between bullish and bearish forces will intensify around the 20-day EMA mark ($0.6200).

If the price stabilizes below this level, a consolidation phase between $0.5600 and $0.7400 is likely. However, if the bulls gain the upper hand and push the price above $0.7400, a more significant rally could be on the horizon, potentially reaching as high as $0.9000 and then targeting the $1 level.

Will XRP Turn Bullish Soon?

XRP has a short-term bearish bias. A drop below $0.6 was possible, but would give swing traders the opportunity to go long. Ripple [XRP] prices rose to $0.75 on November 13 after fake news about an XRP exchange-traded fund (ETF) circulated on social media platform X (formerly Twitter).

Furthermore, market watchers noted that news about altcoin ETFs would remain far-fetched in the coming years. Technical analysis conducted on November 7 showed that $0.715 was a critical resistance level. While XRP tested this level and even briefly surpassed it on Monday, the bulls were unable to convert it into support.

The one-day chart showed that the market structure has changed in a bearish manner. XRP set a higher low of $0.63 on November 9, but its fall below this mark on November 14 meant that the bears are now in control.

However, the sellers were not dominant and a downtrend had not started on the OBV. Fibonacci retracement levels showed the 61.8% and 78.6% interest rates settled at $0.572 and $0.528. $0.585 was also a support level based on late October price action. Therefore, a move to the $0.528-$0.585 region would give buyers a chance to regain control. On the other hand, a move below $0.528 would mean that a downtrend is likely in play.

By Leonardo Perez

Bitcoin price is entering a strong period of turbulence as a result of the whales’ movements in recent hours.

BTC price had returned to the $35,000 range; however, that fade was really short-lived and now, it is once again close to $38,000. Everything indicates that it is the whales who shake the price of Bitcoin.

Certainly, talking about volatility in the price of BTC in 2023 is not at all common. In fact, since the end of the first semester and the beginning of the second, the exchange value of the currency practically did not move. However, the issue of Bitcoin spot ETFs on the US stock market became a major generator of turbulence.

This agitated environment put the whales or large investors to work, who desperately move to take advantage of the situation. Considering the influence of these holders, the price of the pioneering digital currency has problems stabilizing. The result is a wave of uncertainties and liquidations in the futures market.

Basically, since November 14, whales started taking profits from the recent rise in BTC. Immediately, others began to take advantage of the decline to buy at a lower price. The latter becomes a strong sign that the bullish sentiment is strong.

Bitcoin Whales Buy Coins Again

With cross-buying and selling, Bitcoin whales shake not only the price of BTC, but the entire crypto market. From a bearish perspective, the issue is now placed at the other end of the scale. According to ZyCrypto analysts, the bullish potential draws a possible port of arrival at $43,000.

In a report this Wednesday, ByteTree founder Charlie Morris stated that the crypto winter is now completely over. “Bitcoin’s trend is not only strong in dollars, but also against other key assets,” he was quoted as saying in CoinDesk. “This is important for institutional adoption because they don’t buy alternative assets unless there is a small additional return,” he added.

A curious aspect of this sudden price rise is that it happens despite the SEC’s new decision to postpone some ETFs. The latter could have an explanation in that this new delay was already widely expected by investors. Either way, not everyone is optimistic about the events now unfolding.

The fact that the Bitcoin whales seem to have the last word generates bad omens among some experts. For example, Kaiko analysts highlight that optimism is solely subject to the Bitcoin spot ETF without anything beyond. They highlight that liquidity is just above levels after the FTX crash.

Although the approval of the ETF is expected to cause a rise in liquidity, right now, these increases are merely speculation by the whales.

Bitcoin Price Analysis

Bitcoin re-entered the ascending channel pattern on November 13, which may have trapped the aggressive bulls. That started a sell-off, which brought the price to the channel support line on November 14.

The strong rebound from the support line suggests that lower levels continue to attract buyers. The bulls will try to push the BTC/USDT pair above the resistance line, but could encounter heavy selling from the bears.

If the price turns back and breaks below the channel, it will suggest that traders are rushing towards the exit. That could push the price to the $32,400 to $31,000 support zone. The bulls are expected to buy aggressively at lower levels. The bulls will be back in control after taking the price above $38,000.

By Audy Castaneda