Except for the Dogecoin and the dollar-pegged Tether, the other eight of the top 10 digital tokens were trading higher. Ethereum recovered 7 percent, while Solana and Moles increased 5 percent.
The global crypto market capitalization dropped more than 3 percent to a mark of $ 2.59 trillion compared to last day. However, the total volume of the cryptocurrency market jumped around 4 percent to $ 125.31 billion.
WazirX Trade Desk said the November dip was actually the weakest correction of 2021, dwarfed by BitcoinThe huge correction of 53.4% for three months between April and July. The most recent correction in September was the second deepest, reaching 37% of April's ATH, it added.
Hitesh Malviya, founder,
itsblockchain.com He said that NFT-based tokens are in a long-term bull market and the price may continue to climb due to high retail demand. "Metaverse-based tokens have also seen massive price increases, and we can expect them to cool down a bit before making the next higher tranche," he added.
Giottus Cryptocurrency Exchange Technical View
The Internet of Things is among the most popular concepts in technology right now, along with the blockchain itself. IoTeX is a decentralized network that hopes to generate value from a synergy of both technologies, functioning as a platform for IoT devices on decentralized ledgers, such as blockchain-enabled cameras and supply chain monitoring tools.
Its token, IOTX, represents the value that the market sees in this opportunity; It has already risen more than 12 times since July 2021. After months of consolidation, IOTX started a massive rally, increasing by more than 400% (from $ 0.056 to $ 0.262) within a fortnight in early November.
This was followed by a correction that tested its support levels to below $ 0.15. It is currently within the golden pocket range of its rally, the .66 and .618 Fibonacci retracement support levels at $ 0.12- $ 0.135. A bounce from here is a good long-term opportunity, especially if Bitcoin regains its key weekly level of $ 60K and experiences a rally.
The IOTX correction has also formed a parallel channel whose levels have been well respected. Its confluence with the .618 Fibonacci retracement makes $ 0.126 a very strong support level, while on the upside, IOTX will need to break the confluence of the channels with another level at $ 0.183.
Higher levels
Support: $ 0.135, $ 0.126
Resistance: $ 0.159, $ 0.183
(The time is in UTC and the daily time frame is 12:00 AM to 12:00 PM UTC)
(Opinions and recommendations given in this section are those of analysts and do not represent those of ETMarkets.com. Consult your financial advisor before taking any position on the assets mentioned).
