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Altcoins on 16th November 2021 — Crypto.com Coin (CRO) down, UMA (UMA) up!

Tue 16 Nov 2021 ▪ 18h29 ▪ 3 min read — by Felix Meyer

Today is Tuesday, 16th November, and this is Cointribune’s Crypto analytics. You will learn about everything that’s been going on in the market, as well as what to expect next in our new article! If you’d like to read the previous instalment, please follow the link. Off we go!

Fear and Greed Index

The fear and greed index hasn’t seen substantial shifts, with only one point having gone back to fear. This, however, corresponds with the past day’s changes. The collapse that occurred at the beginning of the day will adjust the indicator only tomorrow and only if Bitcoin (BTC) doesn’t suddenly return to the latest highs.

PlanB market analyst, Ark Invest CEO Cathie Wood and SkyBridge Capital founder Anthony Scaramucci predict continued growth for Bitcoin with certain chances of hitting $100,000, $138,000 and even $500,000 some day. Each of them relies on the BTC deficit indicators, increased acceptance of digital assets all over the world and continuing growth of inflation. In a nutshell, it’s not that you shouldn’t believe in all these high goals. It’s that you need to understand all the risks.

PlanB’s Stock-to-Flow model doesn’t seem quite trustworthy. First and foremost, it doesn’t really count the current global situation and local news. This model is basically the same as the fear and greed index, RSI, MACD and others. They can’t reflect the future, and their forecasts are only consequences of events that have already affected the market. However, many people mistakenly believe that the S2F model is an all-seeing eye. And PlanB doesn’t really resist this interpretation of the development.

The cryptocurrency market is extremely volatile, and things like whales’ shadow manipulations tied to volumes’ shifts and news only add to this complexity. That’s why S2F can only give a general overview of possible BTC peaks based on the current data. Any day could bring huge changes, making the market truly unrecognisable. So, be careful. Hope is great, still it should never cloud your judgement, especially if your money is at stake.

TOP 10 Altcoins

Top altcoins follow in BTC’s footsteps. CoinMarketCap Solana (SOL), which was aiming for the fourth line yesterday, is thrown far behind its rival Tether (USDT) today. All that’s left is to wait until Bitcoin’s moods end.

UMA (UMA)

UMA becomes the gainer of the day, having climbed 30% up.

Crypto.com Coin (CRO)

Crypto.com Coin beats its rivals by just a small margin and becomes the loser of the day.

Don’t neglect risk management and don’t forget about stop losses. “Hope is the thing with feathers”, and the bird in the hand is worth two in the bush.

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Felix Meyer avatar
Felix Meyer

Le trading et l'analyse technique sont mes spécialités depuis 4 ans. Je décortique le marché et vous partage mon expertise.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

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