Altcoins on 24th November 2021 — Elrond (EGLD) down, The Sandbox (SAND) up!
Today is Wednesnday, 24th 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! Make sure to have a look at the previous instalment. Off we go!
Fear and Greed Index
The Fear and Greed Index has taken some tentative moves towards greed. However, fear never left the market and the fact that the new day started with another bearish effort to sink Bitcoin, I can assume that this index will be back to values in the range of 30–35.
The bulls not only lack the strength to break above the resistance zone, but also to confidently withstand pressure from the bears. Most likely, the problem is that there aren’t many players on the market right now. Most of them are now either selling or have already sold everything and are sitting on the fence watching the situation develop. Buyers, on the other hand, are also not in a hurry to buy BTC, waiting for the price at which the bears’ pressure will weaken because of their reluctance to sell. The market is likely to change only if the price reaches support around $50,000, or if the market suddenly believes that the first cryptocurrency won’t sell lower. Then the rise could start from values close to the current ones.
Top 10 altcoins
The top alternative cryptocurrencies have not changed their behaviour. On Bitcoin’s upswings, they try to recoup their losses, while on its downswings they continue to lose value. Avalanche (AVAX) lost to Dogecoin (DOGE) at number 10 and vanished, following Shiba Inu (SHIB), which keeps falling.
Not as much as Avalanche (AVAX), but Cardano (ADA) also stood out quite strongly. The asset has already lost nearly 7% of its price in the last 24 hours. At this rate, it could soon be overtaken by Ripple (XRP).
The Sandbox (SAND)
The Sandbox is the gainer of the day with a profit of over 30%.
The loser of the day with a loss of more than 10% is Elrond.
Don’t forget about stop losses and don’t neglect risk management.
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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.