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Crypto Price Analysis November-01: XRP, BNB, SOL, DOGE, and MKR

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This week, we examine Ripple, Binance Coin, Solana, Dogecoin, and Maker in greater detail.

cryptopost_friday (2)

Ripple (XRP)

The week started well for XRP, but the price action turned bearish on Wednesday, closing the week with a 3% loss. If buyers don’t return soon, this cryptocurrency may test the support at 48 cents again.

Since September, XRP has been in a downtrend after its failure to sustain itself above 60 cents. With clear lower highs and lower lows, this downtrend may continue for some time until a base is found where buyers can attempt a recovery.

Looking ahead, XRP is likely to remain under 54 cents, which is currently acting as key resistance. If the volume continues to decline, the price could also range between the key levels until a decisive breakout.

XRPUSDT_2024-11-01_10-24-42
Chart by TradingView

Binance Coin (BNB)

Binance Coin did not manage to break above the $600 resistance and was pushed back by bears. This is why it closed the week with a 3% loss. There have been several attempts at moving above $600 in the past, but they have all been rejected.

Considering the lack of a clear breakout, the price is stuck in a range that appears to become tighter. Eventually, BNB will have to escape it as it narrows around it. The current momentum does not give a clear path forward, but sellers could show up again to push the price to $550.

Looking ahead, the bias on this price action is neutral, but the daily MACD recently made a bearish cross, which could encourage sellers to be more aggressive in the coming days.

BNBUSDT_2024-11-01_10-25-15
Chart by TradingView

Solana rallied to $183, and then sellers returned to push the price back to its key support at $164. This reversal saw the price drop by 4% this week. It is critical for buyers to defend $164, as any weakness there could threaten the progress made in October.

The daily MACD just did a bearish cross, which could signal that sellers are returning. However, to get confirmation, the key support has to be lost. If that happens, SOL may revisit $160 or even $150.

Looking ahead, Solana is found at a decisive point. If buyers manage to hold firm during this pullback, it has a good chance to resume its uptrend.

SOLUSDT_2024-11-01_10-25-39
Chart by TradingView

Dogecoin (DOGE)

DOGE is one of the few coins that closed the week in green with a spectacular 13% price increase. This comes after bulls broke away from the resistance at 14 cents. Once the price escaped above this key level, buyers rushed in.

The rally stopped just under 18 cents before the current pullback started. Even so, this breakout is significant and shows that DOGE is ready to aim much higher. The 22 cents resistance is the most important target on the chart now.

Looking ahead, Dogecoin is riding a strong bullish momentum. As long as this is maintained, this meme coin could dominate the headlines in the coming weeks.

DOGEUSDT_2024-11-01_10-26-57
Chart by TradingView

Maker (MKR)

After the price tested the support at $1,000, buyers returned. This saw Maker bounce and quickly rally by over 13% this week alone. The current resistance is at $1,270 and is being contested at the time of this post.

Should buyers manage to sustain the current bullish momentum, then their next target will be found at $1,500. This bounce comes after Maker suffered from a long downtrend that started in April 2024. To get confirmation that the downtrend is over, the price will have to break above $1,500 as well.

Looking ahead, Maker has a real opportunity here to enter a sustained recovery and erase some of the losses since April. This is a good start with great volume, but it has to continue. Otherwise, it’s just another bounce in a downtrend.

MKRUSDT_2024-11-01_10-30-42
Chart by TradingView
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Dogecoin (DOGE) Soars 10% After Musk’s Appearance on Joe Rogan’s Podcast: Details

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TL;DR

  • Dogecoin pumped substantially following Elon Musk’s latest comments on a possible “D.O.G.E.” government department.
  • Analysts speculate on DOGE’s potential for $1, with some citing Trump’s possible victory as a factor that could drive sustained hype.

DOGE’s Rally

The cryptocurrency sector is slightly in the red today (November 5), with its global market capitalization dropping by over 2% to around $2.38 trillion (per CoinGecko’s data). Bitcoin (BTC) currently trades at around $68,500 (roughly the same level witnessed 24 hours ago), while Ethereum (ETH) is down by 1.7%. 

One leading digital asset that is defying the negative trend is Dogecoin (DOGE). The OG meme coin experienced a 10% price increase on a daily scale, rising to almost $0.17.

DOGE Price
DOGE Price, Source: CoinGecko

Its impressive performance could be attributed to Elon Musk’s comments during his recent appearance on Joe Rogan’s podcast. Tesla’s CEO once again talked about establishing a Department of Government Efficiency (D.O.G.E.) should Donald Trump win the US presidential elections.

This time, Musk shed much more details, claiming the potential division will aim to solve the problem with “the suffocating massive federal bureaucracy” and control the government’s spending, which has gone through the roof in the past years. 

“Our interest payments on national debt now exceed the Defense Department budget. America is on the path to bankruptcy, so we have to cut government spending, or we are just going to go bankrupt just like a person would if he overspends.”

Tesla’s boss is a huge supporter of Dogecoin and one of the most influential people who publicly endorsed Trump for president. As such, it is safe to assume that the final results of the elections could trigger additional price volatility for DOGE. 

Is the $1 Target Plausible?

Numerous analysts noted DOGE’s resurgence, envisioning further increases in the future. One of those who chipped in was the X user Satoshi Flipper.

The trader believes a Trump victory could result in a Dogecoin price rally to as high as $1 due to the constant potential interactions about the Department of Government Efficiency in the next four years.

Hitting the $1 milestone seems unlikely at the moment, considering that the meme coin’s market cap must rise above $140 billion for that to happen. DOGE’s capitalization stands at around $24.5 billion, but let’s not forget that it exploded above $90 billion in May 2021.

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Electrifying Week: Bitcoin Sees Muted Volatility as Investors Await US Election Outcome (Bitfinex)

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With the United States presidential election a few hours away from conclusion, crypto investors are exercising caution, which is evident in the low volatility in the bitcoin options market.

Crypto exchange Bitfinex’s analysts reported that crypto investors have adopted a wait-and-see approach, expressing a lack of market confidence in BTC’s current price movements.

Investors Await Election Results

Crypto analysts generally expected heightened volatility leading up to the U.S. presidential election on November 5; however, investors seem hesitant to take action in the market. The front end of the options market faces significant pressure, and implied volatility for bitcoin options is in the low 40s.

Bitfinex explained that front-end volatility is the implied volatility of option contracts closest to their expiration dates. This often indicates the crypto market’s expectations for near-term price fluctuations.

“Another possible interpretation of current low front-end volatility ahead of election day is that it could signal a more profound concern for Bitcoin and altcoins as is shown in both BTCʼs current correction and the more significant corrections being seen in altcoins. Moreover, with options approval pending for Bitcoin spot ETFs, any shifts in sentiment surrounding these developments could further influence volatility and trading activity,” the exchange added.

While implied volatility remains suppressed and investors continue to apply caution, Bitfinex analysts expect the fluctuation structure to change between November 5 and 8. This prediction is fueled by expectations of significant price action within the week, although there is no certainty that the market will move in any particular direction.

If the market fails to experience the expected volatility, Bitfinex says a more substantial issue would likely be at play, and BTC may witness a much deeper correction.

Trump Still Leads on Polymarket

Multiple predictions of BTC at $100,000 by year-end may materialize in the coming weeks, depending on the election outcome. The general market consensus remains that a Republican victory by Donald Trump would be bullish for BTC, while a Democratic win by Kamala Harris could be bearish.

Meanwhile, data on the blockchain prediction platform Polymarket shows that the odds of Trump winning the election are 62.5%, while Harris’s is 37.6%. Data from CoinMarketCap showed BTC trading at $68,628 at the time of writing.

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SHIB and DOGE Defy Overall Sentiment, BTC Recovers From Sub-$67K Dip (Market Watch)

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Perhaps due to the massive outflows from the spot Bitcoin ETFs yesterday or some Mt Gox-related FUD, BTC’s price tumbled hard but managed to recover all losses.

The altcoins are relatively sluggish today as well, aside from the two largest meme coins, which have posted impressive gains.

Bitcoin Dumps and Recovers

After it failed to break into uncharted territory last Tuesday, bitcoin started to lose traction gradually and slipped to $72,000 on Wednesday and Thursday. The landscape worsened on Friday as it dropped below $69,000 on a couple of occasions.

After a failed recovery attempt, the bears came back and propelled a few more price declines. This culminated yesterday with a drop to a weekly low of $66,800. This came amid massive outflows from the spot Bitcoin ETFs in the States in the last full trading day before the presidential elections.

However, the cryptocurrency didn’t stay down for long and has recovered roughly all lost value since then. As of now, it trades close to $69,000 in anticipation of the election news and results today and tomorrow.

Its market capitalization has remained at around $1.360 trillion, while its dominance over the alts stands just shy of 57%.

Bitcoin/Price/Chart 05.11.2024. Source: TradingView
Bitcoin/Price/Chart 05.11.2024. Source: TradingView

DOGE, SHIB on the Run

Most of the larger-cap alts have remained relatively still in the past day again. ETH, TRX, AVAX, and LINK are slightly in the red, while BNB, SOL, XRP, ADA, and BCH are with minor gains.

Toncoin has dumped the most from the larger-cap alts. TON has lost nearly 6% of its value in the past day and trades below $4.6.

In contrast, the two largest meme coins have surged the most. SHIB is up by nearly 6%, while DOGE has soared by over 11% after the most recent interaction by Elon Musk during a Jor Rogan podcast appearance.

The total crypto market cap is essentially at the same spot as yesterday at just under $2.4 trillion on CG.

Cryptocurrency Market Overview. Source: QuantifyCrypto
Cryptocurrency Market Overview. Source: QuantifyCrypto
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

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