RNDR Jumps 5% while ETH and SHIB Stalled in Uncertainty

Crypto Prices Today: The majority of major cryptocurrencies witnessed significant growth from mid-October to early November, largely attributed to the optimism surrounding the approval of the Bitcoin ETFs. However, the momentum has shown signs of waning over the past week. This slowdown is highlighted by Bitcoin’s struggle to surpass the $38,000 threshold, partly due to delays in the approval of some Bitcoin ETFs.

The global cryptocurrency market cap has risen to $1.39 Trillion, marking a 0.95% increase in the last 24 hours. Alongside this, there’s been a 31.7% fall in total market volume, reaching $39.6 billion. DeFi’s contribution is notable, with its $5.15 billion volume making up 13% of the total 24-hour crypto market volume

Also Read: CoinShares Analyst Foresees BTC Hitting $81,000 Amid Bitcoin Spot ETF Speculations

Ethereum Price Analysis: Healthy Retracement Hints Rally to $2240

Source- Tradingview

After reaching a peak of approximately $2,137 on November 10th, the Ethereum coin price has entered a period of modest correction. Over the past week, its value has declined by about 10.7%, resulting in a current trading price of nearly $1,960. 

This level is notably close to the 32.8% mark on the Fibonacci retracement scale, a significant indicator in technical analysis. The overall bullish sentiment for Ether remains likely as long as its price stays above the 50% Fibonacci retracement level, which is around $1,830. Maintaining a price above this critical level suggests a strong foundation for recovery. 

If the ETH price successfully holds above $1,830, it is well-positioned for a robust rebound, potentially escalating toward $2,240 which aligns with the resistance trendline of the wedge pattern.

Shiba Inu Price Analysis: Bullish Pattern Sets 18% Jump

Source- Tradingview

The recent recovery in Shiba Inu price faced a major roadblock at $0.0000095 as broader market sentiment turned uncertain. This resistance initiated a mild retracement, with the price stabilizing near the $0.000008 mark.

This correction aligns precisely with the 50% mark on the Fibonacci retracement scale, a common indicator for a healthy correction within an overall bullish trend. A closer examination of the 4-hour chart indicates that SHIB is currently in a consolidation phase, shaping up what is known as a bullish flag pattern. 

Should SHIB successfully break through the upper boundary of this flag formation, it is poised to aim for an initial target of $0.000015, registering a potential rally of 18%.

RNDR Price Analysis: Buyers Escape 600 Days Accumulation

Source- Tradingview

The RNDR coin has been one of the peak performers this week where the jumped from $2.1 to $3.58, registering a growth of 73.3. Amid this rally, the buyers gave a decisive breakout from the resistance trendline of the symmetrical triangle pattern. Under the influence of this pattern, the coin price witnessed a sideways accumulation phase for the past 20 months.

By the press time, the RNDR price traded at $3.58, and with sustained buying, it should reach a potential target of $4.25, followed by $5.7. However, this anticipated rally may witness some in-between pullbacks, and as per prior records, this correction is never closing below the 50% Fibonacci retracement level.