Bitcoin price saw a short-term correction from the $93,450 zone. BTC is now consolidating gains near $87,000 and might attempt another increase in the near term.

• Bitcoin started a downside correction from the $93,450 zone.
• The price is trading above $87,000 and the 100 hourly Simple moving average.
• There is a connecting bearish trend line forming with resistance at $90,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could start a fresh increase if it stays above the $87,000 zone.

Bitcoin Price Starts Downside Correction

Bitcoin price attempted more gains above the $93,000 level. BTC traded to a new all-time high at $93,435 and recently started a short-term downside correction.

There was a minor decline below the $90,000 level. The price even dipped below the $88,000 level. A low was formed at $86,621 and the price is now consolidating. It is slowly moving higher and trading near the 23.6% Fib retracement level of the downward move from the $93,435 swing high to the $86,621 low.

Bitcoin price is now trading above $87,000 and the 100 hourly Simple moving average. On the upside, the price could face resistance near the $90,000 level. There is also a connecting bearish trend line forming with resistance at $90,000 on the hourly chart of the BTC/USD pair.

The trend line is close to the 50% Fib retracement level of the downward move from the $93,435 swing high to the $86,621 low. The first key resistance is near the $90,850 level. A clear move above the $90,850 resistance might send the price higher.

The next key resistance could be $91,500. A close above the $91,500 resistance might initiate more gains. In the stated case, the price could rise and test the $93,450 resistance level. Any more gains might send the price toward the $95,000 resistance level.

More Downsides In BTC?

If Bitcoin fails to rise above the $90,000 resistance zone, it could start a downside correction. Immediate support on the downside is near the $87,150 level.

The first major support is near the $86,500 level. The next support is now near the $85,280 zone. Any more losses might send the price toward the $82,500 support in the near term.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 80 level.

Major Support Levels – $87,150, followed by $86,500.

Major Resistance Levels – $90,000, and $91,500.

Cardano (ADA) has been on a winning streak in recent weeks. Over the past seven days, the altcoin’s value has risen by 55%. It currently trades at $0.57, a price level last observed in April.

On-chain data shows that the spike in the coin’s value has delivered substantial gains to Cardano holders, much of which remains unrealized. However, as profit-taking intensifies, ADA may witness a pullback in the short term.

Cardano’s Rally Puts Many of Its Holders in Profit

Cardano’s market value to realized value (MVRV) ratio, which measures the overall profitability of all its holders, has returned only positive values over the past seven days. Per Santiment’s data, as of this writing, the altcoin’s 30-day and 90-day MVRV ratios are 25.70% and 43.87%, respectively. 

When an asset’s MVRV ratio is positive, it is deemed overvalued. This means that its current market price is higher than the average purchase price of its coins in circulation.

Due to this, investors holding profits may be tempted to cash out. This trend often results in a spike in selling activity as investors scamper to lock in their gains, driving down the asset’s price in the short term. 

Therefore, while Cardano’s positive MVRV ratio points to strong holder gains, it also highlights the potential for increased volatility. Some investors may decide to realize profits, putting downward pressure on the coin price in the near term.

Moreover, the fact that daily transactions involving the altcoin have returned more gains than profit over the past few days may be another reason why Cardano holders may be tempted to sell. BeInCrypto’s assessment reveals a sharp increase in the coin’s daily transaction volume in profit over the past seven days. 

As of November 13, this totaled 5 billion. That day, the ratio of daily on-chain transaction volume in profit to loss was 1.04, indicating that for every ADA transaction ending in a loss, 1.04 transactions returned a profit. 

ADA Price Prediction: Will Traders Resist the Urge To Sell?

Notably, according to IntoTheBlock, due to the price surge, 52% of all addresses holding Cardano are currently “in the money.” This means that 2.3 million addresses would be profitable if they were to sell their coins at the current market price. Conversely, 41.3% of all Cardano holders, comprising 1.86 million addresses, are “out of the money,” that is, they sit on unrealized losses. 

If the coin’s high profitability prompts many holders to sell their coins, it will put downward pressure on its price, preventing a continued rally toward the $1 price mark. Should selling pressure gain momentum, the Cardano coin price may fall toward support at $0.54. If this level fails to hold, its price may plummet further to $0.47.

However, if holders resist the urge to sell and double down on coin accumulation, it could drive the Cardano coin price above $0.60, setting the stage for a potential move toward its year-to-date high of $0.81.

FET price has been underperforming compared to its closest competitors over the past week, down more than 8%. Despite being the second-largest AI cryptocurrency by market cap, it has struggled to keep pace with other major players in the sector.

While its competitors have seen impressive gains, FET has lagged behind, raising concerns about its ability to maintain its position. This recent underperformance puts its standing in the market at risk, especially as other AI coins continue to show strong momentum.

Is FET Lagging Behind Other AI Coins?

FET is currently the second-largest Artificial Intelligence coin by market cap, trailing behind TAO. It also ranks second in weekly trading volume, just behind WLD. However, in terms of performance, FET has fallen behind its competitors over the past week, with its price down by 8.16%.

This is significantly lower compared to the impressive gains seen by its peers, such as RNDR, with a 39.14% increase, and WLD, with 17.5%.

These recent figures suggest that FET could be losing momentum in the AI cryptocurrency race, putting its status as the second-largest AI coin at risk.

If RNDR continues to rise by just 15% more and FET remains stable, their market caps would be equal, potentially leading to a shift in the rankings.

FET Whales Decreased In The Past Week

The number of addresses holding between 1,000,000 and 10,000,000 FET currently stands at 149, down from 153 on November 3. From that day until November 9, this figure declined consistently, bottoming out at 147.

Tracking the activity of these whale addresses is crucial, as they often significantly influence price movements.

While the number of FET whales has recovered slightly from 147 to 149 over the last five days, it remains below the level seen in early November. This indicates that large holders might still be cautious, and the full confidence seen previously hasn’t yet returned.

Although there has been a modest recovery, the reduced whale activity may suggest lingering uncertainty or hesitation, which could affect FET’s price stability and future performance in the short term.

FET Price Prediction: A Possible 16% Correction

The chart for FET price is showing signs of caution, with its EMA lines suggesting potential bearish pressure. The short-term EMA has dropped significantly over the past few days and is close to crossing below the long-term EMA.

If this happens, it will form a “death cross,” a bearish signal indicating a possible shift toward a downtrend.

If the death cross occurs, FET could test its nearest support at $1.18. If this level fails, the price could drop to $1.08, representing a potential 16% correction.

However, if momentum shifts positively, FET price may challenge resistances at $1.45 and $1.53. Breaking these levels could see it rise to $1.64, offering a potential 35% price increase.