Risk-off reality: Altcoin weakness emerges as tech flows dry up

While Bitcoin (BTC) is holding well above the $100,000 mark, digital gold is suffering today, down about 2.30% as we speak.

While the initiator is still surviving from not-so-bullish signals, the strength of the broader crypto market is being challenged by its lower-cap peers.

Altcoins such as Solana (SOL), Dogecoin (DOGE), and XRP are sending some scarier signs through increased selling pressure.

Still, major platform coins Ethereum (ETH) and BNB are both holding relatively strong, seeing less dramatic outflows compared to their more volatile counterparts.

Despite being up since the lows of Monday, November 3rd, the Total Market Cap is still close to 20% down from its all-time highs. This sharp correction may start to trigger some anxiety among crypto aficionados who saw quick, parabolic gains earlier this year.

This sector-wide caution is partially mirroring trends in tech: selling flows in everything related to tech have been more common as of late.

High-profile figures, including OpenAI's CFO (ChatGPT's creator) and the Nvidia CEO, have sent out warnings regarding overstretched investments in AI and the prospect of fierce Chinese competition.

Nevertheless, the crypto market is still in a fundamentally better state than it was years ago, particularly as it comes to public investing and regulations – Progress is rarely linear in such a revolutionary market.

Let's explore intraday charts and technical levels for Bitcoin, ETH, SOL and XRP.

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As expressed through many of our preceding Crypto market analysis, as long as Bitcoin holds above $100,000 (on Daily and Weekly closes), market participants shouldn't be too afraid.

Nonetheless, some bearish signals are emerging from an RSI which struggles to pass above the neutral line, and which also corresponds with the breakdown-retest-rejection that happened around $107,000 just yesterday.

Keep an eye on daily closes and sentiment – Tech and cryptos have surprised with much resilience throughout this entire year and new highs can always happen in a flash.

However, for the odds of such an occurrence to increase, a daily close above the $110,000 and the ongoing descending channel would be necessary.

Levels of interest for BTC trading:

Support Levels:

• $99,000 to $100,000 Main Support
• $93,000 mini-support
• $85,000 mid-term Support (+/- $1,500)
• $75,000 Key long-term support

Resistance Levels:

• Current ATH Resistance $124,000 to $126,000
• Current all-time high $126,250
• $116,000 to $118,000 Resistance
• Recent highs at $107,300
• Major Pivot at previous ATH $106,000 to $108,000 (and 4H MA 50)

Similarly, Ethereum has entered a corrective sequence since beginning October, with prices evolving in a downside channel.

Still, monitor the $3,500 Pivot (+/- $50) – Whether the action closes above or below will be consequential for upcoming trading.

Levels of interest for ETH trading:

Support Levels:

• $2,100 June War support
• $2,500 to 2,700 June Consolidation
• Recent lows $3,053
• $3,500 (+/- $50) Main Current Pivot

Resistance Levels:

• $4,000 to Dec 2024 top Higher timeframe pivot zone
• $4,200 to $4,300 consolidation Zone
• $4,700 to $4,950 All-time high resistance zone
• $4,950 Current new All-time highs

Evolving in a bearish channel since about 1-month, the outlook for Solana is decisively more bearish. Some could point that the crypto has already corrected quite a lot from its recent highs.

In terms of investing, there could be an argument to enter here but in terms of short-term outlook, the overall Crypto market would need to advance further in order to tilt to the bull side again.

The -35%+ correction from its $250 highs is also reacting from the similar RSI pattern seen in other cryptocurrencies – Take a close look at the $140 to $150 Support, a key level to hold to prevent for further bearish continuation.

Levels to keep on your SOL Charts:

Support Levels:

• Resistance turned pivot level $218 to $220
• Support zone $200 to $205
• Recent lows $191
• $185 higher timeframe momentum support

Resistance Levels:

• Current Pivot Zone $160 to $165
• $180 to $190 Resistance
• $200 Psychological Level
• $253 recent highs

XRP has entered its profit-taking/corrective sequence since July already.

The RSI is not pointing to the same bearish signs as seen in the other coins above.

Nevertheless, cryptos tend to move in tandem and except for TRX today, all other major alts are struggling in this ongoing trend.

Watch for the current test of Support – A break below Monday lows would point to more continuation ahead.

Levels to keep on your XRP Charts:

Support Levels:

• Key support at $2.30 (immediately testing)
• $2.07 Recent lows
• $2.00 psychological level
• $1.60 April 2025 support
• $1.37 Friday wick
• $1.30 to $1.40

Resistance Levels:

• Main Support now Pivot - $2.60 to $2.70
• Resistance at March $3.00 Wick
• $3.10 to $3.20 resistance
• $3.40 Resistance Zone
• Current ATH resistance around $3.66

Safe Trades!