November Ranking

The end of November has left us with very mixed results in the crypto market, with tokens such as $MASK or $BAND rising more than +60% and with others such as $SOL or $AVAX giving up -58% and -32% respectively.

But before we start with our monthly ranking, let’s analyze the chart of $BTC, the largest market cap asset.

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As we can see, the price of $BTC has fallen -16% during the month of November, breaking the support at $18.5k and generating a new support zone at $15.5k.

After that latest bounce from support, the price is marking short-term resistance at $17.5k, the price zone where it closed the month. This does not leave a short-term situation with any rising bottom, as we can see at $16k, but you still need to see some rising top above 17.5k to start talking about a near-term uptrend.

If we focus on the long term, we must pay attention to $18.5k, since it was a support zone and can currently act as resistance if the bearish movement is reactivated.

Regarding the rest of the market, on the one hand, tokens such as $RAY, $SOL or $AVAX stand out due to their negative results, and we also see several representatives of the gaming sector in this classification such as $GALA, $MANA or $SAND.

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All of them were heavily dragged down after the FTX news was released, but I am particularly struck by the situation of $SOL, the native token of the Solana network that has been pushed back to early 2021 prices.

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This bearish continuation break occurred with increased volatility, which amplified the move that found no support to the $10 area.

If we enlarge the chart to analyze the situation in a shorter term, we can see how a bullish divergence has been created in the RSI prior to the rebound movement of the last few weeks.

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Despite this upward movement, the macro situation has not changed and if this RSI uptrend is broken, it is very likely that there will be a rebound to the support zone or even a breakout.

If we move on to see the tokens that have recorded the best performance during this month, the presence of oracles such as $MASK or $BAND in the top positions rising more than 60% is striking.

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The rest of the positive tokens do so with a more modest result, but very remarkable given the general situation.

In this ranking we see tokens that we have already analyzed in our posts, such as $MATIC, which closed the month with +2%, or $DYDX with +4%,although in both cases they were also dragged down by the general bearish movement of the second week of November, but to a smaller degree as we can see in their charts:

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In the case of $MATIC the price closed in that conflict zone between $0.80 and $1, leaving a very similar situation to the one indicated in the last analysis, with the resistance at $1.25 as the zone to beat in order to continue with the sequence of rising highs in the short term.

In the case of $DYDX we detect the creation of a sideways channel between the $1 support and the $2.60 resistance that mark that price consolidation zone.

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Finally, remember that nothing discussed in our articles can be considered as investment advice. Everyone must do their own analysis and develop their own trading strategy. The BELOBABA team only shows analysis and investment tools, and how they help us in our operations when making decisions.