Crypto price analysis for December 11 – This week began with a sharp decline in the price of most of the cryptocurrencies in the market as the majority are trading in the red zone.
According to CoinMarketCap data, the global crypto market cap has plummeted by 7.16% in the last 24 hours, falling to 1.52 trillion from last week’s 1.64 trillion. However, the crypto fear & greed index still speculates a bullish sentiment across the community.
Flagship cryptocurrency Bitcoin has shed over $4,000 since the beginning of the day, dropping by 7% over the last 2 hours according to live stats. This decline occurred after reaching a new yearly high of over $44k last week.
Furthermore, the world’s second-largest cryptocurrency – Ethereum, has dropped by 7.10% over the last day and is now trading below the $2,200 mark.
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The reasons behind Bitcoin’s price drop (which affects other cryptocurrencies) can be attributed to miners selling off their BTC holdings to cash in on the profit ahead of the halving event next year and traders fear that the Fed might not cut the interest rate in 2024. Read more on that here.
With this current trend in the crypto market, let us look at the price analysis for Dogecoin (DOGE) and Binance Coin (BNB) to see how the prices will react.
Dogecoin (DOGE) price analysis
Over the last day, the price of Dogecoin has dropped by a significant $8.33%, still maintaining a 5.3% increase over the last 7 days.
On the daily chart, DOGE has made a false breakout of the resistance level of $0.10645. If the bar closes below $0.10 today, then traders might witness a further drop below the $0.09 zone soon.
Source: TradingView
At the time of writing, Dogecoin is currently trading at $0.0935 with a 24-hour trading volume of $1,941,176,600 ($1.9 billion) and a live market cap of $13,305,065,892 ($13 billion).
Binance Coin (BNB) analysis
According to live stats, the price of BNB has only dropped slightly by 0.22% in the last 24 hours. Its price has shed the least compared to other cryptocurrencies in the top 10 list.
Source: TradingView
Looking at the price technically, BNB is currently experiencing more bullish momentum than bearish. However, for this to continue, the price has to be fixed above the $250 level. If this is achieved, then traders might experience a further upward trend.
At press time, the price of BNB is $241 with a 24-hour trading volume of $822,185,936 ($822 million) and a live market cap of $36,104,862,383 ($36 billion).
Read more:
- Why Did Bitcoin Price Drop Today?
- Top 5 Trending Cryptos in the Market Right Now: A Closer Look at the Crypto Market
- FUD Around WhiteBIT: Analyzing the Blacklist Case, Investigating Claims
Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications such as Coinfomania and Crypto News Guru, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.