People, DYDX, CHSB, ANT, BNX Hang On, Crypto Market Is Bearish



BeInCrypto Take a look at five projects that beat the crypto market last week, specifically, from November 4th to November 11th.

These digital assets have taken the crypto news and crypto market spotlight:

  1. ConstitutionDAO (people) price increased by 27.30%
  2. dYdX (DYDX) up 12.51% in price
  3. Swissborg (CHSB) price increased by 6.36%
  4. Aragon (ANT) price hiked by 6.30%
  5. BinaryX (BNX) price up 1.66%

People Lead the Crypto Market Rally

People have been decreasing inside a symmetrical triangle since May 6. The symmetrical triangle is considered a neutral pattern, meaning a breakout and a breakdown are possible.

Additionally, the daily RSI is moving freely above and below 50. This is a sign of an undetermined trend, which further aligns with the appearance of a triangle.

Therefore, whether ConstitutionDAO price breaks out of the triangle or goes down will determine the direction of the future trend.

DYDX bounces above annual low

On October 27, DYDX broke through a descending resistance line that had existed since August 1. However, it could not sustain the upward momentum and returned to the support area once again on 8 November.

The upcoming bounce (green icon) validated both the resistance line and the $1.25 horizontal support area. The upward momentum is going in contrast to the rest of the crypto market, which has been caught in a significant shortfall.

Currently, DYDX price is breaking the 0.5 Fibonacci retracement resistance area at $1.96. If it succeeds, the next resistance will be $2.50.

Conversely, a decline below the November low at $1.18 (red line) would invalidate the bullish price prediction.

CHSB Reclaims $0.22 Zone

CHSB has been trending upward since June 15. IT made a high low in mid-September and subsequently accelerated its growth rate. The breakout reached a high of $0.34 on November 7.

Later, during the crypto market downtrend from November 7th to November 10th, the price of CHSB returned to the $0.22 area, validating it as support (green icon). As long as it trades above it, the trend can be considered bullish.

However, a break below the area is likely to take Swissborg to the ascending support line of $0.18.

ANT consolidates in corrective pattern

ANT price has been moving inside an ascending parallel channel since the beginning of May. An ascending parallel channel is considered a bearish pattern even though the price has not recovered from its May low. So, a breakdown from this would be the most likely scenario. If it does, the price is likely to drop to the yearly low of $1.22.

Currently, Aragon price is attempting to move above the middle of the channel (red circle). If it succeeds and breaks the channel (red line), it will invalidate this bearish price prediction.

BNX may break with bearish crypto market

Similar to ANT, BNX is also trading inside an ascending parallel channel. On 13 October and 11 November, it was rejected by the middle (red circle) of the channel. This is a bearish signal indicating that a breakdown is the most likely scenario.

If it does, the nearest support area is $95.10, formed by the 0.5 Fibonacci retracement support level and a horizontal support area.

On the other hand, a breakout from the channel would invalidate the bearish price prediction.

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