Traditional ways of storing money are going away in favor of cryptocurrency. More and more people are investing in altcoins such as Bitcoin, Ethereum and many more each day. This is causing the market to grow and thus, cryptocurrency’s value to increase. In fact, Bitcoin recently hit the $7,000 milestone which is quite amazing.
Volatile Market and Altcoin Bull Increase
Although, we need to mention that the cryptocurrency market is quite volatile. Just take for example Bitcoin which spiked nearly to $8,000 during the last few days and now it dropped to $5,500. This is a risk that investors must deal with. Nonetheless, things are looking great now since the altcoin bull gained $17 during this month.
Experts are saying that Nem Prices are still over the $0.20 support/resistance line and they are not going to drop anytime soon. Moreover, the NEM prices have been growing strongly all throughout October and November which means that NEM prices might go even further than the $0.20 support/resistance line before December is here.
IOTA November Rally is Coming to an End
As we all can see in the featured analysis image, the IOTA bulls have taken their profits. This means that the November rally is nearly over. Moreover, the stochastics sell signal in place is expected to further devaluate because the reversal is taking place at the August 18-25 lows and minor support. In addition, the region sits at a 61.8% Fibonacci level from August-October Lo-His.
Investing in Cryptocurrency
At the moment things are looking good for people who are interested in investing serious money in cryptocurrency, however things are likely to change during the upcoming future and we cannot guarantee that their investment will pay off. Therefore, people who want to invest should make sure that they can afford to lose some money in case the market takes a dive.
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