Top 4 Cryptocurrencies To Watch This Week
The dominance of Bitcoin (BTC) has declined from almost 48 percent on Oct. 20 to 42.3 percent on Nov. 7, but the total crypto market valuation has continued to rise. This shows that the price activity has changed away from Bitcoin and toward alternative cryptocurrencies.
Bitcoin whales are selling, but this hasn’t resulted in a breakdown of the firm support near $60,000. He also noted that Bitcoin reserves have continued to decline across exchanges, indicating high demand from buyers.
According to a study performed by PlanB, the majority of market players remain bullish on Bitcoin and expect a climb to $288,000 by the start of 2022.
In an interview on Nov. 3, Real Vision founder Raoul Pal also painted a bullish picture for cryptocurrencies. According to him, the current bull market is unlikely to finish in December this year and may last until March or June the next year. Pal believes that the potential introduction of Ethereum 2.0, as well as the possibility of an Ether (ETH) exchange-traded fund being approved in the first half of 2022, will draw institutional investors and spark a big rise.
On Nov. 2, Bitcoin broke above the bullish flag pattern, but buyers were unable to take advantage of the rally and push the price over the overhead resistance zone of $64,854 to $67,000. This suggests that the bears haven’t given up and are attempting to halt the upward trend.
Bulls are vigorously defending the 20-day exponential moving average ($60,794), which is a strong indication. Buyers will seek to push the price above the above resistance zone once more.
If they succeed, positive momentum will certainly increase, and the BTC/USDT pair will likely surge toward the pattern target of $89,476.12.
If the market breaks and sinks back into the flag pattern, this bullish view will be invalidated. After there, the pair might fall to the 50-day simple moving average ($54,883). The bulls are anticipated to find solid purchasing support in the area between the 50-day SMA and $52,920.
On Nov. 1, Polkadot (DOT) rose and broke through the overhead barrier at $49.78. The negative divergence was invalidated when the RSI broke above the downtrend line. This indicates that the upswing has resumed.
On November 6, the bears attempted to push the price down below the breakout level, but the long tail of the candlestick indicates that bulls are buying on dips. The rising moving averages and RSI near the overbought zone signal that the route of least resistance is up.
The DOT/USDT pair might surge to $63.08 if bulls push the price over $55.09. The bears may have different ideas and try to push the market below the breakout level of $49.78. A move like this would indicate a scarcity of buyers at higher levels.
The first clue that the bulls are losing their grip will be a break and closing below the 20-day EMA ($46.82). After that, the pair might fall to the 50-day SMA ($38.54).
Get 10,000 Satoshis [0.0001 BTC] Welcome Bonus.
Sign Up Now & Claim Your Welcome Bonus! (KYC required)
On November 4, the LUNA token of the Terra protocol broke and closed above the overhead barrier at $49.54. On November 5 and 6, the bears attempted to drag the price down below the breakthrough level but were unable to maintain the lower levels. This indicates that bulls are looking to buy on dips.
If bulls can push the price over $53.18, the LUNA/USDT pair might rally to the wedge’s resistance line, where bears are expected to put up a strong fight. If bulls push the price above the wedge, bullish momentum could pick up.
Alternatively, if the price falls below the current level or above resistance, the pair may fall below the wedge’s support line. A break and close below this support level will indicate a possible trend change. The price of the pair may then fall to $35.
AVAX / USDT
Avalanche (AVAX) has broken over the overhead resistance at $79.80 after trading near it for the past three days. This could signal a restart of the upswing.
Bulls are in control, as seen by rising moving averages and an RSI in the overbought zone. The AVAX/USDT pair could rebound to $93.04 if the price stays above $79.80, and then try to attack the psychological barrier of $100.
In contrast to this premise, if the price drops below $79.80 from its current level, it indicates that the market has rejected the higher levels. The pair could then drop to the 20-day exponential moving average ($69.51).
On the downside, $79.80 is the first key mark to keep an eye on. A recovery of this level would signal that bulls are aggressively buying on dips, increasing the chances of the uptrend resuming.
A fall below $79.80, on the other hand, may send the pair below $72. A breach below this level will signal that the bears have re-entered the fray.