The majority of crypto traders, mostly inexperienced, who were expecting further plunges below the lows of the year were taken aback by the return above the 21,000 area for Bitcoin and 1,600 for Ethereum.
Because of this, the explosion in volumes recorded between 25 and 26 October, during the hours of the climb above September resistance, has flattened out in recent days as trading has returned to the average of previous weeks.
Investors’ fears have not yet totally vanished. The ‘Fear&Greed’ indicator although coming out of the low end of ‘Extreme Fear’ after more than two months, values remain within levels that still show ‘Fear’.
Even the daily volatility index on a monthly basis, after a timid reaction in the hours of monthly passage, falls back to the lowest levels in recent months confirming the bearish trend that began from the mid-June tops.
Among blue chips, the green sign prevails. Among the best weekly performances are rises in Binance (BNB) the utility token on the popular exchange, up more than 20% from last Friday’s prices.
The price of the crypto Dogecoin (DOGE)
Dogecoin (DOGE) is better, running over 45% on a weekly basis. A rise that has managed to put up even 3-digit percentage gains in recent days. The meme coin remains influenced by the moves of Elon Musk, who proclaimed himself DogeFather in April 2021. In the hours after the official acquisition of the Twitter platform, the price of Dogecoin touched $0.16 for the first time since late April.
Despite the uptick losing steam with prices retreating below $0.12 on Friday, caused by some rumors circulating on social media indicating the discontinuation of the development of a Twitter-led cryptocurrency wallet, Dogecoin’s weekly performance remains the best among the top 100 largest-capitalization cryptocurrencies.
The performance of the crypto Litecoin (LTC)
Litecoin (LTC) starts the month with the wind in its sails by recording the best performance in a few hours. In just 4 days, the rise exceeds 20% climbing above $67.70 for the first time since the beginning of June. A signal that if it is confirmed over the weekend as well, opens up space to the upside increasing the chances of revisiting the $70 area in the coming days.
Among the most traded cryptocurrencies of the week is Cardano (ADA), which records the average daily trade rise to the highest levels in the last 40 days. Since yesterday, Thursday, ADA’s percentage increase has been close to double digits with prices attempting to recover the relative highs of late October in the $0.44 area.
For ADA, this is not enough to break out of the downtrend that has been characterizing the trend since early June with monthly cycle highs lower than the previous month. It is necessary to recover the 0.45 area as soon as possible to give the first signal of reversal.
Bitcoin prices
There is not much to add to what has been written in previous updates.
The price of BTC continues to float above $20,500. A positive and favorable signal for consolidation before launching a new attack on the recent highs.
It is necessary to break above $21k to confirm the bullish setting of the new two-month cycle and the possibility of delivering a year-end rally.
Ethereum trend analysis
Due to the similar technical structure between ETH and BTC, it is necessary for Ethereum to close the weekly candle above $1,500 to consolidate the uptrend of the past few days.
Breaking above $1,660 – last week’s highs – would give a reversal signal for the medium to long term. In fact, the level coincides with the 200-day moving average violated to the downside at the beginning of the year.
Source: https://en.cryptonomist.ch/2022/11/04/crypto-analysis-bitcoin-ethereum-dogecoin-litecoin/