After closing the best week in two months and the first positive month since July, the stage is set for a crackling end of the year for Bitcoin, Ethereum and all crypto assets.
After 3 weeks of turmoil, the total capitalization of the entire crypto sector is back above $1 trillion.
Despite a slow start to November with prices trading in the $20,500 area for Bitcoin and above the October highs, the monthly close of the major cryptocurrencies is a signal indicating a desire to restart.
A turbo-charged monthly restart for Dogecoin (DOGE), which thanks to the Elon Musk effect is touching $0.16 per token, the highest level since last April. In the last 48 hours, the gain of the DOGE token exceeds 10%, which added to the performance of the last week sees the value double in just a few days.
Cronos (CRO) crypto price analysis
On the opposite side, among the tokens struggling to keep up bullish pace is Cronos (CRO) the native token of Cronos Chain, the open source blockchain among the range products developed by the emblazoned trading, financial and payment services platform Crypto.com.
Unlike most major tokens, CRO’s price continues to hover at the lower end of the channel which has been caging prices between 10 and 11 cents for more than a month.
The total capitalization that has remained frozen at $3.3 billion for over a month causes Cronos to slip below the 25th position in the ranking of major cryptocurrencies listed by CoinMarketCap.
Bitcoin (BTC) price analysis
After a good weekly and monthly close above $20,500, the next few days of the week will be a good benchmark as to whether the upward spurt of the last week is the beginning of a bullish cycle that will see us through to the end of the year.
After the explosion of volumes that accompanied the break of the early October highs, trading has returned to the average of the past few weeks.
A signal that will have to be confirmed by the return of buying accompanied by new period highs and in any case above $21k.
If this happens as early as the next few days, the next few weeks might have begun for the bullish run that statistically characterizes the last weeks of the year.
Ethereum (ETH) price analysis
Over the weekend, the price of ETH managed to push above $1,660 for the first time since 13 September.
In these hours prices are close to the dynamic resistance of the 200-day moving average, a level abandoned the first days of the year and never recovered.
A reason that raises expectations of a possible breakout in the coming weeks and perhaps as early as the next few days.
The first time the price manages to break through the dynamic resistance – currently a handful of dollars above the weekend highs – it is very likely to expect an increase in volumes and the possibility of a fast run toward $1,700.
If so, the $1,800 resistance becomes the next target level.
Conversely, repelling the attack could push prices back to the $1,450 area. Important not to give way to $1,400 so as not to undo all the work done by the bulls over the past 10 days.
Source: https://en.cryptonomist.ch/2022/11/02/crypto-price-analysis-bitcoin-ethereum-cronos/