Bitcoin, Ether, Major Altcoins – Weekly Market Update November 1, 2021
The total crypto market cap added $56 billion to its valuation for the last seven days and now stands at $2,658 billion. The top 10 coins were mostly in green for the same time period with Shiba Inu (SHIB) and Binance Coin (BNB) leading the group with 97.5 and 12.7 percent of price increase respectively. Bitcoin (BTC) is currently trading at $62,160 while ether (ETH) is at $4,350.
Bitcoin closed the trading day on Sunday, October 24 at $60,963 after making a weekly low during the intraday session by hitting $59,400. The coin was in a pullback mode since it registered a new all-time high on October, 20, trading 9.3 percent below the $67,000 mark.
The leading cryptocurrency ended the seven-day period with a one percent loss but still managed to form a higher high on the weekly timeframe chart.
Some of the leading cryptocurrency traders and analysts shared an opinion for a potential bull trap scenario where late “longs” got trapped at the all-time high breakout which is the main reason behind the recent pullback. “Whale” traders started pushing the price of the BTC/USDT pair down right above $65,000, which led to a series of liquidations.
On Monday, BTC moved 3.8 percent up and reached $63,156, but the overall trading volume was not that big to support a continuation of the uptrend.
Bears once again took over control of the market on Tuesday, October 26, and pushed the price down to $60,600. The move was followed by a second consecutive losing session for BTC during the mid-week trading on Wednesday. The coin lost 7 percent of its valuation for the two days combined but managed to find stability at the 21-day Exponential Moving Average (EMA) on the daily chart.
On Thursday, October 28 the BTC/USDT pair was quite volatile, trading in the zone between $62,400 and $56,500 before closing with a green candle to $60,400.
Bitcoin is currently situated right above the January 2021 and May 2021 highs (the $58,500 – $59,500 zone) which is backed by one of the most actively traded areas according to the VPVR indicator – $58-800 – $54,400 – the next potential line of support for bulls.
The Friday session was no different and the coin moved higher – to the potential short-term resistance near $62,400.
The weekend of October 30-31 started with a short pullback to $60,700 in the early hours of trading on Saturday which was then converted into a really small red candle in the evening part of the session.
Then on Sunday, BTC fell to $63,350 after suffering rejection at the mentioned resistance line. It ended the month of October with a 40.7 percent increase and above both the monthly and weekly supports.
What we are seeing midday on Monday is another attempt from bulls to break above the short-term resistance.
The Ethereum Project token ETH ended the last seven-day period right above the September 2021 high – $4,035 after hitting the horizontal support three days in a row. The coin jumped by 6 percent forming a new higher high on the weekly timeframe. It also managed to confirm its presence above the diagonal downtrend line on the daily chart.
On Monday, October 25, the ether climbed up to $4,218 adding 3.3 percent. Bulls then tried to extend the initiated move to the upside but failed to do so on Tuesday when the ETH/USDT pair faced high selling volumes and retraced to $4,142.
The third day of the workweek came with high volatility as the ether was moving up and down the $4,300 and $3,900 before closing with a 5 percent loss at $3,918. Nevertheless, the September high once again proved to be a solid support line where buyers stabilized the price action.
On Thursday, October 28 jumped up from the horizontal support and the 21-day EMA. It added 8.7 percent to hit $4,300. However, trading volumes were still lagging behind suggesting an unsustainable growth.
The leading altcoin finally managed to make a new all-time high on Friday. It formed a short green candle to $4,418, peaking at $4,453 during intraday.
The first day of the weekend came with a short correction to $4,336, which was followed by another losing session on Sunday, October 31, and a drop to $4,283
It closed the month of October 43.2 percent higher.
The ether is currently trading higher, at $4,351.
- Shiba Inu (SHIB)
Shiba Inu became the biggest meme coin in terms of market capitalization this week jumping above Dogecoin to storm into the Top 10.
The coin ended the month of October with an 887 percent of increase, making it the best performing asset with a market cap above $1 billion.
It is hard to predict the future movement of the SHIB/USDT pair as it is driven mainly by speculation and advertising, but it is worth noting that it already established solid support in the $0.0000250-$0.0000300 area in the first two weeks of October. It is also where the VPVR’s Point of Control is located.
It is not out of the cards that we are currently seeing a consolidation in the form of a Bull flag pattern on the daily chart.
Altcoin of the Week
Our Altcoin of the week is Decentraland (MANA). The blockchain-based virtual world pioneer project added the stunning 271 percent to its value for the last seven days while peaking at 522 percent for the same period.
The coin registered a new all-time high on Saturday, October 30 by hitting $4.92 – more than three times above the previous highest point $1.67 reached in April 2021.
The recent MANA/USDT pair rally is without a doubt fueled by the recent announcements by Facebook and the change in the name of the social media giant. The company decided to dive deep into the metaverse and NFT worlds, which of course attracted more investors to the already established crypto projects.
MANA is currently trading at $3.05 and is ranked at #49 on CoinGecko’s Top 100 list with a total market capitalization of approximately $4,1 billion.
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