Bitcoin (BTC), Ethereum (ETH), Major Altcoins – Weekly Market Update November 28, 2022
The cryptocurrency market added $24 billion to its market cap during the last seven days and now stands at $819 billion. The top 10 coins were mostly in green for the same period with Dogecoin (DOGE) and Binance Coin (BNB) being the best performers with 22.2 and 11.5 percent of gains respectively. Bitcoin (BTC) is currently trading at $16,215 while ether is at 1,170.
BTC/USD
Bitcoin closed the trading day on Sunday, November 20 with a red candle to $16,315 and a 3 percent drop. It also broke the lower boundary of the Bear Pennant figure on the daily timeframe chart suggesting more downside could be in sight.
The coin ended the week of November 14-20 flat after trading in the $15,700 – $17,100 range throughout most of the period.
Naturally, the $16,600 level continues to be a strong short-to-midterm resistance and the most actively traded zone by traders. It starts acting as a magnet on the lower time-frames
On Monday, November 21 the BTC/USDT pair continued to fall, hitting a daily low of $15,488 before closing the session at $15,750, 3 percent down.
The biggest cryptocurrency found support at the long-term diagonal line on the 1-Week chart. This line marked its beginning at the lowest point of the 2018 bear market and reacted once again during the 2020 COVID crash.
The trading day on Tuesday was slightly different. Bitcoin rallied 2.8 percent to hit the $16,200 mark. The trading volumes were well below the average for the last 14 days but the Relative Strength Index (RSI) printed a Bullish divergence on both the daily and weekly time-frames.
This usually hints at a short to midterm change in the trend direction.
The mid-week session on Wednesday came with a second consecutive green candle and a push to the mentioned local resistance at $16,600.
On Thursday, November 24 we saw a failed attempt to break the horizontal line and a slight retrace, which resulted in an overall flat session. The Bear Pennant figure, however, was invalidated.
Both crypto and traditional markets were quite slow on Friday and BTC registered a negligible drop to $16,541.
The weekend of November 26-27 started with another weak attempt from bulls to push the price higher on Saturday. The bullish momentum, however, was still not there and the price made a step back to $16,470.
Then on Sunday, the coin remained flat around the mentioned area.
What we are seeing midday on Monday is a slight decrease in the price of BTC.
1-week chart:
ETH/USD
The Ethereum Project token ETH erased 6 percent of its value on Sunday, November 20, and fell all the way down to $1,144 after suffering a rejection at the formed diagonal resistance below the 21-day EMA. It also lost the horizontal support near $1,200. The coin closed the week of November 14-20 with a total of 6.2 percent loss.
On Monday, the ether fell by another 3 percent and touched a 10-day low by re-visiting the $1,100 – $1,000 long-term support line.
The RSI indicator was in a Bullish divergence with the falling asset prices while the trading volumes were still low, probably pointing to an exhaustion of the downtrend.
Buyers pushed the price up to $1,140 on Tuesday in the first green day in a while.
Then on the third day of the workweek, the coin extended its gains and managed to reach $1,184 by adding 4 more percent to its valuation.
The ETH/USDT pair struggled to surpass the $1,200 mark on Thursday, November 24. This level, as previously discussed, has been acting as a price magnet on all time-frames for quite some time.
Still, the coin added another 1.7 percent on its third consecutive day in green.
On Friday, we saw a quick drop to $1,172 in the morning which turned out to be short-lived as bulls reacted immediately and compensated for the bigger part of the losses in the second part of the day.
The first day of the weekend came with a rapid increase to $1,238 as the price of ETH almost hit the 21-day EMA before retracing to $1,206 at the daily candle close.
Then on Sunday, it moved below the $1,200 mark once again registering a small loss.
As of the time of writing this market update leading altcoin is trading at $1,170.
1-week chart
Leading Majors
- Dogecoin (DOGE)
The most popular meme coin has been widely known for its sudden pumps and last week we witnessed such event.
The DOGE/USDT pair jumped by 28 percent after closing the previous seven-day period in red and below the important 21-period exponential moving average on the weekly chart.
However, bulls somehow managed to find stability in the $0.08 support region – the previous resistance area on the lower timeframe charts, which got retested successfully from above and eventually turned into support.
DOGE made its move on Sunday with a solid one-day increase of 11 percent.
Next for buyers is to confirm the breakout and push the price up to the next major resistance zone – $0.135-$0.145. A clean close above $0.16 will most probably result in a full-blown bullish reversal.
Potential support is around $0.09.
Dogecoin has another advantage and it is the continuous support of Elon Musk. Now that his Twitter takeover has been completed, we can expect more positive developments for the popular altcoin.
1-week chart:
Altcoin of the week
Our Altcoin of the week is Curve DAO (CRV). Curve is one of the most used DeFi projects. It offers multiple ways to improve on-chain liquidity via its automated market maker and exchange services with a slight focus on stablecoins usage.
CRV has been in a constant downtrend since peaking at $6.7 back in January 2022 but recently found its bottom.
The coin added 33 percent to its value during the last seven days and is now trading close to $0.65 – the last formed lower low on the weekly chart.
The driving factor behind the recent surge in the price of CRV is the renewed interest in stablecoins and the recently announced crvUSD native Curve stablecoin that is about to hit the markets soon.
CRV is currently ranked at #80 with a total market cap of approximately $450 million.
1-Week chart below:
