Bitcoin (BTC), Ethereum (ETH), Major Altcoins – Weekly Market Update October 31, 2022
The cryptocurrency market added $92 billion to its market cap during the last seven days and now stands at $1,027 billion. The top 10 coins were all in green for the same time period with Dogecoin (DOGE) and Binance Coin (BNB) being the biggest gainers with 99.3 and 20.9 percent increase respectively. Bitcoin (BTC) is currently trading at $20,714 while Ethereum (ETH) is at 1,619.
Bitcoin closed the trading week of October 17-23 at $19,580 with a 1.8 percent of price increase. It hit the short-term range high, but also managed to break above the 21-day EMA on the daily timeframe chart with a solid green candle.
On Monday, October 24, the BTC/USDT pair corrected its price down to $19,340 but found stability at the mentioned fast exponential moving average line. It is also worth mentioning that the narrowing trading range and the subsequent move to the upside resulted in a break out of the Descending triangle pattern thus avoiding a severe bearish scenario.
The Tuesday session was a good one for the bulls. The biggest cryptocurrency jumped 3.7 percent to reach the $20,400 mark near the last high before closing at $20,080 in the evening.
The mid-week trading day on Wednesday came with a second consecutive day in green. BTC hit $20,800 adding another 3.3 percent to its valuation. It broke the mid-term range and came out of the most actively traded zone as per the Volume Profile (VP) indicator.
On Thursday, October 27, the BTC/USDT pair fell 2.4 percent down to touch $20,300. Bulls were hoping for a quick re-capture of the important horizontal support near $20,500 and a subsequent run to $21,500.
The price temporarily dropped below $20,000 on Friday morning, but reversed its direction in the evening part of the session and eventually closed with a 1.5 percent increase at $20,550.
The weekend of October 29-30 started with a push to $21,000 on Saturday and a second consecutive day in green.
The Relative Strength Indicator (RSI), however, started to show signs of exhaustion in the overbought area while the 24-hour trading volumes registered a decline.
On Sunday, we saw BTC correcting its price down to $20,640 in a potential consolidation before the next leg up.
As of the time of writing this market update on Monday, the coin is trading slightly higher – at $20,718.
For buyers, it will be of critical importance to defend the zone above $20,300 – $20,500 in order to support the next leg up
On October 31 2008 Satoshi Nakamoto first published the Bitcoin Whitepaper starting the new golden age for the digital economy.
The Ethereum Project token ETH closed the seven-day period ending on October 23 with a 4.8 percent increase after it managed to find stability at the 200-day simple moving average and the long-term diagonal support on the weekly timeframe chart.
On Monday, October 24 the leading altcoin corrected its price down to $1,345 in an attempt to consolidate at the range high before the next leg up.
The ETH/USDT pair rallied on Tuesday and touched the $1,521 mark above both the 21-day EMA and the mid-term diagonal resistance line. The move resulted in an 8.4 increase in its price.
The third day of the workweek came with a continuation of the uptrend. The ether climbed 7 percent up to hit $1,567. The current zone, between $1,000 and $2,000 has previously acted as a magnet for the price and is one of the most actively traded.
On Thursday, October 27, the ETH token corrected its price down to $1,511 losing 3.8 percent. The successful break out of the mentioned zone of resistance would most probably open the door for the range high at $2,000.
The Friday session brought the needed uptrend continuation. The major altcoin jumped up to $1,552 and almost erased all losses from the previous trading day.
The first day of the weekend came with a quick 4.5 increase to $1,621. The entire zone up to $1,650 is a highly traded one.
What we saw on Sunday is a small pullback down to $1,593 but overall trading activity remained high.
The ether is trading at $1,620 midday on Monday.
Trading volumes were surging and the trend strength indicator remained in the overbought area.
- Dogecoin (DOGE)
Elon Musk is back and so is Doge ! The most popular meme coin leads the market rally with a stunning 93 percent of increase on a weekly basis.
The DOGE/USDT pair rallied all the way up to $0.151 before closing the weekly candle at $0.117. It successfully surpassed the 21-day EMA, the mid-term diagonal resistance, and the last high on the daily timeframe in just a few days’ time.
The acquisition of Twitter by Elon Musk, an avid DOGE supporter, and the enormous hype surrounding the project resulted in a spike in trading volumes. DOGE was the third most traded token worldwide only behind BTC and ETH.
There is a solid resistance zone in the $0.145-$0.165 area. Bulls can expect a pullback and rely on potential support close to the last high around $0.09.
Altcoin of the week
Our Altcoin of the week is Mina Protocol (MINA). Often promoted as the “world’s lightest blockchain”, Mina is a Layer 1 protocol utilizing zero-knowledge technology. Its ZKapps product enables developers to build secured smart contracts with a focus on privacy.
The MINA token added 25 percent to its valuation during the last week peaking at $0.816, right below the Weekly timeframe 21-period EMA. The coin is still trading below the August high.
It moved up to #87 on CoinGecko with a total market cap of approximately $493 million.
The main reason for the recent surge in the price of MINA is a combination of the ecosystem development progress (Berkeley Testnet Alpha launch, ZKapps deployments, and others) and the technical analysis data pointing to a bottom (at least a local one) for the token after falling 92 percent from its all-time high.