Top Five Cryptocurrencies to Watch this Week (Nov 28)
The crypto market is seeing its fair share of volatility as most cryptocurrencies seem to be gearing up for a major move. However, this may be a continuation of the past week’s price movement as there are indications of better price performance compared to some weeks back.
One such is the global cryptocurrency market cap. It opened the previous intraweek session at $803 billion but dipped to a low of $779 billion. However, it recovered and ended the seven-day period at $843 billion.
This is an indication that the sector saw a more than 5% increase. Many wonder if fundamentals played a huge role at the time. It is hard to say as there was no massive change in the prices of major assets. Nonetheless, several stories made the rounds.
One such is El Salvador’s bid to start a $1 billion sovereign bond. The world’s largest crypto exchange Binance also made headlines as it proposed to help raise $1 billion for struggling projects.
This week, there are no big announcements yet, nonetheless, there are several developments. For example, Blockfi filed for chapter 11 bankruptcy and threatened to fire more than 200 workers.
Many are looking forward to price performance over the next five days. Let’s examine the prospects of these assets.
Top Five Cryptocurrencies to Watch
1. Bitcoin (BTC)
The previous seven-day period saw the apex coin fail to record any notable change in value. On the weekly, we observed a doji that showed that the asset had more volatility than the previous session.
It had its biggest moves of the week during the first three days of the week as it had a bad start. Bitcoin dipped to a new low for the year. It dipped to a low of $15,479 but recovered and closed a little higher.
However, the session ended with losses of 3%. The next two days marked efforts to reclaim lost levels. Tuesday was the most bullish as the apex coin gained almost 3% and reclaimed $16k. It built on the improvement of the day.
It gained more stability above the said. The last four days of the week were marked with very little impact on prices. A look at the chart showed that BTC failed to register any price changes above 2% during this period.
This also affected indicators like the Relative Strength Index. The metric remained stagnant during this timeframe. The Moving Average Convergence Divergence also ended the period under consideration with so uncertainty after it had its bullish divergence.
With this in mind, we turn to previous price movements to get an insight into the next possible price action. Yesterday, BTC retested the $16k support but bounced off it there was increased demand at the mark.
Currently, above the vital level, we may see the asset under consideration flip $17k resistance before the end of the week. Based on the previous price action, there is a huge chance it may end above it.
2. Ethereum (ETH)
Like most cryptocurrencies to watch, Ethereum had its fair share of volatility during the previous intraweek session. It had a bad start to the week as it lost more than 3% on Monday. The asset flipped the $1,100 support as it dipped to a low of $1,080.
The downtrend ended the next day as it had its first green. It recorded gains of almost 3% but failed to completely erase the incurred losses. It made an attempt at the $1,200 resistance on Wednesday but failed as it faced rejection at $1,188.
The session ended with a positive change of almost 4%. The increase continued into Thursday as the asset flipped $1,200 and peaked at $1,215. However, it failed to register any notable increase.
On the weekly scale, the coin closed with a more than 4% increase. We also noticed several effects on indicators. For example, MACD had a bullish divergence which signaled the start of the uptrends.
RSI was also on the rise as it spent most of the period under consideration above 40. Yesterday, the asset under consideration failed to perform as many expected. It dipped which raise concerns as to the next price action.
However, the current intraday session points to the altcoin having a repeat of the previous week’s movement. Ether may end the present 24-hour cycle with a positive change of more than 4%.
If this trend holds true, we may see ETH retest and flip the $1,300 resistance. We may see the attempt take place on Thursday. One key level to watch during this period is the $1,200 support as it is vital to the current bid.
RSI may also climb in response to the uptrend and may end the week above 55. Similar to the previous intraweek session, the largest altcoin may range throughout the last three days of the session.
3. Binance Coin (BNB)
Binance coin astounded everyone as it flipped several key levels. One such is the $250 support on the first day of the previous week. It rebounded at $249 but closed with losses of more than 3%.
It reclaimed $260 and peaked at $266 on Tuesday as the bulls rallied the market. It registered gains worth almost 5%. The uptrend continued into the next intraday session as it saw it biggest pump.
As a result, it flipped the $300 resistance. This marked the first time in more than fourteen days the asset flipped this key level. It ended the day with gains of more tha 12%. The next two days were marked with very little impact on prices.
This changed on Saturday as BNB attempted retesting the $320. It failed but attained a high of $317. It also recorded a more than 3% increase. Sunday was another period for the exchange token.
A look at the indicators showed that the asset under consideration could be gearing for more moves. We get a clearer picture when we look at it Moving Average Convergence Divergence. It showed a bullish divergence on Friday, which hinted at further price increases.
The Moving Averages agree with this prediction as we observed that the 50-day MA is back on the uptrend. Additionally, for the first time since November 10, RSI returned to 60. With all indicators pointing to more uptrends, one key level to watch is $340.
Although not a strong resistance, we may see the asset struggle to flip $320. However, once it becomes a support, we may expect an attempt at the highlighted level. It is also important to maintain the $300 support.