Top Five Cryptocurrencies to Watch This Week (Oct 31)
Last week was the most bullish for most cryptocurrencies. Most assets made significant gains after strong bullish fundamentals came pouring in. Elon Musk completed the purchase of the social media platform, Twitter.
Being a Dogecoin proponent, he is already integrating the coin into his newly acquired platform. In response, the prices of the asset soared. Another crypto proponent got into another official position.
Rishi Sunak resumes office as the new UK prime minister. He made an announcement about his cabinet and caused further increases across the crypto market. We observed the impact it also had on the global cryptocurrency market cap.
The valuation returned above $1 trillion for the first time in more than thirty days. It opened the week at $922 billion and peaked at $1.10T. It also closed above $1 trillion, which signified a more than 10% increase.
With the price action of the previous intraweek behind us. Let us see how some cryptocurrencies will perform over the next six days.
Top Five Cryptocurrencies to Watch
Bitcoin had one of its best performances for October during the last seven days. The coin had a different start to the week than the previous weeks. This caused a lot of panic among traders as they expect more downtrends.
However, trading action over the next 24 hours allayed these fears. Bitcoin reclaimed the levels it lost during the week before. It also attempted flipping key marks it hasn’t in over the last fourteen days.
It attempted the $21k resistance but stopped in its tracks as it peaked at $20,400. It ended the session with gains of almost 4%. The bulls built on the rallies during the next intraday session.
On Wednesday, the top coin tested and flipped the highlighted mark. However, it failed to hold notable the barrier and retraced afterward. Nonetheless, it ended the period under consideration with positive changes of more than 3%.
Several other price actions unfolded before the end of the week and BTC ended with gains exceeding 5%. A look at the indicators tells us more about what transpired over the last seven days.
For the first time in a long while, the top coin surged above its 50-day Moving Average. There was no notable contrary action from the Moving Average Convergence Divergence as both EMA were still on the uptrend.
Additionally, the Relative Strength Index peaked at 65 for the first time since August. All these events hint at further price movements. As the new week unfolds, one of the key levels to look out for is $20k support.
We may expect a retest of the $21k resistance and more stability above it. Nonetheless, failure to hold on to the highlighted barrier may result in a retest of the $19k support and fears of breaking it.