The Top 5 Cryptocurrencies to Follow This Week Are: BTC, DOT, LUNA, AVAX, EGLD

0
49

Bitcoin‘earth (BTC) while its dominance fell from about 48% on October 20 to 42.3% on November 7, the total crypto market capitalization continued its journey northward. This means that the price movement is from Bitcoin altcoinit indicates a shift to ‘

According to a survey conducted by PlanB, the majority of market participants remain bullish on Bitcoin and expect a rally to $ 288,000 by the beginning of 2022.

Founder of Real Vision Raoul Pal also predicted a bullish picture for cryptocurrencies in an interview on November 3. March June of next year is the most likely date for the current bull run, and it may extend to March and June of next year, he said December is unlikely to be the peak of the current bull run.

Here are 5 of our content that should be followed this week and will be able to perform better in the short term cryptocurrencylet’s analyze the graphs of.

Bitcoin (BTC)

Bitcoin On November 2, the bullish flag rose above the model, but buyers could not take advantage of this movement and pushed the price above the general resistance zone from $ 64,854 to $ 67,000. This indicates that the bears have not yet given up and are trying to stop the upward movement.

However, a positive sign is that the bulls are aggressively defending the 20-day exponential moving average ($ 60.794). Buyers will make another attempt to push the price above the general resistance zone.

If they can achieve this, the upward momentum may increase and BTC/USDT its parity can probably rise towards the model target of $ 89,476.12.

This bullish outlook will be invalid if the price breaks and returns to the flag pattern. The pair may then fall to the 50-day simple moving average ($54.883). the region between the dec0-day SMA and the 52.920 dollar is likely to attract strong buying support from the bulls.

But a break below the moving averages could decelerate the pair into strong support territory between $59,500 and $58,000. If a breakdown occurs in this region, the bears will gain the upper hand. Therefore, in this case, the price may be withdrawn to the level of 55,267.61 dollars.

Polkadot (DOT)

Polkadot (DOT) it rose and rose above the general resistance at $49.78 on November 1. The RSI rose above the downtrend line, invalidating the negative divergence. This indicates that the uptrend has resumed.

Rising moving averages and the RSI near the overbought zone indicate that the path of least resistance is upwards.

If the bulls raise the price above $ 55.09, the DOT/USDT pair may experience an increase to $ 63.08. But a break below the 20-day EMA (46.82 dollars) and a close will be the first sign that the bulls have lost control. The pair may then fall to the 50-day SMA ($ 38.54).

the 4-hour chart shows that the pair is rising in a rising channel. On the other hand, the pair has recovered from the center line of the channel and the bulls will try to overcome the front barrier again. If the bulls can succeed here DOT price it can gain momentum again.

Terra (LUNA)

The Terra protocol LUNA on November 4, the token broke above the general resistance at $ 49.54 and closed. This suggests that bulls are buying in downturns.

If the bulls price rises above $ 53.18, LUNA/USDT its parity may rise towards the resistance line of the wedge, where bears are expected to form a hard resistance. In addition, if the bulls push the price above the wedge, the upward momentum may gain momentum.

Alternatively, if the price drops from the current level or from the general resistance, the pair may fall into the support line of the wedge. A break below this support and a close will signal a possible change in the trend. Therefore, the pair may then decline to $35 levels.

both moving averages on the 4-hour chart are rising, and the RSI is in positive territory, which gives buyers an advantage. If the bulls price rises above $ 53.18, the pair may rise to the target of $ 62.59.

Avalanche (AVAX)

Avalanche (AVAX), after trading near the general resistance for the past three days at $79.80, it managed to move above the resistance. This indicates that the uptrend may start again.

Rising moving averages and the RSI in the overbought zone indicate that the bulls are in control. If the price remains above $ 79.80, AVAXprice it can rise to the 93.04 dollar levels, and then try to challenge the 100 dollar, which is the psychological level.

Contrary to this assumption, if the price drops from the current level and falls below $ 79.80, it will indicate that the markets reject higher levels. The pair may then fall to the 20-day EMA ($ 69.51).

the 4-hour chart shows the formation of a rolling bottom formation, which was completed by a breakaway and closed above $ 79.80. If the bulls keep the price above 79.80 dollars, the pair can start its northward increase towards the formation target at 108.56 dollars.

Elrond (EGLD)

Finally Elrond (EGLD), which rose above its previous all-time high of $303.03 on November 3. The bears tried to pull the price below the break-even level on November 5 and 6, but failed.

This suggests that the bulls are trying to defend the breakout level and turn it into support. a break above $ 329 and a close will signal the resumption of the uptrend. The rising 20-day EMA ($ 281) and the RSI near the overbought zone indicate that the path of least resistance is upwards.

Contrary to this assumption, EGLD/USDT if its parity drops from the current level and falls below $ 303.03, the next stop may be the 20-day EMA. A strong recovery of this support will keep the uptrend intact, but a break below this could open the doors for a deeper correction at the 50-day SMA ($249).

the 4-hour chart shows the formation of an ascending triangle pattern, which is complemented by a break and closes above $ 303.03. This positive setup has a model target of $427, but the rally may not take place in a linear fashion as the bears are likely to pose a formidable challenge at $355.

You can follow our news on our Telegram channel, Instagram, Facebook, Twitter accounts and Youtube channel.