Cryptocurrency Weekly Analysis

Weekly technical analysis of digital currency prices; Will the uptrend accelerate with the beginning of November?


With the beginning of November and the end of 2021 approaching, many analysts are talking about the possibility of accelerating the uptrend. While Bitcoin has not fluctuated much in the last 24 hours, Polkadot and some other Altcoins have seen big jumps, and in some cases we have seen them break records. Intra-chain data also show that the volume of bitcoins in exchange offices has reached its lowest level in the last 3 years, which is considered a positive sign.

Will Ethereum be able to raise the price of the rest of the coins, or will Bitcoin continue to play a major role in these trends? By looking at the top 10 currencies in the market in terms of market value, we are looking for the answer to this question.

Weekly technical analysis of bitcoin prices

The price of Bitcoin fell below the resistance line of the flag pattern on Sunday, but buyers did not allow it to stabilize below the 20-day moving average at $ 59,876; This is a positive point because it shows that buyers are buying at the price floor.

Bitcoin price chart
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Closing the price above the resistance line completes the uptrend pattern. Once completed, Bitcoin could jump to a record high of $ 67,000. It is possible that this level will act as a significant and heavy resistance, and breaking it could cause growth to the target of $ 89,476.12.

Moving averages have an upward slope and the Relative Strength Index (RSI) is in the positive range, indicating that the buyer is above it. The first sign of weakness is that the price will close below the 20-day moving average. This can be a spark of reduction to the pattern support line.

If sellers can stabilize the price below the pattern, there is a possibility of intensifying the downward pressure. This could lead to a decrease to the 50-day moving average (SMA50) at $ 53,115.

  • Resistances: 67,000 – 89,476.12
  • Supports: 59,876 – 53,115

Weekly technical analysis of Ethereum prices

Kendall’s loud cheers yesterday show that buyers have made strong purchases on the floor. Buyers have not been allowed to fall below the 20-day moving average at $ 4,042 since the beginning of last month, indicating that market sentiment remains positive.

Ethereum Price Chart
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If the buyer can push the price of Ethereum above the resistance level of $ 4,460.47, this digital currency can continue its upward trend. In this case, there is a possibility of jumping to $ 5,000 psychological resistance. At this level, we expect to see heavy resistance from sellers.

On the other hand, if the price falls from the resistance ahead, buyers will try to bring Ethereum to the 20-day moving average. This level is a significant support and breaking it may lead to short-term traders’ profits.

  • Resistances: 4,460.47 – 5,000
  • Supports: 4,042

Weekly Technical Analysis of Binance coin Price

Over the past two days, sellers have been looking to lower the Bainance Coin price to $ 518.9 again; However, the high joy on the chart indicates that the buyers’ plan for Binance coin is different. Lower levels have attracted more buyers and they are now looking to resume the uptrend.

Bainance Quinn price chart
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The 20-day moving average averaged $ 486, and the relative strength index is below the buy saturation range, indicating that buyers in the market are more powerful than sellers. If buyers are able to stabilize the price above $ 540.5, there is a possibility of jumping towards the target of the pattern at $ 554. The next possible destination is the $ 600 psychological resistance.

On the other hand, if the price falls below the 20-day moving average, it indicates that the sellers are selling with strength at higher levels. This can trap aggressive buyers. In that case, we can expect a decline to significant support of $ 392.2.

  • Resistances: 518.9 – 540.5 – 554 – 600
  • Supports: 486 – 392.2

Weekly Technical Analysis of Cardano Price

Over the past few days, Cardano buyers have successfully defended the $ 1.87 support, but are still trying to push the price above the 20-day moving average at $ 2.07.

Cardano price chart
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Vendors will now try to push Cardano below the support level of $ 1.87 to $ 1.8. In this case, the price is likely to drop to $ 1.58. Moving averages have a downward slope and the relative strength index is in the negative range, which indicates that sellers have more control over the market.

On the other hand, if the price jumps from the current levels and reaches above the moving averages, we can say that we see a large accumulation at $ 1.87. This could lead to a jump to $ 2.47 resistance.

  • Resistances: 2.07 – 2.47
  • Supports: 1.87 – 1.8 – 1.58

Weekly technical analysis of Solana price

Solana managed to recover from the 20-day moving average three days ago; This means that we see high buying pressure at lower levels. At the moment, buyers will try to cross the resistance zone at $ 216 to $ 218.93.

Solana price chart
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If they succeed in doing so, it is likely that the Solana price uptrend will resume and reach the target of the model at $ 239.83. A close above this resistance will open the way for a possible move to $ 265.8.

The 20-day moving average averaged $ 185, and the relative strength index is in the positive range, indicating that the buyers are above it. If the price falls below the resistance and falls below the 20-day moving average, this uptrend will be invalidated. This may bring Solana below the trend line.

  • Resistances: 216 – 218.93 – 239.83 – 265.8
  • Supports: 185

Ripple Price Weekly Technical Analysis

The Ripple price is stuck between the downtrend line and the $ 1 support. At this time, buyers buy on every floor and sellers sell their currencies on every rally. Buyers three days ago tried to push Ripple to the top of the downtrend line, but the high candle of that day shows that sellers are buying at higher levels.

Ripple price chart
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Sellers are currently looking to lower prices below moving averages. In the event of this, we may see another fall to strong $ 1 support. This level is very important; Because falling below it could lead to a drop to $ 0.85.

If buyers push the price above the downtrend line, we may see a rally to resistance at $ 1.24. Moving averages are flat and the relative strength index is in the middle range, and based on this evidence, it is not possible to make an accurate market forecast.

  • Resistance: 1.24
  • Supports: 1 – 0.85

Weekly technical analysis of Polkadot prices

The price of Polkadot was restored on Sunday from the 20-day moving average at $ 41.93, and this can be seen from Kendall’s joy that day. This is a positive sign that traders are accumulating money cadastres at the bottom of the price.

Polkadot price chart
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The stabilization of buying pressure in the market yesterday pushed the price of Polkadot above the resistance of $ 46.39. Buyers tried to cross the $ 49.78 resistance barrier.

If the price falls below the current level or resistance and is supported at $ 46.3, hopes will continue to rise and reach the target of the pattern at $ 53.9.

The first sign of weakness is the closing below $ 46.39. In this case, the probability of falling to the 20-day moving average increases.

  • Resistances: 49.78 – 53.9
  • Supports: 46.3 – 41.93

Weekly technical analysis of Shiba Ino price

Shiba Ino’s high price on Sunday indicates that buyers have made a strong purchase on the 50% Fibonacci floor at $ 0.00005779.

Shiba Ino price chart
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Buyers are currently trying to push the price to a record high of $ 0.0008854. This level seems to have a lot of sales pressure as many traders sell their assets. If the price falls from the resistance, the volatility between $ 0.00008854 and $ 0.000057778 is likely to increase.

A close above the all-time high may signal a continuation of the uptrend to the 300% Fibonacci level at $ 0.00010349. On the other hand, closing below $ 0.000005778 may lead to a 20-day moving average at 0.000048.

  • Resistors: 0.0008854 – 0.00010349
  • Supports: 0.000057778 – 0.000048

Dogecoin Weekly Technical Analysis

The Dogecoin rebounded from a 20-day moving average at $ 0.25 on Sunday, but buyers are still struggling to stabilize above $ 0.27. This means that buyers sell their currencies in every rally.

Title
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The 20-day moving average has an uptrend and the relative strength index is in the middle range, which indicates that buyers have a slight advantage in the market. If the price stays above $ 0.27, the rally is likely to be up to $ 0.3 and then up to $ 0.35.

If the sellers lower the price below the 20-day moving average, the downtrend scenario will be nullified. In this case, there is a possibility of falling to the simple 50-day moving average at $ 0.23. If this support breaks, the next possible destination is $ 0.19.

  • Resistances: 0.27 – 0.3 – 0.35
  • Supports: 0.25 – 0.23 – 0.19

Luna Price Weekly Technical Analysis

The price of Luna, Terra’s native token, has been trading at $ 41.65 between the triangle resistance line and the 20-day moving average, which is a positive sign. This indicates that traders are buying at the bottom of the 20-day moving average.

Luna Price Chart
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Buyers are likely to call everyone who looks appropriate, if there are only a few. The price of Luna is likely to rise to $ 49.54. Breaking this level could lead to a jump to the pattern target at $ 62.59.

If traders bring the price below the 20-day moving average, the price is likely to fall to the simple 50-day moving average at $ 38.89. The next destination will probably be the triangle support line. The breaking and closing of prices under this support indicates that the power of buyers is less than that of sellers. This can lead to a reduction of up to $ 33 or even $ 22.4.

  • Resistances: 49.54 – 62.59
  • Supports: 41.65 – 38.89 – 33 – 22.4

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