As an experienced crypto investor with a knack for spotting trends and riding the waves, I’ve seen my fair share of market volatility. Last week’s bullish run was nothing short of exhilarating, with Bitcoin breaking past its previous all-time high and Ethereum breaching the $3,000 mark. It’s times like these that make me wish I had a crystal ball to predict the future!
Over the past seven days, we’ve seen the most optimistic market trend since early March, with the total value of all cryptocurrencies reaching an impressive $2.85 trillion by the end of the weekend.
After Donald Trump won the U.S. presidential election, Bitcoin (BTC) led the surge, surpassing its former record high and approaching the $80,000 level, entering a period of determining its new value.
In a similar fashion, altcoins added to the surge, playing a substantial role in boosting the overall market worth worldwide. Some noteworthy high-flyers from the previous week that you might want to monitor are listed below.
Ethereum breaches $3,000
As an analyst, I observed that Ethereum (ETH) effectively leveraged the recent upward trend to regain its multi-month peak levels last week. Initially, Ethereum dipped by 2.8% on November 4th, but it ultimately ended the day with a substantial 27.3% increase.
On November 6th, following Trump’s election win, most of the gains were observed. Ethereum (ETH) experienced a significant surge of 12.49%, marking its largest daily increase in three months. This significant rise provided a strong base for Ethereum to overcome the resistance at the upper Keltner channel and surpass the $3,000 threshold.
Over the course of the week, ETH ended up trading above $3,100, exceeding its upper trendline. Yet, this level indicates an overbought condition, suggesting that if the current momentum weakens, there could be a drop in price back towards the support at $2,981.
Moreover, the Relative Strength Index (RSI) of this altcoin has climbed to 75.62, indicating an overbought state. Yet, this condition implies that Ethereum may still have potential for further growth if the bulls continue to dominate. The next significant resistance it might encounter is around $3,396.
Shiba Inu spikes 21%
Over the past week, the positive momentum from earlier gains continued to influence the Shiba Inu (SHIB) market, fueling a strong 21% increase – marking the coin’s most robust weekly surge in more than four weeks.
On November 5th, Shiba Inu joined the overall upward trend, but it wasn’t until November 9th that it managed to exceed the significant resistance of $0.00002 for the first time in almost a month. This marked a notable milestone for Shiba Inu as it held this level throughout the week, ending with a close at $0.00002050.
On November 6th, the meme coin’s Moving Average Convergence Divergence (MACD) showed a bullish crossover, suggesting an increase in positive momentum and potentially prolonging the upward trend. Nevertheless, Shiba Inu (SHIB) paused for two days before rebounding, now trading above 0.000022 cents.
As an analyst, I find myself observing that Shiba Inu’s next significant hurdle appears to be the June high of approximately $0.00002622. Should a decline ensue, its immediate resistance, or potential safe zone, can be found around the 23.6% Fibonacci levels, which align roughly with $0.00002157. If the price were to continue falling, it might find additional support at $0.00002055, a level above $0.00002 that could potentially act as a cushion in case of further downward movement.
SUI claims new ATH
Although altcoins are currently below their maximum values, Sui’s native token (SUI) has matched Bitcoin’s milestone by achieving a fresh record high. This digital currency recently surpassed its previous best price of $2.36, reaching an impressive new height of $3.14 on the layer-1 blockchain bearing the same name.
On November 9th, SUI experienced a significant surge of approximately 20%, reaching the $3 price range for the first time since its debut. As the new week commenced, SUI managed to exceed the $3 mark, reaching an all-time high of $3.14 before subsequently dropping back down to around $3.10.
Since the previous week, the asset’s trajectory has been ascending, marked by consistently hitting higher bottoms. Furthermore, its Stochastic Momentum Index has climbed to 79.1, suggesting that Sui may be nearing overbought territory.
Investors should watch the $2.75 support in case of a pullback.
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2024-11-10 19:16