Bitcoin, Blockchain & Cryptocurrency News

Bitcoin, Ether, Major Altcoins – Weekly Market Update November 29, 2021

The total crypto market cap lost $7 billion from its value for the last seven days and now stands at $2,562 billion. The top 10 coins were mostly in red for the same time period with the only exception being Binance Coin (BNB) which added 3.7 percent. Bitcoin (BTC) is currently trading at $57,000 while ether (ETH) is at $4,310.

BTC/USD

The biggest and most popular cryptocurrency managed to reach the $60,000-mark last Saturday but was rejected there at the meeting point of the former downtrend trendline and the horizontal resistance that was established in the area. It was also close to the most actively traded area as per the Volume Profile indicator (VPVR).

The coin fell down to $58,755 on Sunday and ended the seven-day period with a 10.7 percent loss. Looking at the bigger picture and the weekly chart, bitcoin can keep the bullish structure intact unless it breaks below the $51,500 September high.

The BTC/USDT pair started the new week by making another step down on Monday. It fell below the 50-day EMA on the daily chart and registered a 3.3 percent loss to close the session at $56,250 for the first time since October 10.

On Tuesday, BTC made a new monthly low by hitting $55,200 during intraday but managed to bounce back from that area and form a small green candle to $57,500 as the volumes were starting to increase once again. The recent correction was quite similar to the price action we saw in the 07.09 -21.09 period.

The third day of the workweek came with a drop to $55,800 in the early hours of trading, but buyers were able to partially erase the losses later in the day. Still, the coin closed in red.

On Thursday, November 25, bitcoin jumped 3.5 percent up to once again break into the mentioned resistance cluster where both diagonal and horizontal lines meet. It ended the session at $59,040.

The Friday session came with a sharp drop in the price of all major cryptocurrency projects. Traditional markets also colored in red on the news that a new COVID mutation appeared in South Africa. BTC fell down to $53,785 triggered a series of long position liquidations across the major exchanges. It erased 8.5 percent of its value.

The first day of the weekend came with a quick bounce up to the zone near $54,700 on Saturday. Then on Sunday, the biggest cryptocurrencies rallied 4.4 percent to $57,300, but not before hitting the diagonal uptrend line on the weekly chart in the morning (53,070).

What we are seeing midday on Monday is an attempt from bulls to draw the third consecutive green candle on the daily chart.

ETH/USD

The Ethereum project token ETH closed the trading session on Sunday, November 21 right below the 21-day EMA on the daily chart and near the most actively traded zone according to the VPVR indicator – $4,255. It was 7.7 percent down on a weekly basis but managed to find the needed stability at the $3,950 horizontal support on the weekly timeframe.

The trading volumes remained high and the Relative strength Indicator reached the oversold zone on November, 19.

On Monday, however, the leading altcoin once again moved to the downside in a potential re-test of the mentioned support. This time bears were stopped at $4,024.

The Tuesday session was when the bulls came back strong. They pushed the price up to $4,344 to close the day with a green candle and a 6.1 percent of a price increase.

The mid-week session came with a rejection at the dynamic indicator and a retrace down to $4,271 – an important short-term support/resistance level.

On Thursday, November 25, the ether rallied 5.6 percent to reach the $4,509 are above both the 21-day EMA and the horizontal resistance.

The Friday’s market crash, however, did not allow it to expand further. ETH dropped to $4,028 and once again hit the weekly support line.

The weekend of November 27-28 started with a small green candle on Saturday, which was followed by a stronger push from bulls on Sunday. The coin reached $4,300 at the weekly close.

It is currently trading at $4,300 as of the time of writing this market update.

Leading Majors

  • Terra (LUNA)

The fifth-largest blockchain protocol in terms of total value locked (currently at $13 billion), LUNA was in a solid uptrend channel on the daily chart up until it broke below its lower boundary on November 16. The coin moved below the 21- and 50-day EMAs to hit the 100-day one, bottoming at 30 percent below its all-time high price.

The $35-$38 area, however, proved to be a solid support/resistance line and in combination with the Volume Profile’s Point of Control located at the exact same horizontal, resulted in it being a good buying point.

The LUNA/USDT pair is 32 percent up since hitting the mentioned mark and is now flirting with the former uptrend channel at the psychological level of $50. The potential target of $65 if the current resistance and ATH are surpassed.

Altcoin of the Week

Our Altcoin of the week is Ethereum Name Service (ENS). The native token of the ENS project was recently airdropped to the eligible members of the community and was almost immediately listed on Binance which led to a lot of speculation among the day traders.

The project itself offers a DNS-like service for Ethereum addresses in the form of non-fungible tokens (NFT) that represent the ownership rights in a decentralized manner.

The ENS/USDT pair added 81 percent to its value on a weekly basis and hit a seven-day high of $83.3 still far below its all-time high value of $120 that was reached on the day of its launch on November 10.

It is currently ranked at #93 on CoinGecko’s Top 100 list with a total market cap of approximately $1.63 billion.

On Sunday, November 28, the coin surpassed its previous highest daily candle close price and is now looking for a continuation of the uptrend.

ENS is currently trading at $73.5.

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