Technical analysis and price predictions for the most relevant cryptocurrencies
Bitcoin has been on an absolute rampage this month as the cryptocurrency managed to increase by a strong 42.6% to break $16,000. Although this is positive news for the industry, it is still yet to seep into altcoin. Over the past month, Ethereum has surged by 23.4% but XRP has barely moved as it climbed by a tiny 1.34% in comparison.
The price dynamics in BTC/USD continue to be largely bullish, letting Bitcoin try to capitalise above $16,000. As for the rest of the week of 9th November, with the $16,000 handle being tested, we are likely to see BTC capitalise above $16,000 by the end of this week.
As we make our way through Q4 2020, several cryptocurrency projects are making upgrades to their platforms and other changes that could arouse the interest of the broader cryptocurrency community. With all eyes on Bitcoin and Ethereum, this week’s selection of top 3 coins to watch aims to shine a light on some smaller market cap cryptocurrencies, which look set for some interesting price action.
As we make our way through Q4 2020, several cryptocurrency projects are making upgrades to their platforms and other changes that could arouse the interest of the broader cryptocurrency community. As always, we have prepared a selection of top 3 coins to watch. This week’s selection includes a cross-blockchain DeFi platform token, a token of a cryptocurrency derivates exchange and a native token of crypto Visa card issuer. We should warn you, however, that this is not investment advice, since, especially in this week’s selection, the price change is likely to end up in the red.
Volatility has struck back the cryptocurrency market a week ahead of the U.S. presidential election. While most altcoins went through a steep correction, Bitcoin rose to new yearly highs. Its uninterrupted upward price action turned heads as the narrative about BTC’s ability to act as a hedging asset during times of uncertainty resurfaced.
The price of Bitcoin has seen somewhat of a rollercoaster today. The coin had surged as high as $13,500 in the early hours of the day but has since dropped lower to reach $13,275.
On 28th October, Wednesday, Bitcoin came under selling pressure from the $13,949 daily resistance level and the high of 2019 momentarily reached on 27th October. The BTC/USD pair opened Wednesday’s trading session at $13,657 at 3:00 UTC the corrective move took its first stride and continued through to 15:00. The day’s 14:00 hourly candlestick finished in a hanging man with the day’s low at $12,900 as of 18:00 UTC, leading to a slight recovery bounce.
As we progress through Q4 2020, several projects are moving ahead with continued development. In addition, Pay Pal recently announced its intent to offer cryptocurrency buying and selling within its platform, which triggered a smaller bull run. Everything looks set for another exciting week on the cryptocurrency markets and our weekly selection of top 3 coins to watch is here to help you choose the most compelling and promising coins this week.
On Thursday, 22nd October, Bitcoin slowed down its rising pace, having added $243 by 17:00 UTC. BTC/USD was mainly trending sideways during the day. The pair began the day at $12,835 and edged slightly down below the level of the open in the first five hours of the day, forming a local support level at $12,728.