We are almost coming to the end of the year as we welcome the month of November; happy new month to you. As seen in the previous months, cryptocurrencies have hit the headlines, with many people choosing to invest in them.
Since its introduction in 2019, we have seen the dramatic evolution of cryptocurrency. Many people currently choose to invest in cryptocurrency trading rather than trading with real currency.
As we have just entered a new month, let’s look at this week’s top cryptocurrencies that you should have your eyes glued to
Top Cryptocurrencies to Watch Out for This Week
1. Binance Coin
On Oct 29, Binance Coin (BNB) broke above the overhead barrier at $518.90, but the bulls could not extend their lead. This indicates a scarceness of demands at the topmost level.
The bears have dragged the price back down to $518.90. If the BNB/USDT pair remains below this level, the psychological support at $500 and the 20-day EMA ($480) could be the next stops. This is a solid defense for the bulls.
If the price bounces off the 20-day EMA, it indicates that sentiment is still optimistic and traders are buying on dips. The bulls will next aim to resume the uptrend by pushing the market above the upper zone of $518.90 to $554.50.
As of last week, the price of Bitcoin (BTC) bounced beyond the psychological milestone of $60,000. The cryptocurrency is currently priced at $61,028.97 and fluctuates between $60,000 and $63,000.
The bulls’ inability to sustain prices above the $63,000 and $64,000 highs is impeding Bitcoin’s upward momentum. When Bitcoin breaks through the resistance levels, it will restart its upward trend.
However, because purchasers were unable to sustain the price above the recent high, Bitcoin has been forced to trade between $60,000 and $63,000. You can determine the upside or downside range-bound levels by breaking the range-bound. Meanwhile, the price of Bitcoin (BTC) will continue to vary for a few more days.
On Oct 29, Ether broke over the all-time high of $4,375, but the bulls were unable to sustain the rally. On Oct 30, the bears dragged the price down below the breakout level, showing that sellers are aggressive at higher levels.
The current VeChain price is $0.1366, with a 24-hour trading volume of $55,870,535. VET is on its way back to its former consolidation level after plunging significantly to $0.08. It is now trading around $0.08 per share.
Vechain Thor is a cryptocurrency that intends to increase openness in the supply chain business. Because of its decentralized structure, users may easily follow the chain. The VET token has shown a substantial up move at a make or break level, indicating the possibility of further depreciation.
On Oct 20 FTM broke out to an all-time high leaving traders booked with profit at high levels. On the 4-hour chart, the moving averages have completed a bearish crossover, and the RSI has slipped into the negative zone, indicating that bears have the upper hand. The previous breakout level at $2.45 is the first support level on the downside.
A strong rebound from this level indicates that bulls are aiming to convert this level to support. If this occurs, the pair may attempt to advance to $3 and then to $3.48. If the price falls below $2.45, this bullish perspective will be rendered null and void.
Be In the Know
To avoid trading by chance, it’s advisable to always be in the know-how when it comes to cryptocurrencies. With the above insights on this week’s currencies with potential, you have an upper hand to choose which cryptocurrency has outstanding potential to make it to the top; To ensure you do not suffer any significant losses.