Bitcoin’s popularity has declined from approximately 48% on October 20 to 42.3 % on November 7, while total crypto market capitalization has continued to rise. This suggests that the price action has shifted away from Bitcoin and toward altcoins.
According to CryptoQuant CEO Ki-Young Ju, Bitcoin whales are selling. This has not, however, breached the strong support level of $60,000. He also mentioned that Bitcoin reserves on exchanges have been steadily declining, suggesting a significant interest from buyers.
According to a PlanB survey, most market participants remain bullish on Bitcoin and anticipate a rally to $288,000 by the beginning of 2022.
In an interview on November 3, Real Vision founder Raoul Pal also painted a bullish picture for cryptocurrencies. According to him, the current bull run is unlikely to end in December of this year and may last until March or June of the following year.
Pal believes that the potential launch of Ethereum 2.0 and the possibility of an Ether (ETH) exchange-traded fund in the first half of 2022 will attract institutional investors and spark a massive rally.
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Best Cryptocurrencies to Be On the Look For
On November 2, Bitcoin broke above the bullish flag pattern. Nonetheless, buyers could not capitalize on this move and push the price above the overhead resistance zone of $64,854 to $67,000.
This suggests that the bears have not yet given up and are attempting to halt the uptrend.
However, bulls are aggressively defending the 20-day exponential moving average ($60,794), which is positive. Moreover, buyers will attempt to push the price above the overhead resistance zone once more.
If they succeed, bullish momentum will likely increase, and the BTC/USDT pair will likely rally toward the pattern target of $89,476.12.
On November 1, Polkadot (DOT) soared and broke through the overhead resistance at $49.78.The RSI broke above the downtrend line, rendering the negative divergence ineffective. This indicates that the uptrend has resumed.
On November 6, the bears, however, attempted to pull the price back below the breakout level. However, the long tail of the candlestick shows that bulls are buying on dips.
Rising moving averages and an RSI close to the overbought zone indicate that the path of least resistance is to the upside.
On November 4, the Terra protocol’s LUNA token broke and closed above the overhead resistance at $49.54. On November 5 and 6 however, the bears attempted to pull the price back below the breakout level but could not sustain the lower levels. This indicates that bulls are buying on dips.
If bulls push the price above $53.18, the LUNA/USDT pair could rally to the wedge’s resistance line, where bears are expected to offer stiff resistance. The bullish momentum may increase if bulls push the price above the wedge.
Avalanche (AVAX) has broken above the overhead resistance at $79.80 after trading near it for the past three days. This suggests that the uptrend may be resuming.
Rising moving averages and an RSI in overbought territory indicate that bulls are in command. If the price remains above $79.80, the AVAX/USDT pair could rise to $93.04 before attempting to break through the psychological level of $100.
On November 3, Elrond (EGLD) broke above the previous all-time high of $303.03, a positive sign. However, on November 5 and 6, the bears attempted but failed to pull the price back below the breakout level.
This indicates that bulls are attempting to defend the breakout level and convert it to support. Furthermore, the resumption of the uptrend will be signaled by a break and close above $329. The rising 20-day EMA ($281) and an RSI close to the overbought zone indicate that the path of least resistance is to the upside.
Be on the Lookout for Top Cryptocurrencies
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