Bitcoin (BTC), the key currency, is still bullish this week and closes the week above $ 13,000. The majority of the top 100 altcoins also tend to the north and ensure a friendly atmosphere in the overall market.
The bulls show their horns again this week and ensure a significant price increase of 13 percent to the price target of 13,198 US dollars. The top 10 Altcoins, in particular, can benefit from this strong price development and, like Litecoin (LTC), have, in some cases, recorded double-digit price gains. The continuing interest of institutional investors as well as the increasing interest of small investors, continue to have a positive effect on the overall market. At the moment, the political and economic uncertainties surrounding the US presidential election seem to be playing into the cards of the crypto market. This shows the increasing decoupling from the development of the traditional financial market this week. However, the first bearish divergences in the 4-hour Bitcoin chart are currently indicating an initial weakness in the bulls,
Price analysis based on the value pair LTC / USD on Binance
After weeks of struggle at the $ 50 mark, Litecoin creates an explosive breakout across the multiple resistance cluster of EMA100 (yellow) and EMA200 (blue). After Litecoin also broke the history high at US $ 51.54 on October 21 and pulverized the supertrend at US $ 52.50, the price rose to a new 30-day high at US $ 60.00. This sets the course for a further increase in the LTC rate in the coming weeks.
The next price target on the upside is now $ 62.06. If the LTC price also overcomes the pink resistance area at 63.50 US dollars at the daily closing price, price targets at 67.79 US dollars and 71.73 US dollars are activated. If the overall market continues to be positive in the coming week, a march through to the resistance zone between US $ 82.29 and US $ 84.97 is possible. The maximum price target for 2020 is in the range of 99 US dollars.
The RSI is already trading above $ 70 in the daily chart, indicating the first overbought tendencies. If the LTC price bounces off the pink resistance area, the support area should initially be retested by USD 52. If Litecoin subsequently falls due to multiple support from EMA100 and EMA200 as well as horizontal support, the bears will immediately regain the upper hand. If the upward trend line at 47 US dollars per day’s closing price is broken, the target prices are 43.11 US dollars and 40.94 US dollars. After the strong bullish breakout, the maximum price target on the downside is 39.20 US dollars. Sales lows from the first half of 2020 can be found here.
The RSI broke out dynamically this week and generated a fresh buy signal. The MACD indicator underpins the bullish trend with a new buy signal. The significant price increase was also able to generate enough momentum to activate a fresh bullish buy signal on both indicators on a weekly basis.
Price analysis based on the value pair ADA / USD on Bittrex
After a significant consolidation of the highs in August 2020, the ADA rate tried this week to overcome the resistance at $ 0.115, but failed several times as in the previous week because of this strong resistance. The moving averages EMA20 (red) and EMA100 (yellow) are currently acting as price support and are preventing the course correction from expanding for the time being.
As long as the bulls manage to stabilize above the weekly lows at $ 0.101, another attack on $ 0.115 is likely. However, if ADA breaks the pink horizontal resistance line, it would have room to the 78 Fibonacci retracement at $ 0.125. If it also jumps over this strong resistance area at the daily closing price, the cross-resistance of horizontal resistance and green upward trend line at 0.136 US dollars comes into focus as the maximum price target.
If, on the other hand, the price of Cardano falls back below EMA20 (red) and EMA100 (yellow) and undercuts the weekly low of 0.101 US dollars, an instant price setback in the direction of the cross support from EMA200 (blue) and supertrend at 0.093 US dollars. Dollars to count. At this chart level, the bulls should try again to stabilize the ADA price. If Cardano gives up this support level and gives up this mark at the daily closing price, a nightcap of up to $ 0.089 is likely. If the bears manage to soften this support and dynamically underbid it, the price will fall back to the light blue support area at $ 0.075. In this area, investors have already been able to stabilize the ADA price several times and use it as a springboard for a new price rally. The maximum bearish price target is $ 0.070. Here is the 38th Fibonacci retracement of the complete upward movement from summer 2020.
The RSI is currently trading in the neutral zone at 52 US dollars on a daily basis, but is trending slightly south. A breakout of the neutral zone between $ 55 and $ 45 will set Cardano’s direction in the coming weeks. The situation is similar with the MACD indicator. A further weak ADA rate also activates a new short signal. On the other hand, the situation can be described as trendless from a weekly perspective. Both indicators are currently trending sideways.
The vast majority of the top 10 altcoins can at least partially follow the bullish development of Bitcoin this week. The underperformer of the previous week, Litecoin (LTC), made significant gains this trading week and won the week with a 25 percent gain. Chainlink is also strong(LINK) with 13 percent and Bitcoin SV (BSV) with a good 10 percent price increase. The losers of the week, the Binance Coin (BNB) and Cardano (ADA), on the other hand, each lose around one percentage point in value. Most of the top 10 Altcoins benefit from the bullish price development of Bitcoin and Ethereum (ETH), as expected. The ranking of the ten largest cryptocurrencies has seen two ranking changes this week. Chainlink overtakes BNB and rises to fifth. In addition, thanks to its strong weekly performance, Litecoin is once again moving past Cardano to eighth place.
The key currency Bitcoin has successfully worked through several price targets from the last Bitcoin chart analysis in the past few days . The majority of the top 100 altcoins also benefit from this bullish price development. The weekly winner Quant (QNT) and the Reserve Rights Token (RSR) each gain a good 45 percentage points. The Ocean Protocol (OCEAN) can also confirm its bullish reversal from the previous week and increase in value by more than 30 percent.
The price of Litecoin (LTC), which was recently hit, is also strong, with a gain of almost 25 percent. Here, PayPal’s announcement that it will accept crypto currencies in the future should have helped. In contrast, this week Filecoin (FL) tops the list of weekly losers after its ICO with a 25 percent drop in price. Since it was first listed on October 16, 2020, the Filecoin price has corrected its peak by 75 percent. However, it is tending north again in the last few hours and can make up some of its weekly losses. Crypto.com (CRO) is again weak with a significant price decline of 24 percentage points.
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