The price analysis of the crypto market has been rising over the last few weeks, with Bitcoin and Ethereum, the two biggest cryptocurrencies by market cap, taking charge while the other altcoins follow.
In this article, we examine the performance of Bitcoin and four of the most popular altcoins on the market in terms of recent price action.
On the daily timeframe, the price analysis of Bitcoin has been stuck between the 50-day and 100-day moving average lines around the $20K and $21K zones after breaking above the long-term bearish trendline and retesting both the trendline and $18K.
Since breaking the 50-day moving average to the upside in late October, the cryptocurrency has been consolidating between the 100 and 50-day moving averages, although it has not yet closed above the 100-day MA.
The price of Bitcoin has begun to rise. It now has to move above the 200-day moving average and the $24K resistance, both significant resistances that must be broken before Bitcoin officially enters the start of a possible new bull market.
Conversely, the crucial $18K support level may be the next target in the event of rejection and decline.
Ethereum has one of the most uptrend-friendly cryptocurrencies on the market. The cryptocurrency price was up by almost 30% in the last few weeks and is now up by about 2% during the last week after falling from the $1,600 resistance to $1,500.
The cryptocurrency has also moved back up for another retest of the $1,600 zone. And if the trend keeps up, ETH might try to overcome the crucial resistance at $1,725 in the upcoming week.
For Ethereum, the major support levels are at $1,500 and $1,380, with $1,500 being the most effective line of support the bulls had against the bears. As long as the cryptocurrency's price action continues to make higher lows, the verdict on Ethereum is a buy.
XRP has been in a symmetric triangle since September this year. In mid-October, XRP hit the bottom of this triangle and could not move past the crucial support on the $0.44.
For many traders and investors, the behavior of the cryptocurrency was an indication of weakness, considering how it had been going on for weeks.
Last week, XRP suddenly started to move to the upside, rising to the triangle's upper resistance. The cryptocurrency is consolidating around this level as the bulls and bears battle for whether or not a breakout happens.
Cardano has an almost similar price action to Ethereum. The cryptocurrency appears keen on moving to the upside, especially after breaking through a descending triangle formation that has remained valid since August.
The bears prevented Cardano from moving above the crucial resistance of the descending triangle at $0.43, but the price is now prepared to make another attempt. This led to a 4.93% price increase for this coin over the previous week.
The $0.38 support has been a very valid one over the past weeks and has largely held up during the fall from last week. Cardano is currently testing the $0.43 support and appears ready and waiting to move higher and begin its bullish momentum to the next target, around $0.5.
Dogecoin has finally cooled off from its bullish explosion over the last two weeks. The cryptocurrency is now consolidating above the $0.11 support level after its rally caught the entire market off guard. Despite this, DOGE has managed to maintain a staggering 58% price increase over the last seven days, making it one of the best-performing cryptocurrencies of the week, regardless.
With $0.19 as the next target, DOGE may continue to rise.
At the same time, the fundamentals of the cryptocurrency are necessary for further bullishness; otherwise, the momentum may reverse, and the cryptocurrency might have an even more steep decline to the $0.7 zone.
Disclaimer: Voice of crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.