Weekly Cryptocurrency Summary – Bitcoin (BTC/USD)

The BTC/USD coin has managed to extend its bias, drawing some further bids of around $50,000 against the greenback. The BTC/USD could find bulls at around $48,250, and it might start a fresh rally. The Bitcoin price extended its increase above the $49,000 resistance zone.

BTC even broke the $50,000 resistance level; however, it failed to trade higher. Bitcoin formed a high near $50,364, ahead of a bearish correction in its prices. There was a bearish breakout below the $50,000 and $49,000 levels, and in addition, there was a violation of an ascending bullish trendline, with support at around the $49,000 level.

Moving ahead, Bitcoin could start a fresh increase if it stays above the $48,000 support zone and the 100 hourly SMA. The next resistance on the upside, for the leading cryptocurrency, is near the $49,000 level. The first major resistance is near the $49,000 level. A closing of candles above the $49,200 level could push the price towards the $50,000 zone. The non-stop surge in price could drive the BTC price towards the resistance level of $51,550. The next significant resistance for the bulls could be around the $52,000 region. However, the buying bias surrounding the BTC prices was mainly sponsored by reports suggesting that Twitter allows users to add BTC and ETH addresses to their profiles. The news is unofficial at this time, but Twitter’s product lead, Kayvon Beykpour, has indicated that there could be an announcement soon.

This update is supposed to be part of Twitter’s Tip Jar feature, which was introduced in May 2021, and adds to reports that surfaced earlier this week, that the firm would enable Bitcoin (BTC) tipping for content creators. Thus, this positive development has exerted a notable positive impact on the BTC prices, at least for now.

Weekly Cryptocurrency Summary – Ethereum (ETH/USD)

The ETH/USD coin pair extended its upward performance and took some additional bids around the $3,700 mark. Ethereum started consolidating above $3,700 against the US dollar, and it could continue to rise above the $3,850 resistance.

The price of ETH gained some positive traction and broke the $3,800 resistance. Ethereum traded as high as $3,843, before it started a downside correction. The second most popular crypto could start a fresh rise if it stays above the $3,800 support zone and the 100 hourly SMA.

Immediate resistance on the upside is near the $3,800 level. The first major resistance is near the $3,750 level. A close above the $3,750 level could push the price towards the $3,850 zone. The steady gains could lead the price towards the $3,900 resistance. In contrast to this, the ETH prices could start a downside correction if Ethereum fails to continue higher, above the $3,820 and $3,850 resistance levels. Immediate support to the downside is near the $3,720 level. The next significant support is now forming near the $3,700 zone. The trendline support at $3,680 is also very important.

Weekly Cryptocurrency Summary – Litecoin (LTC/USD)

This week, the LTC/USD coin pair extended its long upward rally and drew further bids around the $187.00 level. Litecoin is currently trading at $184.871, with a 24-hour trading volume of $2,888,452,592 USD. The LTC rose by 0.58% on the day. Most altcoins have seen a decent rally over the past couple of weeks.

Among them, the LTC coin is gaining positive traction day by day. The weakness of the broad-based US dollar is helping  the LTC/USD pair to stay bid. The US dollar failed to extend its positive performance of the previous day, and turned sour on Friday. This could be linked to the upbeat market sentiment, which weakens the safe-haven US dollar. Therefore, the losses in the greenback were seen as one of the key factors that kept the LTC prices higher.

Weekly Cryptocurrency Summary – Ripple  (XRP/USD)

The XRP/USD crypto coin has managed to extend its early-day bullish streak, remaining well bid around the 1.2700 level. Ripple was trading at $1.26012 on Friday, rising by 0.78% on the day. Ripple prices have started a fresh increase above the 1.2700 level against the US dollar, and they could continue to rise above the $1.2800 resistance.

The price of XRP traded as high as $1.28740, before it started a downside correction. Ripple could gain further positive traction if it stays above the $1.2600 support zone and the 100 hourly SMA. Immediate resistance to the upside is near the $1.2600 level. The first major resistance is near the $1.2700 level. A close above the $1.2750 level could push the price towards the $3,850 zone. The steady gains could lead the price towards the $1.2800 resistance.

The gaining streak in the Ripple coin was mainly sponsored by the latest positive developments in the crypto market. As per the latest report, the Japanese financial conglomerate, SBI Holdings, showed readiness to set up one of the first funds in the country, giving investors crypto exposure. According to a Bloomberg report on Thursday, SBI is trying to have a crypto fund available by the end of November, which will allow residents of Japan to invest in Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), Litecoin (LTC), XRP and others. This news had a positive impact on the crypto market and contributed to the gains in XRP.

On the other hand, the US Securities and Exchange Commission (SEC) is trying to access one million missing Slack messages between employees. Despite Ripple’s objection, claiming that complying would cost up to $1 million, the judge considered the information critical and unique evidence for the SEC’s ongoing case against the multi-billion dollar company, which is accused of selling unregistered securities. This news has not had any notable impact on the ripple prices so far.

Weekly Cryptocurrency Summary – DOGECOIN (DOGE/USD)

Despite the positive development in the market, the DOGE/USD coin pair has been flashing mixed signals since early on Friday. The meme coin is currently trading at $0.291910, with a 24-hour trading volume of $2,284,410,778.

Dogecoin has dropped by 2.01% in the last twenty-four hours. The current market ranking is # 8, with a live market cap of $38,384,210,776. It has a circulating supply of 131,128,539,044 DOGE coins, and there is no maximum supply. Dogecoin is viewed as one of the most popular meme coins. Nevertheless, it has not been the best gainer in the recent crypto market recovery. While some altcoins, like XRP and LTC, have made new all-time highs, Dogecoin has failed to follow this trend.