Weekly Cryptocurrency Update (Nov 20-26): Top 5 Cryptocurrency Coins to Watch - Forex News by FX Leaders
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Weekly Cryptocurrency Update (Nov 20-26): Top 5 Cryptocurrency Coins to Watch

Posted Saturday, November 27, 2021 by
Arslan Butt • 4 min read

Weekly Cryptocurrency Summary – Bitcoin (BTC/USD)

The BTC/USD coin extended its overnight modest bullish rally and received some new bids around the $60,000 level. Bitcoin’s price remained constant at or above $58,000. BTC began a new uptrend and was able to break through the $59,000 resistance level. A break above the $59,500 level and the 100 hourly simple moving average was also seen. The $60,000 resistance level, however, has not been tested so far. A high was made, and the price is presently correcting gains. If Bitcoin remains above the $57,500 support and the 100 hourly SMA, it may begin a new uptrend. On the upside, $59,000 serves as an early resistance level. The next major resistance is around $59,500. If the price closes above $59,000 and $59,500, it might drive the price past $60,000. The next significant resistance level is at $61,200.

BTC/USD

However, the fresh upticks were mostly fueled by the crypto market’s risk-on mood, which tends to support Bitcoin, the world’s largest cryptocurrency. Meanwhile, the positive comments about Bitcoin futures have had a good impact on BTC prices. On Wednesday, Mexican millionaire Ricardo Salinas Pliego spoke about the US economy and bitcoin. He is the founder and chairman of Grupo Salinas, a conglomerate with holdings in telecommunications, media, finance, and retail. Investors should “purchase bitcoin right now,” according to Ricardo Salinas Pliego. He went on to say that the United States is “becoming increasingly like any other irresponsible third-world country.” He also added that he believes bitcoin has a bright future and will change the world.

On the other hand, Morgan Stanley’s (NYSE: MS) investment funds have extended their exposure to Bitcoin by purchasing shares of Grayscale Bitcoin Trust. This news also contributed significantly to the rise in BTC prices.

Weekly Cryptocurrency Summary – Ethereum (ETH/USD)

The ETH/USD coin extended its winning streak from the previous session and remained well bid around $4,500.The price of Ethereum is expected to rise towards $4800, as a rebound over $4500 could help alleviate any incoming pressure. ETH/USD is staying around $4500 at writing, as the coin is set to gain more bullish signs.

The market’s upward trend has prevented it from succumbing to yesterday’s selling activity below $4,000. Ethereum (ETH) is currently trading above its 9-day and 21-day moving averages. Bearish momentum is highly likely in the short term, especially if the bulls fail to keep the price above $4500 and the 9-day MA remains much below the 21-day MA.

ETH/USD

Before taking strong bids, the Ethereum price may need to climb and break towards the channel’s top limit, although it is more likely to break below the moving averages at $4200. As a result, traders can expect very strong support at $4100 if the sellers push lower. However, if the bears continue to push lower, additional support might be found at $4000, $3800, and $3600.

If the buyers maintain their upward momentum above $4500, the first resistance level might be located at $4700. This might be followed by a push to potential resistance levels of $4800, $5000, and $5200 as the Relative Strength Index (14) rises over 50, indicating a bullish trend in the market.

The buying bias surrounding the world’s largest cryptocurrency, bitcoin, was considered a major factor in keeping ETH/USD values higher. The broad-based US dollar weakness, on the other hand, played a significant role in supporting the ETH/USD prices. The dollar was down during Friday’s Asian session. However, losses were limited as investors’ risk appetite was tempered by mounting fears about a newly found COVID-19 strain. The US Dollar Index, which measures the dollar’s value against a basket of other currencies, fell 0.07 percent to 96.685.

Even when the market has not performed well, indicators have remained positive. Analysts predict that the digital asset will reach $5,000 by the end of the year, owing to the rise of DeFi. As more investors come to the blockchain to profit from this new industry, Ethereum has a good chance of reaching this price by the end of 2021.

Weekly Cryptocurrency Summary – Litecoin (LTC/USD)

The LTC/USD coin pair failed to stop its early-day losing streak and remained well offered around the 215.00 level. LTC/USD has been losing ground since the start of the Asian session, and it has been losing ground since the start of the European session. LTC/USD sees a much-needed break to the upside as the market begins today, after being stuck below the 9-day and 21-day moving averages on the price charts for the past several days.

LTC/USD

However, the gains were limited and short-lived as the Litecoin price stayed under the control of bears. It is currently trading for $216.63 USD with a 24-hour trading volume of $2,026,366,027 USD. Litecoin’s price had fallen by 0.21 percent in the previous 24 hours. With a live market cap of $14,959,167,502, it is now ranked #15 on the crypto market. It has a total quantity of 84,000,000 LTC coins and a circulating circulation of 69,055,045 LTC coins.

After hitting a multi-week high of $302 on November 10, LTC’s price began to follow BTC’s trajectory, more or less flowing in the direction of the bigger coin. While LTC’s price has dropped from $300, with almost 25% losses at the time of writing, the coin needed to stay over the $200 threshold, which it has done.

Weekly Cryptocurrency Summary – Ripple (XRP/USD)

XRP/USD
The XRP/USD coin failed to halt its overnight decline and garnered additional offers around the 1.02769 level. The price of XRP in US dollars is currently $1.02733, with a 24-hour trading volume of USD 3,136,006,928. Ripple XRP has lost 0.96 percent of its value in the last 24 hours. In general, the crypto market is still slow and sideways, and it appears to be correcting a downward trend. This, in turn, put some burden on Ripple’s prices. However, the losses could be short-lived as the world’s largest cryptocurrency, Bitcoin, is gaining traction.

Weekly Cryptocurrency Summary – Dogecoin (DOGE/USD)

The DOGE/USD currency pair has been flashing red since the start of the day, signaling that it cannot reverse its previous session’s downward trend. Dogecoin’s current price is $0.216975 with a 24-hour trading volume of $1,130,331,471.

DOGE/USD

In the last 24 hours, Dogecoin has lost 0.12 percent of its value. a market capitalization of $30,045,353,714. The losses could be short-lived, as a broad-based US dollar selling tendency was considered one of the key factors that capped further losses in the DOGE/USD coin.

The dollar was lower in Asia on Friday morning. Rising fears over a newly discovered COVID-19 strain restrained investors’ risk appetite, so losses were restricted. The US Dollar Index, which compares the value of the US dollar to a basket of other currencies, fell 0.07 percent to 96.685.

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