Weekly Crypto Market Analysis with Geco.one 02.11.2021
After the highly dynamic growth observed between 21st September and 20th October this year, when the BTC price increased by more than $ 27,400, which was over 69%, the exchange rate of the oldest virtual currency remains in a downward correction.
It is noteworthy that despite a temporary drop below $ 60,000, bitcoin quotes quickly returned above this zone and remained above it. Therefore, if this support is rejected, the BTC rate could return to the upward path and break a new ATH well above 72,000 dollars.
The level of USD 100,000 may be a significant psychological barrier to further increases.
The current situation on the Ethereum quotations, which increased between 21st September this year, is also very interesting and on 29th October this year by almost $ 1,800, which was nearly 68%.
Such a significant appreciation led to overcoming several critical resistance zones; as a result, the ETH rate was at the highest level in history, above $ 4,450.
Over the last few days, however, we have observed a slight drop in the price. It is worth noting that this tendency stopped around the recently defeated resistance (now support), on Sunday and then on Monday, there was a demand reaction creating pro-growth pin-bar candles. The permanent rejection of this zone contributed to the emergence of another upward movement; as a result, ETH once again beat the new ATH today. There are many indications that this is not the end of the boom in the cryptocurrency market, and the upward trend will continue in the near future. However, given that the ETH rate has never been above the current level, it is impossible to set a specific level where the current growth impulse could reach.
We could also expect potential increases in the NEM (XEM) trading. The price of this cryptocurrency has increased by almost 40 per cent over the last six days, thus breaking above the technical resistance of $ 0.19, which could naturally open the way for further appreciation. If this trend continues, the XEM rate could return to around $ 0.2440, or even $ 0.40.
Looking at the binance coin (BNB) quotes, we notice that the price of this cryptocurrency increased from its lows of 26th September this year by over 72 per cent. It is noteworthy that due to this appreciation, the technical resistance zone of $ 505 was overcome, resulting in BNB being at the highest level since mid-May this year.
Considering that, due to the downward correction observed last weekend, the recently defeated resistance (now support) has already been re-tested. A greater demand reaction appeared in its vicinity at the beginning of the new week, and we could expect that if this trend continued, the BNB rate would rise to $ 605, or even $ 680. It’s where two more zones of resistance are located.
The current situation on the Polkadot quotations also looks pro-growth, the price of which has increased by almost 25% since the beginning of the week, thus increasing the range of the period lasting from 20th July this year appreciation to over 413%