Weekly Crypto Market Analysis with Geco.one 08.11.2021
Bitcoin has travelled over the last three days by over $ 6,300. Such a significant appreciation meant that we had to pay over $ 66,000 for the oldest virtual currency again; as a result, we are now less than $ 600 from the new ATH.
Given the optimism seen in the quotes of many cryptocurrency projects, it seems highly likely that bitcoin will set a new all-time record in the next few hours. It, in turn, will be a solid pro-growth signal pointing to a potential for further appreciation. Therefore, it is more and more likely that the BTC price will ultimately rise to the psychological barrier of $ 100,000.
The current situation on the Ethereum quotations is also pro-growth. It increased from the lows of 21 September this year by almost $ 2,100, over 78 %.
Such a significant appreciation led to the overcoming of several critical resistance zones. As a result, the ETH rate was at the highest level in history, above $ 4,700.
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. However, it would seem that the threshold of $ 10,000 may prove to be a significant psychological barrier.
Looking at the XRP quotes, we notice that the price of this cryptocurrency broke the resistance of $ 1.21. Due to this fact, if only the increase continues, the XRP rate could return to the area of $ 1.40 in the near future. However, if this resistance were also overcome, then even around $ 1.66 could be the range for further appreciation, which would be one of the highest levels in history. Above this barrier, the course of this project was only for a while, between 13 and 16 April this year.
The current situation on the Polkadot quotations also looks pro-growth, as its price has increased since 20 July this year. by almost 413 %
Such a significant increase led to overcoming several critical resistance zones, the last of which was at the level of $ 48. This fact made the DOT course at the highest level in history.
Over the last few days, however, we have observed a slight downward correction here. While there is still a risk of this trend worsening to $ 48, or even $ 45, the medium- and the long-term outlook remains positive. Any declines not exceeding the $ 45 barrier could turn out to be only a form of correction, after which the DOT rate will return to the upward path.