Bitcoin (BTC) bullish sentiment underwent a minor correction on November 12 after the Securities and Exchange Commission (SEC) rejected Bitcoin exchange-traded product VanEck planning to track the spot price of Bitcoin. Price moved corrected from 970 million to 900 million. However, this negative development was followed by the successful activation of the Taproot soft fork on November 13. Bitcoin developer Hampus Sjöberg, who runs the dedicated website Taproot, told Cointelegraph that the “biggest win” was for Taproot to show that Bitcoin can perform network upgrades and that it is important to the longevity of the network. So the price of Bitcoin began to show an increase back to the level of 930 million today.
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5 Bullish Crypto Assets
Bitcoin briefly dropped below the 50 MA to the 900 million level, which is important support to watch. Strong buying potential generally occurs when the candle moves above the 200 EMA (875 million).
Judging from the RSI and MACD 4H timeframe, the RSI shows a positive movement and the MACD looks valid cross with a positive histogram, the possibility of bullish momentum this week can still occur. If the price goes against the scenario, BTC possibly will try towards the next support in the price range of 917 million – 872 million – 842 million.
Additionally, the Bitcoin Network (BTC) successfully activated the Taproot (Taproot) soft fork following a 90% lockout consensus of miners and mining pools between blocks 709,488 and 709,632. This marks a major improvement for Bitcoin since August 2017, which saw the launch of Bitcoin’s layer two solutions, Lightning Network and Segregated Witness (SegWit).
The Taproot upgrade aims to improve scriptability and privacy of the Bitcoin network. To do this, the soft fork introduces the concept of the Merkelized Abstract Syntax Tree (MAST).
In Bitcoin’s nearly 13 years of existence, the Bitcoin network has experienced many community-driven hard and soft ramifications. While the Taproot upgrade has yet to prove its worth in the future, the Lightning Network continues to reach new heights.
On September 28, the Lightning Network experienced a 160% increase in node count over a 12 month span apart from a 170% spike in channel numbers since January 2021. On November 11, Bitcoin network capacity prior to the Taproot soft fork was at an all-time high of 3,220 BTC, nearly $210 million worth.
Litecoin (LTC) closed above 3.7 million price resistance. The price quickly picked up momentum and rose to 3.9 million currently. The previous high was at 4.1 million.
Altcoins have been corrected for the past few days, LTC has also been corrected, marked by the RSI having entered the overbought area from 4.1 million and then down to 3.5 million. But judging from the current 4H time frame, MACD seems to have crossed with a positive histogram and the price has been monitored to rise to 3.9 million. Buyers will try to continue the uptrend.
Support Levels 3.4 million – 3.5 million this is the strongest support level, the LTC/IDR pair may bounce up and continue its uptrend or if the price breaks below the 50 MA, selling may increase and the pair may drop to the strong support at 3 ,4 million – 3 million.
Ether (ETH) fell from 68 million on November 10 and dropped to the 65 million support line. Buyers bought the decline and the price reversed towards the resistance 67 million – 68 million. On November 12, the price corrected back to 65 million. However, it encourages buying up to 66 million. Based on the 1h timeframe, the ETH/IDR pair has a support line between 64M – 65M.
The RSI in the positive zone indicates gains for the buyers. MACD looks positive too, bullish momentum can occur and if the candle breaks 67 million then ETH can reach its old ATH again at the 68 million level.
Crypto.com Chain (CRO)
Recently, Cronos has announced the beta launch of its mainnet in a bid to facilitate greater interoperability between the Cosmos ecosystem and the Ethereum Virtual Machine (EVM).
This release will allow developers to port decentralized applications and smart contracts from Ethereum and EMV compatible chains to the Cronos network at low cost and high speed due to the integration of the Inter-Blockchain Communications (IBC) protocol. This will offer accessibility to Crypto.com’s 10 million strong customer base.
Built on the Cosmos blockchain and powered by Ethermint — a proof of authority consensus mechanism — Cronos operates in close proximity to the Crypto.org Chain.
This is one of the most important factors why CRO began to experience price increases.
With the current market enthusiasm for the development of the Metaverse, today, there is Game Evolution Land that provides a potential solution for interoperability NFT, as DeFi (decentralized finance) and NFT cross-chain gaming leveraged by Darwinia Network. The game will also operate as a multi-chain NFT gateway, with support for multi-chain NFTs such as Crypto Kitties and PolkaPets. Including one on Ethereum, known as the Continent of Atlantis and another built on Tron (TRX).
Also read: What is Metaverse?
5 Bearish Crypto Assets
Yesterday on the list of Bullish crypto assets, this week OMG comes as Bearish crypto assets. OMG Network (OMG) price corrected from the current level of 270K to 165K, following the completion of the snapshot for the airdrop from Boba Network.
Reported by Cointelegraph, the snapshot of all wallets holding OMG tokens on the Ethereum network and Boba Network layer two occurred at 12 a.m. UTC on Friday. OMG holders at the time of the snapshot will receive BOBA, the governance token for Boba DAO on November 19th. Boba Network tweeted at 12:04 UTC that the snapshot occurred on Ethereum block 13,597,967 and on Boba Network block 15,354. About 10 minutes later, the 100eyes Crypto Scanner account tweeted a “Quaint activity alert” at the dramatic price drop, which may have been caused by OMG holders trying to preempt the “news sell” price action.
Boba Network announced the airdrop on September 20, when OMG was around $9.50. The airdrop is part of a larger campaign to promote awareness of Boba Network launching its mainnet.
Since then, OMG has seen two significant price spikes between September 29 and October 4 to 247K and most recently on November 5th to a nearly four-year high of 280K. Analysts had been anticipating the potential for higher prices at OMG since Boba’s announcement due to high interest in the airdrop.
Still at home in the Bearish crypto asset range, VIDYX doesn’t seem to have many updates that make its technology and development compete with others. When viewed from his Twitter account, currently, not many new innovations are presented by the developers.
XinFin Network (XDC)
Even though XDC hit a record high in August 2021, the price of XDC soared to new highs shortly after a new round of partnerships, protocol integrations, and exchange listings. But lately, XDC has often stayed on the Bullish crypto asset list.
Not many updates or new innovations made by the developers. It can be seen from his Twitter account which does not update too much, making the market also sluggish and not much in demand.
Fourth, NXT. NXT uses blockchain to create an entire decentralized feature ecosystem, all of which require the Nxt currency. Instead of modifying the original Bitcoin source code, as many altcoins have done, Nxt developers wrote their own code in Java from scratch. Although NXT is a public blockchain, licenses for a private blockchain based on its software are also available for purchase. Developers refer to NXT as Blockchain 2.0, providing many applications for more than just keeping a public transaction ledger.
However, there is no interesting news that can be a milestone announced by the developer recently. It makes the market quiet.
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However, due to the large number of blockchain projects, an asset must be unique and constantly updated and innovated, which is one of the keys to being attractive to traders. Meanwhile, OCTO does not have many developments that can make traders interested in continuing to buy or become its broker.
NOTE: If the 5 EMA crosses the WMA 75, 85 and 200 EMA lines and the lines intersect from the bottom up, then the market trend tends to go up (bullish),
in each table above shows if, the value of EMA 5 is higher than WMA 75.85 and EMA 200 then the market tends to go up (bullish). If the RSI and MACD values ??show the same condition, it means the market is showing the same trend, overbought (overbought) or oversold (oversold) conditions are an indicator that the market is already at the point of changing the direction of the trend.
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