Bitcoin (BTC) dominance has fallen from around 48% on October 20 to 42.3% on November 7 while the total crypto market cap has continued to climb. This indicates that the price action has shifted from Bitcoin to altcoins.
While on the Bearish list, there is QNT whose CEO CryptoQuant, namely Ki-Young Ju said that the Bitcoin whale was being sold but this did not cause the price to drop strongly. He also pointed out that Bitcoin reserves across exchanges have continued to decline, indicating there is a strong dominance of accumulating Bitcoin buys.
The majority of market participants remain bullish on Bitcoin and anticipate a rally to $288,000 in early 2022, according to a survey conducted by PlanB. Come on, check out Market Signal today to learn bitcoin and altcoins this week!
5 Bullish Crypto Assets
Bitcoin broke the upper limit and managed to breakout the previous resistance at 910 million, now the price has been pushed to the level of 920 million – 930 million. The seller is also in a strong position at this time to continue selling and taking profit taking.
However, a positive sign is that the market is aggressively maintaining the moving average above the 25 MA line (898 million rupiah).
If they can do so, the bullish momentum may increase and the BTC/IDR pair may rally towards the pattern’s next target of resistance at the 950 million rupiah level.
If indeed this Bullish pattern does not last long, the candle may fall back to the 920 million – 910 million level.
A break below the 25 MA could pull BTC price into the strong support zone at 895M to 890M.
Ether (ETH), the largest altcoin by market capitalization, hit a new high of 67 million rupiah.
Real Vision founder Raoul Pal also projected a bullish picture for cryptocurrencies in an interview on November 3. He said the current bull run is unlikely to peak in December this year and could continue into between March and June next year. Pal anticipates the possible launch of Ethereum 2.0 and the possibility of the Ether exchange-traded fund (ETH) turning green in the first half of 2022 to attract institutional investors and spark a massive rally.
Polkadot (DOT) surged and broke above the overhead resistance at 681K on November 1. The RSI broke above the descending trend line, canceling the negative divergence. This indicates the resumption of the uptrend.
The increase continued until the highest resistance was at the level of 780 thousand, Sellers tried to pull the price back to the support of 712 thousand. However, currently the price is still at the resistance area of ??754 thousand.
If the bulls continue it is likely that the DOT will move up again to the 800k level, however, if the price drops from the current level or breaks below the midline, the pair may drop to the support line at 712K – 720K. A bounce from this level will keep the uptrend continuing but a break below it will signal a possible trend change.
In September the frenzy driving the non-fungible token (NFT) sector subsided but a new energy boom emerged as the layer-two sector heated up following the successful launch of Ethereum (ETH) scaling solutions such as Arbitrum and Optimism.
Another project that has benefited from the sector’s transition to layer-1 and layer-2 alternatives is the OMG Network (OMG), a non-custodial layer-two protocol that uses an optimistic rollup scaling solution to improve Ethereum’s scalability.
Data from Cointelegraph Markets Pro and TradingView shows that after hitting a low of 47K on July 20, OMG price has risen 380% to hit a daily high of 185K on October 1 with a record $3.37 billion in 24-hour trading volume.
The main part of the rebranding is to highlight the network’s partnership with Enya, a company that creates decentralized infrastructure solutions and the creators of Boba Network.
According to the project’s website, the Boba Network is a two-tier Ethereum scalable solution aimed at reducing gas fees, increasing transaction throughput, and expanding smart contract capabilities.
With Enya establishing the Boba Network as a core contributor to the OMG Foundation, the OMG token has benefited from its association with the launch of a new layer-two solution. The launch of Boba Network, which was renamed from OMGX, began on August 19 and closely followed OMG’s price hikes.
Ripple may be a bit late to the NFT industry, but XRP Ledger will seek to be an industry game changer and challenge Ethereum hegemony.
Nonetheless, it is important to note that non-exchangeable tokens are still a very new and early concept. Although Ethereum currently dominates the market, there are significant competitors.
For example, blockchain payments company Ripple recently announced an investment in the Mintable NFT marketplace, which will allow the platform to integrate with the XRP Ledger (XRPL) to enable creators to sell their NFTs safely and efficiently. Additionally, in September this year, Ripple launched a $250 million creator fund to drive innovation in tokenization, specifically focusing on non-exchangeable tokens.
5 Bearish Crypto Assets
Once the underdog, Aurora is a decentralized application platform based on third generation blockchain technology dedicated to providing mature blockchain technology solutions for the entire industry.
Now AOA is often present in the list of Bearish crypto assets. Not because of the lack of updates, because on September 28, 2021 yesterday, AOA held a Mainnet Swap, where all of its ERC-20 tokens moved to Aurora’s own Mainnet network. But it seems that the market is still sluggish so that the price increase is not significant.
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.
Just launched its DeFi field named CelsiusX, the crypto asset is still showing Bearish signals. Judging from their Twitter, they’ve done several milestones that may lift their prices but seeing the market? Maybe not as significant. How do you guys think?
Fourth, QNT. If you rarely hear news about Quant here, QNT has a circulating supply of 12,072,738.00 QNT and a maximum supply of 14,612,493.00 QNT. QNT is a multipurpose crypto asset and operates as a key to access the Quant Network suite of solutions including Overledger.
Quant is the developer of Overledger’s DLT (Distributed Ledger Technology) gateway – the world’s first DLT gateway for enterprises that provides interoperability across different systems, networks and DLTs. Now, we are building this platform to help companies, governments and individuals, around the world, benefit from the true potential of this powerful technology.
XinFin Network (XDC)
XinFin XDC Network (XDC) is an open-source hybrid blockchain protocol ready for enterprises specializing in tokenization for real-world decentralized finance.
Just like VidyX, there are not many updates or new innovations made by the developers. Seen from his Twitter account which does not update too much, the market is also sluggish and there is not much demand.
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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