The vast majority of the top 100 altcoins join the weakness of Bitcoin (BTC) and correct in value more significantly in some cases. Only the Metaverse sector can hold its own relatively well and increase in value.
The extent to which the entire crypto market continues to depend on the price development of the crypto key currency Bitcoin was impressively demonstrated in the past trading week. An exception is the area of non-fungible tokens (NFT) and the metaverse sector. The few bullish cryptocurrencies include the weekly outperformer Gala Games (GALA) with Sandbox (SAND) and Decentraland (MANA), several cryptocurrencies from the aforementioned areas. It is now important for investors to closely monitor whether the Bitcoin price can stabilize in the new trading week after its temporary setback to USD 55,000 at the weekend.
Best price development among the top 10 Altcoins:
Avalanche (AVAX):
Avalanche is the only top 10 altcoin that can generate a significant weekly increase. Since the last price analysis last Friday, November 19, the AVAX price has made another leap on the floor and rose to a new all-time high at USD 147.06. Avalanche thus rose directly to the next relevant price target of USD 142.57 within three trading days. However, the AVAX rate is currently consolidating slightly to USD 135.77, which should not come as a surprise after such a strong weekly performance. As long as Avalanche can stabilize above USD 111.12, a further increase up to the next relevant price target at USD 193.46 is possible.
Bullish variant (Avalanche)
Avalanche shows no weakness in the last few days and continues to rise further north. Even a setback in the direction of the EMA20 (red) at USD 100.23 does not endanger the uptrend. If a breakout over the 261 Fibonacci extension at USD 142.57 succeeds, Avalanche should continue to move north and aim for the next important price target in the form of the 361 Fibonacci extension at USD 193.43. The price development at Avalanche is increasingly reminiscent of the massive increase in Solana (SOL) over the past six months. If the AVAX price chases after the price increase of Solana, Avalanche could even start the higher-level price target of 244.34 USD at the end of the year. The 461 Fibonacci extension can be found here. For the next six trading months, a march through to the 561 Fibonacci extension at USD 295.23 cannot be ruled out. Investors can consider price setbacks for subsequent purchases.
Bearish variant (Avalanche)
On the other hand, if the bears manage to push the AVAX rate back below USD 111.12 in the direction of the EMA20 (red) and also break through this sliding support, the red support zone at USD 91.69 will come into focus again. Especially at USD 89.48, the supertrend is showing its first strong support. Only when this support is undercut is a directional decision at the previous week’s low at 83.52 to be expected. If Avalanche falls below this price mark, it would be a first important success for the seller side. Avalanche could then immediately give way to $ 79.78. Here is the cross support from the all-time high of September 23 and the 138 Fibonacci extension. The cops will want to put up more resistance here.
If the buyer does not come back into the market here, the correction extends to the green support area. If the bears generate enough selling pressure, the correction expands immediately to $ 67.56. Again, increased resistance from the bull camp is to be expected. Should the overall market also weaken in the coming months, a correction to around USD 59.11 is conceivable. This is where the old all-time high of February 2021 can be found. Only when this support level is also given up at the daily closing price is an immediate fall back to USD 54.35 likely. In addition to the lows from October 2021, the lower Bollinger band can also be found here. The maximum price target on the bottom is unchanged in the area of the purple support zone. In addition to the low of October 12, 2021, the 78th Fibonacci retracement can be found between USD 51.21 and USD 47.65. The EMA200 (blue) is also waiting in this area. It is not to be expected that Avalanche will break away under this support area in the coming months.
Indicators (Avalanche):
Both the RSI and the MACD indicator continue to show a buy signal in the daily chart. The overbought state of both indicators continues to increase. So far, however, no divergence has developed, which is why the upward trend is still completely intact for the time being.
Worst price development among the top 10 altcoins:
Shiba Inu (SHIB):
Shiba-Inu will not find its way back to its old strength after its dynamic price increase in the previous month and threatens to give up the important support at USD 0.00004245 if the price continues to weaken. However, as long as the SHIB price can stabilize in the blue support zone and is quoted above the EMA50 (orange), the bulls still have chances of a renewed price increase.
Bullish variant (Shib)
The price of Shiba-Inu has so far stabilized in the blue support area despite increased profit-taking. If the bulls manage to defend the zone between USD 0.00004468 and USD 0.00003902, a rise back to the EMA20 (red) is conceivable. If Shiba-Inu jumps back above this sliding resistance, a retest of the previous week’s high at USD 0.00005589 should be planned. If this price mark is broken upwards, a renewed increase in the direction of the 61 Fibonacci retracement at USD 0.00006360 cannot be ruled out. Only when this resistance can also be regained dynamically, however, does the chance of a renewed attack in the direction of the next resistance at USD 0.00007744 increase.
Again profit-taking is to be expected here. If, on the other hand, the orange resistance zone is broken sustainably, the chances of a march back to the all-time high at USD 0.00008872 increase noticeably. If the SHIB price can then stabilize above the all-time high, the next resistance at USD 0.00010632 will come into focus. The Fibonacci extension of the current price movement runs here. A break above this activates the next price target at USD 0.00011363. In the medium term, Shiba-Inu could jump to the 161 Fibonacci extensions at USD 0.00012892. From the current point of view, this price mark is to be seen as the maximum price target on the upside.
Bearish variant (Shib)
The bears must try in a timely manner to push the SHIB rate below the EMA50 (orange) at USD 0.0004246. If the SHIB rate subsequently falls back below the previous week’s low at USD 0.00004060, the correction initially expands to the 23rd Fibonacci retracement at USD 0.00003865. If the bulls give up this support mark, a directional decision will be made in the turquoise zone. In addition to the high on October 7, the supertrend in the daily chart also runs at USD 0.00003615. Therefore, a countermovement to the north is to be planned first.
However, if the SHIBB course breaks below this support area, follow-up charges can be expected up to the red support zone. In particular, the USD 0.0002916 should be given more attention. A daily closing price below this price level should lead to further significant price declines in the coming weeks. Then the green support zone between USD 0.00002459 and USD 0.00002309 comes into focus as the target area. For the time being, a price slide below this zone is not to be expected.
Indicators (Shib)
The RSI indicator as well as the MACD continue to trend weakly and show active sell signals. As long as the RSI cannot rise back above 55, new entries at Shiba-Inu should not be made.
Stability of the top 10
With the exception of the re-entrant among the top 10, Avalanche (AVAX), Bitcoin’s price setback causes price discounts for all major cryptocurrencies. The previous week’s loser Polkadot (DOT) and the two memecoins Dogecoin (DOGE) and Shiba Inu (SHIB) corrected 15 percentage points each. Also the Binance-Coin (BNB), Ripple (XRP) and Cardano (ADA) have to cope with a 13 percent drop in price. With a 38 percent price jump, only Avalanche is resisting the current consolidation and, after weeks of abstinence, jumps back under the top 10 to rank 9, overtaking Shiba Inu and displacing Terra (LUNA) from the list of the ten largest cryptocurrencies.
Winner and Loser of the Week
Bitcoin’s price correction is also having an impact on the overall market. While in the previous week around half of the top 100 Altcoins showed an increase in price, this week only rose by a good 25 percent. The NFT-Gaming Projekt Gala (GALA) tops the list of weekly winners with a price increase of 300 percentage points. The Crypto.com Coin (CRO) is also bullish with a 57 percent price increase. Investors appear to be honoring the company’s aggressive marketing policies, such as the purchase of the Staples Center basketball stadium in Los Angeles. In addition, with The Sandbox (SAND), another Metaverse Coin can gain 53 percent in value this week.
The long list of weekly losers is led by Sushi (SUSHI) with a 25 percent price drop, followed by Near (NEAR), Litecoin (LTC) and Fantom (FTM) with a 23 percent price drop. Kadena (KDA), Chainlink (LINK) and Terra (LUNA) also have to deal with sharp price declines of 20 percentage points after the recent sharp increases this week. Almost half of the top 100 altcoins show a discount of at least 10 percentage points on a weekly basis. Investors are currently reducing their risks somewhat and are increasingly taking profits due to the uncertainty surrounding Bitcoin.
Disclaimer: The price estimates presented on this page do not constitute buy or sell recommendations. They are only an assessment of the analyst.
The chart images were created using TradingView created.
USD / EUR exchange rate at the time of going to press: 0.89 euros.