Last week, in our previous crypto update of the weekendwe had highlighted the positive development experienced by the cryptocurrency market with the freedom from technical resistance. It should be noted that this particularly well executed by the powerful upward trend that the market has experienced in recent days. Thus, today’s analysis, like every Sunday, aims toidentify levels to monitorthe possible scenarios and the bias to have on the market for the next few weeks.
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The capitalization of cryptocurrencies finds itself below the upper limit
Last week, we discussed the need for the market to stay above the pivot to preserve the bullish momentum that was initiated during the rebound on technical support. What we can say is that the course has made a much more powerful dynamics than what we had expected by registering a upward explosion. Currently under range resistance for the third time since last April, what should we envisage for the coming weeks?
If the market manages to free itself from the technical level, we will witness theacceptance of a range exitwhich could result in a increased volatility towards higher technical levels such as $1.64 trillion. Of course, nothing is over yet since the market is still under resistance.
Therefore, it is important to keep in mind the possibility of rejection on the technical levelwhich would result in the continuity of lateralization within the range with a return, initially, to the technical pivot. In the current state of the market, as long as the $1.1 trillion is maintained as support, then we can keep in mind a bullish bias for cryptocurrencies. Regarding altcoins, capitalization will not be analyzed since it is identical to that of the total market capitalization by being under the resistance of the upper limit following the break of the pivot, identified in the previous analysis. Therefore, the comments made previously apply in the same way to the capitalization of altcoins.
The dominance of the king of cryptocurrencies continues to explode upwards
Concerning the king of cryptocurrencies, this one continues its bullish run for many months. After the upward break of the range and the successive resumption of a large number of resistances, the asset has just re-enter a previous weekly support which stood at 53% dominance. Thus, the way is now open to a return of the price towards 57.25%.
However, the course can surely delay for a while before extending its upward momentum. In this context, the king of cryptocurrencies will absolutely have to stay above the 51.45% dominance. More broadly, as long as the king of cryptocurrencies does not re-enter this downward level, the trend reversal leaves room for ethereum will not be not on the agenda. So, for now, the only thing to do is to “follow the money” by trying to exploit the capital-sucking trends within the cryptocurrency market as best as possible.
Ethereum heading towards the cellar against bitcoin
The situation is rather critical for the ETH/BTC pair, extending the dynamic of underperformance that we have identified for several weeks, following the loss of 0.060BTC. Will it rebound from its low point of May 2022? We will probably have the answer for the month of November. If he doesn’t succeed, he will gradually take path of 0.04 BTC.
However, nothing is decided yet for buyers which have every chance of causing the asset to rebound on the technical level that ether is approaching at high speed. If he maintains this technical level and re-enters the previous technical level, it will be a particularly positive sign which will lead Ethereum to resume a outperformance position. For the moment, there is nothing to sign, other than the continued underperformance of the asset.
Good progress for DeFi cryptocurrencies
Having managed to regain the $44.5 billion, this has indeed paved the way for a raround the capitalization to 47.5 billion dollars. Now we must do show of patience as to the reaction that the price will experience on current levels. Will he manage to free himself from it? In the event of an upward break of the current resistance, DeFi cryptocurrencies will likely experience a new bullish leg towards $55 billionthe resistance of last February and April.
Furthermore, as long as the price preserves the technical level at $44.5 billion, then the bias to have will be bullish for the coming weeks. However, pay attention to a reintegration of the course under this technical level, which may occur in parallel with a fall in bitcoin and ether. Such a scenario would lead to a return of capitalization towards $39 billion with a continuity of evolution within the range.
Here we are at the end of this crypto update of the weekend. Compared to last week, the market made a nice upward momentumnotably the king of cryptocurrencies, which allowed, despite the underperformance of ether, tobring some altcoins in its upward dynamic, which explains the situation of the capitalization of DeFI cryptocurrencies, now under resistance. In the same way as the previous analyses, it will be necessary to monitor a potential change in trend on the ETH/BTC pair and the evolution of the dominance of the king of cryptocurrencies. To this, you can add a special attention to be paid to the total capitalization of the cryptocurrency marketnow finding itself under major resistance which will have to be broken as soon as possible.
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