Weekly Cryptocurrency Market Analysis: Ethereum Renews Its Historical High, While Dogelon Mars Shows the Biggest Uptrend
Nov 02, 2021 at 10:33 //
NewsOver the past 7 days, the cryptocurrency market has remained generally bullish. While Bitcoin seems to have stalled at its recent high, Ethereum has renewed its historical maximum.
However, none of the flagship cryptocurrencies posted significant gains this week, so they were left out of the rating of the best weekly performers, composed by CoinIdol, a world blockchain news outlet. Here is how it looks from today's perspective.
Dogelon Mars
Dogelon Mars (ELON) seems to be the best performer among cryptocurrencies that have gained the most in the past week, as it has gained over 331% in 7 days. The cryptocurrency has the following features:
Price: $0.000002155
Market Capitalization: $2,152,878,296
Trading Volume: $320,470,041
On October 25, the opening price of ELON was $0.000000494. Then on October 31, the coin closed at $0.000002276. The cryptocurrency closed on the last day of October due to the rejection of the recent high. The market hit the overbought zone as sellers showed up and pushed prices down. The altcoin has retreated and is consolidating above support at $0.000001900, with the likelihood of further upside. Meanwhile, the October 30 uptrend has seen a candlestick test the 78.6% Fibonacci retracement level. The retracement suggests that ELON will rise to the 1.272 Fibonacci extension level or $0.000003269.
Decentraland
In the last 7 days, Decentraland (MANA) has seen a 277% increase in price. However, on October 31, the altcoin retreated after reaching a peak price of $4.99. On November 1, the cryptocurrency continued a new uptrend. These are the characteristics of the altcoin:
Price: $2.78
Market Capitalization: $6,020,120,241
Trading Volume: $8,973,647,532
On November 1, MANA/USD took another positive move. Buyers are retesting the previous resistance at $5. A break of the recent high will push the altcoin towards the high of $10. Meanwhile, the uptrend tested the 50% Fibonacci retracement level on October 30 with a retreating candlestick. The retracement suggests that MANA will rise to the 2.0 Fibonacci extension level, or $7.21.
The Sandbox
In the past week, The Sandbox (SAND) saw a 156% price increase, making it the third best-performing cryptocurrency asset. The altcoin has rallied above support at $0.70, but faces strong resistance at $2.50. The sandbox has been pushed back but has started a new uptrend. The cryptocurrency has the following characteristics:
Price: $1.88
Market cap: $5,663,482,073
Trading Volume: $2,634,168,629
SAND/USD has started a new upward movement. Buyers are pushing the altcoin up to the previous resistance at $2.44. Meanwhile, the uptrend has a candle body on October 31 that tested the 50% Fibonacci retracement level. The retracement suggests that SAND will rise to the 2.0 Fibonacci extension level, or $4.17.
SHIBA INU
SHIBA INU (SHIB/USD) was the fourth best performing cryptocurrency last week as its price rose nearly 70%. The altcoin rose to a high of $0.00008799, but was rejected. The cryptocurrency is consolidating below the recent high. SHIBA INU has the following characteristics:
Price: $0.00007117
Marktkapitalisierung: $41,921,905,537
Trading Volume: $9,894,283,948
Nonetheless, a bullish candle is forming today for a possible upside move. The uptrend will continue if the bulls break the recent high. Meanwhile, the price indicator has shown a possible target for the cryptocurrency. In the October 28 uptrend, a retracement candlestick tested the 61.8% Fibonacci retracement level. The retracement suggests that SHIB will rise to the 1.618 Fibonacci Extension level or: $0.00012813.
Basic Attention Token
Basic Attention Token (BAT) is in a strong uptrend and has risen to $1.55 (45%). The altcoin also fell sharply after testing the resistance zone. It found support above $1.00, the previous resistance level from September 5. BAT is the fifth best performing cryptocurrency in the past week and has the following characteristics:
Price: $1.04
Market cap: $1,575,453,514
Trading Volume: $1,125,744,507
Today BAT /USD has started a new uptrend. The cryptocurrency is expected to rise to $3.00 if the bulls overcome the resistance at $1.55.
Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing.
OhNoCryptocurrency via https://www.ohnocrypto.com/ @coinidol.com By Coin Idol, @Khareem Sudlow
