The week starting November 26 and ending on December 3 was punctuated with attempts by most altcoins to regain stability. This is following a tumultuous BCH hard fork that had the effect of pushing prices down across the board. Most top cryptos were shaky throughout the week, with investors holding back on their investments as they await market stability.
- Despite a bearish trend, prices have seen a rise.
- Prices gained by 4.2% throughout the week, from $3936 on November 26 to today’s $4102.
- Support was at $3800 and Resistance at $4400.
The leading cryptocurrency by market cap was punctuated with attempts at market correction over the course of last week. That was after it had lost close to 17% of its value to the BCH hard fork. For most of last week, it was trying to gain stability, with the 7 Day EMA setting the price as seen in the chart.
Throughout the week, prices hit a high of $4414 and a low of $3731, the lowest it has sunk in a long time. This goes to show how hard hit cryptocurrencies were hit by the fork. Throughout the week, support held at the $4000 mark despite Southside rallies that attempted to break the support into the $3000, mark. Also, selling activity decreased, albeit slowly as seen in point B (RSI) indicating improved investor confidence in the coin.
As the week progressed, the 21 day EMA crossed over the 7 day EMA, signaling a bearish momentum as seen in point A. today however, the 7 day EMA crossed over the 21 day EMA indicating that a bullish momentum could be in the offing.
- Dominated by a bearish trend.
- Support was set at $105 and Resistance at $125 throughout the week.
- Despite the bearish trend, the altcoin gained by 0.87%, moving from $114 last Monday to today’s $115.
Despite being engulfed by a bearish trend, Ethereum was able to gain albeit negligibly. It hit a high of $125 (Point A) and a low of $112 throughout the week. Additionally, investor confidence in the coin grew as seen in the Relative Strength Index (RSI) in point B. The RSI moved from the ‘oversold’ area where it was last week to clock above 30.
Throughout the week, the 21 day EMA was above the 7 day EMA, indicating the coin’s recent poor performance that saw Ripple (XRP) overtake it in market capitalization.
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