“The crypto industry registers a triumphant Uptober, setting the stage for an exciting month ahead. As investor confidence soars, experts weigh in on the market’s performance for November, eagerly anticipating the potential for new all-time highs and groundbreaking innovations.”
The crypto industry experienced a significant price action in October, with Bitcoin and major altcoins recording substantial gains in their portfolios. The total market cap increased by 20%, from $1.05 trillion to $1.26 trillion.
Bitcoin, the leading cryptocurrency, saw a notable price movement during October. It gained 28.51% in value, making it the second most bullish month of the year.
Following Bitcoin’s lead, Ethereum also displayed a massive price action in October. The price gained over 10% and added around 5% compared to the previous month.
In terms of Bitcoin price analysis, it struggled to break out of its key resistance level at $28,000 initially. However, it eventually broke out of both the key resistance and the major resistance level of $31,000. The price briefly reached $35,000 before experiencing a pullback. Currently, Bitcoin is trading in a consolidated range of $33,409.29 and $35,000, with expectations of retesting the upper level soon.
The MACD indicator shows a constant red histogram, indicating a bearish influence in the market. However, the averages suggest a possible bullish convergence, implying that the price will bounce back in the coming days.
If the bulls manage to push the BTC price above the resistance level of $35,000, it will regain momentum and aim to test its upper resistance of $35,550. Sustaining at that level will prepare the price for testing the $36,270 resistance level.
On the other hand, if the bears overpower the bulls and the BTC price breaks down the support level at $33,409.29, it will enter a bearish phase and potentially test its lower support level of $30,396.71.
Turning to Ethereum price analysis, it traded within a range of $1,539.01 and $1,612.74 for over a week. After the market pump, it broke out of multiple resistance levels but failed to break the key resistance at $1,850 due to bearish pressure. Since then, Ethereum has been trading between $1,745.26 and $1,850.
The MACD indicator also displayed a strong red histogram following the market pump, with a flat trading pattern indicating uncertainty. However, the averages suggest a possible bullish convergence, indicating potential momentum for ETH this month.
If the bulls break out of the resistance zone at $1,850, Ethereum will regain momentum and aim to test its upper resistance of $1,940. Sustaining at that level will lead to a run towards the $2,000 mark by the end of the month.
On the downside, if the bears gain momentum and a trend reversal occurs, the ETH price will fall to test its support level of $1,745.26. Further bearish dominance could push Ethereum to test its lower support level of $1,686.77.
In conclusion, the crypto market has started November on a strong bullish note, indicating the potential for another price surge before the year concludes. Major cryptocurrencies, including Bitcoin and Ethereum, have broken out of important resistance levels, suggesting a promising uptrend for these coins in the future.