Crypto Investing
29 Nov 2021

Week 48 Crypto Market Update: BTC, ETH, AVAX, XRP, and SNT

Ananda Banerjee

Helluva week for the global crypto market, wasn’t it! Speculative analysis talks about the Bitcoin City, private vs. public crypto conundrum, and more. Quite appropriately, the Crypto 10 index moved quite a bit over the past few days, making highs of around $37886 and even dropping as low as $30450.

Note: From an INR perspective, the Crypto10 Index made highs of Rs. 28,45,238.6 and dropped down to almost Rs. 22,86,795. 

Conversion standard used: $1 = Rs.75.10

Crypto Index

Despite the volatility, the top 10 Crypto index seems to be trading well above the immediate support level of $32568 (Rs.24,45,856.8), placed at a 0.236 Fib retracement level. With the 20-EMA line having crossed above the 50-EMA and diverging outwards, the Crypto10 index might see an up move, with $34251 (Rs. 25,72,250.1) being the first resistance level to look at.

Crypto index market report

Source: Trading View

*EMA- Exponential Moving Average

In case the global sentiments force a drop, there is immediate support at $33118 (Rs.24,87,161.8) followed by one at $31509(Rs.23,66,325). 

Where is the Crypto Market Headed?

Bullish global sentiments might push the market towards the $35000 (Rs.2628500) mark, with the nearest resistance being $34251(Rs.25,72,250.1). Once this resistance is crossed, the market can very well move up to $34909 (Rs.26.21,665.9) without any pullbacks. 

Well, that’s the bigger, index-specific picture. Now let us shift our focus to the top coins for the week that made some dramatic moves, regardless of the direction. 

Bitcoin (BTC)

After an erratic week where Bitcoin touched a low of almost $53308(Rs.40,03,430.8), it has been moving up with all its might. Also, unlike the previous week, where the 20-EMA line went down and under the 50-EMA to complete a death crossover, the last few hours did see a reversal of sorts.

BTC crypto market update

Source: Trading View

Short-Term View

Currently trading at $57584 (Rs.4324558.4), the hourly chart does look bullish from a short-term perspective. If you look closely, BTC seems to be trading well below the trendline, marked in black. However, it has taken support at $57403 (Rs.43,10.965.3) levels, which was also mentioned a week back. And now it is trading above the support line and slowly inching towards the trendline and the $58000 (Rs.43,55,800) mark.

Note: $57403 (Rs.43,10,965.3) is a strong value buying level, provided BTC takes support here. And yes, none of this is investment advice, and you still need to conduct due diligence even with our insights to help, period. 

Where is BTC Headed?

As per the chart, BTC is set to breach the $58573 (Rs.43,98,832.30)levels, provided it crosses the trendline. The RSI, on the other hand, just crossed 70 levels for the first time in a while and seemed to be holding promise for a short upward move.

*RSI-Relative Strength Index

Ethereum (ETH)

ETH did take quite a hit over the past week, denting a handful of short-term portfolios. Well, momentarily, though. Despite plummeting to almost $3910 (Rs. 2,93,641) levels, ETH managed to recover some lost ground over the past few hours.

ETH crypto update

Source: Trading View

Short-Term View

At present, the hourly chart suggests that ETH is trading in a parallel channel with the immediate resistance at $4385 (Rs.3,39,313.5) and support at $4310(Rs.3,23,681). If it breaks the support, it might hit the 20-EMA and 50-EMA lines as the next support levels. However, the chart suggests that ETH may very well trade in a range for a while now.

Where is ETH Headed?

Firstly, the 20-EMA line has clearly crossed the 50-EMA, thereby showcasing bullishness in the near term. The RSI seems to have dropped below 70 but is still in the demand zone, which might hint at an up move. However, it would be important to see if and when ETH crosses the resistance at $4385(Rs.3,39,313.5) as once breached; it can very well move towards the $4555(Rs.3,42,080.5) levels. 

Avalanche (AVAX)

Despite dropping by almost 20% over the past week, AVAX has rapidly recovered and seems to be trading in a flag and pennant pattern. 

AVX weekly update

Source: Trading View

Short-Term View

The ‘Flag and Pennant’ pattern is one of the more bullish chart structures, where the prices seem to consolidate in a pennant type form after a rapid, pole-like up move. For AVAX, the vertical, black-colored line works as the flag pole, whereas the two trendlines, also in black, converge to form a pennant.

Also, with the 20-EMA line crossing over the 50-EMA, a pennant breakout might be on the cards.

Where is AVAX headed?

If AVAX breaks the pennant and moves upwards, you can quickly see it get up to $118(Rs.8861.8) levels. In case some unwelcoming sentiments push the prices down, it might continue to trade range-bound for a while. However, if it drops a but, $111(Rs.8336.1) seems like a good value buying zone, courtesy of the strong support line, bolstered further by the 20-EMA touch. 

Ripple (XRP)

Want to track Ripple prices live? Here’s our price ticker.

XRP dropped by almost 11% over the past week, only to flip back to the greener pastures. At present, Ripple is trading at $0.969(Rs.72.77), which is nearly 12% higher than the low of $0.87(Rs.65.337) that it made a day back. Now that’s quite an up move, isn’t it?

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market update XRP

Source: Trading View

Short-Term View

At present, XRP prices are consolidating in a channel, with $0.948(Rs.71.19) being the nearest support zone. However, with the 20-EMA line crossing over the 50-EMA, it might just be gearing up for an up move, with the most immediate resistance placed at $0.98(Rs.73.598) levels.

Where is XRP Headed?

The RSI seems to be holding above 60 for quite some time now, hinting towards buyer strength at the counter. However, if it breaks the nearest resistance, you might see XRP heading towards $1.058(Rs.79.4558) soon.

Status (SNT)

If you followed our Week 47 market update, you would know that we predicted an SNT up move with $0.10779 (Rs.8.095) as the immediate resistance. It’s week 48, and SNT has breached the resistance multiple times over the past few hours.

SNT coin market update

Short-Term View

Despite moving quite a bit over the past few hours, SNT is still looking strong, courtesy of the RSI trading in the demand zone. Also, the 20-EMA has freshly crossed over the 50-EMA line and is diverging further, thereby hinting at yet another up move.

Where is SNT headed?

The short-term target for SNT seems to be at $0.11(Rs.8.261), provided it breaches the $0.107(Rs.8.035) resistance zone. However, if it retraces, support levels are present at 20-EMA and 50-EMA lines, all the way down to $0.0801(Rs.6.015). 

But then, as per the chart, RSI trend, and the extended bullish candle, a massive down move isn’t likely, and SNT might move in the range for a while before breaking out.

Well, that’s it for now. We will return next week with unique charts and new crypto players. Meanwhile, look at these charts closely, conduct self-powered due diligence, and if any of these cryptocurrencies make sense in terms of trading and investing, quickly download the CoinSwitch app and get started right away.

 

Disclaimer : Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The information provided in this post is not to be considered as investment/financial advice from CoinSwitch. Any action taken upon the information shall be at user's own risk.

writer

Ananda Banerjee

Content Writer

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