Bitcoin and Cronos crypto price analysis
After finishing the best week in two months and the first positive month since July, the stage is set for a crackling end to the year for Bitcoin, Ethereum and all crypto assets.
After 3 weeks of turmoil, the total capitalization of the entire crypto sector is back above 1 trillion dollars.
Despite a slow start to November with prices trading in the $20,500 range for Bitcoin and above the October highs, the monthly close of the major cryptocurrencies is a signal indicating a desire to start afresh.
A turbocharged monthly restart for Dogecoin (DOGE), which thanks to the Elon Musk effect is touching $0.16 per token, the highest level since last April. In the last 48 hours, the gain of the DOGE token exceeds 10%, which, added to the performance of the last week, doubles its value in just a few days.
Cronos (CRO) Crypto Price Analysis
On the opposite side, among tokens struggling to maintain bullish momentum is Cronos (CRO), the initial token of Cronos Chain, the open-source blockchain among the product lines developed by the ornate trading, financial and payment services platform Crypto.com.
Unlike most major tokens, CRO’s price continues to hover at the lower end of the channel that has kept prices stuck. between 10 and 11 øre for more than a month.
The total capitalization that has remained frozen at 3.3 billion dollars for over a month causes Cronos to slip below 25th position i ranking of major cryptocurrencies listed by CoinMarketCap.
Bitcoin (BTC) Price Analysis
After a good weekly and monthly close above $20,500, the next few days of the week will be a good gauge of whether the upward spurt of the past week is the beginning of a bullish cycle that will see us through to the end of the year.
After the explosion of volumes that followed the break of the peaks in early October, trading has reverted to its average in recent weeks.
A signal that must be confirmed by the return of purchases accompanied by new period highs and in any case above $21k.
If this happens as early as the next few days, the next few weeks may have begun for the bullish run that statistically characterizes the final weeks of the year.
Ethereum (ETH) Price Analysis
During the weekend, the price of ETH managed to push above $1,660 for the first time since September 13.
During these hours, prices are near the dynamic resistance of the 200-day moving average, a level that was abandoned in the first days of the year and never recovered.
A reason that increases expectations of a possible outbreak in the coming weeks and perhaps already in the next few days.
The first time price manages to break through the dynamic resistance – currently a handful of dollars above the weekend’s highs – it is very likely to expect an increase in volumes and the possibility of a quick run. against $1,700.
If so, the resistance at $1,800 will be the next target level.
Conversely, rejecting the attack could push prices back to the $1450 area. Important not to give way to $1400 so as not to undo all the work done by the bulls in the last 10 days.
