Price Analysis 10/31: BTC, ETH, BNB XRP, DOGE.

The previous week was one of the most memorable for many as the assets like BTC and ETH reclaimed levels they haven’t in a long time. Both cryptocurrencies recorded notable gains during this period, breaking the sideways trend.

The bullish sentiment was not limited to these top coins. The entire crypto market felt the impact. For example, the global cryptocurrency market cap surged above $1 trillion for the first time in more than thirty days.

The market kicked off the previous seven-day session at $922 billion but retraced to a low of $918B. However, it recovered and peaked at $1.10 trillion as the bullish dominance continued.

Nonetheless, it ended the week with gains of more than 10%. It also closed above the highlighted valuation for the first time in a long while. The massive increases across the market were triggered by several bullish news.

Earlier this week, crypto proponent, Rishi Sunak resumed office as UK’s new Prime Minster. Another news that made rounds during the period under consideration is that Elon Musk completed the purchase of Twitter.

Most meme-related cryptocurrencies enjoyed massive increases as a result.  With a brief overview of what transpired last week, let’s see how some assets in the top 10 performed.

BTC/USD

The apex coin started the period under consideration with very little volatility. An indication of this is small red candle that represented trading action during that session. Nonetheless, it picked up momentum as the week progressed.

It retested the $20k resistance and broke it on Tuesday. The increased volatility helped the coin close almost 4% higher than its opening price. The increases continued on Wednesday as it made further attempts at flipping key resistance.

It tried breaking $21k and was successful as it peaked at $21,012. Nonetheless, it retaced due to strong rejection at the mark. It closed at $20,775 with price change worth more than 3%.

Thursday was one of the most bullish days for the apex coin as it lost almost 3%. However, it resumed the uptrend on Friday after a low of $20,008. If failed t register any notable price changes. Similar event played out the next day.

This time, the coin briefly broke the $21,000 resistance to the first time in more thirty days. On the weekly scale, it had gained more than 5%. A look at the indicators shed light on BTC ‘s performance.

For example, it surged above its 50-day Moving Average on Tuesday. The low trading volume and the price decrease on Monday saw the Moving Average Convergence Divergence slightly halt its uptrend.

The 12-day EMA stopped in its surge but continued its bid to go above 0. This happened as we observed both EMA’s closed above 0. A look at the Relative Strength Index showed that BTC peaked 65 for the first time since August

ETH/USD

Ether had as similar performance as BTC. A bad start had many panicking and fearing that more downtrends are ahead. However, these fears subsided on the second day of the week. It reclaimed the $1,500 resistance.

It closed at $1,460 after opening at $1,342, which indicated a more than 8% increase. This move on that many celebrated. The uptrend continued into the next day with further increases.

BNB/USD

Binance coin was not left out of the entire bullish takeover. Like BTC, the uptrend started on Tuesday. A closer look at the chart reveals that it was mostly bullish throughout the previous week.

On the second day of the period under consideration,  it retested the $290 resistance and failed to flip it.