The past week marked the most bullish period for the market since early March, as the global crypto market cap surged to $2.85 trillion by the weekend.
Bitcoin (BTC) spearheaded the rally following Donald Trump’s victory in the U.S. presidential election, breaking past its previous all-time high—nearing the $80,000 mark— and entering a price discovery phase.
Altcoins followed suit, significantly contributing to the increase in global market valuation. Here are some of last week’s top performers to keep an eye on.
Ethereum breaches $3,000
Ethereum (ETH) capitalized on last week’s uptrend to reclaim multi-month highs. Ethereum initially dropped 2.8% on Nov. 4, but eventually closed with a 27.3% gain.
Most of these gains came up on Nov. 6 amid Trump’s election victory. ETH soared 12.49%, marking its largest intraday gain in three months. This laid the foundation for Ethereum to surpass the resistance at the upper Keltner channel and the $3,000 mark.
ETH closed the week above $3,100, above the upper channel. However, this position represents an overbought region, with a possible pullback to the $2,981 support if the momentum loses steam.
In addition, the altcoin’s RSI has surged to 75.62, confirming the overbought condition. However, this position suggests ETH still has more room to grow if the bulls maintain control. From this level, its next major resistance stands at $3,396.
Shiba Inu spikes 21%
Last week’s gains spilled into the Shiba Inu (SHIB) market, all
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Author: Wahid Pessarlay
