Mixed Sentiment in Crypto Market
The Crypto market is usually led by the market creator, Bitcoin. If Bitcoin’s value drops then subsequently values of all cryptocurrencies fall.
However, this does not happen all the time as exceptions are also quite frequent. Similar exceptions were noticed at the end of last week, although the sentiment in the market was swinging on both sides.
Amongst the top earners at the end of the week including Bitcoin, Ethereum, Polkadot, and Uniswap.
Bitcoin Gains
Contrary to the expectations of a number of economists, Bitcoin was seen trading at $17,000 by obtaining phenomenal gains.
The value increase stemmed from the report that was published in the US pertaining to Nonfarm Payrolls (NFP).
Prior to NFP’s issuance, the majority’s view suggested that the job openings in the US economy would be less than October’s. Surprisingly, November’s NFP report advised that the job openings would be 263,000.
In October, there were 260,000 job openings and for November the expectation was either 200,000 or less than that.
BTC/USD saw its value going above $17,000 and then finally ended the week at $17,197.50.
On Thursday, Bitcoin’s value went as low as $16,888.39 and veteran economists were predicting Bitcoin’s value to go down below $10,000.
RSI Suggests Continuation of Bitcoin Bulls
Bitcoin Rally became obvious when the chart indicated Bitcoin elevating above $16,800 i.e. the crucial resistance level.
As regards the relative strength index (RSI), the index is also showing that the level is getting closer to the ceiling point of 50.00. As per RSI, Bitcoin’s current tracking is resting at 48.68.
Bitcoin’s 10-day and 25-day moving averages are in red and blue respectively which means bulls will continue to prevail.
Ethereum Gains
It is no surprise that when Bitcoin’s value surges then also the value of Ethereum increases as well.
Prominent gains were obtained by Ethereum on Friday which led the coin’s value near the price range of $1,300.
Thursday’s trading day however did not end up positively for Ethereum as the coin’s value edged down to $1,267.
Yet Friday’s gains were enough to take ETH/USD at a price range of $1,293.11, almost hitting the round figure of $1,300.
It has been a while since Ethereum had been unable to go past its crucial resistance level of $1,300. In many of its struggles, the coin managed to come closer to the crucial resistance point yet failed to go past it.
If Ethereum acquires further gains and breaches beyond the $1,300 crucial resistance point, then its next crucial point would be $1,390. The bears may pose great resistance at this level.
From the looks of it, the bulls are in high spirits but the main question is if they have enough confidence to run the rally and keep its momentum high.
In order to move ahead, Ethereum is required to better. Its RSI which though has been boosted modestly but looks not so strong. If the asset wants to perform well, then the buyers need to support it well.
If they are able to apply more buying pressure against the bears, then a stronger rally will be formed. This would help in pushing the trading price of ETH in the upcoming days.
Polkadot and Uniswap Surge
When on Thursday, Bitcoin and Ethereum were edging low, Polkadot (DOT) was also going low.
However, the Friday surge boosted DOT’s value to its intra-day high level of $5.63 which is still short of its 20th November value of $5.65.
As compared to other cryptocurrencies, Uniswap did really great throughout the week. UNI was able to prolong its value gains yet for another day after acquiring back-to-back gains in the past three days.
On the fourth day of the value increase (i.e. Friday), UNI’s value became $6.02.
In the past four days, UNI’s value has increased by about 11% and the best part for UNI lovers is that the bulls are continuing.
