The price of Bitcoin (BTC) was besieged by bears after reaching new highs in early November, however a recent rise of more than 6% has brought with it a new expectation that the market leading cryptocurrency will once again exceed the mark $ 60,000 and set out to set a new price record.
The analyst Filip L. from FXStreet, notes that those left out may find hope as although the bears have gained control of some key technical indicators with the monthly pivot, the 55-day Simple Moving Average (SMA) and a break below the Fibonacci level at $ 59.586, the bulls are not sleeping.
“There are signs of change as you see more entries and a rise in the Relative Strength Index (RSI) moving away from oversold,” he said.
In the same vein as Filip L, Tasso Lake, cryptocurrency expert and founder of Financial Move, notes that Although BTC has corrected towards USD 56,000 in the last week, its trend remains in the positive field, since it is above an important LTA of the movement.
“The trend is still bullish, however it will have a challenge in the region of $ 60,000 to $ 62,000 due to the EMA + MA200 in H4,” he notes.
Ethereum and EOS
However, Lago notes that while the price of Bitcoin does not create force to overcome the resistance of $ 60,000, Ethereum (ETH) despite the recent low has strong upside potential than with the main support in the $ 3,600 region formed by the Fibonacci retracement.
This configuration, the analyst believes, it may reverse the recent low and be a support to take Ethereum up to $ 12,000.
“Ethereum has lost the bullish channel and has remained in the $ 3,900 region. It is currently in the $ 4,450 range and is still in an uptrend. I sincerely believe that Ethereum will continue to rise and will initially seek the $ 6,140 region ( Another FIBO region) and then later along its bullish wave, the $ 11,000 to $ 12,000 zone, “he said.
Lago also highlights that more than 1 million ETH has already been burned after the EIP 1559 update, which corroborates the view of a lower supply of the asset and therefore can also act as a strong driver to maintain the uptrend.
“Ethereum tends to become a deflationary asset as well and this tends to push the price even further to new highs,” he says.
The analyst is also optimistic about EOS, that for him has possible objectives to USD 8 and later to USD 11.
“As a more speculative position I highlight EOS, which has the positive EOS / BTC for being in a region of strong support. Therefore, EOS / USDT, which is currently trading at USD 4.27, has a good chance of evolving positively throughout December” , said.
While Lago bets on Ethereum and EOS, Lucas Schoch, CEO and founder of Bitfy, who got the recent bullish token right CRO from Crypto.com, singles out as crypto assets some metaverse cryptocurrencies that have been standing out in the market as Bitcoin continues to rehearse a recovery.
However, before the metaverse, Schoch begins by again highlighting CRO which according to him aims to act as a driving tool for the Crypto.com exchange to increase the adoption of cryptocurrency on a global scale due to its blockchain being primarily focused on provide utility to users of payment solutions.
“The CRO coin is getting closer and closer to the TOP 10 Coin Market Cap, ranking 12th, rising 7 places from last week and 14 places from the previous week, it has reached a valuation of more than 95% referred to the last 7 days and the equivalent of 11.65% in the last 24 hours, it is a coin to have your eyes wide open for the fact that it is constantly well valued, “he said.
In second place is the token of the virtual reality platform Decentraland, MANA. Decentraland was co-founded by Ariel Meilich and Esteban Ordano, and is powered by the Ethereum blockchain, which allows users to create, experience, and monetize content and applications.
In the virtual world of Decentraland, two tokens MANA and LAND are used, which allow users to buy plots to be able to navigate, monetize and build within the platform in the future.
“Regarding the MANA token, the second most valued token of the week, rising more than 64% and more than 24% in the last 24 hours, it can be used to pay for a series of avatars, clothes and a host of other things within Decentraland, and is ranked 23rd among the best valued cryptocurrencies on the market. “
Already in third place the analyst stands out Elrond (EGLD) which was co-founded at the end of 2017 by the brothers Benjamin and Lucian Mincu, together with Lucian Todea, and has as its main objective to be a solution to the problem of the scalability of the blockchain, it was announced for the first time in August 2019 and its main network was launched in July 2020.
“The project describes itself as an internet technology ecosystem, which combines fintech, DeFi and IoT in its smart contract execution platform, capable of performing 15,000 transactions per second, and has a market valuation of over 53% this last week, “he says.
Finally, with a market valuation higher than 10% in the last 7 days, almost entering the TOP 10 of coins by market capitalization, Another token that keeps rising steadily and is on the experts’ list is AVAX, native to the Avalanche network.
“Its layer 3 blockchain has been gaining ground on the global crypto scene by standing out and shining in the eyes of investors around the world.”
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