In a largely favorable week, global crypto market cap rose 2.12% from $1.41 trillion at the start of the week to $1.44 trillion currently, with Bitcoin (BTC), Creditcoin (CTC) and Oasis Network ( ROSE) each made remarkable movements.
BTC hits a new annual high
Since it is the dominant crypto asset, Bitcoin’s recent moves impacted the broader crypto market. The asset started this week on a positive note but gave in to bear pressure on November 21st amid reports of legal issues at Binance.
BTC Price – November 26th | Source: Trading View
The reports triggered a BTC price drop on November 21 as the asset plummeted from $37,448 to $35,735, falling below two key support levels. Bitcoin fell 4.56% on the day, and the rest of the crypto market saw similar declines.
Interestingly, the next day saw an equal and opposite price movement. BTC recorded a 4.66% increase on November 22nd, recouping all the losses caused by the Binance news and even registering a meager 0.10% increase. The bullish momentum continued until November 24, when BTC reached a new annual high of $38,414.
However, BTC could not hold the $38,000 mark for long and closed at $37,717 on November 24th. Attempts to recapture the $38,000 mark have since proven unsuccessful. Regardless, Bitcoin has maintained its bullish momentum as it trades above the 50-day EMA ($34,170) and 200-day EMA ($29,761). BTC is up over 3.1% this week.
CTC crosses 200-day EMA
Creditcoin was one of the beneficiaries of this week’s uptrend. Like BTC, the asset started the week on a positive note but suffered a decline on November 21 due to the market-wide collapse. CTC fell by 4.18% on the day and closed the day at $0.1799.
CTC Prize – November 26th | Source: CoinMarketCap
However, its recovery was more pronounced than that of Bitcoin. The asset rose 9.09% the next day, buoyed by Bitcoin’s revival. CTC continued its rally and shot up 24.82% from November 22nd to 24th. This sustained uptrend saw the price break above the 200-day EMA for the first time in nine months.
Creditcoin fell below the 200-day EMA on February 23 and has not been able to trade above it since. Despite a slight 1.48% decline on November 25, CTC remains above both the 200-day EMA ($0.2143) and 50-day EMA ($0.1706). Creditcoin is up 23% this week.
ROSE hits nine-month high
Oasis Network was one of the few assets to start this week on a downtrend, posting two consecutive declines on the first two days of the week. ROSE fell 4.75% on November 20th and then saw a steeper decline of 9.55% on November 21st as the broader market faced a decline.
ROSE Prize – November 26th | Source: Trading View
Notably, the asset recouped the November 21 loss and rose 11.51% the following day. The upward trend continued for the rest of the week, with ROSE rising by 14.57% from November 24th to 26th. It rallied to a high of $0.0832 today before encountering resistance. This represented the highest price in over nine months.
To protect against significant declines, ROSE needs to stay above the $0.0764 support located at the 0.38 Fibonacci level. On the other hand, the asset would have to overcome Fib. 618 is currently at $0.0854 and indicates a continuation of the uptrend.
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