The positive price movement is being led by the two queens, Bitcoin and Ethereum, which since Monday’s opening are putting up more than 5%.
Scrolling through the list of blue chips, the color green prevails highlighting a positive trend for the entire sector.
Among the major alternative blockchains, the performances of Cardano (ADA), Solana (SOL), Polkadot (DOT) and Avalanche (AVAX) remain somewhat behind. So far they are all up just over 3% since Monday’s open.
To find the first sign below par, one has to go down to the 19th position of the largest capitalized coins occupied by the LEO token, the utility token of the iFinex ecosystem launched in 2019 to cover the capital stolen by a hacker attack on BitFinex’s platform. So far the weekly loss stops at half a percentage point, curbing the descent that since the beginning of September has seen prices fall from relative highs of $5.33 per token to the current $4, the lowest level since January. Despite the difficulties, the LEO token is registering an 8% performance since the beginning of the year, among the few cryptocurrencies to have a positive annual balance.
Summary
Bitcoin – Technical Analysis
The closing of the monthly sub-cycle hypothesized during the current week has been anticipated.
Indeed, after touching a relative low, in the $19,000 area, during the weekly handover from Sunday to Monday, the increase in demand began to outpace the timid supply causing the price to rise above $20,400 and surpass the late September high.
Despite having erased the losses of the past 20 days, Bitcoin‘s technical structure still does not provide the signal needed to chase away bearish fears.
The long-awaited daily close above $20,000 that occurred on Monday, 5 October, has not been confirmed in the following days.
For this reason it is recommended to keep operational caution alive, but allows the alert threshold to be reduced by a few points from $18,800 to $19,000.
Ethereum – Technical Analysis
The defense of $1,250 has pushed Ethereum‘s price away from near-term danger, but it has failed to break above the relative highs ($1,400) of late September indicating short-term relative strength below that demonstrated by Bitcoin.
Prices continue to oscillate inside the cage between $1,250 and $1,400 for more than three weeks now, compressing volatility.
The index, which measures daily volatility on a monthly basis, falls to the lowest levels since last June.
For this reason, the next breakup, up or down, could cause marked price swings brought about by the hedging of positions that have been exploiting this slumbering of prices this past month.
