Bitcoin and Ethereum prices analysis: with just over 48 hours to go before the weekly candle closes, a bullish sign prevails for the cryptocurrency blue chips.
Among the Big ones, it is Litecoin (LTC) that leads the rises by posting a rise of more than 20% pushing itself with quotations above $83 for the first time since last May, climbing back to the 13th position by capitalization.
Moving down a few positions we find Chainlink (LINK) with the second-best weekly rise among the most traded stocks, up double-digit percent. In the last few hours LINK has returned to within a step of $7, the highest level in the last 2 weeks, attempting to undo the decline suffered in the previous two weeks with prices falling to $5.53 per token, touching the annual lows of mid-June. Since the lows of Monday, 21 November, LINK has gained more than 20% in just 4 days.
At the opposite end of the spectrum are the declines of Cardano (ADA) Polygon (MATIC) and Polkadot (DOT), which operate in order from ninth to eleventh among the most capitalized, all losing more than 6% from levels of Friday 18 November.
Algorand (ALGO) is struggling to rebound and is on its way to ending its 3rd consecutive week in the red with prices below $0.25 per token. During the week – Tuesday 22 November – ALGO’s prices fell to a low of $0.225, the lowest level in two years.
Based on Bitcoin and Ethereum prices analysis should the price of BTC close at or above this Friday afternoon’s prices in the $16,470 area, the week would end in the green for the first time since the beginning of the month.
Despite the positive reaction of the last two days, the price of BTC continues to hover dangerously close to the lows in the $15,600 area tested 3 times already in the last two weeks.
Need to break through the barrier of $16,800 to start assessing the possibility of a trend reversal even in the medium term.
Demonstrates a better technical structure by attempting to rise above the psychological threshold of $1,200 per ETH.
Should the price of ETH end the week with Sunday’s close above $1,150, it would end the negative series of 3 consecutive weeks in the red, the worst since June.
Despite the attacks in recent weeks, ETH prices remain above the mid-June lows. A sign of confidence for long-term investors.