Cryptocurrency Market Maintains Positive Momentum Despite Mixed Performance on November 24th
Despite exhibiting a mixed trend on November 24th, the cryptocurrency market managed to remain in positive territory. The current positive upward momentum increased the global market value by 2.3% compared to the previous day, reaching a total market value of $1.42 trillion at the time of writing.
However, the global market trading volume was on a decline on the mentioned day, currently standing at $54.6 billion. With a fear and greed index level of 73, greed continues to dominate, indicating a high level of greed among investors, and potential investors are gravitating towards assets with profit potential.
Leading Cryptocurrencies Show Minimal Changes!
Bitcoin (BTC) initiated the final trading day of the week with a modest 0.1% daily increase. Despite these marginal gains, Bitcoin has recorded a 3% weekly increase, currently priced at $37,400 at the time of writing. As a result of Bitcoin’s price movement, the token’s trading volume has experienced a 38% decline over the same period, reaching $13.4 billion.
Bollinger Bands on the BTC chart are widely apart, indicating high volatility levels alongside high variability in Bitcoin’s price. However, the Relative Strength Index (RSI) is below the average line, signifying bearish activity despite the upward movement in Bitcoin’s price.
Ethereum also experienced a slight bullish movement, reaching $2,066 after a 0.31% daily increase. With a weekly increase of 4.7%, the trading volume for Ethereum dropped by 36% to $7.7 billion over the same period.
Bollinger Bands for ETH are widely apart, indicating high volatility in the asset’s price. Additionally, the data is supported by the Relative Strength Index (RSI), which, despite the upward movement, displays bearish activity in Ethereum’s price.
Notable Formation in XRP Chart!
XRP, one of the day’s top-performing major digital assets, showcased a cup and handle formation on its daily chart. This pattern suggests a reversal of the bullish trend, with crypto analyst Dark Defender maintaining optimism by pointing out short-term targets.
The analyst suggests that if XRP surpasses the resistance levels at $0.6649 and $0.7312, it could reach levels of $1.05 and $1.88. As of today, XRP’s price has seen a 2.02% increase, trading at $0.6217, while the trading volume has decreased by 6.54% to $1.20 billion.
Cryptocurrency Market: UNI, LSK, and SEI Tokens Surge with Bullish Movement!
Uniswap (UNI), one of the weekly top-performing altcoins, initiated a bullish movement. With a daily increase of 1%, it reached $6.2, resulting in a weekly gain of 18%. However, UNI’s trading volume decreased by 13% to $378 million over the same period.
The Relative Strength Index (RSI), nearing the overbought zone above the average line, and Bollinger Bands, displaying high volatility levels in Uniswap’s price, diverge, indicating bullish dominance in UNI’s price.
Sei (SEI) generated market activity with a 7.7% daily increase, reaching $0.217. The weekly surge reached 42%, but the trading volume decreased by 12% to $376 million over the same period. RSI in the overbought zone and Bollinger Bands signaling high volatility levels in SEI’s price support the expectation of bullish dominance.
Lisk (LSK) also began a bullish movement, as its price increased by 16% daily, reaching $1.22, resulting in a 10% weekly increase. LSK’s trading volume surged by 3609% over the same period, reaching $175 million. The market value increased by 19.93%, totaling $162,698,233.