BTC, ETH, and Altcoin Weekly Market Analysis

Bitcoin Breaks $82,000: What’s Next for the Market?

On November 5, 2024, the U.S. presidential elections concluded with anticipated fervor. With both candidates holding almost equal chances (Polymarket indicated a 50/50 probability), Donald Trump won decisively over Harris.

Bitcoin reacted exuberantly, pushing to $84,000 and breaking new all-time records multiple times.

DeFi tokens also reflected this momentum: Lido DAO (LDO), Ethena (ENA), Aave (AAVE), and Maker (MKR) advanced by 20%, while Uniswap (UNI) surged by 35%.

BTC Hits New ATH. Source: tradingview.com

There is a widespread belief that BTC will continue its upward trajectory. Traders are setting their sights on the psychologically significant thresholds of $90,000 and $100,000. Achieving these would mean a further price surge of 10% and 20%, respectively.

From a technical standpoint, using indicators like the Fibonacci grid, the nearest targets for BTC buyers are $83,461 and $95,668.

BTC Growth Projections. Source: tradingview.com

The $83,461 level is within reach and could be hit this week, possibly followed by a pullback. The nearest support areas to watch are between $79,700 and $78,700.

In the case of a more pronounced correction, BTC could revisit the $76,411 zone of interest or the upper boundary of the long-term range at $72,900.

Three Potential Growth Interest Zones for BTC. Source: tradingview.com

Bear in mind, testing an interest zone doesn’t guarantee an immediate reaction: the price could breach or revisit these levels several times before continuing upwards. It’s wise to wait for further confirmation in these zones before entering any positions.

BTC Dominance, ETH/BTC Trends, and Signals for Alt-Market Surge

The BTC dominance metric evaluates Bitcoin's share of the total crypto market cap: higher dominance means a larger concentration in BTC, while a lower number indicates more investment in altcoins.

BTC dominance now sits at 59.37%, down by 2% in the past six days. A daily close below 58.27% could hint at a potential start for an altcoin surge.

BTC dominance has decreased by 2% over the last six days, suggesting that altseason might be approaching. Source: tradingview.com

Should BTC dominance push above 60.57%, it would suggest growing weakness in altcoins, potentially leading to further losses of 20%-30% for some.

The ETH/BTC trading pair is also a valuable gauge of altcoin momentum. It represents how much BTC is needed to buy 1 ETH; a higher value means ETH is stronger. Altcoins generally track ETH's movements more closely than BTC's.

On November 6, ETH/BTC touched a key interest level that buyers had favored during the 2021 bull run ($0.034671). This contact spurred an 18% rebound. For further bullish momentum, it is now important for ETH/BTC to hold above $0.042423.

ETH/BTC saw an 18% rise after testing $0.034671. Source: tradingview.com

The zone of interest for buyers, spanning $0.036223 to $0.038065, might be tested in the coming days. Should confirming signs emerge within this area (e.g., seller absorption, surging trading volume, or bullish candlestick patterns), the target of $0.042423 could be reached by the weekend.

The altseason index sits at 39, showing no signs of the eponymous trend.

The fear and greed index has hit 76, highlighting investors' readiness for high-risk buying.

Ethereum (ETH)

Since November 5, ETH has surged by 37%, reaching $3,250. It has crossed the $3,000 mark for the first time in three months, marking the end of a long period of consolidation.

ETH’s nearest targets are $3,530 and $3,681, though a potential market pullback within the $3,055 to $2,811 range may occur before these levels are reached.

ETH breaks through $3,000 after three months of consolidation. Source: tradingview.com

Holding onto this asset long-term could be a wise decision. If you're planning to buy ETH with an eye on an ATH, $2,811 might be an ideal point to strengthen your position.

Solana (SOL)

On November 10, 2024, SOL recorded a local high at $210. This level, which has long acted as a resistance point, now broken, could imply further growth for SOL and other tokens within the Solana ecosystem.

The immediate area of interest for further upward movement is between $199 and $195. If buyers fail to hold this level, SOL might correct down to $183–$172.

Zones to consider for opening long positions in SOL. Source: tradingview.com

SOL’s main targets still include the $235.5 resistance and its previous ATH at $260.06.

Noteworthy Solana ecosystem tokens for trading: WIF, JUP, PYTH.

Ethena (ENA)

Ethena Labs' cryptocurrency has seen its value double in the past six days, making it the third-best performer of the week, trailing only CRO and GRASS.

The rising interest in ENA is evident from the daily trading volume trends. In November, volumes climbed to $300 million, compared to an average of $50 million over the past two months. This trend signals potential for continued upward movement.

Key targets for ENA include $0.6770, $0.8210, and $1.0060. The support level at $0.5130 is optimal for building positions.

ENA growth outlook. Source: tradingview.com

ENA's price could also respond to the upcoming short-term zones of interest. Buyers may become active within the $0.5879 — $0.5241 and $0.5139 — $0.4818 price ranges.

Key zones for short-term long positions on ENA. Source: tradingview.com

In addition to technical growth indicators for ENA, it’s essential to acknowledge the strong backing of experienced marketers and developers. Ethena Labs’ USDe stablecoin currently ranks 5th in its category, with prominent crypto influencer Arthur Hayes projecting a potential $10 valuation for ENA.

AI Tokens on the Rise: TAO and RENDER

The 2024 cycle spotlighted AI tokens, rising in popularity just after meme coins. Throughout the past week, TAO, FET, RENDER, and GRT each saw gains exceeding 30%.

Bittensor (TAO)

TAO has surged 48% over the past six days and seems poised for continued growth. Potential price targets include $608.19, $631.78, and $677.68.

Projected growth levels for TAO. Source: tradingview.com

Attractive entry points for long positions in TAO are around the “psychological level” of $555, known to attract price action, and the range between $521.31 and $485.27.

Key long position zones for TAO. Source: tradingview.com

If buyers fail to hold within these zones, sellers could drive the price down to $471.79 and $456.

Render (RENDER)

Over the past week, RENDER climbed by 52%. The most favorable zones for building long positions are in the ranges of $5.687 — $5.286 and $5.261 — $4.792. 

Buyers' potential targets are $6.494, $7.060, and $7.952.

RENDER technical breakdown. Source: tradingview.com

Exploring Long Positions in SEI and APT Following SUI's Rally

SUI's price surged 80% in just a week, pushing it well past its ATH (currently sitting 40% above its previous top). Missed out on this growth? There might still be opportunities in related assets.

As a native token within the parallel blockchain sector, SUI shares its space with SEI and APT. Should SEI and APT trail behind SUI's recent climb, it may present a strategic buying signal.

Sei (SEI)

Last week, SEI’s value increased by 50%, trailing behind SUI's 80% rise by 30%. With SEI’s smaller market cap compared to SUI, there’s room for it to potentially bridge this 30% gap and move into an even more robust performance.

Ideal zones for considering long positions in SEI are $0.4679 to $0.4391 and $0.4285 to $0.3963, with price targets at $0.5206, $0.5803, and $0.6403.

If buyers fail to sustain momentum in these areas, SEI’s price could slide to $0.3516.

Key zones for long-position entry in SEI. Source: tradingview.com

Aptos (APT)

APT saw a 55% increase. If APT is expected to follow SUI’s trajectory and reach an 80% growth, potential targets lie at $12.612 and $14.425.

Strategic zones for initiating long positions in APT are found between $10.968 and $10.245, as well as $10.115 to $9.430.

Potential long-entry zones for APT. Source: tradingview.com

Upcoming Economic Updates 

Traders should prepare for a series of important economic releases this week. The U.S. CPI figures will be announced on Wednesday at 13:30 UTC, followed by Thursday’s PPI data and unemployment claims at the same time. Later on Thursday, at 20:00 UTC, Fed Chair Jerome Powell will address the public.

High volatility often accompanies these reports, so it’s wise to refrain from opening new positions before or during their release.

Disclaimer

Please note that the analysis provided above should not be considered a trading recommendation. Before opening any deals, we strongly advise conducting your own research and analysis.

Abbreviations

TF (Timeframe) — a chronological period equal to the time it takes to form one Japanese candle on the chart.

Horizontal channel (flat, sideways, range) — the price movement between support and resistance levels, without going beyond the given range.

К — simplified designation of one thousand dollars of the asset price (for example, 23.4K – $23,400).

Gray range on the chart — a support zone.

Red range on the chart — a resistance zone.

Correlation — the tendency of prices of different cryptocurrencies to move in sync, often influenced by the dominance of one of the assets.

Educational Resources

Check out The Coinomist’s collection of educational resources and articles aimed at enhancing your technical analysis abilities:

Market Profile: A Beginner's Guide

What is a Footprint Chart and How to Read It?

Footprint Charts: Imbalance, Absorption, and Auction in Trading

Trading Basics: The Power of Moving Averages

Candlestick patterns: Types and how they work in trading