The market experienced a rollercoaster scurry, with the realm crypto market cap rising from $2.33 trillion to a 3-month peak of $2.5 trillion by mid-week sooner than settling at $2.38 trillion at the tip of the week.
Bitcoin (BTC) led to the uptrend, having surged to retest the March 2024 all-time excessive above $73,000 sooner than facing a serious correction.
Listed below are a couple of of the prominent crypto resources to pay consideration to this week following their great imprint action:
BTC retests ATH
Bitcoin’s delivery to the week coincided with a bullish momentum that started on Oct. 26. By Monday, the asset had recorded three consecutive intraday positive aspects, knocking at the $70,000 set apart.
The spectacular uptrend spilled into Oct. 29, as Bitcoin first overcame the $71,000 resistance and pushed extra to breach the elusive $73,000 level, reaching a seven-month peak. This allowed the main cryptocurrency to retest its March ATH.
Nonetheless, this surge preceded a huge correction. In consequence, Bitcoin’s imprint action went downhill within the four days that followed, with the 20-day MA at $68,564 now performing as an rapid protection in opposition to extra downside possibility.
If the 20-day MA toughen offers manner, BTC would must withhold above the lower Bollinger Band at $65,214 amid the upcoming US presidential election this week. Nonetheless, a recovery above $71,913 might possibly presumably well grant the bulls renewed energy to again reach the ATH.
EIGEN slides 17%
Despite the broader market seeing cushy positive aspects final week, EigenLayer (EIGEN), the native token of the Ethereum restaking protocol of the identical determine, closed the week with a huge 17% tumble after an preliminary upward thrust.
EIGEN has been struggling to reclaim its peak above $4 since the Oct. 1 debut. The asset had rallied to a excessive of $4.90 on Binance sooner than correcting. It has since endured to consolidate, with final week introducing extra bearish strain.
As Bitcoin retraced mid-week, EIGEN faced huge declines over three days, forming a downward channel. To conquer this pattern, EigenLayer must shut above the 23.6% Fibonacci retracement level at $2.642 this week.
KAS faces uncertainty
Final week, Kaspa (KAS) charted its path amid market uncertainties, diverging from broader market traits. Even supposing it saw positive aspects toward the tip of the week, KAS by hook or by crook closed with a 4.4% decline.
The token experienced fluctuations throughout the week however remained below the pivot level of $0.2592, confirming the present bearish momentum, because the -DI at 31.1 largely exceeds the +DI at 13.3.
For KAS to shift momentum this week, it must smash thru this pivot level and salvage better the behind October excessive of $0.1311.
Surpassing this level would introduce the principle main resistance at $0.1492. Kaspa might possibly presumably well utilize this zone as a springboard to reclaim the psychological ranges of $0.15 and $0.16, with a second key hurdle at $0.1636.
