crypto.news
The past week marked the most bullish period for the market since early March, as the global crypto market cap surged to $2.85 trillion by the weekend.
Bitcoin (BTC) spearheaded the rally following Donald Trump’s victory in the U.S. presidential election, breaking past its previous all-time high—nearing the $80,000 mark— and entering a price discovery phase.
Altcoins followed suit, significantly contributing to the increase in global market valuation. Here are some of last week’s top performers to keep an eye on.
Ethereum breaches $3,000
Ethereum (ETH) capitalized on last week’s uptrend to reclaim multi-month highs. Ethereum initially dropped 2.8% on Nov. 4, but eventually closed with a 27.3% gain.
Most of these gains came up on Nov. 6 amid Trump’s election victory. ETH soared 12.49%, marking its largest intraday gain in three months. This laid the foundation for Ethereum to surpass the resistance at the upper Keltner channel and the $3,000 mark.
ETH closed the week above $3,100, above the upper channel. However, this position represents an overbought region, with a possible pullback to the $2,981 support if the momentum loses steam.
In addition, the altcoin’s RSI has surged to 75.62, confirming the overbought condition. However, this position suggests ETH still has more room to grow if the bulls maintain control. From this level, its next major resistance stands at $3,396.
Shiba Inu spikes 21%
Last week’s gains spilled into the Shiba Inu (SHIB) market, allowing the meme coin to rally by an impressive 21%, its most bullish weekly run in over a month.
Despite joining in the broader uptrend on Nov. 5, SHIB did not surpass the $0.00002 psychological resistance until Nov. 9, marking the first time it breached this level in nearly a month. Shiba Inu maintained this region, closing the week at $0.00002050.
The meme coin’s MACD recorded a bullish crossover on Nov. 6, signaling increased positive momentum and signaling the potential continuation of the upsurge. However, SHIB consolidated for two days before resuming the rally, now trading above $0.000022.
From this position, Shiba Inu’s next major roadblock stands at the June peak of $0.00002622. However, should a drop occur, its most immediate support lies at the 23.6% Fibonacci levels around $0.00002157, with further support at $0.00002055, the last above $0.00002.
SUI claims new ATH
While altcoins are far from their peak values, Sui (SUI), the native token of the layer-1 blockchain of the same name, has aligned with Bitcoin in reaching a new record, recently hitting a new all-time high of $3.14, above the previous peak of $2.36.
Sui spiked by a massive 20% on Nov. 9 to knock at the $3 price territory for the first time since its launch. As the new week began, SUI finally surpassed the $3 mark, claiming a $3.14 all-time peak before eventually pulling back to the $3.1 level.
The asset has trailed an upward curve since last week, as it persistently witnesses higher lows. Its Stochastic Momentum Index has risen to 79.1, indicating that Sui is approaching overbought levels.
Investors should watch the $2.75 support in case of a pullback.