Crypto Predictive Analysis — Week of November 28, 2021
The crypto market was full of ups and downs in the month of November, this has left a lot of traders anxious about what to expect in the new month.
In this brief piece of content, we shall take a look at popular categories of cryptocurrency: Bitcoin, Ethereum, Metaverse coins, and Exchange-based tokens.
We will utilize the trading history of these, as well as current sentiments, coins to predict their possible prices this week.
First, we’d be taking a critical look at Bitcoin which carries close to 50% of crypto’s total market cap. This past week, Bitcoin still peaked at $60k as of November 22nd only to dump to $54k as at the moment of writing.
Some technical analysts like Micheal Van Poppe noted on Twitter that this present Bitcoin dump was purely due to the recent uncertain movement of the market.
However, he encouraged people not to FOMO because this might most likely be a retracement. That is, there is a possibility that Bitcoin will pick up this week.
Analyzing on a weekly timeframe, BTC is showing the Evening Star retracement pattern, which is bearish.
Bearing in mind that the President of El-Salvador bought 100 extra Bitcoins during the dip, it’s clear that more corporate institutions may be waiting for Bitcoin to dip more so they can bag it.
So from a sentimental perspective, the fear and greed index in Bitcoin trades is increasing and some investors are indecisive.
Other things being equal, more red candles would be showing for BTC this week than the green ones. As a result, Bitcoin might even slip below $54k.
Metaverse Coins — SAND & MANA
The sudden hype of Metaverse has helped the Metaverse coins to shoot up. For this brief discourse, we will only consider $MANA and $SAND — as they are the foremost Metaverse coins.
MANA is at $4.5 as of the moment of writing. But around November 25th, its chart showed a bearish reversal pattern in its uptrend. However, this reversal might be brief before it retraces.
Thus, it’s highly possible this week that MANA bounces from $4.5 back up to $5.5 and even beyond.
Having said that, let’s take a brief look at SAND:
As of the moment of writing, SAND is trading at $7.1. Recently, The Sandbox sealed a partnership with Adidas, among many other reasons why SAND can spike up to $8 this week.
Charts and analysis also show that other Metaverse coins, like ENJ and GALA would only move within their present ranges.
In other news, a new variant of Covid is out, and this is causing a sell-off in the financial markets — including both crypto and traditional finance. This caused the major “Black Friday” dump.
It’s good to keep in mind that whatever development comes from this news this week will also affect the crypto markets.
In fact, some analysts are speculating that further spread of the disease might override technical analysis and cause a massive sell-off.
Otherwise, most coins should retrace this week.
A former professional rugby player, Adam S. Tracy brings over twenty years’ experience as an attorney, consultant and dealmaker with a particular focus on cryptocurrency, digital products, payments and immersive corporate structures. As an accomplished executive and advisor to high risk merchants and stakeholders, Adam has proven himself as a results oriented, decisive leader with proven success advising early market entrants, technology adapters, as well as established participants across a wide range of verticals. Adam Tracy’s attack-first personality allows him to excel in dynamic, demanding environments including complex corporate negotiations, distressed environments and regulatory investigations.
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