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Top 5 cryptocurrencies to watch this week: BTC, DOT, LUNA, AVAX, EGLD

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Top 5 cryptocurrencies to watch this week: BTC, DOT, LUNA, AVAX, EGLD

Bitcoin’s (BTC) dominance has dropped from about 48% on Oct. 20 to 42.3% on Nov. 7 while the total crypto market capitalization has continued its northward journey. This indicates that the price action has shifted from Bitcoin to altcoins.

CryptoQuant CEO Ki Young Ju said that Bitcoin whales are selling but this has not resulted in the breach of the strong support at $60,000. He also pointed out that Bitcoin reserves across exchanges have continued to decrease, indicating strong appetite from buyers.

Crypto market data daily view. Source: Coin360

The majority of the market participants remain bullish on Bitcoin and anticipate a rally to $288,000 by the start of 2022, according to a survey conducted by PlanB.

Real Vision founder Raoul Pal also projected a bullish picture for cryptocurrencies in an interview on Nov. 3. He said the current bull run is unlikely to top out in December of this year and may extend to between March and June of the next year. Pal anticipates the possible launch of Ethereum 2.0 and the likelihood of an Ether (ETH) exchange-traded fund being green-lit in the first half of 2022 will attract institutional investors and trigger a massive rally.

In this bullish backdrop, let’s analyze the charts of the top-5 cryptocurrencies that may remain in focus and outperform in the short term.

BTC/USDT

Bitcoin broke above the bullish flag pattern on Nov. 2 but the buyers could not capitalize on this move and push the price above the overhead resistance zone at $64,854 to $67,000. This indicates the bears have not yet given up and are attempting to stall the up-move.

BTC/USDT daily chart. Source: TradingView

However, a positive sign is that bulls are aggressively defending the 20-day exponential moving average ($60,794). The buyers will make one more attempt to push the price above the overhead resistance zone.

If they can pull it off, the bullish momentum may pick up and the BTC/USDT pair is likely to rally toward the pattern target at $89,476.12.

This bullish view will invalidate if the price breaks and dips back into the flag pattern. The pair may then drop to the 50-day simple moving average ($54,883). The zone between the 50-day SMA and $52,920 is likely to attract strong buying support from the bulls.

BTC/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows the pair is range-bound between $63,732.39 and $59,500. The flat moving averages and the relative strength index (RSI) just above the midpoint indicate a balance between supply and demand.

If the price rebounds off the moving averages, the bulls will again attempt to propel the price above the overhead resistance zone between $63,732.39 and $64,270. If they manage to do that, the pair may retest the all-time high.

Conversely, a break below the moving averages could pull the pair to the strong support zone at $59,500 to $58,000. The bears will gain the upper hand if this zone is breached. The pair could then correct to $55,267.61.

DOT/USDT

Polkadot (DOT) soared and broke above the overhead resistance at $49.78 on Nov. 1. The RSI broke above the downtrend line, invalidating the negative divergence. This suggests the resumption of the uptrend.

DOT/USDT daily chart. Source: TradingView

The bears tried to pull the price back below the breakout level on Nov. 6 but the long tail on the candlestick shows that bulls are buying on dips. The rising moving averages and the RSI near the overbought zone indicate the path of least resistance is to the upside.

If bulls thrust the price above $55.09, the DOT/USDT pair could rally to $63.08. The bears may have other plans as they will attempt to sink the price below the breakout level at $49.78. Such a move will suggest a lack of buyers at higher levels.

A break and close below the 20-day EMA ($46.82) will be the first sign that the bulls may be losing their grip. The pair could then drop to the 50-day SMA ($38.54).

DOT/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows that the pair is rising inside an ascending channel. Although bulls pushed the price above the channel, they have not been able to build upon the advantage. This indicates that the bears are defending this resistance with vigor.

The pair rebounded from the centerline of the channel and the bulls will again try to clear the overhead hurdle. If they succeed, the pair may pick up momentum.

Alternatively, if the price turns down from the current level or the overhead resistance and breaks below the centerline, the pair may drop to the support line. A bounce off this level will keep the uptrend intact but a break below it will signal a possible change in trend.

LUNA/USDT

Terra protocol’s LUNA token broke and closed above the overhead resistance at $49.54 on Nov. 4. The bears tried to pull the price back below the breakout level on Nov. 5 and 6 but could not sustain the lower levels. This suggests that the bulls are buying on dips.

LUNA/USDT daily chart. Source: TradingView

If bulls drive the price above $53.18, the LUNA/USDT pair could rally to the resistance line of the wedge where the bears are expected to mount a stiff resistance. The bullish momentum could pick up if bulls thrust the price above the wedge.

Alternatively, if the price turns down from the current level or the overhead resistance, the pair may drop to the support line of the wedge. A break and close below this support will signal a possible change in trend. The pair could then drop to $35.

LUNA/USDT 4-hour chart. Source: TradingView

The bulls pushed the price above the resistance line of the triangle indicating that they had overcome the resistance from the bears. The sellers tried to pull the price back into the triangle but the bulls defended the breakout level aggressively.

Both moving averages on the 4-hour chart are sloping up and the RSI is in the positive territory, indicating advantage to buyers. If bulls drive the price above $53.18, the pair may rally to the pattern target at $62.59.

Related: Bitcoin consolidates right below Fib level that triggered 2013 all-time highs

AVAX/USDT

After trading near the overhead resistance at $79.80 for the past three days, Avalanche (AVAX) has broken above the barrier. This indicates the possible resumption of the uptrend.

AVAX/USDT daily chart. Source: TradingView

The rising moving averages and the RSI in the overbought territory indicate that bulls are in control. If the price sustains above $79.80, the AVAX/USDT pair could rally to $93.04 and then try to challenge the psychological level at $100.

Contrary to this assumption, if the price turns down from the current level and dips back below $79.80, it will suggest that markets have rejected the higher levels. The pair could then drop to the 20-day EMA ($69.51).

AVAX/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows the formation of a rounding bottom pattern which completed on a breakout and close above $79.80. If bulls sustain the price above $79.80, the pair could start its northward march toward the pattern target at $108.56.

The first important level to watch on the downside is $79.80. A bounce off this level will indicate that bulls are aggressively buying on dips and that will increase the likelihood of the resumption of the uptrend.

Conversely, a break below $79.80 could sink the pair to $72. A break below this support will suggest that bears are back in the game.

EGLD/USDT

Elrond (EGLD) broke above the previous all-time high at $303.03 on Nov. 3, which is a positive sign. The bears tried to pull the price back below the breakout level on Nov. 5 and 6 but failed.

EGLD/USDT daily chart. Source: TradingView

This suggests that bulls are attempting to defend the breakout level and flip it into support. A break and close above $329 will signal the resumption of the uptrend. The rising 20-day EMA ($281) and the RSI near the overbought zone indicate the path of least resistance is to the upside.

Contrary to this assumption, if the EGLD/USDT pair turns down from the current level and breaks below $303.03, the next stop could be the 20-day EMA. A strong rebound off this support will keep the uptrend intact but a break below it could open the doors for a deeper correction to the 50-day SMA ($249).

EGLD/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows the formation of an ascending triangle pattern, which completed on a break and close above $303.03. This positive setup has a pattern target at $427 but the rally may not be linear as the bears are likely to pose a stiff challenge at $355.

A break below the 20-EMA will be the first sign of weakness. That could pull the price down to the breakout level at $303, which is an important support for the bulls to defend. If this support cracks, the pair may drop to the 50-SMA and then to the trendline of the triangle.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Salvadoran Ecologist Claims Nayib Bukele’s Volcano-Powered Bitcoin Mine Will ‘End in Environmental Disaster’

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Salvadoran Ecologist Claims Nayib Bukele’s Volcano-Powered Bitcoin Mine Will ‘End in Environmental Disaster’

El Salvador’s leading ecologist Ricardo Navarro believes that mining bitcoin with a volcano, or geothermal energy, will “end in environmental disaster.” Navarro believes geothermal energy costs more than oil, and thinks El Salvador’s millennial president Nayib Bukele’s decision is questionable.

Salvadoran ecologist Ricardo Navarro Questions His Country’s Volcano-Powered Bitcoin City Venture

During the second week of June, El Salvador’s president Nayib Bukele told the public that the Latin American country planned to mine bitcoin (BTC) with energy stemming from volcanoes located in the country. At the end of September, Bukele shared a video of the initial construction of the Salvadoran volcano-powered bitcoin mining facility. Now the president and his government have been criticized by El Salvador’s leading ecologist Ricardo Navarro.

Salvadoran Ecologist Claims Nayib Bukele's Volcano-Powered Bitcoin Mine Will 'End in Environmental Disaster'
El Salvador’s leading ecologist Ricardo Navarro, an environmentalist who believes Salvadoran president Nayib Bukele’s recent bitcoin concepts are questionable.

The Salvadoran ecologist explained to Telegraph contributor Simeon Tegel that developing a ‘Bitcoin City’ next to a volcano doesn’t make sense. “Talking about building this city beside a volcano is like thinking you are rich because you live next to a bank,” Navarro said. Navarro also detailed that geothermal energy is still a costly endeavor and won’t be much better than using petroleum sources. Navarro insists:

​​Geothermal still costs more than oil, otherwise we would already be using more of it. What will end up happening is that we will just be buying more oil.

Navarro Insists ‘Bukele Doesn’t Really Understand What Is Going on With the Energy Situation’

Navarro is concerned about the consequences of the world’s so-called climate crisis. The ecologist runs a non-governmental organization CESTA (Salvadoran Center for Appropriate Technology) and he recently discussed the subject with Politico’s contributing author, Bjarke Smith-Meyer, on November 10.

Salvadoran Ecologist Claims Nayib Bukele's Volcano-Powered Bitcoin Mine Will 'End in Environmental Disaster'
An aerial view of the volcano-powered bitcoin mining facility located in El Salvador.

At that time, Navarro dismissed the volcano-powered bitcoin mining facility idea as he wholeheartedly believes the facility will require more energy resources than just geothermal power. “I am under the impression that Bukele doesn’t really understand what is going on [with] the energy situation,” Navarro told the reporter. “That is certainly going to complicate… demand.”

Navarro also claims that the digital currency environment in El Salvador could attract drug lords. The Salvadoran ecologist says that the bitcoin tender law was rushed and implemented without debate. “If you have something good to promote, you propose it, you discuss it, and then you put your arguments. But that was not the case with bitcoin,” Navarro stressed to Smith-Meyer.

What do you think about the Salvadoran ecologist’s opinion concerning the volcano-powered bitcoin mining facility in El Salvador? Let us know what you think about this subject in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Popular BTM Operator Bitcoin of America Wins Silver in 11th Annual Best in Biz Awards

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Popular BTM Operator Bitcoin of America Wins Silver in 11th Annual Best in Biz Awards

press release

PRESS RELEASE. Bitcoin of America has been named a silver winner in the Company of the Year – Midwest category in Best in Biz Awards, the only independent business awards program judged each year by prominent editors and reporters from top-tier publications in North America. Bitcoin of America is a popular virtual currency exchange, registered as a money services business with the United States Department of Treasury (FinCEN)(RegNum). Apart from ensuring a fast and hassle-free transaction, their customer support makes them the best in the industry.

Bitcoin of America has demonstrated rapid growth. In June of this year, Bitcoin of America’s Chief Financial Officer reported record company growth. In January, the company had a total of 630 Bitcoin ATMs. To date, they have seen a 138.095% increase in their number of locations. They even hit a major achievement of 1500 plus BTMs. Bitcoin of America has also seen enormous growth in their number of employees. In just one year their team grew over 32 percent.

Bitcoin of America also added new products, services, and even updates to their BTMS. In May, they announced the launch of their new universal kiosk. The kiosk combines the capabilities of a traditional ATM with a Bitcoin ATM. The universal kiosk is known to offer 3 different functions. The first is the traditional ATM feature where customers can dispense cash from a debit card. The second function is being able to buy bitcoin or other cryptocurrencies with cash. The last is that customers can sell crypto in return for cash. This is huge for business owners. These universal kiosks are bringing stores additional revenue streams, while also saving floor space. They also announced that Ethereum would be available for customers to purchase from any of their locations.

Besides offering cryptocurrency services to customers, Bitcoin of America has helped hundreds of businesses across the United States. Bitcoin of America offers a host program for store owners who are interested in cryptocurrency or are just looking to earn extra income. They take care of their host locations by providing them with passive income, increased foot traffic, and marketing. They even handle customer support and any maintenance/installation services.


This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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Bitmart Loses $200 Million in Hack Performed by Unknown Attackers

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Bitmart Loses $200 Million in Hack Performed by Unknown Attackers

Bitmart, a cryptocurrency exchange, suffered an attack yesterday that exploited some security vulnerabilities in order to gain access to the funds of the exchange. The attack targeted the hot wallets of the platform, specifically the Ethereum and Binance Smart Chain-based wallets. The hackers managed to take almost $200 million in tokens from the platform.

Bitmart Hot Wallets Exploited

Bitmart has lost more than $200 million in a hack that involved its hot wallets yesterday. The issue was first identified by Peckshield, a blockchain security and auditing company, that raised the alarm about a possible hot wallet vulnerability on social media. The involved wallets were those that held ETH and BSC-based tokens.

Bitmart representatives estimated the losses at $150 million initially, but PeckShield did an investigation of the funds taken, saying losses were around $200 million. The hack took significant amounts of SHIB, SAFEMOON, SAND, and MANA, among others. The event affected the price of some tokens with low liquidity listed on the exchange, due to the liquidation of large amounts of these on decentralized exchanges.

Bitmart acknowledged the situation and at the time stated that the losses due to the attack accounted for a small part of the exchange holdings. An announcement from the company stated:

The affected ETH hot wallet and BSC hot wallet carries a small percentage of assets on BitMart and all of our other wallets are secure and unharmed. We are now conducting a thorough security review and we will post updates as we progress.

Tornado-Washed Funds

The exploiters moved the funds to other platforms quickly, with the intention of mixing the cryptocurrency taken. According to Peckshield, all of the Binance Smart Chain and Ethereum tokens were exchanged for ethereum using 1inch, a decentralized exchange platform, and then were sent to Tornado.cash, an obfuscation protocol that allows users to make transactions less susceptible to tracing.

This is one of the more devastating attacks on a centralized exchange this year, with much of the risk for exploits having moved to decentralized finance (defi) platforms. As a result of this situation, the exchange has suspended withdrawals for all assets until it conducts an investigation and a new security review of the platform and its vulnerabilities.

What do you think about this $200 million Bitmart exchange hack? Tell us in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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