Bitcoin Breaks $82,000: What’s Next for the Market?
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
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
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
BTC Dominance, ETH/BTC Trends, and Signals for Alt-Market Surge
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
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 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)
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
Solana (SOL)
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
Noteworthy Solana ecosystem tokens for trading: WIF, JUP, PYTH.
Ethena (ENA)
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
Key zones for short-term long positions on ENA. Source: tradingview.com
AI Tokens on the Rise: TAO and RENDER
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
Key long position zones for TAO. Source: tradingview.com
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
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
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
High volatility often accompanies these reports, so it’s wise to refrain from opening new positions before or during their release.
Disclaimer
Abbreviations
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.