Weekly Cryptocurrency Market Brief

by Paul Choufani, 16th November 2021

Bitcoin (BTC) experienced a dip over the past week, after hitting a new high at $68.8k on November 10, 2021. The drop came after a period of consolidation in the $62.3k-66.4k zone, during which it ranged within a bearish flag, before the break to the downside of the larger rising wedge it had formed, on November 16, 2021. The prior rejection of the Spot Bitcoin ETF by the SEC on Friday, November 12, 2021, did not have an adverse effect on Bitcoin at the time, indicating that the event was already ‘priced in’ to the market. Meanwhile, a number of low-cap and nascent altcoins have made significant gains in recent weeks.

IoTeX (IOTX) surged to new highs over the past week, rising over $0.25 on 4 separate days in mid-November, but failing to hold above this level and clinging to the $0.20 support level below. Yet, the latest bullish movement represented a 150% increase in price from the $0.10 level, its price on November 9, 2021. This was the latest in a series of parabolic runs for the token over the past year, having printed successive all-time highs in May, August and early November.

IOTX is an Ethereum based decentralized platform allowing for interactions between objects & machines connected to the internet, other wise known as the ‘Internet of Things’.

Bloktopia (BLOK), a blossoming metaverse NFT project which launched in early October, made massive gains, soaring from a low of $0.00367 on October 6, 2021, to an all-time high of $0.1777 on October 31, 2021. This represents a massive 48x increase in price from the low, and despite its subsequent 68% correction from the high, the token has regained bullish momentum and is now trading in the $0.08-0.10 price zone. With a total market cap equivalent to $681M at the time of writing, the short and long-term futures look very bullish for Bloktopia.

BLOK is a gaming token on the Polygon network, related to the native Metaverse based on a Skyscraper with 21 levels, paying homage to the total Bitcoin supply of 21 million. Users are able to earn revenue through real estate ownership, advertising revenue, play games, build networks and create their own artistic domain within the game,

Woo Network (WOO) registered a new all-time high recently, hitting $1.78 on November 15, 2021, prior to the current dip to the $1.50 support level. Having formed solid market structure during the re-accumulation period in the summer, it broke past the May 2021 high of $1.40 on November 9, 2021, after testing the same resistance level on three separate days in the late October-early November period. It had experienced a strong rise since late September, surging from a price of $0.47 per token to the current all-time high, reflecting a 3.8x increase in market price.

WOO is a DeFi token on the Ethereum network, possessing a deep liquidity network connecting traders, exchanges, institutions, and DeFi platforms with democratized access to the best-in-class liquidity and trading execution at lower or zero cost.

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