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Decelerating upside momentum cryptocurrency market

The current week is characterized by a marked increase in market capitalization of cryptocurrencies. The market has grown from a Monday in the neighborhood of $210 billion and at the moment the current level is $216,8 billion While the actual high of the week came on Wednesday, nearly $221 billion.

Also on Wednesday, November 7, was recorded minimum monthly level of dominance in the Bitcoin area 51%. This decrease has occurred against growth of capitalization Ripple and Bitcoin Cash. The previous high dominance Bitcoin was marked at 57% in September.

For most coins from the list of the TOP 20 current week promotes the growth of their market prices (Fig.1).

Leadership positions held such projects: Ripple (+9,8%), zcash for (+of 8.78%) and Cash (+4,29%).

Ripple (XRP) breaking the mark set 0,5600 month high came close to the level 0,5700 on Tuesday, November 6. Last time XRP was at these levels on 2 October. At this point, the asset is adjusted (Fig.2). The next support levels: 0,51000 and 0,50000.

If we talk about Bitcoin, the first cryptocurrency demonstrated growth in the region of 2.5% for the current week. Upward momentum has met with resistance in the neighborhood of $6500 – $6550. From this zone are witnessing a downward correction. The next support levels: $6420 – $6400 that corresponds to the support from the exponential moving average 100 EMA on the four hour chart.

Oleg Sergeyev, an analyst at TSI Analytics, especially for BitJournal.

The review reflects the subjective position of the analyst — partners BitJournal subject to personal trading style. Trading operations with cryptocurrency are increased risks due to the nature of the market. The editors are not responsible for your trading decisions and recommends trading only to those funds, the loss of which will not be critical

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