Welcome to our latest crypto market outlook for November 25th!
Almost all altcoins are rejecting their weekly support zones, especially the large-cap ones. Are we finally going to see a relief rally? Here are five tokens on my watchlist this week: $AAVE, $ICP, $ENA, $STRK, and $PENDLE.
Today, we will cover the following topics:
– BTC Analysis
– 5 Altcoins Analysis
– Quotes / Advices
– Closing Remarks
BTC analysis
As per our latest BTC analysis, it is still holding above the $77,000 previous major low.
As long as $77,000 holds, we will be expecting a bullish correction toward the $100,000 mark.
For the bulls to confirm control and initiate the bullish correction phase, a break above the orange trendline and the $90,000 round number is needed.
5 Altcoins Analysis
As per our last market outlook, AAVE is now approaching a weekly support at $150, so we will be looking for longs on the lower timeframes.
For the bulls to take over and shift the momentum in their favor, a break above the last major high at $183.5, marked in orange, is needed.
Meanwhile, AAVE can still trade lower toward the $130 – $150 support zone before moving up.
As per our last ICP update, it is in a sharp correction phase and is currently approaching a massive demand zone.
As long as the $3 round number holds as support, we will be looking for longs, expecting another impulse movement upward.
For the bulls to take full control, a break above the last major high at $4.5 is needed.
In such a scenario, a bullish movement toward the $6 structure marked in red would be expected.
As per our last ENA analysis, it has been rejecting a strong weekly support at $0.2.
As long as this support holds, the only way from here is up.
For the bulls to confirm control and push toward the $0.5 mark, a break above the falling red wedge is needed.
As per one of our Coin of the Week editions, STRK is retesting the lower bound of its range at $0.125.
We will be looking for longs as long as this support holds.
For the bulls to confirm control and start the next impulse phase, a break above the last major high at $0.15 is needed.
Last but not least, PENDLE is also retesting a weekly support zone.
As long as the lower bound of the support at $2 holds, we will be looking for long-term longs toward the $4 mark.
For the bulls to start the next impulse phase, a break above the orange channel and the last high at $2.55 is needed.
Quotes / Advices
When you genuinely accept the risks, you will be at peace with any outcome.
~ Mark Douglas
Closing Remarks
In summary, The crypto market is showing early signs of strength as many altcoins reject their weekly support zones, hinting at a potential relief rally.
Bitcoin remains the key driver, holding above the $77,000 level, with a bullish correction likely if it breaks above $90,000.
AAVE is hovering above a key weekly support and needs a break above $183.5 to confirm bullish momentum.
ICP is nearing a massive demand zone, with a break above $4.5 required to shift the trend upward.
ENA is rejecting the strong $0.2 weekly support and will turn bullish once it breaks above its falling wedge.
STRK is holding the $0.125 range support, with bullish confirmation coming after a break above $0.15.
PENDLE is retesting the $2 support zone and needs a breakout above $2.55 to start its next impulse.
