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Is the Crypto Bull Run Here to Stay in Moonvember?

Janani Published on Nov 7, 2024 at 10:55 AM

Is the Crypto Bull Run Here to Stay in Moonvember?

Bitcoin soars post-election; crypto markets rally in Moonvember’s bullish momentum.
Altcoins like Ethereum, Solana surge, breaking consolidation.

While “Uptober” fell short of expectations, November—humorously dubbed “Moonvember”—is keeping the bullish momentum alive. The recent U.S. election, where pro-crypto Donald Trump was re-elected, has spurred a significant impact across sectors, including cryptocurrency. Bitcoin, the largest cryptocurrency, hit a new all-time high, surging above $76,000 just hours ago. It’s currently trading at $74,882, up a modest 0.45% over the past 24 hours and 4% over the past week. This bullish wave has also reignited interest in altcoins.

Ethereum, often considered the leader among altcoins, saw a strong rise, climbing 10% in the past 24 hours. Trading volume increased by 38%, pushing ETH to a three-month high of $2,878.75.

Solana (SOL)

Solana recorded a 3% increase in the past day, now trading at $188.90, with trading volume up by 10%. SOL reached a two-month high of $192, fluctuating between $180 and $191.79. Over the week, SOL is up 9%. The 9-day Exponential Moving Average (EMA) is at $174, and its daily Relative Strength Index (RSI) sits at a neutral 58. Analysts predict that if bullish momentum continues, SOL could reach $204, though bearish pressure might push it down to $157.

XRP (XRP)

XRP rose by 5% over the past 24 hours to $0.5574, with trading volume increasing by 36%. It reached a one-month high of $0.5739, fluctuating between $0.5274 and $0.55. Weekly gains stand at 7%. The 9-day EMA is at $0.5301, and the RSI is in an overbought position at 70. If momentum holds, XRP could climb to $0.6309, but sustained bearish trends might pull it back to $0.4858.

Chainlink (LINK)

Chainlink saw a 5% increase in the past day, trading at $12.39, with a 22% rise in trading volume. LINK reached a two-month high of $13, moving between $11.5 and $12.6. The 9-day EMA is at $12.4, with the RSI at a neutral 49. If bullish trends persist, LINK may reach $13.3, though bearish movement could see it dip to $10.2.