Kaspa

2024

EigenLayer

View

The market experienced a rollercoaster ride, with the global crypto market cap rising from $2.33 trillion to a three-month peak of $2.5 trillion by mid-week before settling at $2.38 trillion at the end of the week. 
Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank">BTC</a>) triggered the uptrend, having surged to retest the March 2024 all-time high above $73,000 before facing a major correction. 
Here are some of the prominent crypto assets to pay attention to this week following their noteworthy price action: 
<h2 class="wp-block-heading" id="btc-retests-ath">BTC retests ATH</h2> 
Bitcoin’s start to the week coincided with a bullish momentum that began on Oct. 26. By Monday, the asset had recorded three consecutive intraday gains, knocking at the $70,000 region. 
<figure class="wp-block-image size-full">
 <img loading="lazy" decoding="async" width="1906" height="824" src="https://crypto.news/app/uploads/2024/11/BTC-1D-Chart.png" alt="BTC, EIGEN, KAS: Top cryptocurrencies to watch this week - 26" class="wp-image-14307784">
 <figcaption class="wp-element-caption">
 BTC 1D chart | Source: <a href="https://www.tradingview.com/" target="_blank" rel="nofollow">Trading View</a>
 </figcaption>
</figure> 
The impressive uptrend spilled into Oct. 29, as Bitcoin first <a href="https://crypto.news/bitcoin-soars-above-71k-crypto-analyst-predicts-a-new-all-time-high/" target="_blank">overcame</a> the $71,000 resistance and pushed further to <a href="https://crypto.news/crypto-turns-green-as-bitcoin-flirts-with-73k/" target="_blank">breach</a> the elusive $73,000 level, reaching a seven-month peak. This allowed the leading cryptocurrency to retest its March ATH. 
However, this surge preceded a massive correction. Consequently, Bitcoin’s price action went <a href="https://crypto.news/whale-panics-amid-bitcoin-dip-sells-2019-btc/" target="_blank">downhill</a> in the four days that followed, with the 20-day MA at $68,564 now acting as an immediate defense against further downside risk. 
If the 20-day MA support gives way, BTC would need to hold above the lower Bollinger Band at $65,214 amid the upcoming US presidential election this week. However, a recovery above $71,913 could grant the bulls renewed strength to again reach the ATH. 
 You might also like: <a rel="" href="https://crypto.news/crypto-vc-funding-kraken-bags-42-5m-from-optimism-glow-labs-raises-30m/"> Crypto VC funding: Kraken bags $42.5m from Optimism, Glow Labs raises $30m </a> 
<h2 class="wp-block-heading" id="eigen-slides-17">EIGEN slides 17%&nbsp;</h2> 
Despite the broader market seeing mild gains last week, EigenLayer (<a href="https://crypto.news/price/eigenlayer/" target="_blank">EIGEN</a>), the native token of the Ethereum restaking protocol of the same name, closed the week with a massive 17% drop after an initial rise. 
<figure class="wp-block-image size-full">
 <img loading="lazy" decoding="async" width="1901" height="819" src="https://crypto.news/app/uploads/2024/11/EIGEN-1D-Chart.png" alt="BTC, EIGEN, KAS: Top cryptocurrencies to watch this week - 27" class="wp-image-14307785">
 <figcaption class="wp-element-caption">
 EIGEN 1D chart | Source: <a href="https://www.tradingview.com/" target="_blank" rel="nofollow">Trading View</a>
 </figcaption>
</figure> 
EIGEN has been struggling to reclaim its peak above $4 since the Oct. 1 <a href="https://crypto.news/eigen-token-unlock-goes-live-with-debut-of-more-than-6-5b-fdv/" target="_blank">debut</a>. The asset had rallied to a high of $4.90 on Binance before correcting. It has since continued to consolidate, with last week introducing more bearish pressure. 
As Bitcoin retraced mid-week, EIGEN faced massive declines over three days, forming a downward channel. To overcome this trend, <a href="https://crypto.news/4-6m-eigen-entered-the-exchanges-profit-taking-could-be-on-the-way/" target="_blank">EigenLayer</a> must close above the 23.6% Fibonacci retracement level at $2.642 this week. 
<h2 class="wp-block-heading" id="kas-faces-uncertainty">KAS faces uncertainty</h2> 
Last week, Kaspa (<a href="https://crypto.news/price/kaspa/" target="_blank">KAS</a>) charted its course amid market uncertainties, diverging from broader market trends. Although it saw gains toward the end of the week, KAS ultimately closed with a 4.4% decline.&nbsp; 
<figure class="wp-block-image size-full">
 <img loading="lazy" decoding="async" width="1904" height="836" src="https://crypto.news/app/uploads/2024/11/KAS-1D-Chart.png" alt="BTC, EIGEN, KAS: Top cryptocurrencies to watch this week - 28" class="wp-image-14307786">
 <figcaption class="wp-element-caption">
 KAS 1D chart | Source: <a href="https://www.tradingview.com/" target="_blank" rel="nofollow">Trading View</a>
 </figcaption>
</figure> 
The token experienced fluctuations throughout the week but remained below the pivot level of $0.2592, confirming the prevailing bearish momentum, as the -DI at 31.1 largely exceeds the +DI at 13.3. 
For KAS to shift momentum this week, it must break through this pivot level and recover the late October high of $0.1311. 
Surpassing this level would introduce the first major resistance at $0.1492. Kaspa could use this zone as a springboard to reclaim the psychological levels of $0.15 and $0.16, with a second key hurdle at $0.1636. 
 Read more: <a rel="" href="https://crypto.news/cz-talks-about-making-friends-in-prison-in-new-interview/"> CZ talks about making friends in prison in new interview </a>

BTC, EIGEN, KAS: Top cryptocurrencies to watch this week

Table of Contents

crypto.news

Other articles published on Nov 3, 2024

Former SEC Official Speaks Out For The Altcoin That The SEC Recently Threatened: “Something Never...

Goatseus Maximus (GOAT) Sees 50% Correction from ATH: Is a Recovery Rally on the Horizon?

Trump vs. Harris: Will U.S. Elections Drive Bitcoin to a New All-Time High?

U.S. Government Wants $13 Million in Political Donations Back from Former FTX Leaders

These Cryptos Are Going to the Moon: Top Picks for Astronomical Returns in 2024!

Top 5 Altcoins Set for 100x Gains—Your Path to a $10 Million Portfolio by 2025

Join our free newsletter for daily crypto updates!