WEEKLY CRYPTO MARKET REPORT

NASDAQ – Global leading Tech Index

The NASDAQ Index gained by 0.91% in the last week. Nasdaq has approached the resistance of 15,900 and is positioned to head upwards from here. The immediate support is expected at 15,000 level

The top gainers for the week were Baidu, Dexcom & Fiserv gaining 3%, 2% and 2% respectively

The tech stocks and crypto markets have shown good strength as the dollar index has weakened. The uptrend in risk on assets like Nasdaq and Crypto will continue till the dollar index is weak. The rally is expected to continue till the end of the year.

CRYPTO

What is the general sentiment for Crypto?

The sentiment towards the cryptocurrency market continues to stay in the GREED zone. Compared to last week, the Fear & Greed Index has marginally decreased from “69” to “66”. 

BITCOIN

aSOPR 

aSOPR for this week is nearly equal to 1 which means investors are selling their Bitcoins at their purchase price.

CVDD-TERMINAL PRICE CHART INDICATOR

The Bitcoin price has broken out of the descending trendline. Bitcoin is expected to continue its upward movement.

As OI decreases, it indicates investors are closing futures positions and there is possibility of trend reversals. In turn, this might trigger the possibility of long/short-squeeze caused by sudden price movement or vice versa.

Bitcoin chart

$BTC gained by 0.23% in the last week. BTC has reached the resistance and is expected to slow down, The immediate support is expected at $32,000 and resistance is expected at $38,000. 

ETH/BTC

ETH/BTC has been in downtrend since the start of the year 2023. It gained by 2.28% against BTC in the last week. We did see a bounce back from the support levels around 0.050 as expected. ETH looks very attractive at this point wrt risk-reward

Tokens with high Relative Strength in the market

XMINT token listed on India’s biggest exchange, delivered 10X gains within just 10 months of listing.

Get deeper insights into the crypto market’s weekly trends discussed on our Spotify podcast.

Start your Crypto Investments with XMINT Algos today