WEEKLY CRYPTO MARKET REPORT

NASDAQ – Global leading Tech Index

The NASDAQ Index gained by 0.10% in the last week and has formed a Doji candle which indicates a sharp move is expected in the coming 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 Peloton, Illumina & Docusign gaining 10%, 8% and 7% 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 increased from “66” to “74”. 

BITCOIN

aSOPR 

aSOPR for this week is greater than 1 which means investors are selling their Bitcoins at a profit.

CVDD-TERMINAL PRICE CHART INDICATOR

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

As Open Interest (OI) increases, it indicates more liquidity, volatility, and attention are coming into the derivative market.

The increasing trend in OI could support the current ongoing price trend.

Bitcoin chart

$BTC has broken the resistance level and gained 6.74% in the last week, it is expected to continue the upwards momentum. The immediate support is expected at $38,000 and resistance is expected at $48,000. 

ETH/BTC

ETH/BTC has been on a downtrend since the start of the year 2023. It corrected by 0.36% 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

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