WEEKLY CRYPTO MARKET REPORT
NASDAQ – Global leading Tech Index
The NASDAQ Index gained by 1.68% in the last week. It has hit the demand zone, a bounce back is seen as expected. An immediate support is expected at 14500 and resistance is expected at 16500 level. NASDAQ would pause for a bit and consolidate before it crosses it’s all time high of 16764 level
The top gainers for the week were Splunk, Tesla & Moderna Inc gaining 19%, 11% and 10% respectively
What is the general sentiment for Crypto?
The sentiment towards the cryptocurrency market stays in the FEAR zone. Compared to last week, the Fear & Greed Index has slightly increased from “38” to “39”.
SOPR – Another data to evaluate the sentiment of the general public would be to look at Spent Output Profit Ratio (SOPR). What is SOPR? In layman terms, it indicates if people have sold their BTC at a profit or if they sold at a loss. An SOPR value above 1 indicates that profit booking dominated loss booking and below 1 indicates that loss booking dominated profit booking. A value of 1 indicates that the coins were sold at their purchase price. Adjusted SOPR filters out transactions that are younger than 1 hour, thus, clearing out noise from the metric.
aSOPR for this week is at 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.
The total number of active addresses and transactions on the Bitcoin blockchain network both have increased which indicates more demand for Bitcoins, the same is expected to reflect in $BTC price
$BTC Price corrected by 0.34% in the last week. It has reached the Support levels and a bounce back is expected from this level. The immediate support is expected at $25,000 and resistance is expected at $32,000.
ETH/BTC is consolidating within the triangle pattern and it is trading near the demand zone. It corrected by 1.24% against BTC in the last week, the immediate support is expected around 0.062 and the next resistance is expected around 0.073 level.
Tokens with high Relative Strength in the market
XMINT token listed on India’s biggest exchange delivered 10X gains.
Start your Crypto Investments with XMINT Algos today