WEEKLY CRYPTO MARKET REPORT

 

NASDAQ – Global leading Tech Index

The NASDAQ Index gained 0.93% for the week and has reached the resistance level around 16,800 levels. It is expected to continue the upward momentum, the immediate support is expected at 15,700 level and immediate resistance is expected around 16,800 levels 

The top gainers for the week were Ansys, Moderna & Intel gaining 18%, 4% and 2% respectively

The tech stocks and crypto markets are appearing strong 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 December 2023.

 

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  “65” to “73”

 

BITCOIN

aSOPR 

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

 

CVDD-TERMINAL PRICE CHART INDICATOR

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

 

Net deposits on exchanges are high compared to the 7-day average. Higher deposits can be interpreted as higher selling pressure.

 

Bitcoin chart

$BTC gained by 3.91% 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 0.81% against BTC in the last week. The immediate support is expected around 0.050 and resistance is expected at 0.060 levels. ETH looks very attractive at this point wrt risk-reward

 

Tokens with high Relative Strength in the market

The top gainers for the week were MINA, NEAR & OP tokens gaining 82%, 80% & 72% respectively

 

XMINT BOT

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