Technical Analysis

Undeterred crypto growth | Forexlive


Crypto Market
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Bitcoin rose
6.2% over the past week, finishing near $20.7K. The bulls over the weekend
managed to rewrite local highs (touching levels above $21K)
but again triggered a wave of profit-taking, forcing BTCUSD to retreat to the
$20.5K area.

Ethereum has
gained 18% in seven days, to $1590. Other leading altcoins have gained between
12.5% (BNB) and 98% (Dogecoin). The exception was XRP (-0.4%).

The total
capitalisation of the crypto market, according to CoinMarketCap, rose 8.6% for
the week to $1.01 trillion. The crypto Fear & Greed Index fell from 34 to
31 by Monday, markedly above 22 a week earlier.

Investors in
the crypto market have cheered over the past week, supported by a weaker dollar
and a rally in equities. However, there is still a significant overhang of
selling triggered at any significant technical levels – previous highs or round
levels. This trading mode will likely persist until the FOMC meeting on
Wednesday evening but could stretch into weeks.

Dogecoin
showed the best momentum, doubling in value in a week after Elon Musk purchased
Twitter. DOGE took eighth in the cryptocurrency capitalisation ranking, pushing
below Cardano and Solana.

Crypto News
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Cardano
founder Charles Hoskinson has speculated that Dogecoin could be integrated with
Twitter and suggested that the meme cryptocurrency could be moved to the
Cardano blockchain to be able to add support for smart contracts.

According to
Morgan Stanley, investors are gearing up for a big bitcoin sell-off.

According to
the bank, investors who bought the cryptocurrency at the top of the market are
waiting for the BTC rally to resume to dump the asset at the highest possible
price.

The rise in
cryptocurrencies will be preceded by an increase in Stablecoin capitalisation,
according to Santiment.

According to
CryptoCompare, October saw the lowest cryptocurrency trading volume among
institutions. However, total assets under management (AUM) across all digital
asset investment products rose for the first time since July.

Social
network Twitter said it would add a new feature allowing users to buy, sell and
display non-fiat tokens (NFTs) directly through tweets.

For the
first time, the volume of XRP tokens owned by Ripple Labs fell below 50% of
issuance, the company noted in its third-quarter earnings report.

This article was written by FxPro’s Senior Market Analyst Alex
Kuptsikevich.

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