Market Update (Nov. 01, 2022)
With the FOMC in 24 hours, Bitcoin remains around $20,500.
Surprisingly, Bitcoin hasn't fluctuated much over the last two days. But that's about to change with the FOMC in approximately a day. Anything below or even on the predicted increase of 75 bps can be viewed positively by market players.
The S&P 500, which is currently trading at 3,920, is still within the resistance zone. Since the FOMC decision will be released in the middle of tomorrow's session, there will probably be volatility here.
DXY, on the other hand, has been declining, but as long as it recovers without going below the low of 109.58, the bullish structure is still in place.
Today's Winning and Losing Alts
🟢Winners:
- Dogecoin - DOGE (+17.41%)
- Chain - XCN (+15.92%)
- Uniswap - UNI (+6.46%)
🔴Losers:
- Klaytn - KLAY (-8.96%)
- Toncoin - TON (-5.64%)
- PancakeSwap - CAKE (-3.74%)
Bitcoin Recap
The price of one bitcoin is still circling about $20,500. Bulls will want to see a bounce from $20,250 or a strong retest of $20,000 in the case of a decline in order to keep the upward momentum going.
But $19,500 and $17,800 are highlighted as areas of interest by liquidation clusters, particularly if tomorrow's FOMC decision results in a decline.
Recapitulating Ethereum
The price of ETH is currently trading at $1,574 after failing its reattempt at $1,600. Although we anticipate a brief uptick from $1,550, the price will eventually probably fall to $1,500.
Furthermore, the daily Bollinger band expansion shows that the price of Ethereum has diverged from the mean. This means that before any upward momentum picks up again, we can anticipate a steady climb toward $1,400.
Visiting the NFT Space
Our NFT market map's beta version was released today. According to statistics, the 24h trade volume for the top NFT collections is increasing. Following the publicity surrounding their JPEG mints, Art Blocks has maintained its top ranking.
The Yuga Labs family didn't have a good day because only BAYC witnessed a significant increase in volume, while Otherdeed and MAYC experienced drops of more than 30%.
