Market Update (Nov. 17, 2022)
The cryptocurrency market is bleeding as Bitcoin moves sideways.
Since yesterday, Bitcoin has been maintaining the crucial level at roughly $16,500. The total market cap has decreased by about 2% for the day as a result of the sideways movement of the market leader.
Meanwhile, a sell-off in CRV happened late at night as a result of suspicions that a Convex exploit had taken place. Later, it was determined to be a miscommunication.
Before the market opened, the S&P 500 had significant selling pressure and is currently trading at 3,921. DXY, on the other hand, has demonstrated some strength and is currently at 106.87, but it hasn't yet moved significantly.
Today's Winning and Losing Alts
- Helium - HNT (+7.62%)
- Aptos - APT (+7.52%)
- Unus Sed Leo - LEO (+5.64%)
- Curve DAO Token - CRV (-7.57%)
- Solana - SOL (-5.31%)
- Decentraland - MANA (-5.10%)
At $16,500, Bitcoin is still sustaining its higher-low structure. We do not, however, see any bids coming in. When it comes to momentum indicators, the majority of them are overbought, and on-chain analysis also reveals that whale activity is rising along with increased exchange inflows, which typically leads to a dump. Before a buyer jumps in, Bitcoin may be staring down the $14,470 mark if we fall below our upper low structure.
The Ethereum Foundation's decision to abolish the ETH staking withdrawal timetable sparked community dissatisfaction and suspicion, and among the major altcoins, ETH reported a 1.6% loss over the course of 24 hours.
Although some buyers entered after ETH broke the higher-low structure, it was unable to rise back above the trend line indicated below. It is currently at the neckline of a double top formation on 4H chart, and it looks like it will only be a matter of time until it is broken, propelling Ethereum at the very least towards $1,050.
Visiting the NFT Space
The majority of the NFT space was green in our heatmap, but RarePass: Genesis (+1,318%) and Art Blocks (+3,825%), which were overwhelmingly successful in terms of volume and growth, stole the show.
RarePass: Genesis NFTs from SuperRare were completely sold out, and a further successful drop of Art Blocks occurred.