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The main news of the cryptocurrency market over the past week, the top growth and fall leaders, as well as an overview of changes in the value of BTC and ETH in today’s market analysis.
Cryptocurrency markets are volatile towards the end of the year despite bullish expectations for December. We have seen several notable developments in the past week, from the resignation of SushiSwap’s CTO following community criticism, to the participation of cryptocurrency CEOs in a US Congressional hearing.
In addition, gaming giant Ubisoft has begun testing the NFT trading platform, and WhatsApp announced the imminent addition of a cryptocurrency sending function as part of the Novi wallet application integration. How these and other events affected the value of cryptoassets – in the weekly review.
TOP of the most profitable and lost altcoins in price: CLV – absolute leadership
● CLV/USDT +34.34%;
● MEME / USDT: + 25.77%;
● MDT/USDT: -16.14%;
● DEVT/USDT: -23.28%;
● ZYRO / USDT: -26.52%.
The leader of the top most profitable altcoins this week took the lead in the crypto asset of the project Clover Finance (CLV) with an increase of 34.34%. The average daily trading volume of this asset is $ 215.43 million.
CLV is the leader of the top most profitable altcoins of the week.
A source: OKEx.
Clover Finance (CLV) is one of the candidates for a parachain slot in the Polkadot auction. The project infrastructure is EVM compliant and aims to facilitate inter-blockchain interoperability and improve the overall user experience in the decentralized finance sector.
CLV is the proprietary crypto asset of the Clover Finance platform. While Clover Finance users can pay transaction fees on any crypto asset supported by the platform, they are converted to CLV for payments to validators. CLV owners can participate in the governance of Clover Finance through voting.
BTC technical analysis: staying in the price channel
BTC / USDT daily chart: channel movements.
A source: OKEx, TradingView.
The price of BTC continues to fluctuate in the range from the upper border of $ 57,000 to the lower level of $ 48,000. At the moment, the price of the cryptoasset continues to move downward. Last week, the bears tried to “push through” the support line in the downtrend channel, which currently coincides with the 200-day moving average (MA), however, they lacked strength and the price of the cryptoasset bounced to the $ 50,000 zone.
It is too early to talk about the completion of the correction and the trend reversal. However, there are a number of factors that indicate a local uptrend:
A high level of fear in the cryptocurrency market (the Fear & Greed Index is from 16 to 32 points), which has historically been a good entry point for large players buying out a correction;
Good rebound momentum from 200MA and lower support levels;
Attempts to take the psychologically important level of $ 50,000.
It is necessary to closely monitor the Bitcoin chart, as in the coming days there will be clarity as to whether the bulls will be able to break the downtrend and “push” the price beyond the upper resistance lines, or whether the price will return to the 200MA level and will try to break it and then consolidate price level.
Do not forget about the “Stop-Loss” function to limit possible losses. Uncertainty in the market requires competent risk management.
ETH technical analysis: bullish flag
ETH / USDT daily chart: likely continuation of the uptrend.
A source: OKEx, TradingView.
At the moment, the ETH chart looks much stronger than the BTC positions. Changes in the bitcoin market have practically no effect on ether: during the fall of digital gold, ETH did not feel price drawdowns.
It is worth noting that a large bullish flag formation has now formed on the chart of the second largest cryptocurrency, indicating the likelihood of breaking through the upper border – the resistance level. However, it is necessary to be attentive to all the events taking place, keeping in mind the importance of placing a “Stop-Loss”, since this scenario can be just a trap for bulls.
The material was prepared by an analyst of the cryptocurrency exchange OKEx
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