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The main news of the cryptocurrency market over the past week, the top leaders of growth and decline, as well as an overview of changes in the cost of BTC and ETH in today’s market analysis.
The ongoing military conflict in Ukraine continues to have an impact on the blockchain and cryptocurrency industry. The Ukrainian government announced and almost immediately canceled the free distribution of tokens among those who donated crypto assets to support the country’s armed forces, and Western politicians are calling for the development of measures that will prevent Russian citizens from circumventing sanctions with the help of cryptocurrencies.
About how these and other events affected the value of cryptoassets – in the weekly review.
TOP of the most profitable and lost altcoins in price: KNC is the absolute leader
VRA / USDT: + 11.15%
The leader of the top most profitable altcoins this week led the crypto asset of the Kyber Network (KNC) project with an increase of more than 17%. The daily trading volume of this asset averages $62.93 million.
KNC is the leader of the TOP of the most profitable altcoins of the week.
A source: OKX
The development of Kyber Network (KNC), a decentralized liquidity provisioning protocol built for the Ethereum blockchain, began in 2017. By locking ERC-20 tokens in special smart contracts, Kyber allows users to quickly trade any Ethereum-based token without the participation of a centralized exchange.
Liquidity providers can accept payments in multiple tokens on their e-commerce platforms, but receive them in their preferred token. Liquidity is provided through a network architecture that allows anyone to deposit their assets in the form of tokens into a decentralized central liquidity pool and earn on the spread in every transaction. To operate and ensure the liquidity of the tokens, it is necessary to purchase Kyber Network Crystals (KNC). Kyber Network charges fees for transactions in KNC.
There are four interfaces that can be used to connect to the decentralized liquidity network, each targeting a different user segment: KyberSwap for the general public, KyberDeveloper for businesses, projects or DApps, KyberReserve for token holders with significant assets, and KyberGO for tokens.
Technical analysis of BTC: the formation of a new figure
BTC/USDT daily chart.
A source: OKXTradingView
The price of BTC finally exited the downward channel that existed for quite a long time and tried to break through the $44,200 line. Before that, the price of the asset approached the indicated mark three times, but now it has rolled back down to the support line.
At the moment, the price of bitcoin is below the 200- and 50-day moving averages (MA). Only the support line keeps from a more serious fall. Now a figure similar to a “bearish” triangle is being built, but it is too early to talk about it with certainty.
The scenario played out may turn out to be a trap for the “bulls”, it is necessary to observe the events in the crypto market. The geopolitical situation affecting the markets is unstable and highly unpredictable due to the sanctions imposed on Russia by Western countries.
This has a negative impact on all financial markets, but now Bitcoin is acting as a protective asset, and the instability in the world may be an option for investors trying to keep their funds in a safe asset. However, it is worth considering that investors can choose to save capital and USDT.
Technically, you can trade on small stops: put Stop-Loss behind the support or resistance level, try to find some small movements, but there is no global direction yet, the trend is unclear. We are monitoring the situation.
ETH Technical Analysis: Entering a Bullish Triangle
Daily ETH/USDT chart.
A source: OKXTradingView
The situation on the ETH market continues to be dependent on BTC. A figure similar to a “bearish” triangle is also forming on the ether chart. The price of the asset is below the 200- and 50-day moving averages (MA), as in the case of Bitcoin, which is not the most positive signal.
Key support levels: $3350 resistance line and $2400 support line. Now the ether is extremely dependent on the value of the largest cryptocurrency and is not capable of independent sharp price movements in any direction.
Keep Stop-Loss and take into account your own risk management, which at the moment should be the decisive factor in case of making any trading decisions.
Material prepared by platform analyst OKX
#Analytical #review #cryptocurrency #market #March