The cryptocurrency market has seen a significant uptick in the past two weeks, with Bitcoin and Ethereum currently up by 3.81% and 6.94% respectively this week. But where is this short-term surge heading?
Bitcoin Technical Analysis and Prediction
Now trading at $16,900, Bitcoin is currently struggling to surpass the 4-week range of $15,400-$17,000. The two-week price surge was not accompanied by a significant amount of volume so this might mean that a market correction is on its way. Here’s why that could be the case.
The RSI40 has been holding a lot of weight this year, appearing as both support and resistance in the past. Right now, Bitcoin’s RSI is at 34.13. Therefore, it is likely that traders will see some reaction as the RSI is beginning to approach this area.
Warning signs for a bearish market ahead? The volume has been decreasing and the moving averages are now moving close to each other. If this continues, we could see a bearish crossover for this leading indicator.
Support and Resistances
If Bitcoin’s price breaks out from the current range between $15,400 and $17,000 while RSI40 is also broken, the next target would be to break past $18,100 to reach $18.800. Another key level to look for is RSI50. If prices go even higher than that, traders should focus on EMA20 as well as the descending trendline for where resistance might be.
USDT.D (USDT DOMINANCE)
Checking out the USDT dominance chart which is inversely correlated with BTC, we can observe that the price has been going down for the past two weeks. The leading indicators RSI and MACD have been exhibiting a double-top bearish divergence pattern. If it materializes, that means that the cryptocurrency market is going to be short-term bullish given the inverse relationship between bitcoin and crypto total market cap charts.
USDT.D (USDT Dominance) in relation to $BTC trends:
Major inflection points in USDT.D have signaled macro cycle shifts in BTCUSD. (See 2019 bottom, 2020 run up, 2021 top)
— HornHairs (@CryptoHornHairs) November 29, 2022
Cryptocurrency Market Fundamental Analysis
Powell’s Economic Outlook
Stocks soared along with crypto markets Wednesday after Federal Reserve Chair Jerome Powell hinted that the central bank would slow down its rate-hiking plans in December. The S&P 500 went up 3.09%, the Dow Jones Industrial Average increased by 2.18%, and the Nasdaq Composite rose by 4.41%.
Powell’s statements instilled faith in investors that the central bank is done raising rates and could lower them if required. This renewed optimism caused prices of stocks for large tech companies to go up, which had been regarded as being at risk with a deteriorating economy if the Fed kept raising rates.
Bitcoin and most other cryptocurrencies also saw a significant price increase during and after Powell’s speech.
Stocks, Gold, Bitcoin and the Euro after the CPI report: pic.twitter.com/E0yFX0cPQA
— TradingView (@tradingview) November 10, 2022
5 Cryptos to Buy Before 2023
Given the uncertain market conditions, it’s important for investors to diversify their portfolios and consider investing in projects only if they have strong fundamentals such as a solid team, real utility, and strong financial backing that will see them through the bear market. Five such coins include D2T, TARO, RIA, IMPT, and TAMA.
Dash 2 Trade (D2T)
Dash 2 Trade’s trading information and analytics ecosystem has been specifically designed to help traders navigate challenging market conditions. The platform’s features empower traders to identify trending cryptocurrencies and develop strategies to trade them effectively.
Furthermore, Dash 2 Trade will have a customized presale scoreboard that uses multiple metrics to aid traders in judging whether a new project is a good investment. The system will also provide standard trading notifications and a Discord server where people can meet and exchange views.
With Dash 2 Trade being developed by the team behind Learn 2 Trade – a 70,000-person
+ trading education company – there is a strong chance that the platform could easily become the go-to trading platform and community for beginners and advanced investors.
In RobotEra, non-fungible tokens (NFTs) are a key element in a play-to-earn ecosystem that sees players using NFT-based robot companions to work rebuilding planet Taro. Players create and customize their own digital robot companions and the land they call home. These digital helpers can offer various forms of support as players progress through quests on Planet Taro. With RobotEra’s no-code creation tools, players can design and craft one-of-a-kind robot companions to trade on the marketplace.
Calvaria: Duels of Eternity is a play-to-earn game where players use character-based trading cards to build decks strategic battles against other players.
The game transports players to an afterlife-themed universe in which they purchase NFTs (non-fungible tokens) to represent unique characters and groups. The objective is then to marshal these forces using complex strategies and tactics against opponents in to gain rewards and various upgrades.
By having a free-to-play component that doesn’t require using cryptocurrencies, Calvaria allows gamers to play without forcing them to invest in anything. This approach lets gamers play for fun while potentially onboarding them to Web3 with zero pressure.
Another advantage is that they will have the opportunity to compare their earnings in real-time against other players who purchased the NFT deck of cards – making it easy to understand what could have been earned in the paid game, thereby enticing players to convert to the paid version once they understand how it works. Needless to say, this is integral in boosting the value of the $RIA token.
The RIA presale is currently in the fourth stage, which is 92% complete. The presale has ten stages, with the price increasing at each stage. The RIA presale has already raised more than $2.17 million.
IMPT is a blockchain-based platform created to make buying and selling carbon credits much easier, especially for those new to the market. By integrating with a shopping platform using NFTs (non-fungible tokens), it’s easy for IMPTs buyers and sellers to get involved in offsetting their carbon footprints.
IMPT is in presale stage 1 and is currently available at the discounted price of $0.023 per token. In less than three months, IMPT has raised $13.47 million through presales with a target goal of $20 million before moving on to stage 2 where the price will increase to $0.028. IMPT coin investors can be proud that they are not only making a profit but also helping the environment.
The Tamadoge (TAMA) token is the gateway to the Tamaverse, where you can mint your own Tamadoge pets, breed them, and battle them against other players.
Tamadoge will give users the ability to mint an unlimited number of doges, as well as breed and train their pets in order to compete for monthly prizes. In addition, there will be augmented reality experiences available in the Tamaverse that will allow NFTs to interact with each other in a fun and interactive way.
When people buy something in the Tamadoge network’s online shop, the platform takes 5% of the TAMA spent and burns it, creating deflationary pressure on the cryptocurrency. 30% of the fee goes towards rewarding content creators, with the remaining 65% being used to cover the costs of running the platform.
IMPT - New Eco Friendly Crypto
- Carbon Offsetting Crypto & NFT Project
- Industry Partnerships, Public Team
- Listed on LBank, Uniswap
- Upcoming Listings - Bitmart Dec 28, Gate.io Jan 1st