Trent Rhode
The cryptocurrency market has been on an upward trend for the past week, though BTC is currently struggling to maintain its $17,000 support. The total market cap is $849.72 billion, a 1.01% decrease on the day, as of writing, with overall crypto prices in a potential ascending triangle formation. This indicates the potential for a short-term bullish scenario for the cryptocurrency market should wider macroeconomic conditions allow it. Why have prices been rising the past week and where are we going next?
Why Cryptocurrency Prices Were Rising: Total Market Cap Technical Analysis and Prediction
RSI
The Cryptocurrency Total Market Cap RSI is currently at 48.92 and is looking to break out of RSI 50 and mount it for the next couple of days. If this happens, there could be a potential move to the upside in the short-term if wider macroeconomic factors and risk asset market conditions allow it.
MACD
The MACD is currently exhibiting a bullish crossover, with both moving averages sloping upwards and maintaining a consistent space from one another according to the histogram for the past couple of days.
Support and Resistances
Earlier today, the market made an attempt to break the $830 billion resistance but it was met with resistance, which eventually pulled the price back into the range. The next couple of days is important for the short-term future of the cryptocurrency market.
December markets are crucial for traders, as a “Santa Claus rally” could provide significant gains, though these rallies don’t always manifest and it’s still unclear if it will happen this year. Plotting a Fibonacci retracement for the recent swing reveals that the area around fib 0.236 area has held over the past couple of days and now acting as immediate support as the market cap is looking to finally break the short-term resistance of $830 billion. If broken, the next resistance is going be the EMA50 at $843 billion, then the previous resistance area of $852 billion to $861 billion.
Cryptocurrency Market Fundamental Analysis
US Economic Data
The stock market fell today as traders became concerned that the Federal Reserve will continue to tighten interest rates until it causes an economic recession. The Dow Jones Industrial Average fell 525 points, while the S&P 500 and Nasdaq Composite slid by 1.98% and 2.19% respectively, as of writing.
A hotter-than-expected reading of the November ISM Services index further stoked concerns that the Fed will continue hiking rates after the index topped estimates and increased from October. The yields for bonds increased as stock prices dropped, with the yield on the 10-year Treasury last being traded at 8 basis points higher, amounting to 3.586%.
Peter Essele, head of portfolio management at Commonwealth Financial Network, noted in a CNBC interview that “equity markets want to move higher, but that’s very dependent on inflation getting under control.”
Next week’s Federal Reserve policy meeting is looming, and investors are keeping a close eye on fresh economic data. Last week, Fed Chairman Jerome Powell gave a speech in which he hinted that the central bank will most likely approve a 0.5 percentage point interest rate increase. However, Powell also said that the “terminal rate,” or point where the Fed stops raising rates, likely “will need to be somewhat higher” than indicated at the September meeting. The Fed funds rate could potentially exceed 5%.
Meanwhile, Friday’s jobs report increased the market’s anxiety about the Federal Reserve as average hourly earnings rose above expectations. If wages continue to increase, it could put upward pressure on inflation and force the Fed to take a more aggressive stance.
Mike Wilson, Morgan Stanley’s chief U.S. equity strategist, suggests that investors cash in on recent profits since the market is approaching Morgan Stanley’s original tactical target range of 4,000 to 4,150 and the risk-reward for equities is capped.
Although the cryptocurrency market may have a positive outlook, markets remain volatile and it’s crucial to monitor external factors that could affect prices.
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3 Assets You Should Buy Now While the Market Trend is Still Unclear
When it comes to your money, you don’t want to put all your eggs in one basket. That’s why it’s important to diversify your portfolio by investing in a variety of projects. Here are three hot cryptocurrency options that are currently in presale and expected to blow up in 2023:
Dash 2 Trade (D2T)
No other crypto trading platform on the market offers the same slew of features as Dash 2 Trade. The platform’s analytics and social media tools are designed to help traders make informed decisions about which tokens to invest in. The platform will offer a pre-sale token scoring system, a token listing alert system, and a strategy back-testing tool. The entire ecosystem will be powered by the D2Token – which users will need to buy and hold to access these features.
D2T sales have passed $8.5 million and the presale is currently in stage 3, with 97.68% of stage 3 tokens already spoken for. The next stage brings a price increase to $0.0533 from their current price of $0.0513.
Visit Dash 2 Trade Now
IMPT.IO (IMPT)
If you’re looking to invest in a ‘green’ cryptocurrency, then the IMPT token is a great choice. The token helps to offset carbon footprints for some of the world’s largest retailers and also allows users to trade carbon credits on the blockchain.
In only 48 hours, the IMPT token presale recently raised $400k, exceeding $14.1 million dollars in token sales. Time is running out for potential investors who want to purchase tokens before they are listed on exchanges–with only six days remaining of the presale.
Clavaria (RIA)
In Calvaria: Duels of Eternity, players use non-fungible token (NFT) trading cards to create strategies and compete against each other in an after-life themed world.
RIA is the token for NFT purchases and trades in Calvaria’s internal marketplace, while also giving holders governance power over the game’s decentralized autonomous organization (DAO). The digital asset can also be staked by those looking to earn some extra money passively.
Even in the current bear market, Calvaria has still managed to bring in investors, exceeding $2.35 million in token sales so far. Due to overwhelming demand, the developers have ended the presale early and have dropped the number of available tokens from 300 million to 150 million.
Related:
- Shiba Inu Price Prediction – Up 5% Today, SHIB Won’t Reach $1 But These Coins Can
- Litecoin Price Prediction – Up 8% to $83, Can LTC Hit $100 in December?
- Crypto Casinos Are Booming And This is The Best Choice Now to Play Now, Buy LBLOCK?
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
This article was written for Business 2 Community by Trent Rhode.
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