The cryptocurrency market has seen prices move from major support across all plates, with the cryptocurrency market finding some relief lately as it aims to reclaim its $1.2 trillion resistance. This sent market sentiment back to the upside, with many crypto assets rising from major support and posting double-digit gains. Let’s focus on the top 5 cryptocurrencies to watch out for this week.
Disclaimer: The choices included in this article should not be taken as investment advice. Always do your research and never invest more than you can afford to lose.
Top 5 Cryptocurrencies – Bitcoin (BTC) Price Analysis
BTC price daily chart | Source: BTCUSDT on Tradingview.comFrom the chart, BTC price from $20,400, with bulls trying to push the price above this area, was rejected as BTC price resistance.
BTC is currently trading at $19,200 at the time of writing this article. BTC price was unable to break out of the ascending triangle that it formed as the price continued to range in the triangle hoping to break out to the upper side. BTC price at $18,800 continues to act as support for BTC price; A break above this price could lead to BTC retesting the $17,700-$17,000 lower support.
A break above the ascending triangle could lead the price to a high of $21,500-22,000.
Ethereum (ETH) price analysis on the daily (1D) chart
Although in recent weeks Ethereum price outperformed BTC after showing an uptrend ahead of “The Merge,” the price faced resistance to break above $1,400, with the next major support at $1,000 looking more likely for the price.
ETH price declined from $1,370 with what appears to be resistance for ETH price to move higher. The price saw a sell-off into the $1250 area, with the price rebounding from that area to a high of $1320.
The price of ETH at the time of writing is $1,325, and it is trading below the 50 and 200 exponential moving average (EMA) on the daily time frame.
If ETH price maintains its bearish structure, we could see the price retest $1200-$1000 as a major support area with high bids.
Binance Coin (BNB) Price Analysis on the Daily (1D) Chart
BNB price rejected from its $290 resistance and is currently trading at $280.
BNB failed to maintain its ascending structure, and a break of around $270 might lead BNB price to retest the $240 area as support.
Top 5 Cryptocurrencies – Maker DAO (MKR) Price Analysis on the Daily (1D) Chart
MKR price continued to show steady upward trends above the 8 and 20 EMA after the successful breakout of the descending triangle which created a more bullish scenario.
As the market appears to be more stable, we could see MKR retest the $1200 area. If the MKR price goes into a sell-off, we could see a retest of the $800 price acting as a support area.
Polygon Price Analysis (MATIC) on the daily chart (1D)
MATIC price formed a bullish pattern (ascending triangle) with a possible breakout to the upside; A breakout and a close above the ascending triangle means that the price will rise to the high of $1.
Featured image from zipmex, Charts from TradingView.com
The authority responsible for supervising digital currencies in Uzbekistan has determined the order for digital assets to be issued and traded in the country. The main reason behind this move is to create a mechanism that would allow local companies to attract capital through coins and tokens.
The government of Uzbekistan defines the regulation of digital asset investments
National Agency for Perspective Projects (NAPP), under the chairmanship of the President of Uzbekistan, a new regulation on the procedure for issuing, registering and issuing crypto assets in circulation in the Central Asian country.
The document provides basic legal definitions of cryptographic assets and distinguishes between different types. It introduces requirements for cryptocurrency issuers, depositors and custodians and outlines their obligations, including those related to customer relations.
The Authority also approved the rules for establishing and maintaining an electronic registry of crypto assets and adopted accounting standards for the rights associated with them and the rights of their holders.
Cryptocurrency depositories will be responsible for providing services for the issuance, registration, trading and storage of crypto assets. Exporters can use it or other online platforms, NAPP said, noting that the face value of the currencies should only be expressed in the national currency, the Uzbekistan som.
The agency emphasized that the issuance of unsecured tokens is prohibited. Words like “state”, “state-insured”, “state-backed”, “Uzbekistan”, “Uzbek”, “national” and “sum” are prohibited in the names of cryptocurrencies. The regulator also explained:
The main purpose of adopting this document is to create a new mechanism for business entities to attract investments and develop their activities through the issuance and registration of the issuance of secured tokens.
NAPP further warned against any unauthorized activities related to the trading of crypto assets in the country or the use of services by service providers who have not obtained a license to provide them. The same applies to companies involved in cryptocurrency mining.
Uzbekistan has taken steps towards comprehensive regulation of its crypto sector through several decrees Occurred By President Shavkat Mirziyoyev and decisions of the National Agency for Perspective Projects. country recently licensed Two companies to provide exchange services.
Do you think Uzbekistan will benefit from the new regulations adopted by the country’s cryptocurrency watchdog? Tell us in the comments section below.
Lubomir Tasev is a technology-savvy Eastern European journalist who likes to quote Hitchens: “Being a writer is who I am, not what I do.” Besides crypto, blockchain and fintech, international politics and economics are other sources of inspiration.
Image credits: shutterstock, pixabay, wikicommons
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Bitcoin is declining and may be at the end of its bullish momentum in the short term; Macroeconomic data may have turned against it again. The cryptocurrency saw gains after weeks of bearishness, but the rally is running out of steam.
The number one cryptocurrency by market capitalization is moving sideways after the collapse of FTX, which pushed it below a critical support level. As of this writing, bitcoin is trading at $16,900. BTC price has not regained this level around $17,500.
Bitcoin continues to struggle, and a new situation is in the making
Over the past week, the market has been pushed to the upside on the back of the potential monetary policy of the US Federal Reserve (Fed). Federal Reserve Chairman Jerome Powell hinted at a change in their strategy during a speech at the Brookings Institution.
Powell has spoken of moderation for the first time in months since raising interest rates to slow inflation. During this speech, the Chairman of the Federal Reserve He said:
Thus, it makes sense that we should reduce the pace of our price increases as we approach a level of restraint that will be sufficient to bring down inflation. The time to adjust the pace of rate hikes may come once the December meeting.
Bitcoin, cryptocurrency and legacy financial markets have been trending lower due to this monetary policy. Powell talked about moderation which gave them some room to run, but today the US published data on the jobs sectors wiped out the bullish sentiment in the market.
Nonfarm payrolls and private payrolls came in hotter than expected. The market was expecting much lower results. The metrics recorded 263,000 and 221,000, respectively. This data indicates a strong labor market, which contributes to inflation, and allows the Federal Reserve to keep raising interest rates.
Immediately after this data became public, the market began pricing in the higher probability of a 75 basis point increase in interest for the month of December. Analyst Ted Talking Macro Believes Last week’s rally and subsequent price action may be part of the new status quo.
The market may be stuck in a game of ping pong, a game of frustration, between up and down forces. A strategy used by the Fed to keep inflation under control without hurting the economy. Ben Lilly, co-founder of analytics firm Jarvis Labs, He said Here’s about the current state of affairs in the markets in response to the TED thesis:
This process of bullish macro conditions, encountered shortly after for some reason to be hawkish (moving target/FED action expectations) is a level of strategic uncertainty. If things are slightly compressed and prices need to settle… what’s your next option? this is.