BTC at $21,000 before Fed rate release
In the early morning, after the closing of the Asian markets, the Bitcoin and the Ethereum showed significant increases. So the Bitcoin price hit $20,534, once it crossed a support line that stood at $20,265. As for Ethereum, its progress was just below 0.50% at a price of $1,594.
In terms of trading volumes, all the indicators are rather positive. In one day, the total volume of the cryptocurrency market stood at over $87 billion (representing an increase of 22.1%). The respective shares of DeFi and stable coins accounted for 4.5% and 92% of the overall crypto volume.
The most Notable Gains and losses in the market
Among the cryptos that did well over the last 24 hours (apart from Bitcoin and Ethereum), we could distinguish a trio of currencies:
- Chain (XCN): with a jump of more than 25% at a price of $0.06.
- Dogecoin (DOGE): which reached a price of $0.14 and rose nearly 15%.
- Shiba Inu (SHIB): gaining 5.1% at a price of $0.000012.
On the other hand, in the segment of mistreated cryptos, there are three that are losing big:
- Ton coin (TON): which fell 8% to $1.50.
- Kalyn (KLAY): down just over 5% at $0.26
- Algor and (Algo): which fell nearly 4% to $0.348.
Investor sentiment: the Fear & Greed Index reflects an upward trend
A good way to analyze the crypto market is to look at the famous Fear & Greed Index, this tool which translates the sentiment of investors on their vision of the market.
The cryptocurrency market was on the “fear” indicator yesterday after being “extremely fearful” for several days. In most cases, this reflects a market that is becoming bullish with less tendency to invest in safe havens and on the contrary to favor investments in riskier assets.
Waiting for the Fed’s decisions on rate hikes
All economic analysts agree that the Fed (American Federal Bank) will raise interest rates later this week. The decision should be announced on November 2 and the increase could be the fourth in a row. The Federal Reserve and the Fed should agree on a rate increase of 75 basis points.
It is always for the sake of controlling inflation that the Fed believes that continuous rate hikes are appropriate and that a period of weaker growth is necessary.
As in the stock and bond market, cryptocurrency investors have already anticipated this rate hike and it should not have a major impact in the short term. On the other hand, they will monitor the trends that the Fed will give in its note on the economy and its intentions for the coming quarters.
Bitcoin is in a consolidation phase of its course with a current price of $20,553 and an increase of more than 6% over the week.
The trend is still bullish and BTC’s trading range between $20,000 and $21,000 is framed by Fibonacci levels of 38.2% to 61.8%. The analysis of the 50-day moving average still encourages buying and an RSI and MACD convergence suggests that the uptrend is sustainable without much risk of reversal in the medium term.
Moreover, a support level at $20,250 and a Fibo level of 61.8% could take the price quickly towards $21,000 in the event of an extension of the purchases.
The price of Ethereum
With a current price of $1,494 and an increase of 18% over the last seven days, Ethereum shows signs of good health and an upward trend that should be confirmed.
The 24-hour trading volumes exceed $40 billion and the crypto market capitalization sits a little above $195 billion. ,
Chart analysis of Ethereum price reveals a bullish channel with strong support at the $1,550 level. the significant upside potential which emerges is confirmed by the study of candlestick patterns.
Other indicators, like RSI and MACD, confirm that ETH is still in a buy zone. Investors should therefore be reassured by this set of technical data and one could then see Ethereum break through resistance at $1,660 very soon if the market does not suffer any setbacks.
Presales of new cryptos
Dash 2 Trade pre-sales are breaking records and have already reached $3.7 million. This ranks it as one of the top selling new cryptos of 2022.
Sold at a price of 0.05 USDT, these tokens (D2T) will be the official crypto on the trading platform which will see the light of day from the first months of next year. Its ambition is to provide the most powerful trading tools in the industry to crypto intermediaries as well as high quality real-time analysis and powerful trading signals.
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