The Coin Shark: Analytical review of the cryptocurrency market of February 22, 2022
Analytical review of the cryptocurrency market of February 22, 2022?
The main news of the cryptocurrency market for 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 Wormhole exploit earlier this month led to the withdrawal of 120,000 ETH from the blockchain bridge. Fixing vulnerabilities may not only affect the protocol itself, but may also limit the cross-chain in the future.
About how these and other events affected the value of cryptoassets - in the weekly review.
TOP most profitable and lost altcoins: NMR - leadership
NMR/USDT +10.85%
TONCOIN/USDT: +8.94%
AGLD/USDT: +8.48%
TRUE/USDT: -35.04%
MXT/USDT : -11.86%
KOL/USDT: -10.56%
The leader of the top most profitable altcoins this week was the crypto asset of the Numeraire project (NMR) with a slight increase of 11%. The asset has an average daily trading volume of $35.65 million.
Numerai is offering NMR, a new cryptographic token that can be used in a new auction mechanism that will lead to equilibrium trading. This indicates the confidence of specialists in the ability of their models to work well with new data. The auction mechanism also provides a natural argument for the economic value of the Numeraire token.
BTC technical analysis: rollback to previous values
daily chart BTC/USDT: trend reversal.
A source: OKX, TradingView BTC's
uptrend local ended fairly quickly, dropping below the 50-day moving average (MA). The so-called "pullback" occurred after a massive sale of stock market assets, which is a record since 2008.
The main cryptocurrency asset, as predicted in the previous analytical review, simply could not break through the formed price channel, which traders could observe since November 2021 on the chart.
At the moment, we can talk about the development of a negative scenario, in which case the Bitcoin price level will drop to $34,000 - $32,000. Now the cost of digital gold has reached the previous important support level of $37,000. Whether we can stay near this line or go lower will determine the further development of events for BTC in the coming weeks.
ETH technical analysis: another trend reversal
Daily ETH/USDT: moving under 50MA.
A source: OKX, TradingView
ETH is still below the 50-day and 200-day moving averages (MA), which are quite negative factors. Following Bitcoin, the digital asset could not hold its positions and went down, turning the local uptrend to a downtrend.
Ethereum literally copies the Bitcoin chart, therefore, first of all, it is necessary to direct all attention to the main cryptocurrency coin, since the scenario for Ethereum will also depend on the outcome on its market.
The situation can change at any time, so you should be prepared to make important high-risk decisions that should not go against your own trading system.
The material was prepared by an analyst of the OKX
Additional Info
- Read full article on: The Coin Shark
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