Weekly market recap(from November 16st to November 22nd)
Sypool supporting’s project 0xGen is doing a World Cup activity, the activity format is to get a prediction ticket to guess the game after 10u trading in 0xGen, the user who predicts correctly can get a Lotto to have a chance to share the prize pool up to $200,000.
Main events:
✅Finish tasks to share a warm-up prize ($250 USDT & 168,000 $SYP & 0xGen OG Roles)
✅Join the 0xGen World Cup Lotto to share the prize pool with up to $200,000!
✅Participate in the joint AMA hosted by @Galxe.
Let’s go back to this week’s recap, when other assets entered a correction after the rebound, the crypto was mired in the mud. After the SBF event, the price fluctuated in a narrower range again. The market lost confidence and we see FUD in Telegram and Discord of various projects. It’s going to be a long-time recovery, like what the Luna event caused. But keeping crypto-spirit is more important than speculating, which teaches you more about the evolution of the organization, convenient interaction and future. Likewise, for the market, trouble makes it mature.
BTC
The price broke the given support level. In the last week’s movement, even if the bears did not strengthen in the middle of the week, the bulls were still weak, and the trading volume gradually decreased during the rebound. The three consecutive days of cross shape candles also illustrate this point. After that, the price fell significantly with the large trading volume on Monday. A new round of decline may have begun. The price will head towards new yearly lows.
Conclusion: Mostly falling. The gap between bulls and bears is obvious. The risks in the industry have not been eliminated. We have enough reason to believe that a new bottom will come. We lowered the resistance level to 17000 and the support level to 15000. We are setting this support level only because it is the nearest integer.
ETH
ETH also broke the given support level and previous low just now. Compared with BTC, the bears of ETH is stronger, which may be caused by the selling pressure of FTX hackers. On Wednesday, the bears had already started attacking. When the price approached 1200, the bulls is still weak. After fluctuating in a narrow range for three days, the price rarely dumped on Sunday, a low -circulation day in the past, and kept falling on Monday. The gap between bulls and bears is huge.
Conclusion: Mostly falling. Based on the advantages formed in the previous period, the current price of ETH is above the low point this year. We lowered the resistance level to 1200 and lowered the support level to 1000, which is also the low of the year. In addition. If the price breaks through 1000 quickly this week, the volatility of ETH may increase due to the impact of Defi liquidation.
SOL
In the last week, SOL did not fall sharply, but only slowly fell below the support level. This doesn’t mean that the bulls of SOL is stronger than that of BTC or ETH. This is the characteristic of SOL. When there is no dump in groups in the market, the decline of SOL is always slow. As a project affected by the SBF event, SOL is not out of trouble. Although the trading volume last week was lower than the week of the event, it was also higher than the previous fluctuation. If the market is affected by FUD again, the decline of SOL will be large.
Conclusion: Mostly falling. We lowered the resistance level to 14 and the support level to 10. After the price falls below 10, liquidation will happen on Solend. 10 is not a stable support level, and there is no stable support level for SOL.
Disclaimer: Nothing in the article constitutes investment advice. The article objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions based on the information contained in the article are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
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