The cryptocurrency market has seen an upswing in the last couple of weeks. the bitcoins, Ethereum and total cryptocurrency market capitalization are up 3.81%, 6.94% and 2.84% respectively this week. But where will this return take us in the short term?
Technical analysis and prediction of the total market capitalization of cryptocurrencies
The total capitalization of cryptocurrency market, which currently stands at $813B, is trying to break out of a 4-week range of $727B to $824B. With the last two weeks’ movement unconfirmed by volume, a market correction may be imminent. Here because.
The RSI40 indicator, also called the relative strength index, it has been very significant this year and this area has already served as support and resistance. At the time of writing, the total RSI of the cryptocurrency market stands at 37.19. Traders should assume that a reaction around this area is very likely.
Recently, the volume has been slowly declining and the indices of convergence and divergence of moving averages they are close to each other. If this continues, traders should be wary of a possible price decline.
Supports and resistances
There are several key levels to watch in the cryptocurrency total market cap charts. If the price manages to break out of the range of $727-824 billion and RSI40, the next target is to break through the $850-860 billion range. The RSI50 also remains to be won back. If the price breaks further, traders should look for the EMA20 and the downtrend line for the next possible resistance.
Fundamental analysis of the cryptocurrency market
After Federal Reserve Chairman Jerome Powell hinted that the central bank would slow down its rate-hiking campaign, equities rallied broadly. The S&P 500 was up 3.09%, the Dow Jones Industrial Average 2.18% and the Nasdaq Composite 4.41%. The Russell 2000, made up of smaller companies, was up 2.72%.
Mr. Powell’s statements gave investors hope that the central bank is done raising rates and might even lower them if needed. This optimism drove up the share prices of big tech companies. These were considered to be at risk of downturn if the Powered continued to raise rates. The optimism has in turn spread to the cryptocurrency markets.
Powell indicated in his speech to the Brookings Institution of Washington DC that the time to moderate the pace of rate hikes could come as early as their December meeting.
A 43% drop in the S&P 500?
In a blog post, trader Jon Wolfenberger said he believed the market decline was imminent due to the Fed’s rate hike policy. Additionally, the S&P 500, to which the cryptocurrency market is closely tied, could drop 43% when the market bottoms out next year. Wolfenberger suggests that risk-averse investors who want to wait out the end of the market decline and the beginning of an eventual recovery should buy relatively high risk-free treasuries and floating rate notes.
He adds it EF extensionsuch as SPDR Bloomberg 3-12 Month T-bill ETF BILS and WisdomTree Floating Rate Treasury Fund ETF USFR, would be suitable for this purpose.
Another good idea, he says, is to diversify your portfolio. If you want to invest in cryptocurrencies, it is recommended to give preference to small-cap cryptocurrencies and presale cryptocurrencies whose foundations are solid.
Uncertainty related to the decline of the crypto market
In a world where a single tweet can boost or destabilize the market, it is essential to do your research and invest in cryptocurrencies that are backed by a team, have solid utility and funding. To that end, we have compiled a list of 5 different cryptocurrencies that meet these criteria and are expected to take off in 2023.
Click 2 Exchanges (D2T)
Click 2 Exchange is an intelligence trading platform that helps investors get real-time analytics and social trading data. D2T Token pays the monthly subscription fee to use the Dash 2 Trade platform, which runs on Ethereum.
presale it has raised over $7.6 million to date. Early next year, it will be listed on BitMart and the LBANK Exchange platform, which will give early investors the opportunity to make their investment profitable.
NFTs or non-fungible tokens are an integral part of any gaming ecosystem for earning e RobotEra use them wisely. In this game, you’re tasked with rebuilding the planet Taro, and that includes creating your own NFT-matched robot companions and land to build bases on.
Companion bots are essentially digital assistants that can help players in a variety of ways as they journey across the planet. taro. The creation tools provided by RobotEra allow users to design and build their own custom robot, which can then be traded on the market.
Type games”play to earn” (P2E) they often have difficulty recruiting new players and retaining current players. By having a free or “free-to-play” component, Calvaria allows users to discover cryptocurrency games without risk or investment. This approach allows players to play for fun while enjoying all the features offered by the P2E version. An added bonus is that they will be able to compare their winnings in real time with those of other players who have purchased the NFT card game, giving them an idea of what they could have won.
Cranial vault it not only attracts new cryptocurrency players but also invites them to stay for the long term. This is essential to value the $RIA token. By playing the free version, players will fall in love with the game and will be more likely to upgrade to the paid version once they get the hang of how it works. They are also more willing than average players to continue playing and investing to increase the value of their NFTs.
IMPT is a blockchain-based platform which facilitates the buying and selling of carbon credits. IMPT was born with the Ethereum blockchain with the aim of making the carbon credit market accessible to a greater number of users.
IMPT is a platform that uses NFTs to facilitate the buying and selling of carbon credits. It offers the opportunity for individuals and companies who wish to engage protecting the planet act more effectively. Therefore, with a snowball effect, other individuals and companies will be encouraged to do the same.
IMPT is the native token of the project and investing in it is the best way for anyone who wants to get involved. The digital asset is currently available for presale. In less than three months, more than $13.4 million have been collected. The first phase of the pre-sale was carried out at a price of $0.023 per token and in the next phase the price will drop to $0.028.
IMPT is a great cryptocurrency for investors interested in green, social and government (ESG) investing. It allows investors to make profits while contributing to the protection of the environment.
Lucky Block (LBLOCK)
The project Lucky Block (LBLOCK) it is the latest crypto initiative focused on lottery and gambling. The online casino offers a wide variety of games from over 100 gaming software providers, including poker, slots and live casino games. LBLOCK describes itself as a platform where everyone wins and intends to implement a global lottery system through blockchain protocols.
Lucky Block allows users to easily fund their accounts using a credit or debit card. The company plans to add Google Pay, Apple Pay and more payment options in the near future. Lucky Block also has excellent customer service which is a huge plus. It is committed to helping its customers 24/7 through email and live chat.