▫️#BTC (four-hour timeframe). Bitcoin continues its consolidation within the Symmetrical Triangle pattern. Yesterday, the asset broke above the upper boundary of the figure; however, sellers quickly brought the instrument back within the formation. The price has returned above the $42,700 trading level, indicating that in the near term, Bitcoin will again head towards the upper boundary of the pattern.
With a higher probability, I expect a pullback of the instrument with a descent towards the lower boundary of the Ichimoku Cloud around $40,900 – $41,200. This will relieve the market from long positions before the next wave of growth towards the seller block at the $45,500 mark. A deeper correction of the instrument may occur from this level.
▫️#ETH. Ethereum tested the $2,300 trading level as support and continued its recovery. The nearest resistance level is around $2,350.
▫️Over the past month, the total amount of locked assets in the L2 network of Manta Network (#MANTA) has increased by 32% and reached $467 million. By this measure, the platform has surpassed the Base network and ranked third among all rollups.
Manta Network is a multi-module ecosystem focused on zero-knowledge (ZK) applications. It consists of two networks: the protocol for decentralized applications Manta Pacific and the ZK platform Manta Atlantic on Polkadot. In the Manta ecosystem, there are 38 protocols and over 185 decentralized applications. The majority of funds—about $338 million—are concentrated in the LayerBank lending service.
From a technical analysis standpoint, #MANTA is consolidating below the resistance level at $2.7. If the asset fails to overcome this level, the price will roll back to the buyer block around $2.10 – $2.15. This zone can be considered for opening a long position. In case of a breakthrough and trading above $2.7, #MANTA will head towards the next resistance level around $3.45.
▫️Altcoins: The news that Sphinx Shield completed the code audit of the Sakai Vault project (#SAKAI) caused #SAKAI to rise by 38% (against #USDT).
The addition of new assets for restaking on the Vector Reserve platform (#VEC) led to a 25% increase in #VEC (against #USDT).
The strategic partnership between Ethereum Name Service (#ENS) and GoDaddy led to an 18% increase in #ENS (against #USDT).
▫️The US stock market ended Monday’s trading session with a decline amid negative dynamics in the commodity, utility, and consumer goods sectors. In an interview with CBS News, the head of the Federal Reserve stated that the stability of the US economy allows the regulator not to rush to lower the base interest rate. He also emphasized that the scenario of lowering the rate in March is not likely or base-case.
This contrasts with investors’ expectations, who anticipate a near-term easing of monetary policy. At the time of closing on the New York Stock Exchange, the Dow Jones fell by 0.71%, the S&P 500 index dropped by 0.32%, and the NASDAQ Composite index decreased by 0.2%.
▫️The cryptocurrency market capitalization decreased by 0.6% over the past 24 hours, and Bitcoin’s dominance dropped by 0.1%. The total value of digital assets again approached the $1.6 trillion mark, reaching which previously preceded a local market correction. There is a possibility that the situation will repeat, and the capitalization in the short term will drop to the $1.52 – $1.56 trillion range.