Daily market review and thoughts: February 11
▫️#BTC (two-hour timeframe). Buyers are not giving up their positions, the asset has managed to consolidate above the VAH range of $29,500 – $65,500. This allowed Bitcoin to closely approach the annual maximum. Sales of the instrument intensified at the $48,600 mark. At the same time, the RSI indicator showed bearish divergence relative to the price movement, which may indicate an imminent local correction of the instrument.
It is quite possible that this will happen after another attempt to update the annual maximum around $49,000. From here, I expect with a greater degree of probability a decrease in the asset to the lower boundary of the ascending channel at the $46,500 mark. A price penetration of Bitcoin to the upper boundary of the Ichimoku Cloud, acting as a dynamic support level of the instrument, is possible. Bitcoin’s return above the trading level of $47,500 will lay the groundwork for growth to $50,500.
▫️#ETH. The asset retraced to the $2,460 area, where the instrument bounced back. The nearest resistance level is at $2,575.
▫️This week, sales of non-fungible tokens increased by 16.8% compared to the previous one . Ethereum took the first place among all platforms with a total sales volume of $148.49 million, which constituted a significant increase of 99.08%.
Bitcoin blockchain came in second with a result of $52.97 million. NFT sales based on Solana decreased by 21.16% to $39.84 million. Polygon and Mythos also entered the TOP-5 networks by trading volume. Sales on Polygon dropped to $8.23 million, down 20.23%, while Mythos showed growth of 11.43% to $6.23 million.
The most popular NFT collection was Pandora on Ethereum. Its trading volume for the last 24 hours alone amounted to $53 million. Following it is the Nobody project on #ETH — $15 million. Uncategorized Ordinals based on Bitcoin took third place with a sales volume of $13.65 million.
Although Ethereum continues to remain the main player in the NFT market, other blockchains are also becoming increasingly popular. In particular, the Bitcoin network has managed to occupy leading positions for some time. I think this positively affects the industry, as the diversity of networks offers users more choice and flexibility. The industry provides different opportunities for creating and trading digital assets, which will attract new collectors and creators to it.
▫️Alts: The publication of a video demonstrating gameplay by Battle World (#BWO) developers caused a 34% increase in #BWO (to #USDT).
Against the backdrop of the launch of the Autonolas (#OLAS) protocol on the Arbitrum network, the value of #OLAS increased by 29% (to #USDT).
The announcement of the IDO of Me3 Wallet on the TrustSwap (#SWAP) launchpad led to a 25% appreciation of #SWAP (to #USDT).
▫️The overall market value of digital assets grew by 2.4% over the past day, with the main cryptocurrency’s dominance increasing by 0.1%. Bitcoin is approaching an important resistance level around the annual maximum ($49,000). There is a high probability of a local correction in the near future.