▫️#BTC (three-hour timeframe). Bitcoin’s attempts to overcome the upper boundary of the Symmetrical Triangle were not successful. The price dropped to an important trading level around $42,700. At the same time, the Volume Balance line has already fallen below the support level, indicating a potential decline in the instrument. The lower boundary of the figure coincides with the upper line of the Ichimoku Cloud, so a bounce from the $42,100 mark could occur.
Data from CoinGlass indicates that the most liquidity has accumulated around the $41,500 mark over the past week. The next zone is $44,000. I believe that we will first see a local correction in Bitcoin with the triggering of stop-losses of long positions before the next upward impulse. In the future, I expect a reversal of the price movement from the $40,800 — $41,000 zone and a rise to $44,000, breaking which will open the way to $45,500.
▫️#ETH. Ether has dropped below the $2,300 trading level. In the near term, there might be a test of the support level around $2,240.
▫️NFT sales for the last seven days increased by 3.74%, reaching $236.2 million. This growth disrupts the trend of the previous two weeks when trading activity in non-fungible token platforms was declining.
The top collection of the week was “Uncategorized Ordinals” on the Bitcoin network with $12.5 million in sales and a growth of 36.34%. “Dokyo” on Avalanche took second place with $7.6 million in trades and a 23.15% increase. “Froganas” on Solana also showed a good result, with sales of $7.58 million and a 13% growth.
In terms of trading volume among blockchains, Ethereum led the week with $74.4 million, followed by #BTC with $62.63 million. Solana ranked third with $48.63 million. Arbitrum showed a significant increase in trading volume by 103.2%, and on the BNB Chain network, NFT sales increased by 70.52%.
The increase in NFT sales volume may indicate a return of interest from investors and collectors to this type of asset. The success of various collections on different blockchains indicates the diversification of market participants’ interests. Positive trends in the NFT market may indicate its stability and potential for long-term development. This can attract new participants and support further growth in this market segment.
▫️Alts: with the addition of new assets to the pre-market platform Whales Market (#WHALES), the value of #WHALES increased by 45% (to #USDT).
The launch of the liquidity pool Ordiswap (#ORDS) with increased yield on DEX PancakeSwap caused a 32% increase in #ORDS (to #USDT).
The update of the project DexCheck’s (#DCK) roadmap led to a 22% increase in #DCK (to #USDT).
▫️Cryptocurrency market capitalization increased by 0.9% in the last 24 hours, and Bitcoin’s dominance increased by 0.25%. The total value of digital assets reached the resistance level at $1.6 trillion.. There is a possibility of a local pullback of this parameter within 2.5 — 5%.