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OTC Weekly Trading Insights (06/24/2022): BTC forms another range

Binance OTC
2022-06-24 13:54
  • DOT has recently seen a large decline in total volume traded on our convert portal. Consequently, price has dropped over 11% in the past week. Currently, DOT is trading at a pivotal point, just above previous 2020 highs.
  • APE has seen a surge in trading volume this week with an increase of 21.97%, whilst price has only increased 1.3%. It is not apparent as to why trading volume has increased, but there has been increased activity in the NFT space with Ronaldo signing a multiyear NFT deal with Binance and Gucci investing in SuperRare.
  • WAVES has also seen a huge increase in trading volume just over 99% compared to last week, price also recently hit previous 2020 highs and saw a small rally of 15.9% over the past 7 days.
Trade our top 5 weekly coins of interest here!
  • Once again this week, the highest volume transaction was crypto to stablecoin with a figure of 28.59% (2.5% increase), with the market trending towards the upside since the 18th of June investors will be looking to sell into the price rallies.
  • Stablecoin to Crypto was the 2nd highest transaction again this week (4 weeks consecutively) with an increase of 1.32% compared to the previous week. At these levels, it is no surprise that the long term investor will be looking to average their way into the market.
  • Stablecoin swap was in 3rd place again decreasing 0.81% compared to last week. Stablecoin-related uncertainty is still present but not as prominent as it has been compared to previous weeks.

Overall market technicals

BTC: Weekly range remains in tact

  • Last weekend, BTC saw higher volatility than usual. The weekly support level we identified was broken as BTC tumbled swiftly below before finding support at a previous December 2020 level around $18,000.
  • The market made somewhat of a recovery bounce as it returned back above $18,000. However, it failed to break above previous highs as it found resistance at the golden pocket fib level.
  • Volume has dried up towards the end of week as price returned towards the upside, suggesting that there may be price exhaustion. In order for bullish momentum to remain prevalent, we will need to see the weekly support hold and trade towards $23,000.
  • BTC is still trading within the range it has formed between $23,000 and $18,000. We will continue to monitor this as it gears up for it next move in either direction.
  • The BTC fear & greed index still remains at ‘Extreme fear’ with a value of ‘11’, a slight increase of 2 from last week.
WAVES
  • WAVES was a coin of interest this week as we saw a volume spike of just over 99%
  • After trading in a continuous downtrend following the rest of the market, WAVES found support at previous 2020 highs and bounce just over 61%
  • Currently waves is trading just below the downtrending price line it has formed (marked at the price wicks), with what could be classed as a bull flag pattern formation.

Crypto calendar
06/30/22 - AXS Land gameplay
06/30/22 - ADA Vasil Hardfork
06/30/22 - ARI10 Mobile app release
07/19/22 - Ethereum Community Conference

News events of note
Ronaldo enters the Metaverse! - Binance has announced an exclusive NFT partnership with legendary footballer Cristiano Ronaldo, aiming to give fans an introduction into Web3.
A new Stablecoin - Tether has planned to release a new stablecoin that will be pegged to the British Pound, GBPT, the tokens will be issued in July.
Mark Zuckerberg continues to expand the Metaverse - Meta has rebranded its digital wallet as Meta Pay, as the company takes its first step into creating a wallet for its version of the Metaverse.
VeeFriends NFT sales boom - Despite the current market drawdown across all assets, VeeFriends NFT’s continue to hit new milestones as they have reached a total sales volume of $500m.


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