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Volatility Continues as Interest Rates Rise

OTC Weekly Trading Insights - 23 September, 2022
2022-09-23 13:39
  • APE appeared on the coins of interest this week, outperforming the rest of the market currently up 14%. Despite the downturn other altcoins are experiencing, APE Has been trending upwards ahead of its (yet to release) staking feature which could be one of the most anticipated stakings in crypto!
  • RVN is another coin interest, at the start of the month it experienced a heavy rally whilst the rest of the market remained range bound. The last 2 weeks have been quite the contrary, we have seen volume decrease over 47% accompanied by a similar decrease in price.
  • Interestingly enough, RVN was a coin that was circulating round on many social media platforms over the past week and a half. Although it did drop in volume, the majority of it was buying pressure which is something to consider when seeing these ‘Hype’ coins.
Trade our top 5 weekly coins of interest here!

Convert Portal Volume Breakdown

  • Stablecoin swaps topped the list again this week increasing 1.61%, this is the highest we have recorded so far. Visit our convert portal for tight spreads!
  • 2nd this week was crypto to stablecoin with a value of 19.03%. The most recent news events over the past 2 weeks have caused high levels of volatility and accompanied with the ongoing macroeconomic uncertainty, investors are moving to the sidelines.
  • As to be expected, with BTC trading near previous lows investors will continue to average into positions as we have seen stablecoin to crypto transactions still take a fair portion of the total volume.

Overall market technicals

BTC: FED warns of continued hawkish outlook

  • Since the merge last week the market has been in a rough spot with the majority of coins moving further to the downside.
  • BTC has been moving sideways for the majority of this week, however with the FED raising interest rates by 75 basis points we saw huge wild swings in both directions.
  • Looking at the charts, the downtrending line is still well respected, as BTC failed to trade above it prior to the merge. There is a potential shift in market structure on the higher time frame, as BTC has failed to set any significant high since the 14th of August.
  • The bulls will need to see Junes low of $17,600 hold and continue trade within the range. Otherwise, if the low does not hold we would likely see a run on stop losses with the next potential target being 2020 resistance around $13,000.
  • The Crypto Fear & Greed Index is at ‘20’ showing Extreme Fear within the market.

RVN: Mega Hype?

  • As mentioned earlier, RVN was a coin of interest this week as it circulated round on many popular social media platforms.
  • Earlier this month the coin rallied over 170%, however since then has fallen quite drastically (down over 44% the last 7 days).
  • Looking at the chart we can see that it broke through the higher timeframe downtrending line, successfully holding this level before trading higher.
  • At the moment RVN is currently trading around 0.0385, there is a potential support level of 0.035 we will need to see hold for bullish momentum to remain intact.
  • This will be depicted by BTC’s next move, if we see further movement to the downside we are likely to retest the trendline and possibly the all time low.

Crypto calendar

09/21/22 - EOS Mandel 3.1 Upgrade
09/22/22 - ADA Vasil Upgrade
09/28/22 - TOKEN2049 Singapore

News events of note

Another one bites the dust - Compute North, a Bitcoin mining platform, is another victim of the bear market as they recently submitted their bankruptcy filing.
Level up in the Metaverse! - PYR, a popular P2E gaming platform, has secured $8m in its series A funding.
More news found here!

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