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The Market Strikes Back!

OTC Weekly Trading Insights - Binance OTC
2022-10-14 12:56
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Oct 14, 2022
  • ADA made it to our top 5 this week. A coin that seemed bulletproof during the 2021 bull run has fallen victim to the bear market we are in. Currently, ADA is trading around $0.38 (-87.8% since ATH), testing January’s 2021 support.
  • Despite ADA’s recent upgrades, the coin's performance remains lacklustre. However, at this stage in the market, individual coins' performance are determined by the overall outlook. ADA is one to keep a close eye on in the near future.
  • RSR has been largely affected by the market this week, as the coin is currently down over 28% and has seen volume drop over 58% in the past week. RSR continues to introduce new developments as they recently announced the first data-protecting stablecoin, EUSD. (More info found on their Twitter.)
  • Surprisingly, REEF has outperformed the market this week amidst the turmoil. The project recently announced a new partnership with pax.world with the goal to make the metaverse more accessible. REEF is currently up 17.5% in the last 7 days.
Trade our top 5 weekly coins of interest here!
Convert Portal Volume Breakdown
  • Coming in first this week was stablecoins swaps with a value of 36.34%. A slight decrease of 2.63% compared to last week. For tight spreads across all pairs and stable swaps, please visit our convert portal here!
  • Second this week was crypto to stablecoin transactions with a value of 20.02%, decreasing 2.33% since last week. Again with the market moving sideways and extreme short term rallies, the overall direction this remains unclear there traders will be exiting short term positions.
  • Same applies for stablecoin to crypto transactions, with no clear direction in sight traders will be playing the level to level ranges whilst investors will look to average into positions at these lows.

Overall market technicals

BTC: CPI causes huge intraday volatility!

  • Starting off the week, BTC was making a slow grind to the downside still trading in a tight weekly range.
  • Prior to the US CPI announcement, Wednesday was a range bound day as BTC saw limited action trading in a steady consolidation phase as it geared up for Thursday's announcement.
  • Yesterday's CPI announcement caused a huge intraday drop across all markets as BTC fell over 4.4%. This quickly reversed as the momentum shifted with BTC rallying over 9%, one of the biggest intraday shifts seen in a while!
  • Looking at the chart, we can see that as BTC dropped it retested the downtrending line we identified a while back before rallying to the upside.
  • Currently, BTC is trading around $19,700 testing last week's short term support (now resistance). For the bulls to remain in control we will need this break above the resistance and hold for the chance to return back above $20,500.
  • Alternatively, if the bears regain control this move to the upside can be classed as a short squeeze. As the market liquidates short sellers with the intention of returning back towards the bottom of the range.
  • The Crypto Fear & Greed Index is at ‘24’ showing Extreme Fear within the market.
REEF: Outperforming the market despite current conditions!
  • With the current market conditions, the majority of altcoins have been underperforming and trading to the downside.
  • REEF has outperformed the market, currently up over 17% in the last 7 days.
  • Looking at the chart we can see that REEF has been trending upwards since the start of September, despite the rest of the market tumbling.
  • It is currently trading near September’s resistance, bulls will need to see a break and hold of this level in order to continue towards the upside.
  • One thing to consider is that although price has been rapidly increasing, volume has been decreasing indicating that this movement may not be as strong as expected. If price fails to break above the resistance, REEF is likely to make a return towards the uptrending support level.
News events of note
Crypto layoffs continue - Crypto trading firm, NYDIG, cuts workforce by 33% following the sustained bear market conditions.
Prices continue to rise - On Thursday US inflation figures came out higher than expected for September at 8.2%.
More news found here!
Introducing our new OTC chat function!
Our OTC desk is excited to announce the launch of our new Spot Block Trading chat function which can be accessed via the Binance platform! For those looking to trade large ticket sizes we have increased the amount of communication channels available for users to trade OTC, allowing trades to be completed more seamlessly and securely on the Binance OTC platform! Our experienced traders are ready to guide you through the entire OTC process, offering white glove service and tight, competitive spreads across all pairs! To get started you will need a registered, KYC-verified account with the assets readily available to trade. From there you can make your way over to our Spot Block Trading page which can be found here! Please note our minimum ticket size is $200k, for smaller sizes please use the Binance Convert portal.
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