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The Market Remains Silent

OTC Weekly Trading Insights - Oct 21, 2022
2022-10-21 14:24
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  • This week we have seen some lesser known altcoins take a huge leap, with trading volumes increasing drastically.
  • $PHA trading volume exploded over 70,000% in the last week with a subsequent price rise of 199%, outperforming the rest of the market.
  • $PHA was recently listed on other major exchanges which contributed to the increase in trading volume, as the product continues to develop (More information on their Twitter page).
  • $APT made its trading debut earlier this week, as it listed on Binance alongside a few other major exchanges. The coin quickly plummeted (down 8.4% in the last 24 hours) as certain users were eligible for an airdrop entitling them to 150 tokens.
  • As to be expected with the current market conditions, those who were entitled would quickly look to grab a quick, risk-free profit.
  • Both $LTO and $CVP also saw huge increases in volume this week, both are currently up over 40%. Whilst it remains unclear what causes the pump, this is a pattern we have seen time and time again within crypto!
Trade our top 5 weekly coins of interest here!
Convert Portal Volume Breakdown
  • This week has been relatively stable for crypto, BTC has been trading in a tight range between $18,900 & $19,500. Volume transactions have remained almost identical to last week.
  • Topping the list again was stablecoin swaps with a value of 36.29% decreasing ever so slightly (-0.05%). For tight spreads across all pairs and stable swaps, please visit our convert portal here!
  • Crypto-to-stablecoin trades placed 2nd this week with a value of 21.89% increasing 1.87%. The narrative remains the same: with no clear cut direction in sight, market participants will average out of positions.
  • Again, stablecoin-to-crypto came in third with a value of 16.75% decreasing 0.23%.

Overall market technicals

BTC: Remains unchanged…

  • BTC still remains stuck trading within its tight weekly range between $18,900 and $19,500.
  • Last week, BTC bounced off the resistance level around $19,800 and has appeared to have a shift in market structure. Price has failed to trade above any significant high since the start of the month, possibly hinting at further room to the downside.
  • Looking at the chart, if the bears remain in control of the narrative, there is potential to target last week's low of $18,196 depending on whether it can hold the weekly range.
  • As always, there is a potential bullish scenario! The bulls will need this weekly range to hold and make a slow return to the upside. To cement the move, they would also need to see price break through previous support, now turned resistance.
  • Touching on volume, there has been no significant change, as volume has slowly declined towards the end of the week.
  • With the current lack of direction, it is extremely difficult to gauge where the market is heading as it will likely require an extreme news (‘black swan’) event. We’ll patiently wait as BTC gears up for its next big break!
  • The Crypto Fear & Greed Index is at ‘23’ showing Extreme Fear within the market.

PHA

  • Earlier this week PHA broke out to the upside after an extended period of sideways movement.
  • Volume spiked over 70,000% suddenly with a subsequent price rise of over 190%.
  • Currently PHA looks to be trading in a wedge pattern, which has been a common occurrence amongst coins which have huge unexpected rallies. These coins do move in a very unpredictable manner and will be determined by BTC’s next move.
  • Interestingly, both LTO & CVP have formed the exact same pattern and look identical amongst each other.
  • As always volume has sharply declined, indicating that the move may not be as strong as anticipated.
News events of note
Tether expands operations - Tether has recently announced that from the 3rd of November, USDT will be available throughout Brazil in more than 24,000 ATM’s
APT Airdrop! - The Layer 1 blockchain, Aptos, recently airdropped over 20m coins, causing price to sell off.
More news found here!
Why trade OTC?
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To start, simply navigate to the Convert webpage, select the coins you wish to trade, preview and confirm the quote, settlement is completed instantly and you can refresh the quote as many times as you’d like!
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