State of the Crypto Market

Top Tokens Update

• Canary Capital Seeks SEC Approval for Spot Litecoin ETF: Canary Capital has filed a registration with the U.S. Securities and Exchange Commission (SEC) for a spot Litecoin ETF, just days after doing the same for an XRP product. The proposed Canary Litecoin ETF aims to provide exposure to the price of Litecoin (LTC) held by the Trust, although no custodian or administrator has been named yet. Founded by Steven McClurg, Canary Capital is positioning itself in the growing crypto ETF space. Litecoin has shown notable price strength this week.
• Sam Altman-Backed Worldcoin Rebrands to ‘World’ and Launches Mainnet Blockchain: The digital identity project backed by Sam Altman has rebranded to “World Network,” or simply “World.” Alongside this rebranding, the project has launched its mainnet blockchain, known as World Chain, a Layer 2 Ethereum-secured network. Several prominent platforms, including Optimism, Alchemy, Uniswap, Safe, Dune, and Etherscan, are supporting the launch.The project’s statement emphasizes that the name “Worldcoin” no longer aligns with its mission to accelerate human progress. With World Chain, World ID, and Worldcoin as its key pillars, the project aims to ensure humans remain central to AI advancement.

“Big Picture: Upcoming Weeks’ Key Economic Events”

Note: “Events in red font signify severe impact, while those in yellow indicate moderate.”

Bitcoin Technical Analysis

Summary:

• The current sentiment around BTC is Neutral.
• BTC is currently at a resistance level following a strong upside rally. With key liquidations and resistance levels on the upside, the market may experience chop until these levels are cleared. For the upcoming week, the market outlook appears sideways. BTC needs to clear and hold above $68,000 for a continuation of the bullish momentum; otherwise, a pullback could be expected.
• Key support levels to consider are around $64350 and $63000. On the upside, resistance levels is at $68200 & $70000.
  It is advisable to evaluate potential entry points around the mentioned support levels for long entries and at resistance levels for short entries. Additionally, setting limits to manage potential losses is prudent.
• For profit-taking, strategically selling near the outlined resistance levels/support levels is a recommended approach. Always exercise caution and implement sound risk management practices in trading endeavours.

Ethereum Technical Analysis

Summary:

• The current sentiment around ETH appears Neutral to Bullish .
• ETH followed the trajectory outlined in last week’s report and is now at a resistance level with choppy price action. For the upcoming week, ETH is expected to remain sideways or turn bullish if it breaks the current consolidation. Its performance will also depend on BTC’s movement. A potential pause in BTC dominance in the coming days could help ETH outperform.
• Significant support levels include $2475 and $2190, while resistance levels to watch are at $2685 and $2780.
• These levels play a crucial role in determining potential price movements. It is advisable to evaluate potential entry points around the mentioned support levels for long entries and at resistance levels for short entries. Additionally, setting limits to manage potential losses is prudent.

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