State of the Crypto Market

Top Tokens Update

• Arkham Research Enters Crypto Market with Perpetual Trading Exchange: Arkham Research is set to launch its own exchange for perpetual swaps next week, marking its debut in direct crypto trading. Perps, or perpetual swaps, are a popular derivative with no expiration date, first introduced in crypto markets. The project is backed by strong fundamentals and prominent investors, with ARKM already surging over 25% in recent days in anticipation of the launch.
• Chainlink Completes Pilot to Integrate Tokenised Assets with Swift Payment System: Chainlink (LINK), the top crypto oracle, has successfully completed a pilot with UBS and Swift to explore linking interbank payment systems with on-chain settlement tools. Conducted under Project Guardian, launched by the Monetary Authority of Singapore (MAS), this pilot aimed to test on-chain transfers via the Swift network, which facilitates payments and compliance communication across banks. Swift’s involvement could be crucial in expanding Chainlink’s blockchain solutions in traditional finance. With these advancements, LINK appears technically bottomed out and is expected to rally in the coming days.
• Cardano Reclaims 10th Spot, Surpassing TON: Cardano (ADA) has regained its position in the top 10 by market cap, overtaking TON. Backed by new partnerships, technological upgrades, and stablecoin developments, ADA has surged over 30% this week and still shows bullish momentum. The popular smart contract platform recently launched node 10.1, a major step in preparation for the upcoming Chang 2 hard fork, which will bring substantial improvements to its governance, including a full transition to on-chain governance.

“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 Bullish.
• BTC has continued its upward momentum this week, fueled by Trump’s win in the US elections and the rate cuts, both of which are major bullish factors for the market. BTC has broken out of its 6-month consolidation phase and is expected to continue its uptrend with no significant correction in sight. For the upcoming week, the price may move within an upside consolidation pattern as it builds further strength.
• Key support levels to consider are around $71,750, $67,500, and $64,400. On the upside, resistance levels is at $80,000, $85,000, and $95,000 to $100,000 (based on Extensions% and psychological levels)
• 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 Bullish .
• ETH has significantly outperformed BTC, gaining over 18%, nearly 2x BTC’s 10% gain. This bounce occurred right after the ETH/BTC pair found key trendline support after hitting a multi-year low. ETH has now broken out of its consolidation phase and is gaining strength. It may or may not give a retest/pullback to $2,700, which would be bullish if it occurs. If it doesn’t pull back, ETH is likely to continue its upward momentum from here. The outlook for the next few days remains bullish.
• Significant support levels include $2800 and $2700, while resistance levels to watch are at $3144 and $3366.
• 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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