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- Dgenz Crypto Weekly 005
Dgenz Crypto Weekly 005
Your go-to newsletter for crypto market updates, trends and analysis brought to you by DgenzNFT.
The Weekly Ledger
Weekly Snapshot
Market & Economy Overview
Bitcoin began the week by retesting resistance at $99,000, but its price succumbed to an overextended market, dropping over 5% in a single day. This decline triggered $250 million in liquidations of bullish leveraged positions. However, this correction doesn't necessarily indicate a trend reversal; rather, it highlights the excessive leverage being used among futures traders. From a technical standpoint, Bitcoin may retest the liquidity zone around the psychological level of $90,000 or even dip further to $85,000. With the Relative Strength Index (RSI) falling below 50 for the first time since November 6th, sellers are expected to dominate price action in the short term, likely leading to extended consolidation below $95,000. A bullish breakout would require a daily close above $95,000, but that appears unlikely for now. While Bitcoin seems poised for a period of sideways movement, altcoins could still see a strong performance in the meantime.
Crypto Insights: Weekly Charts
TOTAL2
If we are to continue seeing altcoins perform well then we will need to see this daily candle close above the previous resistance of 1.24T to help solidify this level as a new found support. A break below would cause the alt market to bleed even more and potentially see a further 10% drop across the board.
The TOTAL2 chart shows the market cap of all cryptocurrencies excluding Bitcoin, offering insight into the altcoin market's health. A rising TOTAL2 often signals increased interest in altcoins, while a decline may indicate a shift back to Bitcoin or reduced altcoin investment.
OTHERS.D
Another index to consider is the market cap dominance excluding the top 10, which can indicate when traders begin shifting funds into riskier assets. Currently, this index has once again encountered resistance at 10.47%. Similar to the anticipated sideways movement for Bitcoin in the short term, we may see a similar pattern here with the Others Dominance. This could result in some volatile price swings across the altcoin market.
The OTHERS.D chart highlights the market share of altcoins outside the top 10 by market cap,
giving investors insight into capital flow and interest in the broader crypto market.
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Spotlight: Token of the Week
$SUI
Although the altcoin market is red across the board today, $SUI is todays biggest gainer, currently up 7%. Although it's price has already risen it's still sitting within a major area of support and set to give some promising gains in the short term. Often enough it's those coins that are the first to bounce back that will show the greatest strength. In our Dgenz NFT discord we've been closely watching $SUI for quite some time.
This is not financial advice. Please conduct your own research and trade responsibly.
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