Analytical review of the cryptocurrency market from 13 December 2021 of the year – Bits Media

by
Аналитический обзор рынка криптовалют от 13 декабря 2021 года - Bits Media

The main news of the cryptocurrency market over the past week, Top growth leaders and fall, as well as an overview of changes in the cost of BTC and ETH in today's market analysis.

Crypto markets are volatile towards the end of the year, despite the bullish expectations associated with December. Last year This week we witnessed several remarkable events, starting with the resignation of the SushiSwap CTO as a result of community criticism against him, and ending with the participation of directors of cryptocurrency companies in a hearing of the US Congress.

Besides, gaming giant Ubisoft has begun testing an NFT trading platform, and WhatsApp announced that it will soon add a function to send cryptocurrency as part of its integration into the Novi wallet application. About that, How these and other events affected the cost of crypto assets - in a weekly review.

The top of the most profitable and lost altcoins in the price: CLV—absolute leadership

  • CLV/USDT +34.34%;

  • MEME/USDT: +25.77%;

  • SOC/USDT: +23.35%;

  • MDT/USDT: -16.14%;

  • DEVT/USDT: -23.28%;

  • ZYRO/USDT: -26.52%.

The leader of the top most profitable altcoins this week led the project's crypto asset Clover Finance (CLV) with an increase of 34.34%. The average daily trading volume of this asset is $215.43 million.

Analytical review of the cryptocurrency market from 13 December 2021 of the year - Bits Media

CLV is the leader of the top most profitable altcoins of the week.

Source: OKEx.

Clover Finance (CLV) — one of the candidates for a parachain slot as part of the Polkadot auction. The project's infrastructure is EVM compatible and aims to facilitate interoperability between blockchains and improve the overall user experience in the decentralized finance sector.

CLV is the native crypto asset of the Clover Finance platform. Although Clover Finance users can pay transaction fees on any crypto asset supported by the platform, they are converted into CLV for payments to validators. CLV holders can participate in the management of Clover Finance through voting.

Technical analysis of BTC: being in the price channel

Analytical review of the cryptocurrency market from 13 December 2021 of the year - Bits Media

Daily schedule BTC/USDT: movement in the channel.

Source: OKEx, Tradingview.

The value of BTC continues to fluctuate in the range from the upper limit $57 000 to the bottom mark $48 000. Currently, the price of the crypto asset continues its downward movement. Last week, the bears tried to “push” the support line in the downward channel, which currently coincides with the 200-day moving average (MA), however, they did not have enough strength, and the value of the crypto asset rebounded to the zone $50 000.

It’s too early to talk about the end of the correction and a trend reversal. However, there are a number of factors, indicating a local uptrend:

  • High level of fear in the cryptocurrency market (meaning Fear & Greed Index ranges from 16 to 32 points), which historically is a good entry point for large players, redeeming the correction;

  • Good rebound momentum from 200MA and lower support levels;

  • Attempts to take a psychologically important level $50 000.

You need to keep a close eye on the Bitcoin chart, since in the coming days there will be clarity regarding whether, will the bulls be able to break the downward trend and “push” the price beyond the upper resistance lines, or the price will return to the 200MA level and will attempt to break through it and subsequently consolidate the price level.

Don’t forget about the “Stop-Loss” function to limit possible losses. Market uncertainty requires competent risk management.

Technical analysis ETH: bull flag

Analytical review of the cryptocurrency market from 13 December 2021 of the year - Bits Media

Daily graph ETH/USDT: probable continuation of the upward trend.

Source: OKEx, Tradingview.

At the moment, the ETH chart looks much stronger than BTC positions. Changes in the Bitcoin market have virtually no effect on ether: During the fall of “digital gold”, ETH did not experience price drawdowns.

It is worth noting, that a large bullish flag formation has now formed on the chart of the second largest cryptocurrency, indicating the probability of breaking through the upper boundary - the resistance level. However, it is necessary to be attentive to all events that occur, remembering the importance of setting “Stop-Loss”, because this scenario may just be a bull trap.

Material prepared by a cryptocurrency exchange analyst OKEx