Weekend Cryptocurrency Market Report
Brought to you by AN MISSION FOCUSED
This week, the cryptocurrency market has seen significant movements under the influence of global economic developments and institutional flows. Our analysis focuses on the technical performance of major currencies, with prices updated based on the latest data.
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Technical performance and updated data:
1. Bitcoin (BTC):
Current price: $99,000.
It was affected by global market movements, especially the New York and Tokyo sessions, where ETFs and investment funds such as BlackRock supported strong flows into the currency. The general trend shows strong resistance at the $100,000 levels with a possibility of breaking it if the momentum continues.
2. Ethereum (ETH):
Current price: $3,648.63.
It has seen relative stability with strong support from network updates and expanding adoption of Layer 2 technology. However, the price remains vulnerable to market liquidity effects.
3. Rebel (XRP):
Current price: $2.15.
It has shown positive performance thanks to the rise in institutional confidence and individual investors, with additional gains expected if a strong resistance at $2.20 is surpassed.
4. Cardano (ADA):
Current price: $1.08.
The coin oscillated around its levels after a strong breakout of the support area at $1, with the upward movements continuing supported by technical developments on the network.
5. Dogecoin (DOGE):
Current price: $0.4094.
Continued bullish signals were shown after the head and shoulders pattern appeared. The market is waiting for a big move with the approaching break of the $0.42 level.
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Market moving news:
1. Major companies:
BlackRock: Continued its support for cryptocurrencies by expanding its crypto-related investment products, which led to increased institutional confidence.
Disney: Increased its investments in blockchain technologies with a growing interest in developing digital tokens for consumers.
2. Global economy:
The US Federal Reserve's interest rate decisions weighed on market sentiment, while Asian markets showed signs of weak liquidity.
3. Technical developments:
Continued innovation on networks like Cardano and Ethereum has boosted demand for these coins, with positive reports on the sustainability of their networks and improved efficiency.
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Conclusion:
The cryptocurrency market is going through a critical phase, swinging between corrections and profit-taking with strong support from major institutions. We advise investors to monitor the critical levels of each currency, and exploit any corrections to enter new positions based on well-thought-out strategies.
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Special thanks
The AN MISSION FOCUSED team would like to thank everyone who has followed our reports and analyses.
Best regards:
Nasser Al-Qarnawi & Ali Al-Saeedi
Price sources: CoinMarketCap, Coinbase.
