For this week the best news that we will place here to start this new market review, it was the opportunity of the startup Enjin who launched its public mainet within the Ethereum platform. The truth is a great step to the maximum scalability process.
Enjin Platform Is Live
The culmination of over two years of hard work and relentless dedication, this release signifies the beginning of a new chapter for Enjin, one in which the true utility of Enjin Coin (ENJ) will shine.
Now, businesses and developers of all experience levels can create and integrate next-generation, ENJ-backed Ethereum blockchain assets with ease — and level-up their acquisition, retention, engagement, and monetization strategies as said the oficial post.
And of course, you can not miss the big surprise of being able to participate in a contest and thus have the opportunity to win great prizes. If your wish is to participate in this great awards initiative, we invite you to do so in the following link https://wn.nr/HdgWrQ. Good Luck!
Market In Correction
Last week the market managed to exceed more than USD $ 300 billion in relation to market capitalization as we had anticipated. We had also said in our previous reviews, that after the market reached that point it would initiate a correction related to the liquidation of the winnings by the big players.
For this week we begin with a total market capitalization of approximately USD $ 276 billion, and we strongly believe that in the next few days approximately -10% of the incoming capital can leave the market.
With that fall in the incoming capital for the market, it is logical that the sentiment of the investors changes from one week to another. While the previous weeks were extremely positive, for this week we again get a neutral feeling.
On the other hand, the dominance of Bitcoin has been falling in realization to other alternative cryptocurrencies. 63% for 37% is the correlation currently displayed.
Week To Reevaluate
For this week, in the weekly Bitcoin chart, we have identified, from the last price increase, the formation of an angular resistance as a downward trend line. That proves that the price around USD $10k is a very strong resistance and also a psychological number for investors.
We faithfully believe that for the next few weeks we can be tested 60% of the Fibonacci retraction line and very close to USD $9270, and very close to the EMA9, which is now shown as a short-term support. For now the price wants to keep oscillating between USD $9735.
To complement the above information, we must take into account that other important supports are: EMA21, very close to $8735; EMA50, at the exact point of USD $8230 for medium-term targets; and the most important, EMA100, very close to $7360, if necessary, the market has a strong long-term selling force.
A Spoken Correction
In the case of the daily chart, Bitcoin remains within our correction wave that we had drawn days ago and now tries very close to the resistance of the EMA21.
Following our strategy, in the case the selling force reaches extreme points and this resistance is broken in the next few days we will see Bitcoin testing the line of 60% of the Fibonacci retraction and in congruence with the weekly chart.
Mass Adoption Advances
The adoption of the cryptocurrency market progresses rapidly. The simple fact that according to a survey, Central banks rather than giant tech companies are considered the preferred issuers of digital currency already simplifies the preference for innovative use and vision.
But the above also adds to the large volume of negotiation that triggered in the exchanges from the beginning of 2020 and as CryptoCompare will show in its next report.
See you in the next review! With love 💛 Rubika Ventures Team!
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Remember, investment in cryptocurrencies or other assets has a moderate risk, so it is important to have a detailed study of the possible scenarios before placing your money at risk.