After a strong drawdown in the previous week, the crypto market doesn’t please us with volatility. The market is in a state of consolidation. At this time, American banks predict a decline in the S&P500 index, regardless of the possible easing of policy by the US Federal Reserve. Bitcoin doesn’t react to that, probably because it has fallen in price quite a lot amid the news about the collapse of the FTX exchange.
BTC
Over the weekend, bitcoin declined after correcting the fall and updating the lows the previous week. The decline was over 12% from $18,181 to $15,833. At the beginning of the week, there was a good recovery attempt to $17,200. Recovery was over 6%. The price is currently in a tight range between $16,400 and $17,000 and is trading at $16,717.
ETH
The coin also follows the movements of Bitcoin and is in a state of consolidation. Recovery after falling to $1,077 was by more than 24% and reached $1,348 later. Then it continued to decline to $1,171, which was more than 12%. At the beginning of the week, there was an attempt to rise to the price mark of $1,291, which amounted to more than 9%, and the transition to a state of consolidation. At the moment, the coin is trading at the price level of $1,212.
DOGE
After the fall, the coin showed a recovery to the price mark of $0.09453, which was more than 32%. At this price point, a local resistance level formed and was retested during the week. Further from this level, the coin fell twice to the price mark of $0.07904, where a local support level was formed. At the moment, the coin is in a state of consolidation within the formed range and is trading at a price point of $0.08526.
CHZ
Against the backdrop of the market, the coin looks stronger and shows an upward movement during the week. The recovery from the fall was over 61% to the price mark of $0.2365, where a resistance level was formed. The rebound from this level was 24% to the price mark of $0.1783. At this price mark, the price was held by the support level. It sent it to the resistance level with a subsequent breakdown. The coin is currently trading above the resistance level at $0.2431.
APT
After last week's fall, momentum attempted to recover to $5.4772, which is more than 60%. Then the coin continued to decline and dropped to the price mark of $3.7846, where a local support level was formed. Then there was a rebound, and the price reached the price mark of $4.8139 where the chart formed a local resistance level. At the moment, the coin is consolidating under the level and is trading at around $4.7695.
The content of this post should not be construed as investment advice. We ask you to do your own research. This text is not a guide to action.
