Happy weekend traders! This week for Gold and crypto market has been very tough , with sharp volatility, heavy liquidation, and relentless downside pressure. Bitcoin dropped from the recent high at $93k, currently at $90k price territory. Alt tokens also have experienced significant drop in price, token like ETH, dropped from $3,277 price territory, to $3050 price level, but currently at $3120 price level.
LUNC and LUNA experienced significant increased in price this week. LUNC recorded almost 30% increment, while LUNA recorded almost 55% increment. The surge in price was led by a combination of renewed community hype sparked by a viral moment (a CoinDesk journalist wearing a vintage LUNC t-shirt at Binance Blockchain Week), aggressive token burns reducing LUNC supply, the successful rollout of the Terra v2.18 network upgrade on December 8 enhancing security and interoperability, and heightened speculation ahead of Do Kwon's sentencing on December 11. These factors drove massive trading volume spikes and positioned both tokens for short-term momentum.
Binance token price has been trading in a range,with resistance at $900 price territory and support at $860 price level. If price breaks $915.5 to the upside, there is a good probability that prices will be heading to $,1000 price territory.
Zcash appreciated from $389 being the recent low, to $475, making a 22% increment. Price is currently at $437 at the time of writing. Looking at the market carefully, If the token's price break $390 price level and hold, I think price may dip to $230 price level. Don't just follow the hypes, Trade carefully.
SOL has maintain a very strong support at $129k price territory, and currently trading at $133 price level. If price break this support level, SOL will be dipping to $90k price level.
WHAT ABOUT GOLD MARKET?
In my last post, I told you that Gold will be heading to $4,300 price level. While I was writing the post, I took a position that I later closed before the market reached my target price and that was because of other real world activity that came up, and I needed to pay more attention to that, so closed the positions all on positive. Gold appreciated to $4,355 price level, but closed the week at $4300 price level. What am expecting to see next week with gold is for prices to break $4500 price level. But until then friends. For now have a lovely weekend!
DISCLAIMER:
The content of this article is for informational and educational purposes only and does not constitute financial, investment, or trading advice. No recommendation is made to buy, sell, or hold any financial instrument. All opinions are the author’s and may be incorrect. Past performance is not indicative of future results. Trading and investing involve substantial risk of loss, including total loss of capital. Readers are solely responsible for their own decisions and should seek independent professional advice. Trade only with risk capital.
