Crypto to Look-out for this Week: BTC, SHIB, DOT, ETH, & SNX

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The past week has been significant for the crypto market. There has been a lot of cryptocurrencies rising, and the market is flooded with new coins and tokens. But not all of them are worth your time. So to help people make a wiser investment decision, here are some cryptocurrencies you should keep an eye on this week.

Bitcoin (BTC) Price Analysis

Looking at the global In/Out of Money by IntoTheBlock, bitcoin has a higher possibility of going sideways since there is a very strong resistance above $45,000. Further, the support levels at $41,500 are getting stronger with time. Therefore, the longer BTC stays at these levels stronger the support we’re seeing here.

Global In/Out Of Money By Intotheblock
global In/Out of Money by IntoTheBlock

Bitcoin had a mild decline over the weekend, but Saturday was the highest amount of active addresses (1.08M) recorded in 2022. The uptick in participants transacting on the $BTC network is a nice sign of increased utility, a predecessor to price rises.

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Santiment
Santiment

$BTC correlation with the S&P500 is approaching its lowest level since Jan 16.

After reaching exceptionally high levels (0.92) in late Jan, the correlation has gone down to 0.45. This doesn’t mean that #Bitcoin is now an uncorrelated asset. Uncertainty still rules the market.

From Itb
From ITB

The 1H chart shows a descending triangle forming for Bitcoin. Heading to the breakout point will tell you if it’s going up or down from the current position.

Bitcoin/Tetherus, 1H
Bitcoin/TetherUS, 1H

Shiba Inu (SHIB) Price Analysis Price Analysis

Shiba Inu is a decentralized blockchain-based environment that operates on a peer-to-peer connection without relying on central servers. It was started with a Doge meme, and when the crypto market saw a drastic price change, Shiba Inu’s value also changed dramatically. The Shiba inu market performance this week has been up and down with the recent price highs of Bitcoin. 

Experts believe that Shiba Inu is a speculative cryptocurrency despite its deflationary lineage.

Ryoshi was founded in 2020, and it’s currently trading at a current price of $0.0000298 with a market cap of 16.4 billion dollars and a total supply of coins sitting at 589,735,030,408,323.

SHIB is very bullish on the 3-hour time frame. This should lead to an upward spiral of highs when it breaks out.

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Shib/Tetherus, 3H
SHIB/TetherUS, 3H

Polkadot (DOT) Price Analysis

Polkadot is a public blockchain-based on the Proof-of-Stake consensus algorithm. The company’s innovations include the first multi-signature wallet for Bitcoin and the first consensus protocol on Proof-of-Stake based blockchains. In addition, Polkadot has partnered with several large corporations and offered a framework for building decentralized Web 3.0 applications in the past few months.

Dr Gavin Wood founded it in 2016, and it’s currently trading at a current price of $18.69 with a market cap of 18.4 billion dollars and a total supply of coins sitting at 1,103,303,471.

On a 3H timeframe, the DOT broke through the HNS and had a free fall with lower lows, but finally, it broke through them and gave a successful retest before pumping.

Dot/Tetherus, 3H
DOT/TetherUS, 3H

Ethereum (ETH) Price Analysis

A good way to track the adoption is by following the number of addresses with a balance

  • There are 70.4m addresses holding $ETH
  • Just in 2021, it increased 18.36m. That means the network was growing at a pace of 1.53m addresses per month.

Even as the number of addresses with a balance does not provide an exact number of holders (as many users can have more than 1 address), it does act as a proxy to the network growth.

Ethereum (Eth) Price Analysis
Ethereum (ETH) Price Analysis

Vitalik Buterin founded it in 2013, and it’s currently trading at a current price of $2,949.78 with a market cap of 350 billion dollars and a total supply of coins sitting at 119,580,081.

On the 3H timeframe, ETH Broke HNS had a free fall, but now it is making some gains. It will continue to rise if the trend stays bullish.

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Eth Perpetual Futures Contract, 3H
ETH Perpetual Futures Contract, 3H

Synthetix (SNX) Price Analysis

Synthetix is software that generates crypto assets to match any real-world asset class. These new assets are both similar to existing real-world assets and other cryptocurrencies. This week’s performance of the Synthetix crypto market has been relatively stable. Reports show that the market cap is at 518 million at the time of writing and has a total trading volume for this week is 48 million dollars. This indicates that there have been no significant swings in price and that investors are confident with the current trend of the market.

Kain Warwick founded it in 2017, and it’s currently trading at a current price of $4.52 with a market cap of 518 billion dollars and a max supply of coins sitting at 212,424,133.

On the 1D chart, SNX created an inverse head and shoulders pattern but failed to break out. It’s now back on support and might break to the .886 retracement.

Snx/Tetherus, 1D
SNX/TetherUS, 1D

Closing Thoughts

The most important part of trading is discipline and patience. So, according to the above analysis, the coins we just spoke about might see some decent gains. Again, it’s your hard-earned money you’ll be investing, so Do Your Own Research before investing.

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