Total Crypto Market Capitalization
Over the past week, digital assets has been fairly stable. As we can see in the graph, crypto market is yet to reach a new peak. The momentum and fund flow are weaker than normal. This causes the fund flow to risk-off from the crypto market. The green and red boxes are to be considered before making an investment decision.
Tesla’s CEO Elon Musk posted on his personal Twitter on March 16, 2021 that he was preparing to sell a song about NFTs on NFT, with the lyrics “NFT for your vanity. Computers never sleep. It’s verified. guaranteed.”
But when Beeple tweeted an offer to buy it at the price of $69 million, he refused and chose to accept 420 million Dogecoins instead.
Manchester City, a famous football club in England launched fan token on the Socios.com website called CITY Fan, which offers access to VIP rewards, promotions, games, AR features, and voting.
On March 18, 2021, Kasikornbank Public Company Limited or KBANK reported to SET in regards to the establishment of a subsidiary called Qbix Digital Asset Company Limited with a registered capital of 70 million baht with the objective to become a provider of the initial coin offering portal.
Analisa Torres, U.S. District Judge allows Ripple Executive, Brad Garlinghouse and Chris Larsen to file a claim against the U.S. Securities and Exchange Commission by April 12, 2021. The case is still in progress.
Technical Signal Trading
Last week, we mentioned about the market breadth which causes investors to be able to see a clearer market direction. The fact that Bitcoin made a new high may cause investors to think that the bull market is back. However, it is difficult to conclude this as coming back down after a new high presents a negative short-term. Profit-taking traders should be careful upon market entry and exit.
ETH swings within the frame, but did not make a new high as the current fund flow risk-off from the risky assets along with the Chinese stocks. Note that the fact that ETH continues to be on the rise is a sign of technical stability. We added the SMA (30)
or the 30-day simple moving average. If the closing price is lower than MA, this indicates a sell signal as well as long with the resistance zone.
XRP increases as the other crypto members move in the opposite direction. This could be due to the changes in their management team. This is reflected in a long green candlestick, almost touching the resistance line of the top zone. However, the price seems to be reflect a sideway market. Thus, gradually buying in at the support level and selling at the resistance level may be a better strategy compared to going all in.
LTC is yet to make its new all time high, taking into account of the selling pressure. If we look at the latest all time high, the price of LTC decreased over 16% within 9 days. Thus, we must be careful with the pierce patterns, especially if the price fell below 160 LTC/USD.
The price of Gold continues to increase. However, the performance is on a downtrend as there are a few of resistance zone to get through. It is also important to take note of quantitative easing in which will result in inflation in the long-run. Having said that, gold will continue to experience a selling pressure. It is important to carefully consider market entry at the bottom of the zone at 1550.
Strategy from ZIPMEX
However, Zipmex will not take any responsibilities for the above analyses. Investors must realize that every investment is at risk.
Please use your own judgement when investing.