In this article to Important events of the cryptocurrency market We will pay in the last week. Among these events, we can mention Houbi’s 75% growth and the possibility of Bitcoin falling.
Bitcoin price fell to $19,189 after breaking through the $19,950 resistance level. The price of Ethereum has reached $1,298 with a two percent decrease. Continue to some Important events of the cryptocurrency market We will pay in the last week.
Read more: The best cryptocurrency to invest in 2022
Important events of the cryptocurrency market
Ever since About Capital bought the Huobi platform and appointed Sun as its advisor, the price of the Huobi token has risen sharply. Native token of Houbi exchange In the last week, it grew more than 75%.
In the first session of Asia, the prices of most digital currencies faced a decrease. The total value of the global crypto market fell by 1.9% to $919 billion yesterday. The volume of the cryptocurrency market was 64 billion dollars in the last 24 hours. This amount is 23.4 percent less than last week.
Total volume of DeFi transactions It is currently $3.8 billion. This amount includes approximately 6% of the total daily volume of the cryptocurrency market. The volume of all stablecoins is currently 59.9 billion dollars.
The best performing cryptocurrencies in the Asian session belong to Terra (LUNA), TRON (TRX) and UNUS SED LEO. Luna has increased by 3% compared to the previous day. Each unit of this cryptocurrency is traded at the price of $2.8. The price of Tron also increased by 3.5% to $0.063. LEO also experienced 3% growth and reached the price of $4.45.
Interest rate hike by the Federal Reserve
Another important event in the cryptocurrency market in recent weeks Interest rate hike by the Federal Reserve Is. Consumer spending was unchanged in September, according to official data released on Friday. The prices increased rapidly and the Federal Reserve also implemented the interest rate to implement the contractionary policy.
According to Commerce Department estimates, sales in the retail and food service industries were unchanged after rising 0.4 percent in August. Dow Jones estimated retail industry sales growth of 0.3 percent.
Among other important events of the cryptocurrency market, we can mention the significant improvement of the sentiment figures of the University of Michigan. Consumer sentiment rose to 59.8 in October 2022. This amount is the highest level in the last six months. The ability to predict the future of the economy has increased from 59.7 to 65.3. Recent market events are not in favor of the cryptocurrency market. The increase in interest rates by the Federal Reserve will make the cryptocurrency market bearish.
Bitcoin Technical Analysis (October 16)
The current price of Bitcoin (BTC) is $19,191. The trading volume of the largest cryptocurrency in the market reached 33 billion dollars in the last 24 hours. According to data from CoinMarketCap, about $368 billion of the total capital stored in the market belongs to BTC.
Technically, Bitcoin has a strong support in the $19,153 area. Digital gold managed to break through its 50-day moving average. This indicates the beginning of a downward trend. A break below 19,135 could lower BTC to the triple support level near $18,709. If this level is not maintained, Bitcoin will reach $18,246.
In the bullish scenario, BTC current resistance It is still $19,958. If the price falls below $19,135, investors are likely to consider selling their holdings.
Ethereum Technical Analysis (October 16)
Ethereum is currently priced at $1,299. Turnover The largest altcoin The market is 11 billion dollars. According to data from CoinMarketCap, Ethereum is now the second largest cryptocurrency with a market capitalization of $159 billion.
The ETH/USD currency pair is near the critical support level of $1,292. This area is supported by the 50-day moving average. Ethereum also has a high chance of turning the tide. ETH’s only obstacle in this direction is the bearish trend line near $1,340.
A break of the $1,292 support level will take Ethereum to the $1,269 or $1,225 area. RSI and MACD indicators show a bearish trend. Investors are likely waiting for a bearish breakout before entering any trades.
75% growth of Houbi token
The first ranking of the most important events of the cryptocurrency market in the last week Amazing growth of Houbi token belongs. Houbi’s native token surged 75% in the past week. Currently, the price of each Huobi token is about 7.5 dollars. The reason for the massive growth of this token was the appointment of Tron founder Justin Sun as Houbi’s advisor.
When the news of the purchase of Hubei exchange by About Capital was published, Sun’s name was mentioned as one of the possible investors of the project. Justin Sun started working as a consultant for the Hubei project last week. Justin Sun announced that he currently holds 10 million Houbi tokens. According to Sun, tokens will play an important role in the company’s international development.
Technical analysis of Huobi Token (October 16)
As you can see in the chart below, the Houbi token has faced significant resistance near the $7.85 area. In the past, this area served as a triple bottom. In the chart of the HT/USDT currency pair, we see the formation of doji and spinning top candles. These candles indicate the possibility of continuation of the downward trend.
If we take a bearish view on Heube Token, HT has the potential to complete the 38.2% Fibonacci retracement wave at $6.65. A break in this zone will lower the price of Huobi to $5.55. The HT 61.8% Fibonacci level is at this price. Investors will likely consider selling below the $7.85 area.
Investing in the pre-sale of new tokens is the right strategy to beat the crypto bear market and its extreme volatility. Among other important events of the cryptocurrency market in the last week, we can mention the start of pre-sale of IMPT token. IMPT recently managed to attract $4.5 million in funding.
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Source: cryptonews