Weekly Cryptocurrency Market Brief

Bitcoin has consolidated in price over the past week, operating in the $46k-50k range. It has broken the ascending channel in what seemed to be a bearish movement, but has been held by the strong support zone in the $46.2k-46.8k range. As Bitcoin has steadied in price, many altcoins have experienced significant bullish movements, reflecting positive market sentiment and a renewed sense of optimism in the current bull market.

Terra (LUNA) has reached new highs over the past two weeks. It printed an all-time high of $36.8 on August 29, 2021, after reaching the milestone level of $33.1. The latter level represents the 1.618 Fibonacci extension level from the lowest point it reached, on May 23, 2021. Terra’s recent rise has been astronomical, increasing by six times from its low on July 20, 2021, in the space of about six weeks. It has been one of the best-performing virtual assets in the cryptocurrency market.

Avalanche (AVAX) has also registered a stellar performance in recent weeks. Having broken through on August 17, 2021, to highs not seen since May, it continued its upward movement in exponential fashion, reaching a price level of $58.95 on August 24, 2021. It has retraced and consolidated since, holding over a strong support at $39, and seemingly bracing for another leg up in the current bull market.

Fetch.ai (FET) has continued its upward movement in the bull market, breaking through successive resistance levels at $0.41, $0.57 and $0.68. Now trading at just over $0.70 per token, it is poised to continue its bullish movement while targeting the high of $0.88, reached on March 31, 2021. Fetch.ai had formed solid market structure after the cryptocurrency market correction in May, and this has set the base for its current price increase in the market.

 

(Note: The above thought piece covers the wider VA industry, and may not be an activity that Arabian Bourse Limited (ABX) is looking to be licensed to undertake.

ABX has received in-principle approval from Financial Services Regulatory Authority of Abu Dhabi Global Market (ADGM) and is currently in the process of obtaining an FSP. ABX aims to be the first of its kind fully regulated, virtual asset MTF and custodian in the region focused on institutional and retail investors.)

Related Posts