MARKET SUMMARY
Latest Situation in Crypto Assets
| Asset | Last Price | 24h Change | Dominance | Market Cap |
|---|---|---|---|---|
| BTC | 89,627.20 | 4.94% | 59.83% | 1.778T |
| ETH | 3,221.59 | -1.19% | 13.08% | 388.17 B |
| SOLANA | 214.67 | 4.08% | 3.41% | 101.33 B |
| DOGE | 0.4036 | 15.38.83% | 2.00% | 59.40 B |
| XRP | 0.7044 | 11.30% | 1.35% | 40.12 B |
| CARDANO | 0.5652 | -0.72% | 0.66% | 19.71 B |
| SHIB | 0.00002571 | 2.69% | 0.51% | 15.24 B |
| AVAX | 33.22 | -0.88% | 0.46% | 13.66 B |
| TRX | 0.1789 | 1.97% | 0.52% | 15.47 B |
| LINK | 13.82 | -0.83% | 0.29% | 8.73 B |
| DOT | 5.178 | -1.54% | 0.27% | 7.95B |
*Prepared on 11.13.2024 at 13:30 (UTC)
WHAT’S LEFT BEHIND
US Inflation Figures Announced
In the US, consumer inflation in October was announced as 2.6 percent on an annual basis, while it was 0.2 percent on a monthly basis. The US Federal Reserve (Fed) closely monitors inflation data, which is effective in monetary policy decisions. Following the US inflation data, the Fed’s discount expectation in December increased from 60 percent to 75 percent.
Trump’s pick for Treasury Secretary
Howard Lutnick, who is known for his support for Donald Trump and said “I have hundreds of millions of dollars of Bitcoin” in a pre-election program, will play the leading role in Trump’s selection of the new US Treasury Secretary. On the other hand, Lutnick himself, who will meet with the candidates, may also sit in this seat.
“Beam Chain” and Vitalik featured at Ethereum Devcon
The address of the Ethereum Devcon organization, which was held in Istanbul last year, was Bangkok, the capital of Thailand this year. Especially the speeches of Vitalik Buterin and Ethereum Foundation researcher Justin Drake yesterday were the most important details so far. While continuing in Thailand, the most talked about topic of the event was the “Beam Chain” update in Ethereum announced by Justin Drake yesterday
BRICS and Crypto Partnership
Deutsche Bank, one of the world’s leading financial institutions, stated that BRICS countries are turning to cryptocurrencies in international payment systems and that the transition has accelerated due to geopolitical tensions. According to a new report published by the bank, the BRICS bloc of Brazil, Russia, India, China and South Africa has started to use crypto as an alternative payment system, accounting for 28% of all cross-border crypto transactions.
HIGHLIGHTS OF THE DAY
Important Economic Calender Data
| Time | News | Expectation | Previous |
|---|---|---|---|
| 14:45 | US FOMC Member Logan Speaks | – | – |
| 18:00 | US FOMC Member Musalem Speaks | – | – |
| 18:30 | US FOMC Member Schmid Speaks | – | – |
INFORMATION
*The calendar is based on UTC (Coordinated Universal Time) time zone.
The economic calendar content on the relevant page is obtained from reliable news and data providers. The news in the economic calendar content, the date and time of the announcement of the news, possible changes in the previous, expectations and announced figures are made by the data provider institutions. Darkex cannot be held responsible for possible changes that may arise from similar situations.
MARKET COMPASS
While the US inflation data was in line with expectations, it seems to have been perceived by the markets as a confirmation signal that the US Federal Reserve (FED) will continue to cut interest rates. The absence of a possible upside surprise may have created a relief effect.
Following this macro indicator, we are seeing green numbers from US index futures. In addition, digital assets also found ground again. According to the CME FedWatch Tool, the probability of a 25 basis points rate cut by the Fed in November, which was around 60%, has approached 80% after the inflation data.
If the data-driven rise fails to bring new record highs for Bitcoin or is pressured from price levels around that level, it may trigger a retracement during US transactions. However, if risk appetite increases, we may see another short-term bullish wave. The statements of the Federal Open Market Committee (FOMC) officials for the rest of the day may be decisive at this point.
From the short term to the big picture…
The victory of former President Trump, one of the main pillars of our bullish expectation for the long-term outlook in digital assets, produced a result in line with our forecasts. The continuation of the Fed’s rate-cutting cycle and the inflows into BTC ETFs, indicating an increase in institutional investor interest (in addition to MicroStrategy’s BTC purchases, Microsoft starting to consider a purchase…), support our upside forecast for the big picture for now.
In the short term, given the nature of the market and pricing behavior, we think it would not be surprising to see some respite or pullbacks in digital assets from time to time. At this point, it is worth reiterating that fundamental dynamics remain bullish. While the continued extension of record highs by Bitcoin, the largest digital currency, may encourage buyers to take new, upside positions, we will watch this group struggle with the masses who may be looking for profit realizations.
TECHNICAL ANALYSIS
BTC/USDT
While the consolidation process in Bitcoin continues, important developments continue to take place in the market. Critical US inflation data was announced today after FED chairman Powell emphasized the improvement in inflation with positive data for the December rate cut. After the inflation data announced as 2.6% within expectations, the December interest rate cut expectation rose to 75% in CME data. Eyes will turn to FED chair Powell, who will face the cameras tomorrow after the FED members.
When we look at the BTC technical outlook, the price, which dropped to 86,200 during the day, rose above the 88,000 level before the inflation data. The price, which rose to 88,700 after the inflation data, created volatility again these days when volatility is high. The price, which is currently at 89,300, is moving towards the ATH level again. Exceeding the resistance level of 90,000 may support the upward momentum in the price and trigger a rise towards six-digit levels. In case the price is rejected from the ATH level, 85,000 levels can be tested again.
Supports 85,000 – 83,000 – 80,000
Resistances 90,000 – 93,000 – 95,000
ETH/USDT
ETH is moving horizontally in a wide price range after the decline. Looking at the Cumulative Volume Delta (CVD), it is seen that the reaction from the 3,122 level is mainly coming from the spot side. At the same time, the decrease in the funding rate to normal values such as 0.0186 can be counted as one of the positive factors. Considering that there is a clear positive divergence on the Relative Strength Index (RSI) and this divergence is also present on Bitcoin, it can be said that rapid rises can be seen as the price stays above the 3,246 level. The 3,246 level also corresponds to the kijun level on the Ichimoku indicator and the tenkan level can be targeted once it is exceeded. In ETH/BTC, we see that the decline continues uninterruptedly and is approaching support levels. Here, the RSI level coming up to the oversold zone and the positive divergence experienced may cause BTC to bring rises for ETH in the possible horizontal trend. In addition to all these, it can be said that the 3,045 zone is an important support zone and if it breaks, it can be said that declines can come down to 2,925.
Supports 3,045 – 2,925 – 2,819
Resistances 3,246 – 3,353 – 3,534
XRP/USDT
XRP continues to rise under the leadership of Bitcoin after the release of critical inflation data. Commodity Channel Index (CCI) and Chaikin Money Flow (CMF) maintain their positive outlook for XRP, which realized the idea mentioned in the morning analysis and rose to 0.071 levels. Persistence above the critical level of 0.6937 may bring the continuation of the rise. However, the loss of this level again may cause the price to fall to 0.6433.
Supports 0.6655 – 0.6433 – 0.6049
Resistances 0.7430 – 0.8005 – 0.8816
SOL/USDT
The Consumer Price Index (CPI) in the US increased by 0.2% on a monthly basis in October and 2.6% on an annual basis, in line with expectations. This caused instant rises in cryptocurrencies. According to the data from CME after the data, the probability of a 25 basis point rate cut increased from 60% to 68.8. SOL is currently trading at $213.13 and has recorded a decline of nearly 6% in price since yesterday. Notably, trading volume increased by 3% over the same period, highlighting the rise in selling pressure. This increase in volume suggests that the sellers are more likely to be the ones driving the price decline. On the 4-hour timeframe, the 50 EMA (Blue Line) continues to be above the 200 EMA (Black Line). This could mean that the uptrend will continue. However, the gap between the two averages has widened a lot, creating a difference of 13.46%. This could cause pullbacks. However, when we examine the Chaikin Money Flow (CMF)20 indicator, money inflows are positive, but inflows have started to decrease. At the same time, the shoulder-head-shoulder pattern seems to have formed in a very healthy way. If it works, the first target can be seen as 186.75 and the second target as 167.96. The 222.61 level appears to be a very strong resistance point in the rises driven by both macroeconomic conditions and innovations in the Solana ecosystem. SOL, which tested here, has lost its momentum and has broken the downward uptrend that has formed since November 5. If it starts rising again and rises above the 222.61 level, the rise may continue strongly. In case of retracements due to possible macroeconomic reasons or profit sales, support levels of 193.78 and 181.75 may be triggered again. If the price hits these support levels, a potential bullish opportunity may arise if momentum increases.
Supports 200.00 – 193.78 – 186.75
Resistances 209.93 – 222.61 – 233.06
DOGE/USDT
The Consumer Price Index (CPI) in the US increased by 0.2% on a monthly basis in October and 2.6% on an annual basis, in line with expectations. This caused instant rises in cryptocurrencies. According to the data from CME after the data, the probability of a 25 basis point interest rate cut increased from 60% to 68.8. Dogecoin Trading Goes from Meme to Reality as Donald Trump Endorses D.O.G.E. Musk said in his X post that all Government Productivity Department actions will be posted online for maximum transparency. It will work from outside the government to offer advice and guidance to drive large-scale structural reform and create “an entrepreneurial approach to government that has never been seen before,” President-elect Donald Trump said Tuesday. “Together,” Trump said in an announcement on his Truth Social account, “these two great Americans will pave the way for my administration to cut government red tape, slash excessive regulations, reduce wasteful spending and restructure federal agencies, all essential to the ‘save America’ movement. Musk and Ramaswamy will work on the project until July 4, 2026, Trump said. On the chain, the Market Value to Realized Value (MVRV) value Z-score is at 2.7, indicating a rise. This means that DOGE could rise to $1 or above. Technically, on the 4-hour timeframe, the 50 EMA (Blue Line) continues to be above the 200 EMA (Black Line). This could mean that the rise will continue. However, the gap between the two averages has widened too much, creating a difference of 47.04%. This could cause pullbacks. At the same time, the Relative Strength Index (RSI)14 is in overbought territory. This may bring profit sales. However, when we examine the Chaikin Money Flow (CMF)20 indicator, money inflows are positive and inflows have started to increase again. On the other hand, the flag pennant pattern draws attention. This could push DOGE to a new all-time high. The 0.42456 level is a very strong resistance point in the rises driven by both macroeconomic conditions and innovations in the Doge coin. If DOGE, which tested here, maintains its momentum and rises above this level, the rise may continue strongly. In case of retracements due to possible macroeconomic reasons or profit sales, the support levels of 0.33668 and 0.28164 can be triggered again. If the price hits these support levels, a potential bullish opportunity may arise if momentum increases.
Supports 0.36600 – 0.33668 – 0.28164
Resistances 0.42456 – 0.45173 – 0.50954 “DOGEUSDT Image to be Added”
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The investment information, comments and recommendations contained herein do not constitute investment advice. Investment advisory services are provided individually by authorized institutions taking into account the risk and return preferences of individuals. The comments and recommendations contained herein are of a general nature. These recommendations may not be suitable for your financial situation and risk and return preferences. Therefore, making an investment decision based solely on the information contained herein may not produce results in line with your expectations.
