MARKET SUMMARY
Latest Situation in Crypto Assets
| Assets | Last Price | 24h Change | Dominance | Market Cap |
|---|---|---|---|---|
| BTC | 95,529.65 | 1.85% | 57.26% | 1,89 T |
| ETH | 3,598.23 | 3.12% | 13.14% | 433,27 B |
| SOLANA | 235.96 | -0.23% | 3.39% | 111,68 B |
| XRP | 1.458 | 2.05% | 2.51% | 82,99 B |
| DOGE | 0.4005 | 2.01% | 1.78% | 58,70 B |
| CARDANO | 1.0043 | 0.84% | 1.07% | 35,21 B |
| AVAX | 42.39 | -1.12% | 0.52% | 17,30 B |
| TRX | 0.2011 | -0.13% | 0.53% | 17,35 B |
| SHIB | 0.00002526 | 1.31% | 0.45% | 14,89 B |
| DOT | 8.168 | -1.73% | 0.38% | 12,45 B |
| LINK | 17.91 | 0.18% | 0.34% | 11,23 B |
*Prepared on 11.28.2024 at 14:00 (UTC)
WHAT’S LEFT BEHIND
Russia Approves Tax Law on Cryptocurrencies
Russia’s Federation Council has officially approved new tax regulations on cryptocurrencies. Under the law, cryptocurrencies will be treated as property rights and individuals will be charged 13% to 15% income tax on sales transactions. Mining activities will be exempt from VAT. President Vladimir Putin’s signature is expected as the final step for the law to enter into force.
Bitwise Files with SEC for 10 Cryptocurrency Index ETFs
Following the change in the regulatory climate in the US, the steps of financial firms in the crypto space are accelerating. Finally, asset management firm Bitwise has filed an official application with the SEC for an index ETF that includes 10 different cryptocurrencies. Following the resignation of Gary Gensler, the possibility of a positive evaluation of this application has created excitement among investors.
Ethereum Reaches 5-Month High
Ethereum has been attracting attention with its strong performance recently. Ethereum ETFs recorded net inflows of $40.6 million on Tuesday, a trend that has continued for three consecutive days. This is in stark contrast to the net outflows from Bitcoin ETFs. Analysts say funds are shifting from Bitcoin to Ethereum and altcoins.
Metaplanet Plans to Raise $62 Million to Increase Bitcoin Investments
Japanese-listed Metaplanet announced that it will issue stock subscription rights to raise 9.5 billion yen (about $62 million) to accelerate Bitcoin investments. The company aims to increase Bitcoin accumulation with these funds.
HIGHLIGHTS OF THE DAY
Important Economic Calender Data
| Time | News | Expectation | Previous |
|---|---|---|---|
| All Day | Holiday – United States: Thanksgiving Day | – | – |
| 14:00 | Qubic Ecosystem Call | – | – |
| 16:00 | Nosana (NOS) Community Call: Join the Nosvember Awards and get updates on the Mainnet launch | – | – |
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
In the US, markets will be closed today due to the Thanksgiving holiday and this may lead to lower volumes in digital assets. Ahead, European stock markets are on the positive side. In cryptocurrencies, the declines that came after Trump’s statements on tariffs were replaced by rises with regulatory expectations, and we think it will continue after a respite period. It is worth noting that volatility in the market may increase from time to time due to the weakness in volume today and derivative products approaching expiration.
From the short term to the big picture.
The victory of former President Trump on November 5, which was 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. In the aftermath, the president-elect’s appointments to Congress and the increased regulatory expectations for the crypto ecosystem in the US have maintained their place in our equation as a positive variable. Although Powell had cautious messages in his last speech, the FED’s continuation of the interest rate cut cycle, and the volume in BTC ETFs, institutional investor interest (in addition, MicroStrategy’s BTC purchases, Microsoft’s start to evaluate the purchase issue, BlackRock’s BTC ETF options start trading …), pointing to an increase in institutional investor interest, supports our upward 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 occasional respite or pullbacks in digital assets. However, at this point, it would be useful to underline again that the fundamental dynamics continue to be bullish.
TECHNICAL ANALYSIS
BTC/USDT
In the US, the latest core PCE price index rose by 2.8% yoy, in line with expectations. However, this rate remains above the Federal Reserve’s 2% target. The data raised concerns about the persistence of high inflation and sparked debates questioning the effectiveness of the Fed’s monetary policy measures.
Looking at the technical outlook along with macroeconomic data, BTC is consolidating above the 95,000 level. Sandwiched between the 50- and 100-day SMA lines, the price continues to gather strength to regain an uptrend. Currently priced at 96,000, BTC’s technical oscillators continue to generate buy signals on hourly charts, while the momentum indicator has moved into positive territory. In the continuation of the upward movement, we can reiterate that the target is six-digit levels again. In a possible pullback, the 95,000 level continues to serve as a support zone.
Supports 95,000 – 92,500 – 90,000
Resistances 99,655 – 100,000 – 105,000
ETH/USDT
ETH continues its horizontal movement in a narrow range after a minor correction in the night hours. ETH, which rose up to 3,640 again during the day, faced selling pressure as Putin’s order to prepare nuclear warheads hit the mainstream media. We see that the decline on Chaikin Money Flow (CMF) continues. Relative Strength Index (RSI), on the other hand, continues its downward movement after exiting the overbought zone. Considering the weakening in momentum, the decline can be expected to continue until 3.534 levels in the evening hours. However, a break of the resistance zone between 3.653 – 3.717 may indicate that the uptrend may continue. The trend line indicated by the blue line on the chart is an important resistance level in the weekly timeframe. A break of this level may bring sharp upward movements.
Supports 3,534 – 3,459 – 3,256
Resistances 3,653- 3,717 – 3,839
XRP/USDT
XRP has been moving sideways with doji candles since last night. It can be said that the sideways and slightly negative movement may continue for a while in this region where volume has dropped considerably and especially with BTC dominance starting to rise. Chaikin Money Flow (CMF) continues its negative movement after falling below the zero zone. Relative Strength Index (RSI) maintains its horizontal outlook. In the light of this data, it can be said that the horizontal movement between 1.46 – 1.43 levels may continue, but price movements may harden according to the breakouts. It may also be noted that the 1.34 level may work as strong support in a bearish scenario.
Supports 1.4153 – 1.3486 – 1.2870
Resistances 1.4753 – 1.5643 – 1.7043
SOL/USDT
The liquidator wallet of the bankrupt FTX exchange has transferred 11,400 Solana (SOL) tokens to the centralized exchange. This transaction, valued at $2.66 million, was announced by PeckShield. On the other hand, looking at the three-day timeframe, the liquidation heatmap shows a high liquidity in the dollar. However, another one is also accumulated at $222, which seems to be a support level. Considering that the volume is low, it seems likely that the price will push towards or below this point.
On the 4-hour timeframe, the 50 EMA (Blue Line) is above the 200 EMA (Black Line). Since November 22, SOL, which has been in a downtrend, continues its downward movement. However, when we examine the Chaikin Money Flow (CMF)20 indicator, money inflows have turned negative after a long time, but inflows have also decreased. At the same time, the Relative Strength Index (RSI)14 is moving back towards the overbought zone, although it rises from the overbought zone to the neutral level. However, there is a mismatch. This can be shown as a bullish signal. At the same time, a potential shoulder-head-shoulder pattern is on the chart. If it works, there may be a decline to 189.54. The 259.13 level is a very strong resistance point in the uptrend driven by both macroeconomic conditions and innovations in the Solana ecosystem. If it breaks here, the rise may continue. In case of retracements due to possible macroeconomic reasons or profit sales, support levels 222.61 and 189.54 may be triggered again. If the price reaches these support levels, a potential bullish opportunity may arise if momentum increases.
Supports 222.61 – 209.93 – 200.00
Resistances 237.53 – 247.53 – 259.13
DOGE/USDT
Doge coin manages to maintain its price with the optimism of the market. Looking at the chart, there is an upward mismatch between the Relative Strength Index (RSI) 14 and the chart. If the upward acceleration is strong, the 0.50954 level can be triggered. On the 4-hour timeframe, the 50 EMA (Blue Line) is above the 200 EMA (Black Line). But the gap between the two averages is still too wide. This may cause pullbacks. On the other hand, when we look at the RSI 14 indicator, it has moved from the overbought zone to the neutral level. However, when we examine the Chaikin Money Flow (CMF)20 indicator, it has turned negative. This shows us that there are money outflows, indicating that the pullbacks may deepen. The 0.50954 level appears to be a very strong resistance place in the rises driven by both macroeconomic conditions and innovations in Doge coin. If DOGE 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 0.36600 and 0.33668 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
LEGAL NOTICE
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.
