MARKET SUMMARY
Latest Situation in Crypto Assets
*Prepared on 26.09.2024 at 14:00 (UTC)
WHAT’S LEFT BEHIND
US Gross Domestic Product Announced
US Gross Domestic Product was announced as 3 percent as expected. On the US side, the data coming in line with expectations continues to be interpreted positively for the markets.
China to provide another 285 billion dollars of support to the economy
China, which announced a significant economic support package on Tuesday, seems to continue this policy. The world’s 2nd largest economy will issue private bonds totaling up to 2 trillion yuan (285 billion dollars). Following the news from Reuters, gold, the rising asset of recent days, renewed its record, while silver rose above $ 32. Bitcoin also rose to $ 64,500 again.
China’s Capital Injection and Rise in Bitcoin ETF Demand
Data from SoSoValue shows that total daily net inflows for BTC ETFs exceeded $100 million for the second day in a row amid global financial easing.
Kamala Harris Emphasizes ‘Blockchain’
In her speech in Pittsburgh, Kamala Harris announced that she is committed to US leadership in technologies such as blockchain, artificial intelligence and quantum computing. Reiterating her support for digital assets, Harris stated that these technologies will play an important role in creating economic opportunities.
HIGHLIGHTS OF THE DAY
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
Global markets, which have been buoyed by the steps taken by China to support its economy and Micron Technology’s financial results that exceeded expectations, are following the agenda regarding the health of the US economy.
The number of people claiming unemployment benefits in the US reached its lowest level in the last 4 months. Despite this decline, the number of applications remained above the averages seen earlier this year. The country’s economy expanded by 3% in the second quarter as expected. Durable goods orders (0.0%), which were expected to have declined in August, remained unchanged. Core durable goods orders, which exclude transportation items, rose 0.5%, beating expectations for a 0.1% increase. Taken as a whole, the data painted a positive picture for the US economy.
In addition to the macro data set, we watched the statements of the Federal Open Market Committee (FOMC) members. Chairman Powell’s pre-recorded keynote speech at the US Treasury Market Conference was broadcast. The Chairman did not address the current monetary policy.
US equity markets started the new day with a mixed start after European indices continued the exuberant course they took over from Asian stock markets during the day. Nasdaq diverged significantly positive with the effect of Micron Technology. The dollar index fluctuated after rising with positive data flow. We also saw the reflections of the global perception in digital assets. The rise in BTC, which started in the Asian session, was limited around $65,000.
Positive data releases from the US, while reducing the likelihood of a recession, may mean a weakening in the pace of interest rate cuts by the FED. Therefore, it may be important for the market to choose between the positive sentiment of being able to avoid an economic contraction and the positive sentiment of expectations that the FED will be able to continue its rapid rate cuts. For now, it seems that a balance between the two opposite camps is being tried to be found, but at some point the market will have to make a decision about this. Therefore, we expect to see intraday rises and falls in digital assets.
TECHNICAL ANALYSIS
BTC/USDT
Movement in Bitcoin! US Gross Domestic Product data was announced as 3% as expected. The data coming within expectations on the US side continues to be interpreted positively for the markets. The fact that the FED cut interest rates by 50 basis points at its previous meeting seems to put the markets on a soft landing in the economic contraction following the pandemic. Another important development of the day came from China. The support of the government, which added a new one to its previously announced stimulus package and announced another 285 billion dollars of support, continues to have a positive impact on global markets and reinforce the optimistic mood in Bitcoin. In the BTC 4-hour technical analysis, we see that the 64,400 point, which is the third resistance level, has been tested for the third time and has not yet been able to break it. The upside breakout of this level, which appears as a major resistance level, may only be possible with 4-hour closes above it. BTC, which struggles with upward momentum in this period when the optimistic mood is felt at such a high level, continues to make BTC think. In a possible sharp pullback, it may be necessary to pay attention to technical support levels. The level that appears as a minor support point is 63,500.
Supports 62,300 – 60,650 – 59,400
Resistances 64,450 – 65,725 – 67,300
ETH/USDT
After the recent rally that started with the Asian markets, ETH limited its gains to some extent. The upward movement that started around 2,565 and stopped before moving above 2,645 resistance may mean a new correction. If 2,612 support is broken, the decline may expand to 2,590 support. Afterwards, if the movement continues, the 2,565 level will be tried to be defended. If 2,612 support works with the continuation of the increase in risk appetite, 2,645 resistance may be tested once again.
Supports 2,612 – 2,590 – 2,565
Resistances 2,645 – 2,680 – 2,700
LINK/USDT
LINK, accompanying the rise in digital assets, is trying to find support at 12.20. Below the 12.40-12.60 resistance band, the retreat may continue and if the 12.20 support is broken, the decline may continue until around 11.70. The operation of 12.20 support seems to depend on the continuation of risk appetite in global markets. If this happens, 12.40 has the potential to limit the rises as the first resistance.
Supports 12.19 – 11.83 – 11.64
Resistances 12.42 – 12.71 – 13.46
SOL/USDT
Powell did not talk about monetary policy and economic outlook. At the same time, the GDP figure from the US came in at 3.0%, as he had forecast. This points to a steady and consistent economic expansion. In the Solana ecosystem, onchain data shows that a Solana whale sold 200,000 tokens in the last three days. The investor then deposited nearly $30 million worth of assets into a top-volume centralized crypto exchange. We will see if this will cause a drop in the SOL token. When we examine the chart, SOL broke the 151.12 level, which is strong resistance, as the GDP figure from the US has been positive since our analysis in the morning. Both macroeconomic conditions and innovations in the Solana ecosystem, 155.11 – 161.63 levels appear as resistance levels. If it rises above these levels, the rise may continue. It can support the 200 EMA average in the pullbacks that will occur if investors continue profit sales. 151.12 – 147.40 levels appear as support. If it comes to these support levels, a potential rise should be followed.
Supports 151.12 – 147.40 – 143.64
Resistances 155.11 – 161.63 – 163.80
ADA/USDT
Powell did not talk about monetary policy and economic outlook. At the same time, the GDP figure from the US came in at 3.0%, as he had forecast. This points to a steady and consistent economic expansion. Since our analysis in the morning, ADA has broken the resistance of the ascending channel with the positive GDP from the US. The last time ADA saw these levels on August 24, the 0.3724 level stands out as a strong support in retracements due to possible profit sales. In the rises that will take place with the continuation of the positive atmosphere in the ecosystem, the 0.4074 level can be followed as resistance.
Supports 0.3724 – 0.3651 – 0.3596
Resistances 0.3951 – 0.4074 – 0.4190
AVAX/USDT
AVAX, which opened today at 27.29, is trading at 28.52, up about 4.5% during the day. Today, US gross domestic product and unemployment claims data were announced and these data, which were in line with expectations, were perceived positively by the market.
On the 4-hour chart, we see a rising flag pattern. It is trying to break the near-horizontal falling channel upwards after the announcement of a $ 40 million grant program for developers working on the Avalanche network. According to the formation target, it may test 29.52 resistance. With a selling pressure that may come from these levels, it may test the 28.00 and 27.20 supports. As long as it stays above 24.65 support during the day, the desire to rise may continue. With the break of 24.65 support, sales may increase.
Supports 28.00 – 27.20 – 26.81
Resistances 28.86 – 29.52 – 30.30
TRX/USDT
TRX, which started today at 0.1500, continues to rise after the gross domestic product and unemployment claims data from the US today and is trading at 0.1526.
On the 4-hour chart, it continues its movement within the rising channel. The RSI is trying to break the middle band of the rising channel upwards with a value of 60 and some more upside can be expected from here. In such a case, it may move to the upper band of the channel and test the 0.1532 support. However, with the selling pressure that may come from the middle band of the channel, it may test 0.1500 support again. As long as TRX stays above 0.1482 support, the desire to rise may continue. If this support is broken downwards, sales can be expected to increase.
Supports 0.1500 – 0.1482 – 0.1429
Resistances 0.1532 – 0.1575 – 0.1603
XRP/USDT
XRP continues to trade at 0.5886 with a 1% increase in value today. In today’s 4-hour analysis, XRP, which rose after the decline it experienced in the opening candle, tested the 0.5909 resistance level and failed to break it and experienced a decline. XRP, which moves within the 0.58 to 0.59 horizontal band, may retest the 0.5909 resistance level again if it rises and if it breaks it, it may test the 0.6003-0.6136 resistance levels in the continuation of the rise. In the event that it falls, if the EMA20 and EMA50 levels break down, it may test the support levels of 0.5807-0.5723-0.5628 in the continuation of the decline.
For XRP, the EMA200 and 0.57 support zone stands out on the decline and may rise with the purchases that may come from these levels on the decline and may offer a long trading opportunity. After the candle closes below the EMA200 and 0.57 support zone, the decline may deepen and offer a short trading opportunity. If it closes above the 0.59 resistance zone, the rise may continue and offer a long trading opportunity.
EMA20 (Blue Line) – EMA50 (Green Line) – EMA200 (Purple Line)
Supports 0. 5807 – 0.5 723 – 0.5628
Resistances 0.5909 – 0.6 003 – 0.6136
DOGE/USDT
After opening today at 0.1084, DOGE is currently trading at 0.1145 with a 5.4% increase in value. After breaking the 0.1101 and 0.1122 levels with the rise it experienced today, DOGE experienced a decline with sales at 0.1149 and is currently trading between 0.1122 and 0.1149 levels. In the 4-hour analysis, it tested the 0.1149 resistance level 2 times and failed to break it and fell. DOGE, which is traded in the ascending channel, may test the 0.1149 resistance level again with its rise and if it breaks it may test the 0.1180-0.1208 resistance levels in the continuation of the rise. In case of a decline, it may test the support levels of 0.1122-0.1101-0.1080.
If DOGE declines, the 0.1080 support zone comes to the fore and may rise with purchases that may come from these levels and may offer a long trading opportunity. In its rise, it may offer a short trading opportunity with possible sales in the 0.115-0.12 resistance zone.
EMA20 (Blue Line) – EMA50 (Green Line) – EMA200 (Purple Line)
Supports 0.1122 – 0.1101 – 0.1080
Resistances 0.1 149- 0.1180 – 0.1208
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.
