Macro Overview
- US Unemployment Claims: US Unemployment Claims came in slightly lower than expected, which is neutral for the market.
Crypto Markets Overview
Top Tokens Update
- XRP Surges to 3-Year High as Gensler Announces SEC Departure: Ripple’s XRP token surged to its highest level since May 2021, driven by the ongoing crypto market rally and the announcement of U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler’s departure. XRP, alongside many other cryptocurrencies, has gained momentum following the re-election of crypto supporter Donald Trump as U.S. president, fueling a broader market rally.
- SEC Engaging with Solana ETF Applicants: The U.S. Securities and Exchange Commission (SEC) is actively engaging with applicants for spot Solana (SOL) exchange-traded funds (ETFs), according to a report from Fox News. This development marks progress in the potential approval process for Solana-based ETFs, signalling growing interest in blockchain-focused financial products.
- Chainlink Partners with Microsoft on Brazil’s CBDC Project: Chainlink (LINK) has teamed up with Microsoft, Banco Inter, and blockchain finance firm 7COMm to develop a trade finance solution for Brazil’s central bank digital currency (CBDC), DREX. This collaboration is part of the second phase of the DREX pilot project, aimed at advancing Brazil’s digital currency initiative.
- SpaceX Launches Satellite Powered by HBAR Cryptocurrency: SpaceX will launch a satellite in January, powered by Hedera Hashgraph’s HBAR cryptocurrency. In collaboration with Hedera, WISeKey, and SpaceX, the satellite will process crypto transactions in orbit. This mission highlights Hedera’s secure, fast, and energy-efficient blockchain, marking a key step toward satellite-based payments.
- Solana Surpasses ATH, Records 172M Weekly Transactions: Solana (SOL) has reached a new all-time high of $264, surpassing its previous ATH of $259.52. The surge is fueled by strong on-chain activity, with 172 million transactions recorded during the US election week. Solana is now targeting the $300 mark.
“Big Picture: Upcoming Weeks’ Key Economic Events”
| DATE | TIME | EVENT | USUAL EFFECT |
| Nov-27 | 7:00 PM | US Prelim GDP q/q | Actual’ less than ‘Forecast’ is good for crypto |
| Nov-27 | 7:00 PM | US Unemployment Claims | Actual’ greater than ‘Forecast’ is good for crypto |
| Nov-27 | 8:30 PM | US Core PCE Price Index m/m | Actual’ less than ‘Forecast’ is good for crypto |
Note: “Events in red font signify severe impact, while those in yellow indicate moderate.”
Bitcoin Technical Analysis
Summary:
- The current sentiment around BTC is Neutral.
- BTC made a new all-time high this week, trading just below the $100K mark. Funding rates remain neutral, and technicals suggest a slow uptrend or consolidation for the upcoming week. For the uptrend to sustain, BTC must hold above the 4H 20 EMA, which is acting as key support.
- Key support levels to consider are around $96,000 and $93,000 . On the upside, resistance levels is at $100,000.
- It is advisable to evaluate potential entry points around the mentioned support levels for long entries and at resistance levels for short entries. Additionally, setting limits to manage potential losses is prudent.
- For profit-taking, strategically selling near the outlined resistance levels/support levels is a recommended approach. Always exercise caution and implement sound risk management practices in trading endeavours.
Ethereum Technical Analysis
Summary:
- The current sentiment around ETH appears Neutral to Bullish .
- This week, ETH initially consolidated before rising and reaching a resistance level. However, it continues to underperform as the ETH/BTC pair remains at lows. Despite this, the bottom could be near, as BTC dominance is at a resistance level. Overall, ETH’s price action remains choppy to bullish.
- Significant support levels include $3215 and $3050, while resistance levels to watch are at $3366 and $3637.
- These levels play a crucial role in determining potential price movements. It is advisable to evaluate potential entry points around the mentioned support levels for long entries and at resistance levels for short entries. Additionally, setting limits to manage potential losses is prudent.
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