Macro Overview
- US Prelim GDP q/q: Reported at 2.8%, in line with expectations, having a neutral impact on the crypto market.
- US Core PCE Price Index m/m: Matched expectations, remaining neutral for the market. Notably, monthly macro events like this have minimal impact during a bull market.
Crypto Markets Overview
Top Tokens Update
- Solana Surpasses $100B in DEX Volume, TVL Hits $9.30B: Solana has set new milestones, surpassing $100 billion in monthly DEX volume for November 2024, while its Total Value Locked (TVL) in DeFi rose to $9.30 billion, up from $6.23 billion in October. These impressive figures underscore the network’s rapid adoption and strong technological development in the DeFi space.
- Avalanche Blockchain’s Largest Upgrade: Avalanche has launched its Avalanche9000 upgrade on the testnet, bringing it closer to the mainnet. The upgrade aims to attract developers and improve Avalanche’s customizable blockchain technology. Meanwhile, AVAX has shown strong performance in recent months, reflecting positive market sentiment.
- Ripple to Unlock 1 Billion XRP on December 1: On December 1, Ripple will unlock 1 billion XRP tokens, worth around $1.60 billion, in three transactions of 200 million, 300 million, and 500 million XRP. This release represents 1.75% of the current circulating supply and 2.61% of the remaining locked tokens. Ripple’s On-Demand Liquidity (ODL) model aims to minimize market impact by selling these tokens at market prices to customers. Notably, the price of XRP has been rising steadily and remains bullish, indicating strong market sentiment.
“Big Picture: Upcoming Weeks’ Key Economic Events”
| DATE | TIME | EVENT | USUAL EFFECT |
| Dec-3 | 8:30 PM | US JOLTS Job Openings | Actual’ less than ‘Forecast’ is good for crypto |
| Dec-6 | 7:00 PM | US Unemployment Rate | Actual’ greater 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 Bullish.
- BTC remained sideways as mentioned in last week’s report, dropping to $92K before finding support at the strong 100 EMA on the 4-hour chart. The current price action looks bullish, with a potential move upwards. However, the $100K mark will be a key level to breach for further upside momentum.
- Key support levels to consider are around $92,000 and $85,000. On the upside, resistance levels is at $99,000 to $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 Bullish .
- ETH continued its rise and outperformed BTC, as noted in our previous report. With BTC consolidating and BTC.D dropping, ETH remains strong. However, ETH still has a couple of key resistance levels to clear before it can potentially go parabolic. The outlook remains bullish for ETH.
- Significant support levels include $3540 and $3290, while resistance levels to watch are at $3717 and $3892.
- 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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